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Rs 1 lakh crore electronics manufacturing proposals for India: Prasad

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New Delhi: Communications and Information Technology Minister Ravi Shankar Prasad revealed India has received Rs 1,00,000 crore in the last fifteen months as investment proposals for electronics manufacturing in the country,  said on Thursday.

“I am happy to announce that in the last fifteen months, investment proposals worth Rs 104,000 crore have been received for electronics manufacturing in the country,” Prasad said at an International Chamber of Commerce event here supported by industry chamber FICCI.

Ravi_Shankar_Prasad_At_OfficeThe proposals come from various companies for electronics manufacturing under the Modified Special Incentive Package Scheme (MSIPS).

The scheme, originally approved by the government in 2012, provides capital subsidy of 20 percent in special economic zones (SEZ) or 25 percent in non-SEZ units engaged in manufacturing of electronics items. In July, the NDA government extended the MSIPS policy by five years.

In the recent period, global majors like Xiaomi and Motorola, along with Lenovo, commenced assembling smartphones in the country through contract manufacturing by Foxconn and Flextronics respectively.

“The Make in India programme evolved out of the initiatives taken for electronics manufacturing. When I assumed charge as minister last year, there were only two electronics clusters in the country. Now there are 20,” Prasad said.

He pointed out that the Digital India programme was transformational and designed to bridge the divide between the “digital haves and have-nots”.

“The common man is using digital technology for doing business and for his empowerment. In the prime minister’s scheme of things, Digital India is for the poor and the underprivileged,” he said.

“Digital India is politics neutral, ideology neutral, centre-state neutral. It is India positive,” he added.

(IANS)

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Here’s Why Your Investment Strategy Should Not Be Based on Online Recommendations

There are some essential reasons why your investment strategy must not be based on online recommendations alone. Here’s why:

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Here's Why Your Investment Strategy Should Not Be Based on Online Recommendations
Here's Why Your Investment Strategy Should Not Be Based on Online Recommendations. Pixabay

An investment strategy is a plan of action taken by investors to guide their financial
decisions on the basis of their investment portfolios. A well-written and measurable
investment strategy is the key to success of every investor. Furthermore, with the
right professional recommendations, these strategies can offer more ways of
creating better financial security.

However, today, the human financial advisors have been replaced by online
recommendation systems, an intelligent information filtering platform that assists
investors to narrow their decision-making process. Online recommendations have
become an integral part of user experience in the investment sector.

Yet, the question still remains that even though online recommendations are
changing digital reality for investors, are they good for investment strategy? The
answer is No!

There are some essential reasons why your investment strategy must not be based
on online recommendations alone. Here’s why:

You're not talking to a real person
You’re not talking to a real person. Pixabay

#1 You Are Not Talking to A Real Person
Online recommendations systems follow a universal algorithm due to which users
are siloed into separate segments. It does not tailor your products according to your
needs.

The system only understands that you want to create a plan, but it does not consider
how would you like it to be and what factors are supposed to be taken into
consideration.

The ultimate drawback is that you are not talking to a person but being serviced by a
machine. This means the system lacks a two-way communication, thus restricting
users from making any changes.

On the contrary, in case of a financial advisor, you are talking to a living being, who
will listen to you about your needs, your goals, and present financial status. Based
on the conversation, the advisor will create a suitable plan for you, which if you do
not agree with, can be changed.

#2 Real-Time, Face-To-Face Advice Is the Best Advice

It’s always a good and secure feeling to listen to another human voice and have a
face-to-face conversation with someone, rather than having to deal with a lifeless
machine.

When you ask for online recommendations for your investments, the suggestions are
usually coming from a computerised platform, trained to deal with your queries.
However, this is not enough. It’s only natural to have trust issues with a machine
handling your money matters for you.

Furthermore, it is an undeniable fact that financial advisors have more knowledge on
investments based on their experience in the field. You can have a real conversation
with them, asking question after question till you are satisfied with the answers. You
cannot do the same with online recommendations.

You also have tax deductions to take care of, which requires the recommendations
of an expert dealing with such matters for years. Websites can never estimate the
life changes that might occur unless a user feeds new data into it. In the same way, it
cannot get around the complex calculations of tax reporting, which can greatly affect
your financial decision in the long-run.

#3 Variety of Options

When you opt for online recommendations, the investment options in the results are
limited. This means that you can only opt for what lies in front of your eyes.

Representational image.
Representational image. Pixabay

If you are choosing a term policy, you would like to be judged on more than just a
few questions that you see on your screen and reap maximum life benefits from it.
You would like to know what riders are available along with the term policy, different
types of plans and benefits of the same. You can get all these answers when you
talk to an insurance provider, rather than an online recommendation system.

Furthermore, there are certain conditions that you may have doubts about, especially
pertaining to life policies wherein a divorce or death could bring in changes to the
policy, which needs to be clarified with a real person.

Online recommendations are good to go as long as your investment deals with low-
risk goals like a short-term investment or calculating your home loan or insurance
premium. For long-term goals like investment for the education of your children or
retirement, this tool only creates high risk.

Final Takeaway:

The final word is that online recommendation systems might be standing their
ground in the world of investment, but when you are not sure which direction to move
towards, financial advisors are your saviours.

A certified financial advisor adept with knowledge of your financial situation will prove
to be more proactive in aligning your investments.

Financial advisors, unlike online recommendations, can assist you in figuring out
whether you are on track with your savings and how other investment options can
benefit you in future.