Latest news with #Sayeed
Time of India
13 hours ago
- Business
- Time of India
78% of our borrowers are first-generation entrepreneurs accessing formal credit: UGRO Capital
UGRO Capital , a data tech NBFC specialising in MSME lending, has highlighted a 48% credit gap in formal MSME financing in the country while emphasising the feasibility of creating a large MSME institution dedicated to MSME financing. The findings, released recently in the third edition of its Social Impact Report, also revealed that 75% of Indian MSMEs still rely on informal credit, despite the sector being the backbone of the country's economy. UGRO Capital , through its data-driven lending solutions, has supported over 135,000 MSMEs across diverse geographies. It has partnered up with 10 major banks and NBFCs to make lending solutions more accessible to the MSME sector. According to the report, 78% of UGRO Capital's borrowers are first-generation entrepreneurs tapping formal credit for the first time. The report additionally revealed that the number of women-led enterprises had increased to 74% of the total portfolio. It further noted that businesses led by women have the potential to generate 150-170 million jobs and form a significant segment to tap. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it legal? How to get Internet without paying a subscription? Techno Mag Learn More Undo The report stated that the MSME sector in India is the second-largest employer and benefits from a majority of government policies. The sector contributes approximately 30% to the nation's GDP and provides employment to over 2 million people, which makes it a crucial pillar of the Indian economy. The research report was based on a randomised sample of 508 borrowers, selected from different states and business categories. Speaking on the report findings, Irem Sayeed, Chief Credit Officer, UGRO Capital, said that it is particularly encouraging to note the participation of women-led businesses and borrowers adopting ESG initiatives. 'These are not just milestones; they are signals of a more resilient and equitable future being built through responsible financing. The 42% rise in women's employment within our borrower network is a testament to how capital, when directed thoughtfully, can deliver tangible social dividends,' Sayeed stated. Live Events The report also spoke of the whopping Rs 103 lakh crore shortfall in credit for the MSME sector, while highlighting that the government is looking to bolster the sector to increase financial inclusion. 'Due to the traditional player's inability to assess MSMEs creditworthiness, the credit gap of Rs 103 lakh crore exists. The MSME credit gap is a barrier to growth and inclusion in the MSME space. UGRO Capital is targeting the credit gap using an innovative mix of data and technology,' it said. The report emphasised continued innovation in data analytics and alternative credit assessment models to improve risk profiling and unlock new lending opportunities, particularly for new-to-credit and women-led enterprises. 'Strengthening digital capabilities will not only enhance operational efficiency but also provide MSMEs with faster, more seamless access to capital,' it stated.
Indian Express
6 days ago
- Politics
- Indian Express
Lakhsadweep govt plans to takeover Bitra island for defence needs, meets local resistance
The government of Lakhsadweep is set to take over Bitra island, an atoll in the Union Terrirtory , to make use of it for defence purposes. However, the move has been met with resistance with local MP Hamdullah Sayeed vowing to raise the issue in Parliament. A government notification, issued on July 11, outlined the proposal for Lakshadweep's Department of Revenue to take over the entire land area of Bitra island and transfer it to relevant Central defense and strategic agencies, as per news agency PTI reported With 271 residents, as per the Census 2011, Bitra is the least populated among the 10 inhabited islands in the Lakshadweep UT. With this move, Bitra would become the third island in the archipelago with a defence establishment – two Indian naval bases in the archipelago are INS Dweeprakshak in Kavaratti, the capital of the UT, and INS Jatayu in Minicoy, the southernmost island. The notification by the UT administration stated that the initiative is driven by the strategic location of the island, its national security relevance, and the inherent logistical and administrative challenges posed by the civilian habitation, as per news agency PTI. The administration said the steps will be taken in accordance with the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 which necessitates a Social Impact Assessment (SIA) for the affected area. As per the order, District Collector Shivam Chandra said all stakeholders, including grama sabhas, would be consulted as part of the SIA, and the survey would be completed in two months. Slamming the move, Lakshadweep MP Sayeed alleged the real objective behind the move was to displace the indigenous population. He pointed out that land in several islands have already been acquired for defense purposes. The Congress leader also said targeting the island, which has housed a permanent population for decades, without considering any of these alternatives, is completely unacceptable. Further, he criticised the administration for initiating the process, especially at a time when there are no functioning panchayats, saying that it undermines the democratic system and violates the constitutional rights guaranteed to citizens. Sayeed vowed that he would explore all political and legal avenues to resist the move.
Time of India
6 days ago
- Business
- Time of India
Govt begins process to acquire 'strategic' Lakshadweep island for defence use; locals oppose move
The government has initiated steps to acquire Bitra Island in Lakshadweep for defence and strategic purposes, triggering strong reactions from local residents and political leaders. The Lakshadweep revenue department issued a notification on July 11 announcing a Social Impact Assessment (SIA) as part of the land acquisition process reported by TOI. Island picked for its strategic location Bitra is one of the ten inhabited islands in Lakshadweep, which comprises 36 islands in total. The Union Territory is spread across 32 square kilometres in the Arabian Sea, located about 220 to 440 kilometres off the coast of Kochi , where the Indian Navy's Southern Naval Command is based. Explore courses from Top Institutes in Select a Course Category Degree Others Project Management Finance Leadership Data Analytics PGDM Product Management Operations Management healthcare Cybersecurity Design Thinking Data Science Technology MBA Management Data Science Artificial Intelligence Digital Marketing Healthcare CXO Public Policy MCA others Skills you'll gain: Data-Driven Decision-Making Strategic Leadership and Transformation Global Business Acumen Comprehensive Business Expertise Duration: 2 Years University of Western Australia UWA Global MBA Starts on Jun 28, 2024 Get Details According to the official notification, Bitra Island's 'strategic location' and 'national security relevance' are the key reasons behind its proposed acquisition. The department of revenue has been named the project developer, and the SIA is expected to be completed within two months. Consent not mandatory under land law The notification mentions that consultations will be held with stakeholders, including gram sabhas. However, it clarifies that their consent is not mandatory under the existing land acquisition laws. Bitra Island is currently home to 105 families. Many of them have raised concerns about the move and expressed opposition to the project. Live Events MP joins residents in protest Lakshadweep MP Hamdullah Sayeed has opposed the proposal and criticised the administration's approach. In a video statement, he urged residents to remain calm and assured them of his support. 'As your MP, we held a conference that included leaders from Bitra and Lakshadweep and discussed it in detail. We have decided to fight with the people of Bitra, politically and legally,' he said to TOI. Sayeed also questioned the administration's earlier acquisition of land on other islands and asked why Bitra had been chosen this time. He raised concerns about the lack of consultation with local residents before issuing the notification. Region gained attention after Modi visit Lakshadweep drew national attention earlier this year when Prime Minister Narendra Modi visited the islands in January 2024. He shared photos of his visit on social media, highlighting the region's natural beauty and development potential. The visit came soon after a diplomatic row between India and the Maldives, where three Maldivian deputy ministers had made derogatory remarks about India and the Prime Minister. Their comments sparked public outrage in India and led to calls for a boycott of the Maldives as a tourist destination. Following the incident, Lakshadweep saw a surge in domestic tourism interest, with many promoting the islands as an alternative travel option.
Indian Express
03-07-2025
- Business
- Indian Express
The journey of Calcutta's oldest watch seller and its Swiss ancestry
With an eyeglass strapped to his forehead, Sajid Ismail is deeply engrossed in repairing a watch. Its owner waits patiently at the counter, set to depart for Odisha the next morning. Ismail's dedication to his craft mirrors the loyalty of the customer, who refuses to go anywhere but the Anglo Swiss Watch Co. Established in 1908 on BBD Bagh in central Kolkata, the Anglo Swiss Watch Co. is now in its third generation. Ismail pauses his work to apply eye drops. 'After all these years spent repairing watches, my eyes have turned dry,' he tells setting aside his flat-head screwdriver for a moment. His desk, cluttered with pouches of watches awaiting repair, sits at the centre of the shop. On one side is the retail section; on the other, the workshop. 'The workshop is where I am needed the most,' Ismail says, adding, 'My team and I repair about 15 watches a day and replace the batteries in at least 30.' The wall behind Ismail's desk is adorned with certificates from Rado, Tissot, and Longines, marking the years they appointed Anglo Swiss Watch Co. as one of their service centres in the city. Despite its pocket-watch collection and history, little about the Anglo Swiss Watch Co. feels antiquated. Yet, it continues to uphold its legacy as one of Calcutta's oldest watchmakers. According to Ismail, a Swiss watchmaker and jeweller named Hammond Gramitter fell in love with an Anglo-Indian woman during his visit to Calcutta in the early twentieth century. Soon after, Gramitter married her and established the Anglo Swiss Watch Co. at its current location. 'The name is testimony to their love,' Ismail says with a smile. Upon Grammiter's death in 1943, his wife decided to leave India. 'She sold the store along with its trademark name and the remaining inventory to my grandfather, SM Sayeed,' Ismail said. Sayeed, however, shut the jewellery business and focused on Swiss watches alone. He frequented Switzerland for work, where he sourced Swiss watches for export to India. 'Back then, the dial and the case had to be purchased separately, assembled and engraved with 'Anglo-Swiss' before being shipped to India,' recollects Ismail. On one such trip, Sayeed met a Swiss woman named Miss Anna Louisa. The couple married in 1946 and together ran the Anglo-Swiss Watch Co. in Calcutta. In The Business Of Time: A Global History of the Watch Industry (2022), French interior designer Pierre-Yves Donze extols the ability of Swiss watch merchants in the nineteenth and twentieth centuries to establish themselves in distant markets, 'thanks to their commercial dynamism and the adaptability of their products.' British electric clock companies also rapidly established agencies in India before the First World War. 'For example, Gent & Co of Leicester supplied clocks for major stations on the Bombay, Baroda, and Central India Railway, the East India Railway, and the Great Indian Peninsular Railway, as well as clocks for town halls, hospitals, and legislative buildings,' say historians James Nye and David Rooney in A General History of Horology (2022). Colonial Calcutta was dotted with similar establishments. Some that Ismail could recollect include Hamilton Watches, Cooke & Kelvey, J. Boseck & Co. Interestingly, what favoured Anglo Swiss Watch Co. was its location. 'The American Red Cross Club used to be on the first floor of this building, where British army officers came to relax. Accompanied by either their girlfriends or wives, the officers first purchased something at the store and then went to the club,' laughs Ismail. The years after India's independence were prosperous for Anglo Swiss Watch Co. 'Between the 50s and 70s, we used to sell around 1000 watches a day. You see, the Anglo-Swiss watches were the cheapest and most accurate,' Ismail says. Customers and watch sellers from neighbouring cities, such as Burdwan and Siliguri, flocked to the store. Pausing the audio-recording device, Ismail opens the drawer to his left to bring out a rectangular plastic box. Lowering his voice, he says, 'This has both antique and vintage watches that I have collected over the years.' When asked about the distinction between the two, he elaborates, 'Broadly, there are three categories — antique, vintage, and modern. A watch that is a hundred years old or more is considered an antique, while those that are around 40-50 years old are vintage pieces.' Among the antiques, he said, pocket watches were the most common. Returning to the period of the 50s-70s, he quickly warned: 'Don't think that the watches being sold were all wrist watches.' Wrist watches, he explained, didn't gain popularity until the latter half of the 20th century. 'They were also quite expensive,' he added. Hence, every major public space, including offices and railway stations, had a clock on their premises — 'clocks they purchased from Anglo Swiss Watch Co.' West Bengal weathered a range of economic upheavals in the following decades, compelling businesses to change course. During the decade of 1966-76, West Bengal's industrial landscape was impacted by two central government policies: freight equalisation and import tariffs. 'Along with these, a radical trade unionism backed by leftist intellectual support…brought in a militant frictional atmosphere in the industrial arena of Bengal which scared away new private investment to a significant extent,' note academics Deepita Chakravarty and Indranil Bose, in their journal article, Industrializing West Bengal?: The case of institutional sickness (2010). 'Through my childhood, in the 70s, I witnessed labour union strikes which took a toll on our business. Further, the government ban on imports in the 80s completely dwindled our watch import business,' Ismail says. The Government of India was moving towards a socialist path, and demand for expensive goods, like watches, was declining. Summarising, Donze argues, 'Until the end of the 1950s, imports of timepieces remained possible but were subject to quotas. The main exporters were Switzerland for watches, Germany for alarm clocks, and Japan for clocks.' However, he says, the Indian authorities then decided to launch the country's own watch production. 'The conditions imposed on a watch investment in India (majority of Swiss capital, Swiss management, sale only of complete watches, export ban, guarantee against the risks of nationalisation, guarantee of repatriation of profits to Switzerland, etc.),' according to Donze, dissuaded Swiss companies. In such circumstances, SM Sayeed began manufacturing wall clocks and punching clocks in his factory in the Paddapukur area of central Kolkata, staffed with 200 people. Punching clocks were machines where one could insert a card to record the time of arrival and departure at work, much like the biometrics of today. Ismail explains, 'Once you punch 100 punches, the clock automatically winds up.' The Sayeeds imported expensive machinery to manufacture punching clocks, while continuing with the repair and maintenance work. 'Indian watch production began in 1962 and was booming. Between 1965 and 1980, it grew from 208,000 to 4.8 million pieces. As a result, Swiss watchmakers saw a sharp drop in exports to India,' suggests Donze. In 1984, the Tata Group decided to invest in watchmaking, with the foundation of the joint venture Titan Industries, with Tamil Nadu Industrial Development Corporation (TIDCO). Donze adds, 'The first watches were launched on the market in 1986 and the Titan brand was registered the following year.' SM Sayeed passed away in the early 1990s, when a young Ismail joined the business. Having learned watchmaking at the store, he decided to get a formal degree from Switzerland. In 1997, Ismail joined the Swiss Watch Institute: Watches of Switzerland Training Education Program (WOSTEP). 'There's so much to learn about watches, it is truly a science of its own,' he exclaims. Ismail envisions a similar path for his son, who is to depart for his studies in Switzerland next year. 'It is a family tradition,' he asserts. Ismail also expresses his disapproval of smart watches that have captivated young minds today. 'They're not watches, they're gadgets,' he remarks, adding, 'You have no idea what kind of radiation these gadgets expose your body to. Watches were never meant to be this harmful.' When Ismail returned to India in 1998, automated biometric systems had been introduced across the country, making punching clocks obsolete. 'We eventually shut the factory and decided to retail other brands such as Titan while continuing to sell some of our own products, and here we stand today.' Nikita writes for the Research Section of focusing on the intersections between colonial history and contemporary issues, especially in gender, culture, and sport. For suggestions, feedback, or an insider's guide to exploring Calcutta, feel free to reach out to her at ... Read More
The Hindu
02-07-2025
- Health
- The Hindu
From The Hindu, July 3, 1975: 60 p.c. of Foreign Doctors fail in tests by council
London, July 2: Sixty percent of the foreign doctors who took Britain's first tests in English and clinical knowledge have failed, the General Medical Council (GMC) announced yesterday. Dr. Abdul Sayeed, Chairman of the Overseas Doctors Association, criticised the examinations and said he was not surprised that so many candidates had failed. Only 27 out of 68 doctors passed the two-day tests held in Edinburgh last week. Dr. Sayeed remarked, 'The question paper was such that many doctors could not understand it.' The candidates came from 70 countries whose citizens are eligible for the tests. Doctors from Australia, New Zealand, Canada, and the West Indies are not required to sit for the examinations because their degrees are recognised in the UK. However, this year's graduates from India, Pakistan, and non-Commonwealth nations must undergo the tests. The two-day assessments evaluated an applicant's ability to understand colloquial expressions that might arise in a doctor's office, in addition to testing their clinical knowledge. Dr. Sayeed commented, 'On the multiple-choice question, many doctors spent 20 minutes deciphering it because it was very bizarre and badly produced.' They were asked how they would cope with a pregnant woman with an infectious disease who had been in a road crash, and what they would tell the woman's mother-in-law. 'It is not the sort of situation that a medical practitioner is likely to encounter very often,' Dr. Sayeed said. 'All these put together in one question was a bit too much. The doctors were not expecting that type of question.'
