Indian Economic Overview
The war in Ukraine has triggered a costly humanitarian crisis that
demands a peaceful resolution. At the same time, economic damage from the con lict will
contribute to a signi icant slowdown in global growth in 2022 and add to in lation. Fuel
and food prices have increased rapidly, hitting vulnerable populations in low-income
countries hardest. Global growth is projected to slow from an estimated 6.1 percent in
2021 to 3.6 percent in 2022 and 2023. This is 0.8 and 0.2 percentage points lower for 2022
and 2023 than projected in January. Beyond 2023, global growth is forecast to decline to
about 3.3 percent over the medium term. War-induced commodity price increases and
broadening price pressures have led to 2022 in lation projections of 5.7 percent in
advanced economies and 8.7 percent in emerging market and developing economies 1.8 and 2.8
percentage points higher than projected last January. Multilateral efforts to respond to
the humanitarian crisis, prevent further economic fragmentation, maintain global
liquidity, manage debt distress, tackle climate change, and end the pandemic are
essential.
· India has emerged as the fastest-growing major economy in the
world and is expected to be one of the top three economic powers in the world over the
next 10-15 years, backed by its robust democracy and strong partnerships.
· This year Indias nominal gross domestic product (GDP) at
current prices is estimated to be at Rs. 232.15 trillion (US$ 3.12 trillion) in FY22 and
India is the third-largest unicorn base in the world with over 100 unicorns with a total
valuation of US$ 332.7 billion.
· According to McKinsey Global Institute, India needs to
increase its rate of employment growth and create 90 million non-farm jobs between 2023
and 2030s, for productivity and economic growth. The net employment rate needs to grow by
1.5% per year from 2023 to 2030 to achieve 8-8.5% GDP growth between 2023 and 2030.
· According to data from the Department of Economic A airs, as
of January 28, 2022, foreign exchange reserves in India reached the US$ 634.287 billion
mark.
This year, Indias annual merchandise exports have hit $400 billion for
the _irst time, achieving the target set by the government 9 days ahead of schedule. The
milestone comes even as Commerce and Industry Minister Piyush Goyal warned that the
Russia-Ukraine war could lead to some disruption in trade.
ROBUST DEMAND
*India is the export hub for software services. The Indian IT
outsourcing service market is expected to witness growth between 2021 and 2024.
*Indias IT and business services market is projected to reach US$
19.93 billion by 2025.
COMPETITIVE ADVANTAGE
*In September 2021, India moved up two spots to 46 in the Global
Innovation Index (GII) 2021, due to successful advancements in services that are
technologically dynamic and can be traded internationally.
POLICY SUPPORT
*Government is promoting necessary services and will charge zero tax
for education and health services under the GST regime.
*In October 2021, the government announced a new helicopter policy to
build dedicated hubs and corridors, the policy will boost helicopter services in the
country.
INCREASING INVESTMENTS
*The Indian services sector was the largest recipient of FDI in lows
worth US$ 92.41 billion between April 2000-December 2021.
E-Governance Industry Overview
India has been consistently improvising its e-governance capabilities,
and now, state governments, universities, service providers, app developers, and
scientists are also working on improving the access to e-governance and are increasing the
acceptability among Indians.
The latest UN e-Government Survey rankings have placed India at the 100
rank out of 193 countries for the year 2020. India has transformed the middle to the
high-EDGI (e-Government Development Index) level group, "re lecting improved online
presence regulated by strategies linking digital policies to national development."
Indias EDGI score is 0.5964 in the year 2020. Indias E-Participation Index Rank is 29
and the E-Participation Index Value is 0.8571 for the year 2020.
Business Outlook
Alankit Limited is focused on its vision and committed to ful illing
its mission through ensuring consistent delivery of quality products, unsurpassed service,
and premium value to its esteemed customers. It also aims to work diligently as a team
with high standards of integrity, across borders as well as emerge a winner in the
marketplace in all aspects of its business.
Vision and Mission
Our Vision
"To be a unique and quality service provider in the sectors we
serve."
Our Mission
"To become a customer-centric organization with a focus on
building trust by our unmatched standards."
We will achieve this by:
· Delivering quality products, unsurpassed service, and premium
value; · Working together as a team, with high standards of integrity across
borders; · Winning in the marketplace in all aspects of our business.
Industry Structure and Developments
Your company is mainly in e-Governance Services and e-Governance
Products in both State and Central Government under various schemes promoting
public/private participation to promote E-Governance in the country. Meanwhile, your
company has rich experience in providing and implementing various e-Governance Projects
which will be able to help your company in managing and implementing various projects.
Company Overview
The Company is mainly in the business of e-Governance and e-Governance
products. Your company is the fastest-growing player in the e-Governance Sector and
believes in providing quality information, delivering a high standard of service,
encouraging new advanced technology, thus making the system more accountable, transparent,
and effective for the clients. Intending to reach out to the masses with increased
credibility & accountability in its services, your companys e-Governance Business has
developed a proven track record through the successful completion of several e-Governance
Projects. Brief details about the companys products are discussed below:
PAN Centres
The Government of India is making it mandatory for Indian citizens to
have a PAN Card. It is compulsory to mention PAN in all financial transactions above a
certain prescribed limit. As per the information provided by the Government, against a
total population of 1.31 Bn, the number of AADHAAR assigned was 1.17 Bn, translating into
89.2% penetration.
Alankit acts as the uni ied platform for all services related to the
PAN Card application and all other procedures, whatsoever. Permanent Account Number (PAN),
is the Alpha-numeric ten-digit number issued in the form of a laminated card by the Income
Tax Department in India and is counts as one of the most important documents being the
unique identi ication number allotted to each taxpayer of the country.
Currently, your company has a pan India network of 6119 PAN Centers.
With the advent of GST, our target is to double our presence in near future.
Business Correspondent (BC)
Business Correspondents are retail agents who represent banks and are
responsible for delivering banking services at locations other than a bank branch/ATM. BCs
support banks in providing its limited range of banking services at a ordable cost. Thus,
they are pivotal in promoting financial inclusion. According to the RBIs mandate, the
products offered by BCs include Small Savings Accounts, Fixed Deposit, and Recurring
Deposit with low minimum deposits, Remittance to any BC customer, Micro Credit, and
General Insurance. The BC model helps banks in bringing door-step delivery of services
especially cash in - cash out transactions in areas that are nearer to the rural
population, thus resolving the issue of last-mile delivery.
Your company has ventured into the Business Correspondent segment since
2015 and has joined hands with 6 nationalised banks such as State Bank of India, IDBI
Bank, Bank of Baroda, Punjab National Bank, Central Bank of India and Union Bank of India
to provide services as Business Correspondent to them. The BC arrangement essentially
means enrolling customers and enabling the transactions of the customers at the Customer
Service Point (CSPs) besides sourcing various deposit and loan products for the Bank as a
business facilitator.
Your Company is a representative(s) appointed by the bank to act as
their agent and provide banking services in a remote location where the bank does not have
a presence to promote Financial Inclusion.
Our major focus is enrolling CSP from Rural Areas along with our other
e-Government products, which enhances their viability & sustainability in a shorter
period, juxtaposed to our competitors.
Your company has recently signed up the National BC agreement with Bank
of Baroda also and is in process of signing with some other banks including payment banks.
With GOIs focus on cash-less transactions and the launch of the AADHAR
Payment scheme, we foresee a huge business potential for your Company as a National BC.
FASTag Services
FASTag
FASTag is an RFID tag that enables the automatic deduction of toll
payments at NHAI toll plazas and more than 100 selected state toll plazas. Af ixed on the
windscreen of a vehicle, FASTag lets you pass through the toll plaza without having to
stop for cash transactions.
Alankits for FASTag Services
Alankit has tied up with IDFC Bank, Kotak Mahindra Bank, and Axis Bank
for its FASTag program which is a part of the National Toll Collection (NETC) initiative
rolled out by NPCI. This program is being implemented by IHMCL and NPCI and is currently
functional at 200+ Pan India locations with the possibility of adding many more toll
plazas in the future.
· Facilitates easy & quick issuance of the tags
· Easy, cashless payments from the FASTag-linked accounts
· Ensures ef_iciency, transparency, and reliability
· Technology-driven infrastructure
Services available with Various Platforms: Banks:
a. Kotak Mahindra Bank
b. Axis Bank
c. IDFC Bank eCommerce Platforms:
· Amazon India · Flipkart
Serving 200+ Location Pan India
Manpower Staf ing
Under this Division your company is emerging as a fast-growing service
provider to serve Government, Private, PSU, and Autonomous bodies in the _ield of various
business services like Data Management Solutions, Manpower Outsourcing, Data Entry
Projects, Data Processing, Data Conversion, Scanning Digitization, e-Return & e-TDS
& Smart ID Card Printing.
Your company has been able to establish a reputation for excellence and
reliability among our associates/customers which inter-alia includes departments like
Directorate of Income Tax (Ministry of Finance), Ministry of Chemical &
Petrochemicals, Ministry of Power, Ministry of Forest & Environment, Ministry of
Textiles, DRDO, All India Radio, Prasar Bharati, Ministry of Information &
Broadcasting, and Ministry of Tribal A airs.
GST Suvidha Provider
GSP (GST Suvidha Provider) is an exclusive entity that is authorized to
facilitate a platform to enable the countrys taxpayer population to do the GST
compliances. As a top GST Suvidha Provider (GSP), Alankit displays superior standards in
extending services to the taxpayer populace for complying with the new Goods and Services
Tax (GST) regime and ensures ease & convenience for all the stakeholders in the GST
Rollout. The company brings the desired support through the web or mobile-based interfaces
and serves as a single-stop shop for all GST compliance-related services.
To ensure a smooth implementation process, Alankit has introduced two
GST solutions- Alankit GST Muneemji, a secure cloud-based solution for all GST compliance,
and Alankit GST Saarthi- a PoS device introduced for smaller and unorganized businesses
for the purpose of payment and business accounting which is GST compliant. Furthermore,
the company has also introduced _irst-of-its-kind e-Way Bill Generation Software, e-Raahi
for the easy and instant creation of e-Way Bills in a hassle-free and a ordable manner.
Smart Card
In keeping with the major demand in the system for plastic cards,
Alankit, the national distributor, provides instant printing solutions for plastic ID
Cards. The company offers the distribution of millions of multiple card types like voter
ID cards, Aadhaar cards, and Health Cards and also has accomplished a tremendous sale of
printers over the number of financial years in the past. Your company strives to work ef
iciently by ensuring customer data safety and error-free printing with the focused use of
advanced technology with strong security authentication features and guaranteed time-bound
supply.
Digital Signatures
A digital signature is a mathematical technique used to validate the
authenticity and integrity of a message, software, or digital document. The digital
equivalent of a handwritten signature or stamped seal, a digital signature offers far more
inherent security, and it is intended to solve the problem of tampering and impersonation
in digital communications.
According to the Digital Signature Market information Report, the
global digital signature market is estimated to grow at a CAGR of 30.5% throughout
2018-2024. Factors that in luence the growth of this segment are the ever-increasing need
of verifying digital documents such as patient consents, court documents, cash management
documents, policies, claims, and many more of the likes.
Atal Pension Yojana
Atal Pension Yojana (APY) is an initiative of the Government of India
to convert a pension-less society into pensioned society. The objective of APY is to
encourage people to save small amounts during their productive years which will enable
them to draw a pension in old age. APY is based on de ined bene its for providing minimum
guaranteed pension ranging from Rs. 1000 to Rs. 5000 p.m.
Recent Developments
Alankit Limited has been empanelled as Service Provider for processing
of Ayushman Bharat Card Request with National Health Authority, Ministry
of Health & Family Welfare, Government of India.
Further, the Company has been shortlisted as a National Business
Correspondent (BC) by the Union Bank of India for financial inclusion.
Your company has recently been awarded Letter of Intent for Supply,
Installation and Implementation of Instant Debit Card Printers by UCO Bank.
E-Sign Service Provider
The subsidiary of the Company Verasys Technologies Private Limited
("Vsign") which is Certifying Authority under Section 21 of the IT Act, 2000, is
now also empanelled as e-Sign Service Provider (ESP) to provide e-Sign Service based on
Aadhar which is a substantial move for the Company.
Products/ Services offered by Vsign
1) E-Sign
For a document to be signed digitally, we need to possess a Digital
Signature Certi icate from the Central Authorities of the country. One of the notable
features of eSign is that it can be done anywhere, anytime without much hassle with the
use of OTP. It makes use of digital signature technology which is used to sign a said
document.
2) Paperless DSC
A digital signature certi icate is an electronic form of a signature
that can be used to validate the identity of the signer. It ensures that the original
content of the message or document has remained intact during transit. Paperless Digital
Signature is easily transportable and cannot be imitated by someone else. The paperless
digital signature can be issued by authenticating an individual via Aadhaar e-KYC. Any
individual whose Aadhaar Card is linked with the mobile number can procure paperless
digital signatures.
3) PDF Signer
Vsigner is a desktop-based application that allows users to sign single
or bulk PDF documents using Digital Signature Certi icates (DSC tokens). It works with a
DSC token issued by any Certifying Authority in India. Vsigner also enables the user to
mail digitally signed documents in a faster and more secure way.
4) Encryption decryption software
By using PKI infrastructure, we can encrypt and decrypt our data.
Risk Concern
Your Companys risk management structure works on identifying with the
distinguishing proof, investigation, assessment, treatment, moderation, and observing of
the vital, operational, and legal, and consistent threats to accomplish its key business
goals. At Alankit, Risk Management is used to limit the hostile effects of such threats
thus empowering the company to review and improve the risk involved successfully. The
focal point of the management executives is to identify risks and look for relief
measures. This is done through intermittent audit gatherings of the administration.
Human Resource
Your Company _irmly believes that the personal development of
individual employees contributes to the stable and sustainable growth of the company as a
whole. The companys HR strategy is focused on attracting the best talent, reskilling and
transforming the workforce, and providing a stimulating and filexible work environment,
nurtures social contracts, fosters innovation, and builds a result-oriented,
high-performance culture.
Your Company encourages employees to utilize their strengths and
provides opportunities for them to use their skills and to develop their abilities. Our
employees are the foundation of our success, and we believe in sharing our success with
them. We reward their outstanding work in many ways, like providing competitive pay,
giving instant rewards and recognition for path-breaking contributions.
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