April 2, 2024

The overall goal is to ensure that digital technologies improve the life of every citizen, expand India’s digital economy, create investment and employment opportunities and create digital technological capabilities in India. Digital India has considerably reduced the distance between the Government and citizens. It has also helped in the delivery of substantial services directly to the beneficiaries in a transparent and corruption-free manner. In the process, India has emerged as one of the pre-eminent nations of the world to use technology to transform the lives of its citizens.  Digital India programme has brought tremendous changes in the health care sector of India. Initiatives like Ayushman Bharat Digital Mission, CoWIN App, Aarogya Setu, e-Sanjeevani, e-Hospital have made health care facilities and services reach every corner of India. These initiatives bridge the existing gap among different stakeholders of the healthcare ecosystem through digital highways. How Affordplan is Making Healthcare Affordable in India Out-of-pocket expenditure on healthcare in India is high, reaching a share of 48.2%, with states like Uttar Pradesh accounting for as high as 71% of total expenditure towards health. Medical inflation is already at 14%, the highest among Asian countries, with a further 10% inflation expected. Medical inflation and out-of-pocket expenses (OOPE) in healthcare are closely connected. When healthcare costs rise due to factors like advanced technology and increased demand (medical inflation), individuals often face higher direct expenses (OOPE) such as copayments and deductibles. This can create a significant financial burden on patients and potentially limit their access to essential healthcare services.   What exactly does medical inflation imply? In simple words, a healthcare bill that costs us 6 lakhs today could cost us 7.5 lakhs 5 years down the line. Patients must also choose more expensive private institutions due to factors such as poor healthcare infrastructure, doctors and nurses are unwilling to work in rural areas due to a lack of resources. The following are the roles of Financial Technology healthcare platforms in making the journey more affordable: Digital Health Wallet These health wallets, which are specifically created for medical bills, are a wonderful way to save money ahead of time. For surgeries that cost us an arm and a leg, we can store money in our wallets and spend it on the day of the surgery. Even tiny medical costs, such as over-the-counter medications and pharmacy pharmaceutical bills, can be paid by Digital Health wallet without causing undue stress to the patients.  In a survey conducted in 2020, it was found that over 70% of healthcare leaders and professionals believed that digital health wallets could significantly improve the patient experience and reduce financial stress. The ability to save and allocate funds for medical expenses in advance is seen as a practical way to manage healthcare costs more effectively. Medical Insurance & Loans These healthcare  platforms provide us with rapid and simple medical insurance and loans. Which provides us with our financial status in 24 hours without having to wait in long queues and also allows us to upload our documents using our phones without the assistance of anybody else, Such platforms often offer lower interest rates, reducing the burden of medical debt and making healthcare more affordable.These platforms offers Maternity loans, pregnancy loans, medical emergency loan, etc. at different price points that suits everybody’s budget. In some cases, individuals have reported receiving their financial status within just a few hours, revolutionizing the traditional process of accessing medical funds. Medication Delivery Drug distribution and aids in making medicines affordable and accessible to all Indians, reaching even the most remote areas of the country. This not only saves patients time and effort, but it also assures that they receive medicines at reasonable pricing. Patients are more likely to stick to their prescribed treatment plans when medicines are delivered directly to their doorsteps, leading to better health outcomes. Efficient for Healthcare Providers healthcare providers by reducing paperwork, manual data entry, and other overhead costs. This efficiency can lead to cost savings that can be passed on to patients. The healthcare institutions adopting FinTech solutions experienced an average administrative cost reduction of around 28%, enabling them to allocate resources more effectively and enhance patient care. Price Transparency and Comparison nformation about medical procedure costs and enable patients to compare prices at different healthcare facilities. This encourages price competition and helps patients make informed decisions about where to seek treatment.  An intriguing fact is that according to a 2020 study, patients who utilized healthcare FinTech platforms for price comparison saved around 20% on average for medical procedures. This showcases how technology-driven transparency can lead to significant cost savings in healthcare. FAQs Is it feasible to offer all healthcare services on a single platform? Yes, it’s feasible with proper planning and integration of various healthcare specialties and services. What role does technology play in providing healthcare services on one platform? Technology enables telemedicine, digital health solutions, automation of administrative tasks, and efficient communication, contributing to affordability and accessibility. How can such a platform ensure affordability? Affordability can be achieved through efficient resource utilization, telemedicine solutions, preventive care emphasis, innovative payment models, and government support. 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Hallmarking of gold jewellery and artefacts is mandatory in India. It is an important step towards the implementation of gold purity standardisation. The Ministry of Consumer Affairs has decided on the compulsory hallmarking of gold based on the Consumer Protection Act 1986. The Bureau of Indian Standards (BIS) introduced Gold Hallmarking Scheme in 2000 and Silver Hallmarking Scheme in 2005. Since 1 April 2023, the government has made 6-digit hallmarking with Hallmark Unique Identification Number (HUID) mandatory for selling or buying gold. What is hallmarking? Hallmarking is the process by which the purity of precious metals like gold and silver is determined and certified based on certain standards set by a regulatory body. After the procedure is complete, the hallmark, also known as the mark of quality, is imprinted on the gold object. It indicates its quality and purity. New Marking Method BIS has introduced a new method for marking jewellery, which includes a unique identification number, a BIS hallmark , and the purity of the metal. The Indian Government required gold artefacts and jewellery to be hallmarked in 2019. Upon obtaining a hallmark registration certificate, registered jewellers selling through certified sales outlets are permitted to sell precious articles of gold marked with hallmarks. Importance of gold hallmarking in India It assures buyers of the quality of gold/silver jewellery.  Gold hallmarking builds trust among consumers and creates a strong relationship between buyers and sellers in the market. It ensures legal protection against any violation. Hallmark registration certificate adds a lot of value to gold jewellery. How to apply for a hallmark licence for jewellery? Jewellers who wish to apply for a hallmark license for selling gold jewellery must first obtain hallmark registration from BIS. As per the BIS Hallmarking Scheme guidelines, the regulatory body grants hallmarking registration to gold jewellers/sellers for a specified location.  So, people who wish to sell hallmarked jewellery must obtain Hallmark Registration from BIS for each of their sales outlets. Jewellers who have already received BIS certification can have their gold/silver jewellery hallmarked at BIS Assaying and Hallmarking Centres. BIS Assaying and Hallmarking Centres are evaluation centres where the purity of gold is examined. Hallmark registration process The hallmark registration process has been mentioned as follows:  Ensure all documents required for registration have been collected in one place.  Fill up the online application for hallmarking of jewellery.  Submit the application, documents and the prescribed fees.  An inspector of BIS will conduct a minute inspection.  Once a BIS inspector is fully satisfied with the result of their inspection, they will provide a Hallmark Registration Certificate, which will reach the applicant via email.  Hallmarking procedure in India involves three stages of testing. Details are as follows:  Homogeneity testing – Every item from a given sample is taken for homogeneity testing. These items are checked minutely to evaluate whether they fulfil the regulatory standards set by BIS.  Purity testing – This is an important step and probably the most difficult one. Randomly, one of 50 similar items is chosen for purity testing. First, a preliminary test is performed on the surface of each of the items. Then, smaller samples are collected from every item for detailed examination. Finally, the tests are intensified to examine the gold’s purity, value and fineness.  Individual item marking – Marking every item individually is the final step. Laser and press are used to imprint the hallmark on the gold depending on the result of the test. The jewellery may be hand-marked as well if the case requires it.  Documents required for hallmark registration Check the list of documents required for hallmark registration:  Proof of a company/firm establishment  Registered partnership deed (if the applicant is a partnership firm)  Registration certificate issued by ROC and MoA (Memorandum of Association)  CA certificate (if the applicant is a proprietorship firm)  Address proof of company or firm  GST registration certificate  Income tax assessment order  The sale or lease deed agreement  Rent agreement with previous rent receipts  Latest receipt of property tax  Registration certificate issued by a state government  Proof of annual turnover  Copy of GST returns of the previous financial year  In case the firm is new, an undertaking should be collected from the firm with an estimate of expected turnover and assurance to submit GSTR.  ID proof of the Signatory  Aadhaar-based verification or e-signature  Copy of PAN card, Aadhaar card, passport, driving license or photo ID card issued  by a Gazetted Officer on an official letterhead  Hallmark license fees The Government of India has provided guidelines for setting Hallmark License Fees, known as Registration Fees. It depends on the turnover in place population. Here’s a table depicting hallmark licensing fees in India:  Business turnover  Application fee  Registration fee  Up to Rs. 5 crore  Rs. 2,000 Rs. 7,500 From Rs. 5 crore to Rs. 25 crore Rs. 2,000 Rs. 15,000 From Rs. 25 crore to Rs. 100 crore Rs. 2,000 Rs. 40,000 Above Rs. 100 crore Rs. 2,000  Rs. 80,000 Benefits of hallmarked gold Mandatory hallmarking of gold jewellery provides much-needed assurance to buyers about their quality.  It ensures higher exchange or resale value because quality standardisation always leads to price parity. This increases the trading of gold articles. Buyers receive the necessary legal protection. Hallmarked gold/silver ensures they don’t get caught in fraud.  By selling hallmarked jewellery, retailers lay the base of sustainable business growth. FAQs What is Hallmark Registration? Hallmark Registration refers to the process by which jewelry, gold, and silver items are certified for their purity and authenticity by authorized agencies. The hallmark indicates the metal’s purity, composition, and other relevant details, providing assurance to consumers about the quality of the product. Why is Hallmark Registration important? Hallmark Registration is important for ensuring consumer protection and confidence in the quality of precious metal products. It helps prevent fraud, misrepresentation, and the sale of counterfeit items by providing a standardized certification of purity and authenticity. Who conducts Hallmark Registration? Hallmark Registration is typically conducted by government-approved assay offices or hallmarking centers. These agencies are responsible for testing and certifying the purity of precious metal items according to established

Make to order (MTO), or made to order, is a business production strategy that typically allows consumers to purchase products that are customized to their specifications. It is a manufacturing process in which the production of an item begins only after a confirmed customer order is received. It is also known as mass customization. What is Make To Order (MTO)? Make to Order (MTO) is a production technique in which producers start manufacturing a product only after the customer places an order for it. In such a case, commodities are produced in a customized manner according to the specifications of the customer. The MTO production technique is most suitable for specialized sectors of the industry, such as aircraft manufacturing, construction, etc. MTO is also referred to as a “Pull Supply Chain” strategy. A pull supply chain strategy is one where the entire process of production, assembly, and distribution of any commodity is driven by actual consumer demand. The process of manufacturing goods starts only once an order is received from the customer, and the number of units produced also depends on the instructions of the customer. The make-to-order (MTO) strategy means that a firm only manufactures the end product once the customer places the order, creating additional wait time for the consumer to receive the product, but allowing for more flexible customization when compared to purchasing directly from retailers’ shelves.This type of manufacturing strategy is referred to as a pull-type supply chain operation because products are only made when there is firm customer demand. The pull-type production model is employed by the assembly industry where the quantity needed to be produced per product specification is one or only a few. This includes specialized industries such as construction, aircraft and vessel production, bridges, and so on. MTO is also appropriate for highly configured products such as computer servers, automobiles, bicycles, or products that are very expensive to keep inventory. In order to manage inventory levels and provide an increased level of customization, some companies adopt the make to order production system. The MTO strategy relieves the problems of excess inventory that is common with the traditional make-to-stock strategy. Dell Computers is an example of a business that uses the MTO production strategy, wherein customers can order a fully customized computer online and receive it in a couple of weeks. Make to Order (MTO) vs. Make to Stock (MTS) Traditional production methodologies produce products and stock them as inventory until a customer buys them. This is known as make to stock (MTS). However, this system may be prone to wastage and obsolescence, as inventory sits on shelves awaiting purchase. This problem is particularly acute in an industry like technology, where the pace of advancement is quick and the problem of obsolete inventory could quickly arise. In theory, the MTS method is a great way for a company to prepare for increases and decreases in demand. However, inventory numbers and, therefore, production, are derived by creating future demand forecasts based on past data.There is a high likelihood that the forecasts will be off, even if by just slightly, meaning that a company might be stuck with too much inventory and too little liquidity. This is the main drawback of the MTS method of production. Inaccurate forecasts will lead to losses, stemming from excess inventory or stockouts, and in fast-paced sectors, such as electronics or computer tech, excess inventory can quickly become obsolete. Advantages of Make To Order 1. Reduces wastage- When a stock of goods lies unsold, there is a wastage not only of the materials used to make them, but also the money and labor put into producing them. In MTO, since products are manufactured after receiving a customer’s order and in the quantity specified, wastage and loss are minimized. 2. Less inefficiency- When a large variety of goods are made on a large-scale basis, there is a risk of inefficiency because workers and machines need to adhere to different rules. In MTO, all efforts are focused on making the product according to the specifications of the customer, so workers and machines tend to be more efficient. 3. Greater variety- Since only customized goods are produced and sold, MTO offers a greater variety of products. In fact, it provides customers the product exactly the way they want it. Disadvantages of Make To Order 1. Irregular sales- It is difficult to determine when demand may arise for a particular customized product. So, there may be periods of high sales and months of no sale at all. For example, the demand for military aircraft arises in times of hostile international relations, but such situations cannot be predicted in advance. 2. Lengthy delivery time- Since production starts after receiving an order, the product reaches the customer after some time. Moreover, because it takes time to customize the product, the delivery time may take longer. 3. Availability of raw materials- The uncertainty of demand raises the necessity of keeping a sufficient supply of raw materials so that production can start immediately after receiving an order. In case the raw materials are not ready, it takes more time to procure them and deliver the final product to the customer. Delayed Differentiation The Make to Order method was introduced to make up for the drawbacks associated with the Make to Stock process. However, MTO was not practical for all commodities. The long delivery times and the added costs associated with customized products restricted the scope of MTO to only a few specialized industries, such as construction and defense goods. Delayed Differentiation (DD) was developed as a hybrid strategy, combining elements of both MTS and MTO, to be used in industries where the disadvantages of the two methods are apparent. It is carried on in two phases. In the first phase, as in MTS, a common product base is made to stock. Thereafter, in the second phase, the product base is modified and customized according to the specifications of the buyer as in MTO. The customer takes delivery of the product once it is ready as per their instructions.