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STEER World appoints Ajay Bhasin as Group CHRO

STEER World has named Ajay Bhasin as its Group Chief Human Resource Officer (CHRO). With over twenty years of experience in Human Capital leadership, Bhasin joins from Tata Coffee, bringing a wealth of expertise to his new role.

As the CHRO, Bhasin will oversee global human capital strategy, talent management, inclusion, safety, and compensation and benefits. He will report to TN Hari, Executive Chairman of STEER World, and will be an integral part of the executive leadership team.

Throughout his career, Bhasin has demonstrated his ability to design and implement top-tier Human Capital practices across various industries, from established global corporations to rapidly growing organizations. His previous roles include leadership positions at Britannia Industries, GlaxoSmithKline, Johnson & Johnson Limited, and Panacea Biotec.

 

 

NeGD & MeitY organises Training Programme for 43rd CISO batch

The National e-Governance Division (NeGD), in collaboration with the Ministry of Electronics and Information Technology (MeitY), has commenced the 43rd installment of the Chief Information Security Officers’ Deep Dive Training Programme as part of the Cyber Surakshit Bharat Initiative.

The Cyber Surakshit Bharat initiative, initiated by MeitY, aims to raise awareness about cybercrime and enhance the capabilities of Chief Information Security Officers (CISOs) and frontline IT personnel across government departments. This is crucial for implementing effective safety measures against cyber threats and ensuring that organizations are equipped to defend their digital infrastructures. The program, held at the Indian Institute of Public Administration in New Delhi from April 8th to 12th, 2024, gathered participants from various regions including Assam, Jammu & Kashmir, Gujarat, Kerala, Karnataka, Uttar Pradesh, Madhya Pradesh, Maharashtra, and the National Capital Territory of Delhi.

The inaugural session witnessed the presence of senior officials from MeitY, NeGD, and IIPA. The training was tailored to equip CISOs with comprehensive knowledge of cyber-attacks, acquaint them with the latest safeguarding technologies, and empower them to extend the benefits of resilient e-infrastructure to their respective organizations and the public. Moreover, it provided insights into legal frameworks, enabling CISOs to develop robust cybersecurity policies and crisis management plans.

The primary objectives of the program include raising awareness, enhancing capacities, and fostering a cyber-resilient ecosystem within government departments. By sensitizing participants to cyber safety and security measures, the initiative aims to support the Digital India program, facilitating the integrated delivery of government services to citizens. Additionally, it aims to impart comprehensive knowledge about cybersecurity to government departments, ensuring they maintain cyber hygiene, safety, and security.

Launched in 2018, the CISO training program represents a unique partnership between the government and industry consortium, operating under the Public-Private Partnership (PPP) model. Since its inception, the NeGD has conducted 43 batches of CISO deep-dive training programs, benefitting over 1,604 CISOs and frontline IT officials until April 2024.

 

Aakash Educational Services appoints Deepak Mehrotra as MD & CEO

Aakash Educational Services Ltd (AESL), a subsidiary of BYJU’s, has named Deepak Mehrotra as its new Managing Director (MD) and Chief Executive Officer (CEO).

Mehrotra, with over three decades of experience spanning FMCG, telecom, and education sectors, previously served as MD at Ashirvad Pipes and held roles at Pearson India, Bharti Airtel, Coca-Cola, and Asian Paints. He holds a Bachelor’s degree in Electrical Engineering from IIT Roorkee, an MMS from JBIMS, and has completed an Executive program at The Wharton School in Philadelphia, USA.

In his new role, Mehrotra aims to leverage technology and contemporary teaching methodologies to enhance student learning experiences. AESL, offering coaching for medical and engineering entrance exams, school/board exams, and competitive exams such as NTSE, KVPY, and olympiads, operates over 310 Aakash centers and serves more than 400,000 students.

 

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Revitalizing India’s Economy: ObserveNow Spotlights Top 5 Central Public Sector Enterprises at the Helm of Growth

Central Public Sector Enterprises (CPSEs) have long been the backbone of the Indian economy, playing a vital role in key sectors that directly impact citizens’ lives. Within no time a significant upswing in the overall performance of CPSEs across India has been witnessed, underscoring their relevance and contribution to the nation’s economic growth.

LIC (Life Insurance Corporation of India) emerged as the foremost Indian PSU firm in 2024, surpassing even banking giant SBI (State Bank of India) in terms of market capitalization. Both companies boasted market capitalizations exceeding ₹5 lakh crore, with LIC leading the pack at ₹5.66 lakh crore, slightly edging past SBI’s ₹5.60 lakh crore.

Below mentioned are the top performers in the CPSE sector:

  • OIL and Natural Gas Corporation stands out as a stalwart in India’s energy landscape. Established as an Indian crude oil and gas multinational corporation, ONGC plays a pivotal role in the country’s energy security, operating under the administrative control of the Government of India’s Ministry of Petroleum and Natural Gas.
  • National Thermal Power Corporationknown as India’s largest energy conglomerate, has been instrumental in driving power development in the country since its inception in 1975. With a presence across the entire value chain of the power generation business, NTPC continues to spearhead the nation’s energy transformation.
  • Gas Authority of India Limitedrecognized as a Navratna and Maharatna PSU, has been at the forefront of optimizing the effective use of natural gas for the benefit of the national economy. Established under the Ministry of Petroleum & Natural Gas, GAIL plays a crucial role in India’s energy diversification efforts.
  • Coal India Limited (CIL), the world’s largest government-owned coal producer, remains a cornerstone of India’s energy security. Headquartered in Kolkata, CIL is entrusted with meeting the nation’s coal demand while ensuring sustainable mining practices.
  • Indian Oil Corporation Limited (IOCL) which is India’s largest commercial enterprise, has earned global recognition for its excellence and innovation in the petroleum industry. Ranked among the Fortune ‘Global 500’, IOCL continues to drive India’s growth trajectory with its strategic initiatives and customer-centric approach.

Alongside LIC and SBI, several other CPSEs showcased commendable performances, consolidating their positions as key players in the Indian market. ONGC (Oil and Natural Gas Corporation) secured the third position with a market capitalization of ₹3 lakh crore, followed closely by NTPC (National Thermal Power Corporation), Coal India, Power Grid Corporation, and Indian Oil Corporation, each boasting market capitalizations exceeding ₹2 lakh crore. Further down the line, CPSEs like GAIL (Gas Authority of India Limited) and BPCL (Bharat Petroleum Corporation Limited) also demonstrated robust market capitalizations surpassing ₹1 lakh crore, reflecting their resilience and market strength.

The stellar performance of CPSEs underscores their pivotal role in fortifying the Indian economy. With companies like LIC, ONGC, NTPC, GAIL, Coal India, and IOCL leading the charge, CPSEs continue to drive innovation, sustainability, and inclusive growth, making them indispensable contributors to India’s journey towards prosperity and development.

 

 

 

Arun Kumar Singh Appointed as Head- HR at Shriram General Insurance Co. Ltd.

Arun Kumar Singh, a seasoned HR professional renowned for his result-driven approach and dynamic leadership, has assumed the role of Head of Human Resources at Shriram General Insurance Co. Ltd. This significant development was confirmed by Singh himself through a social media post.

Prior to his appointment at Shriram General Insurance, Singh held the position of General Manager-HR/IR/Admin at Vinayak Jewels (India) Private Limited, where he showcased his expertise in managing diverse HR functions. With over 18 years of comprehensive experience, Singh has demonstrated proficiency across the spectrum of HR operations, including Employee Relations (ER), Industrial Relations (IR), Manpower Planning & Recruitment, Performance Management Systems (PMS), Compensation & Benefits Management, Organizational Development (OD), Learning & Development (L&D) Initiatives, and Corporate Social Responsibility (CSR) integration.

Throughout his career, Singh has left an indelible mark on organizations such as VGL Group, JCPL, and Reliance Industries Limited, where he played pivotal roles in shaping HR strategies and fostering employee-centric cultures.

CDSL Insurance Repository Limited appoints Nirav Hiradhar as CISO

Nirav Hiradhar has been appointed as Chief Information Security Officer (CISO) at CDSL Insurance Repository Limited.

With 15 years of professional experience, he holds certifications in CISM, CEH, ITIL, and ISO 27001:2013 lead implementation, demonstrating expertise in information security management.

He possesses a Bachelor’s degree in Computer Science from Shri Dolat Usha Institute of Applied Sciences and a Master’s degree in Computer Applications from Lovely Professional University. His skills encompass information security management, IT audits, Infosec technology, and governance.

Hiradhar shared his appointment on his LinkedIn stating “I’m happy to share that I’m starting a new position as Chief Information Security Officer at CDSL INSURANCE REPOSITORY LIMITED!”

 

ICAI adopts tech for enhancing financial literacy; launches e-Office to streamline operations

Advancing the Government of India’s initiative on ‘VitiyaSaksharta’ (Financial Literacy) and fostering comprehension of tax regulations, accounting principles, and various aspects of finance, the Financial & Tax Literacy Directorate (FTLD) of the Institute of Chartered Accountants of India (ICAI) hosted a gathering of influential figures in finance, termed the Finfluencers meet, in New Delhi. This event aimed to educate the masses about financial literacy, with over 41 prominent social media influencers joining forces for this commendable endeavor.

Statistics indicate that only 27 percent of India’s populace possesses financial literacy, with a mere 16.7 percent of Indian students having rudimentary knowledge of financial management. Recognizing the potential of social media in reaching broader audiences, ICAI is utilizing this platform to bolster financial literacy nationwide. The collaborative effort involves esteemed financial influencers whose expertise and social media presence can significantly contribute to this cause. These influencers, being reputable members of the accounting profession, bring forth both knowledge and credibility, serving as effective communicators of intricate financial concepts to the general public.

“As the world’s largest accounting body, ICAI has a social responsibility to educate the common man to make more informed financial decisions. As financial leaders, we must engage, evolve, and work together to educate and empower the citizens of the country and create a sustainable financial ecosystem for the nation. The expertise and reach of our social media influencers will surely make a difference and significantly contribute to this noble cause” CA. Ranjeet Kumar Agarwal, President , ICAI.

He further urged members and financial influencers to lend a voice and vision toward leveraging technology for financial inclusion and empowering citizens of the country.

“Embracing our role as financial soldiers ICAI is spearheading a transformative movement leading towards financial awareness in the country. It showcases our disciplined vision and unwavering commitment to financial literacy. We continue to uphold our core values of tax literacy and financial independence to contribute towards the growth of the nation” emphasised CA. Charanjot Singh Nanda, Vice-President, ICAI.

Through this collaborative effort, ICAI aims to reach even more people across various demographics, including students, professionals, entrepreneurs, and the general public. ICAI and the influencers will develop and disseminate educational content, host interactive sessions, and engage with audiences on social media platforms. Their collective efforts will focus on addressing key financial topics, debunking myths, and providing practical insights to help individuals navigate.

Utilizing technology to boost productivity and streamline operations for the benefit of its members and stakeholders, on April 5th, 2024, ICAI launched the e-Office initiative under the theme of “Service with Sustainability.” The inauguration of the e-Office platform was led by CA. Ranjeet Kumar Agarwal, President of ICAI, alongside CA. Charanjot Singh Nanda, Vice-President, and other Central Council Members. Developed by the National Informatics Centre (NIC) and implemented by RailTel, the e-Office framework aims not only to expedite internal communication processes but also to ensure transparency and enhance officials’ efficiency.

This move towards digitization highlights ICAI’s dedication to promoting accountability and transparency in administrative procedures. Through the adoption of the e-Office, ICAI intends to transition to digital, paperless transactions, leading to more efficient workflows. This transition will not only reduce costs associated with physical file storage and preservation but also minimize data loss. Additionally, it will enable flexible work arrangements, improving overall work efficiency.

The implementation of the e-Office will occur in stages, starting with integration into ICAI Committees and later extending to regional offices, branches, and chapters worldwide, facilitating seamless document flow across all organizational levels. This initiative signals a transformative shift in internal communication processes, aimed at better serving the community and promoting environmental sustainability.

Maharashtra to Drive Statewide Skill Development Says Nidhi Choudhari, IAS In conversation with ObserveNow Media

Automation has taken the world by storm. It is creating new prospects for innovation not just in entrepreneurship but in the case of mundane employability opportunities as well. According to a McKinsey report, around 15 per cent of the global workforce, or about 400 million workers, could be displaced by automation in the period 2016–2030.

With all the technology intervention happening, it becomes mandatory to upskill and reskill in every field. The state of Maharashtra is actively taking steps to enhance skill development within the state. Recently,  TeamLease EdTech, the Department of Higher &Technical Education (DHTE)-Government of Maharashtra, and the National Skill Development Corporation (NSDC) are collaborating to improve the employability of the youth in Maharashtra. The alliance aims to harness the potential of work-linked learning programs across universities in Maharashtra, directly contributing to the state’s target of achieving a $1 trillion economy in the next five years until 2028.

To explore the recent developments in the skill and employability department of Maharashtra and understand the broader spectrum of the skill ecosystem in India Shivani Babbar, OberveNow Media interacted with Nidhi Choudhari, IAS, Commissioner, Department of Skill Development, Employment, Innovation, and Entrepreneurship, Government of Maharashtra in an exclusive interview.

As the Commissioner of Skill Development, what are your key priorities for enhancing the skill landscape in Maharashtra? 

For several years, the department has focused extensively on providing employable skills to the youth of Maharashtra. My focus will be largely on providing globally employable skills so that our youth can apply for jobs in any country in the world and become internationally employable. For this, our focus is to promote the Swami Vivekanand Maharashtra International Skill Centres across the six revenue divisions of the State of Maharashtra. One such center has been commenced in ITI, Vidyavihar and the remaining five are in the process of being set up.

Secondly, my priority would be to impart state-of-the-art vocational education in it is of Maharashtra. With the help of World Bank funding under the DAKSH project, my emphasis will be on the upgradation of ITIs into micro incubation centres for entrepreneurship and vocational employment.

Thirdly, revamping short-term skilling courses by encouraging only contemporary employable gender-neutral skills. For example, a lot of short-term courses are focused on tailoring, bakery, beauty parlors, etc for women whereas women’s participation in courses focused on robotics, drones, IoT, and animation is meager.

Fourthly, the job fairs as are organized by the Employment officials need business process reengineering. I would try to get an in-depth understanding of the job fairs and revamp it to make them more effective in terms of employment generation. As of today, these events are creating more awareness about the available jobs in the market, but not resulting in real meaningful employment.

Last but not least, my priority will be to get the new Startup Policy of the State to get approved and executed on the ground to encourage start-up culture and strengthen the eco-system.

Could you share some successful initiatives or programs you’ve implemented to promote skill development within the state? 

After I joined the Department as Commissioner, Skill Development; we successfully implemented four Mega Job Fairs in Thane, Baramati, Latur, and Ahmednagar. Likewise, the Student Innovation Challenge has been successfully implemented in which we rewarded the Students with innovative ideas with a cash prize of Rs.1 lac and are also extending pre-incubation support. Additionally, we have started Acharya Chanakya Mahavidyalaya Kaushalya Vikas Kendras in 128 colleges and are aiming to expand it to over 1000 colleges in Maharashtra. Successful execution of MOU with BVG for setting up Sant Gadge Baba Swacch Skill Academy in ITI Kopri and MOU with MSSU and NSDC International for setting up Swami Vivekanand International Skill Academy in ITI Vidyavihar will pave the way for niche institutions in the skilling eco-system. We have also got World Bank negotiations for the DAKSH project which would bring in the upgradation of skilling infrastructure in the state.

What challenges do you perceive in bridging the gap between industry demands and the skills possessed by the workforce in Maharashtra? 

There are multiple departments and agencies providing skill training which can be converged better with the schemes of the Skill Development Department. Avoiding duplicity and having a uniform strong skilling Commissionerate can bring in much-needed impetus. As of now, short-term skilling is with MSSDS, long-term vocational training is with DVET, start-up activity is with MSINS, and employment is with Commissioner Employment. As separate entities, they are weak agencies but if put together they can deliver better public service. There obviously is a need to re-engineer the employment exchange structure and make it more digitally integrated with vacancies available in the industry. We are working on integrating all the skill data on one portal and then, the gaps in job market demand and supply may be better addressed.

Can you highlight any technological innovations or advancements that have been integrated into skill development initiatives under your leadership?

Yes. We are proposing a Skill Data Centre under the World Bank-funded DAKSH project. This will act as a one-stop window for all skilling-related data and will surely act as a catalyst in the employment sector too. We are upgrading our portal Mahaswayam and proposing to get an integrated portal on the lines of NSDC for all skilling activities. We are also working on a decentralized fund release for skill training programmes at the level of Assistant Commissioner, Skill Development to enhance efficiency and ensure the timely release of training-related payments. For DVET procurements, green channel partnerships through MOUs with the best industries are in the pipeline to eradicate delays and ensure quality in ITI labs.

In what ways do you collaborate with educational institutions and industries to design skill development programs that are aligned with market needs?

There is no denying that there exists a gap between educational academic learning and skilling requirements. In fact, this was the reason why we planned to set up vocational skilling centers in the Colleges in pursuance of the achievement of the vision of the New Education Policy. As I mentioned earlier, there is a thought about establishing ITI labs as centers of excellence with the support of industries of excellence. We are deliberating upon giving green channel status to certain industries which can help us in setting state of art labs in contemporary skills/trades like robotics, drone, animation, AR/VR, IoT, 5G, M2M learning, Smart Building solutions, Solar Energy etc.

How do you envision the future of skill development in Maharashtra, particularly in light of emerging technologies and evolving job markets?

We are aware of the emerging technologies and evolving job markets; and are working on setting up ITI labs on these skills besides also incorporating these courses on priority in the College level Skilling Centres. It is interesting to note that in Maharashtra, the Commissioner of Employment is also the de-facto CEO of the Maharashtra State Skill Development Society (MSSDS) and CEO of the Maharashtra State Innovation Council (MSINS) besides being the Head of Department for the Directorate of Vocational Education and Training (DVET). In addition, Commissioner Employment is a member of the Governing Body of Maharashtra State Skill University (MSSU) and Maharashtra State Board for Vocational Education and Training (MSBVET). This ensures a lot of coordinated efforts in the skilling sector and I am positive that Maharashtra will not only pave the path of comprehensive skill development in the state but with its skilled manpower be encouraged to join the international job market under the aegis of Maharashtra International our latest initiative, the future of Maharashtra’s skilled workforce is very bright.

 

Telecom Secretary Launches Simplified 5G Experimental License Module for Academic Labs

Dr. Neeraj Mittal, the Secretary of the Department of  Telecommunications, has virtually inaugurated the “Experimental License Module for 100 5G Labs” at IIT Madras, marking a significant step towards enabling smoother operations for 5G experimentation in academic institutions across India. This initiative aims to simplify the process of obtaining experimental licenses for 5G labs, streamlining operations and encouraging innovation in the field.

Under the initiative of ‘100 5G Use Case Labs’ awarded by the Department of Telecommunications (DoT) to educational institutions nationwide, these labs will utilize 5G frequency bands for various experiments and testing scenarios. To ensure interference-free operations with licensed Telecommunications Service Providers (TSPs), they require the Experimental (Non-Radiating) category of license from the DoT.

Previously, applicants had to navigate a cumbersome process involving detailed information on experiments, equipment, and setup schematics. However, the DoT has now introduced a simplified mechanism through the National Single Window System (NSWS) Portal, specifically catering to the ‘Experimental License for 100 5G Labs’.

This streamlined process automates application procedures, pre-filling technical specifications and schematic details, thereby reducing manual effort and time. Moreover, applicants can now obtain the experimental license instantly through a “Self-declaration Mode” and download it with a single click, ensuring prompt commencement of operations.

The revamped application process requires only basic information such as institute address, authorized personnel, and a nominal fee of Rs. 5000, making it more accessible to a wider range of institutions. This move is expected to significantly bolster innovation, cultivate competencies, and democratize access to 5G technology, empowering educational institutions and startups to explore its transformative potential.

 

Empowering Women Through Inclusive Financial Planning

In India, the investment landscape is undergoing a significant transformation, with women increasingly asserting their presence as key players in securing financial stability and independence. This paradigm shift defies traditional stereotypes, with modern Indian women embracing diverse investment avenues, empowered by technological advancements and a growing awareness of financial opportunities.

The Shifting Investment Landscape

Recent findings from a joint study by DBS Bank India and CRISIL shed light on the evolving investment behaviour among earning women in India’s metros. The study revealed a prevalent inclination towards risk-averse investment options, with 51 per cent of their investments parked in fixed deposits (FD) and savings accounts. 

Our internal analysis at Stable Money reveals an escalating engagement of women in the investment arena, underscoring not just their participation but their significant contribution and active involvement. With women constituting 19.53% of registered users, 28.71% of those engaging in transactions, and accounting for 32.48% of the total Asset Under Management (AUM), it’s clear they are making substantial impacts. Notably, the Average Transaction Size (ATS) for women is 19.45% higher than that of men, highlighting their greater financial commitment. 

Moreover, the month-on-month trends paint a picture of robust growth, with the percentage of AUM from women steadily rising from 21.65% in August 2023 to 36.62% in January 2024, and the percentage of monthly transacting women growing from 20.52% in August 2023 to 33.01% in January 2024. This data highlights the dynamic and growing role of women in the financial landscape and emphasises the critical importance of investment as a tool for women’s financial empowerment and wealth creation.

Challenges on the Path to Financial Empowerment

Despite positive economic trends, women encounter significant obstacles on the path to financial empowerment. Enhancing financial literacy and accessibility to tailored financial planning services are imperative. By empowering women with knowledge and support, we can bridge the gender gap in wealth accumulation and ensure economic equality. 

Unlocking Economic Potential: The Imperative of Inclusive Financial Planning for Women

Inclusive financial planning for women is not just ethically sound but strategically vital for sustained economic growth. Equipping women with financial knowledge and tools not only enhances their personal stability but also strengthens their ability to navigate life’s challenges resiliently while contributing significantly to the broader economy through active participation in capital markets. To achieve true empowerment, a multifaceted approach is essential, encompassing bridging the financial literacy gap, providing personalized financial services, and encouraging a shift from risk aversion to informed diversification. 

Authored Article by Saurabh Jain, Co-founder, Stable Money

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