Millennium India Launches Smart and Cost-effective POS Solution for Retailers

New Delhi, Aug 24: Millennium Soft-tech India today unveiled yet another powerful android smart POS – MagicBox Plus – device with advanced features suitable for small and medium retail businesses who hitherto have been struggling to match with big businesses in providing best-in-class customer experience and enhanced store operations.

Millennium, which pioneered in providing integrated POS technology for Indian retailers, earlier in July has introduced hand-held Smart Mobile POS device for small shop owners to help them transact both indoor and outdoor seamlessly while managing inventory, payment, reports and analysis and customer engagement activities.

“Our new offering, MagicBox Plus android desktop POS is ideal for retailers who prefer smaller, sleeker, cheaper and yet powerful POS solution to drive business operations seamlessly,” says Bhaskar Venkatraman, CEO and Director of Millennium Soft-tech India.

The compact desktop POS device comes with industry-best retail software ideal for general and food and beverage retail applications which include grocery shops, stationery sellers,

departmental stores, ice-cream bars, bakery and sweet shops,  food courts, fine dining, takeaway, bar, to name a few.

“MagicBox Plus, while automating several manual functions such as inventory, sales, credits and billing, helps store owners generate valuable reports and analysis for better planning, CRM and loyalty program, GST billing, order taking, mobile banking and staff management,” says Bhaskar, who also heads India’s premier e-commerce portal Justransact.com exclusively for POS products and technology.

MagicBox Plus Android (6.0) device comes with Qualcomm Snapdragon615, octa-core processor, 8GB memory and 1 GB RAM, which can host powerful retail POS software. Despite small in size, MagicBox Plus offers integrated 2-inch (58mm) printe and NFC (optional) technology along with 11.6-inch HD adjustable touch display and elegant but rugged design to customers. Bluetooth (4.0) and Wi-Fi are the other highlights of this POS device.

The pre-loaded software supports critical features such as anytime-anywhere billing, inventory management, spot offers/discounts, loyalty program, and many more. Through this device, retailers can access their store remotely in real time using cloud technology which saves critical data and keeps it secured from potential loss, pilferage or malware intrusion.

“Retailers get cost-effective, integrated, compact and a complete POS solution with cloud application facility.  With this (device), retailers can save a huge overhead cost and considerable retail space while offering customers sophisticated business environment,” concludes Bhaskar.

This press release has been carried by the following media websites.

1.       http://www.odishanewstimes.com/2018/08/13/millennium-india-brings-smart-and-cost-effective-pos-solution-for-retailers/

2.       http://www.itnewsonline.com/pr.com/Millennium-India-Brings-Smart-and-Cost-Effective-POS-Solution-for-Retailers/15353

3.       https://www.infodea.in/cost-effective-pos-solution-retailers/

4.  https://clickpress.com/releases/Detailed/771701005cp.shtml

5.  http://www.marketpronline.com/millennium-india-brings-smart-and-cost-effective-pos-solution-for-retailers.html

6.  https://telave.com/item/millennium-india-brings-smart-and-cost-effective-pos-solution-for-retailers-telave-10549749

7.  https://amzeal.com/doc/millennium-india-brings-smart-and-cost-effective-amzeal-10284927

8.       http://www.authorstream.com/Presentation/justransact2018-3530594-pr-magicbox-plus/

9.       https://www.pr.com/press-release/761959

10.   http://www.webnewswire.com/2018/08/16/millennium-india-brings-smart-and-cost-effective-pos-solution-for-retailers/

11.   https://www.issuewire.com/millennium-india-brings-smart-and-cost-effective-pos-solution-for-retailers-1609050556065167

12.   https://www.freeprnow.com/pr/millennium-india-introduces-smart-and-affordable-pos-solution-for-retailers

13.   http://www.pressbox.co.uk/cgi-bin/links/page.cgi?g=2193533.html

14.   http://www.pressreleasepoint.com/millennium-india-brings-smart-and-low-cost-pos-solution-retailers

15.   https://www.prlog.org/12723721-millennium-india-unveils-smart-and-low-cost-pos-solution-for-retailers.html

16.   https://www.openpr.com/news/1176837/Millennium-India-Brings-Smart-and-Affordable-POS-Solution-for-Retailers.html

17.   http://www.postafreepressrelease.com/postafreepressrelease/Millennium_India_Brings_Smart_and_Affordable_POS_Solution_for_Retailers.html523114

18.   https://www.forpressrelease.com/forpressrelease-451013-millennium-india-brings-smart-and-cost-effective-pos-solution-for-retailers.html

19.   https://www.pressreleasepost.com/millennium-india-launches-smart-and-affordable-retail-pos-solution/

20.   www.marketpressrelease.com/viewpressreleases.php?id=365697

21.https://jt-live.tumblr.com/post/177265936251/millennium-india-launches-intelligent-retail-pos

Retail Sector Pins Hopes on Union Budget 2018 for Relief

Chennai, January 24, 2018: India’s fast growing Retail sector has been facing unprecedented situation ever since the government made two major initiatives -  demonetization of higher order currencies and introduction  of Goods and Services Tax. While the former was intended to promote digital transactions and make India a cash-free economy, the later was to introduce centralized tax regime, both had bearings on the retail sector.

As impacts of varied degrees are still being felt by consumers and retail businesses, with Budget 2018 is round the corner, Indian industry is pinning hope on Budgetary recommendations to ease out several pain-points being felt by retailers and consumers alike.

While the initiative to digitalize retail transactions across the country has created huge jump in digital transactions, the inefficiency of banks to provide adequate Point of Sale (POS) payment terminals to shop owners and steep Merchant Discount Rates (MDR) have played a spoil sport to India’s cruise towards becoming a cash-free economy.

“The digital payment eco-system requires excellent infrastructure and support system to increase its usage and reach.  The main issue is inadequacy of POS machines, which are not made-in India but have to be imported. To add to the woes of retailers and customers is the high MDR which has to be borne invariably by the customers when they make card payment every time. Though the RBI has recently reduced the MDR for payment up to Rs 2000, the government should remove MDR altogether to encourage more retailers to approach banks to install POS machines. Also, there should be more incentives for shoppers and merchants for adopting digital payments,” says Bhaskar Venkatraman, CEO and Director of Millennium India, a pioneer in introducing POS machines to Indian retailers to automate their business.

The GST which was introduced with an intention of integrating all state and central taxes for goods and services and creating a uniform tax regime, still faces a lot of flak from people and merchants for keeping certain essential items on high tax brackets.

“There are still a lot of POS terminals and peripherals which are being imported after paying huge duties and taxes.  The GST paid on POS machines supplied to merchants to automate their store operations are very high. This negates the very purpose of digitalization move as high cost discourages small and medium retail businesses, who form more than 80 per cent of retailers across India, from automating their store with digital transaction facility,” feels Bhaskar, who was instrumental in launching India’s first and exclusive ecommerce website (Justransact.com) for POS products to reach retailers in remote regions of India.

Though India currently has just over three million POS terminals as on November 2017, to fulfill the ambition of cash-free economy, the government should attract nine million more retailers by providing POS terminals free of cost to them, feels Bhaskar.

Also, since the Unified Payments Interface (UPI) system is emerging as a cheaper and scalable option due to rise in internet connectivity and penetration of smart phones, the government should promote it by easing norms to bring more players who can provide seamless digital transaction services.

Press Release made for Millennium India, Chennai.

Innovative POS Technology Products to Regale Visitors at Foodpro 2017

Chennai, September 6, 2017:   Millennium India, the pioneer in Point of Sale (POS) technology in India, will be part of over 300 strong contingent of business verticals who will be showcasing their products, services and technology associated with food and beverage industry at the three-day Foodpro 2017 exhibition which will be held from September 7 at Chennai Trade Centre, Chennai.

Millennium has been partnered with Allmark Solutions, a leading weighing scale and other store infrastructure products supplier, along with well-known POS brands POSIFLEX, HONEYWELL and GoDEX to showcase their technology prowess on Point of Sale and other supportive products to business visitors, vendors and prospective entrepreneurs at the event.

Read full press release here.

Millennium India Receives Best Partner Award from Honeywell

Chennai, India, March 14, 2017: Leading POS technology provider Millennium Soft-Tech India has bagged the “Highest Growth Partner Award for 2016” from multinational conglomerate Honeywell India.

The award was presented to Millennium India, a pioneer in introducing Point of Sale (POS) technology products in India, at the recently held ‘REIMAGINE 2017 Leadership Forum’, an annual partner conference hosted by Honeywell Safety and Productivity Solutions, in New Delhi.

Honeywell India team presenting the award to Mr Bhaskar Venkatraman at the REIMAGINE 2017 Leadership Forum event held in New Delhi. Millennium Director V Nandakumar (second from right) also attended the event.

The event was held in an effort to unite top leaders from Honeywell's strong network of channel partners and distributors in India.

Commenting on receiving the coveted award from world’s leading engineering giant, Bhaskar Venkatraman, the CEO and Director of Millennium India said: “It’s a great honour to receive from the technology major with whom we have more than a decade of successful association. Honeywell, with their innovative and customer-centric products, has played a key role in automating retail sector in India.”

“With diversified industrial automation products, Honeywell has broken into many applications simplifying several core operations. For Point Of Sale applications in particular, Honeywell has been offering wide array of technology products which have revolutionised several core industries like healthcare, automobile, hospitality, retail businesses, food and beverage, transport and logistics, to name a few. We look forward to have even more stronger ties with Honeywell in the years to come and would like to see the Brand becoming synonymous with every retail business,” he further said.

For retail and non-retail sectors focusing point of sale and other applications, Honeywell has been the leader in providing several innovative hardware products like area imager scanner, barcode scanner, barcode printer, POS hand held terminal, laser scanner and linear imager scanner.

The partner conclave was a unique opportunity for Honeywell India business leaders and its partners to make deeper connections within the business and new relationships among its broad partner network, a top Honeywell official said.

Round table discussions, industry presentations, and networking sessions were attended by key customers, partners, and top SPS India and global leaders at REIMAGINE 2017 Leadership Forum in India.

PR appeared on:

http://eprretailnews.com/2017/03/13/0913445-millennium-india-bags-best-partner-award-from-honeywell/

https://www.prlog.org/12625594-millennium-india-bags-best-partner-award-2016-from-honeywell.html

http://eprnews.com/millennium-india-bags-best-partner-award-2016-from-honeywell-90521/

http://www.pressreleasepoint.com/millennium-india-bags-best-partner-award-honeywell

http://www.openpr.com/news/464552.html

http://www.justransact.com/media/press-release/millennium-india-bags-best-partner-award-from-honeywell

Mall Owners Find New Way to Bridge Rental Loss

As commercial real estate growth remains sober in cities across India leading to high vacancy levels in Malls, space owners these days adopt new strategy to bring tenants to cover rental revenue loss.

As per the new trend, retailers agree to pay less monthly rental but part a percentage of their monthly sales revenue to the shop owners. However, in the absence of a reliable real time sales data capture system, retailers show tweaked sales data to pay low rent to the owners thus causing huge loss to the later.

But with the availability of new POS software to capture real time sales data from shops, mall owners sitting at remote place don’t have to need to worry over rental loss. Not only this! They can use these data to find seasonal footfalls, popular merchandise, peak time sales, customers’ shopping pattern and behaviour, and host of other information.

Read full blog here.

Faye Brings Exquisite Designer Outfits for Little Fairies

BANGALORE: To capitalize the rising demand for kids' designer label in India, Faye, an exclusive fashion brand for little girls, has forayed into this un-tapped segment with a wide range of elegantly designed dresses solely for girls aged between six months to 10 years.

The designer wear market for kids is taking wings and Faye, as an upcoming fashion label for little girls in India, has introduced an elegant and chic collection of party and occasion wear for fledgling fashionistas. Faye is an aspirational brand focusing only on dressing up little girls.

"Faye was launched as an exclusive designer label for little girls in 2011 and has been unveiling ready-to-wear apparels for different occasions. Designer wear for kids is a new concept which is now gaining grounds across major Indian cities. The market is rife with untapped potential in this segment and sensing this huge demand, we have introduced elegantly cut and styled dresses for the little divas to suit any occasion," says Jose John, Founder and Director of Faye.

"Parents don't hesitate to give the world to their children today. With more disposable incomes at hand and having kids later in life when they are more financially stable, parents are able to meet the demand of their beloved child," he says.

Read full press release here.

JusTransact Throws Open Online Bazaar for Indian POS Sector

Press Release

Chennai, October 5, 2016: After its successful launch of India’s first E-commerce online market place for Point of Sale (POS) technology - JusTransact.com, Millennium India has added yet another ‘first’ to its credit by unveiling country’s only online B2B portal for POS brands and distributors who can converge at one place to transact simultaneously.

Aimed at cutting down the huge supply chain losses faced by thousands of hardware and software POS products vendors across India and improve sales volume of Brands, JusTransact’s Partner Zone also aimed at ‘empowering’ small, medium and large enterprises across the nation by automating their business with affordable, scalable and world-class POS technology.

Commenting on the launch of JusTransact’s Partner Network (http://partner.justransact.com/), Bhaskar Venkatraman, Founder and CEO of jusTransact.com said: “JusTransact’s partner network throws open a unique opportunity for both POS brands and resellers who can communicate directly on a single platform, thereby cutting the supply chain losses in terms of time and money. Resellers can directly get POS products from manufacturers at much lower price and can hence pass on the cost benefit to their customers, who are predominantly small and medium retail businesses. For brands, they can find all buyers in one place and hence get great traction and growth. In short, it is a win-win condition for both brands and vendors.”

For partner network, jusTransact plays a pivotal role in connecting both POS brands across India and local vendors who can be either main/region-wise distributors, vendors, stockists, software service providers, or stores selling POS products to retail businesses.

Further listing the advantages of partner portal, Bhaskar, who is also one of the pioneers in introducing POS technology in India, said: “POS Manufacturers need not have to look for distributors for their products, but can simply register with us and sell their products. Their products can be seen only by registered vendors, who can order POS products with appropriate quantity instantly. To facilitate fast and reliable goods movement, we offer free logistics service. We pick, pack and ship to buyer’s address wherever they are.”

To make it attractive, jusTransact has kept registration ‘free’ for partners and also introduced JusMoney wallet where points are credited for every purchase which can be adjusted against the purchase value.

JusTransact currently deals with over 1000 POS products of more than 40 top brands including Epson, Honeywell, Toshiba, Posiflex, Godex, TVSE, Opticon, Casio, Bixolon, Zebra, Essae, to name a few.

Bhaskar expects that more POS brands will make use of Partner Network Zone and offer their products such as POS terminals, barcode scanners, barcode printers, automatic cash drawers, receipt printers, mobile POS, hand held terminals, etc at attractive prices to vendors, who otherwise get them from local distributors at much higher price. “The partner network will also help to speed up the automation process of India’s retail sector where more than one million traders are still following traditional transactional practices,” he said.

The Justransact partner network for POS will also create a level playing field as every vendor – from main distributors to local stockists – across India will get their goods at same price thereby avoiding unethical business practices, opined Bhaskar.

PR for: http://www.justransact.com/media/press-release/justransact-unveils-partner-network-zone-for-pos-vendors

PR Released through PR News Wire to Indian Media

MedKart Asks Doctors to Shun Brands and Promote Generic Drugs

Ahmadabad, August 9, 2016:  Despite repeated assertions and directives by Medical Council of India (MCI) and government agencies to make doctors prescribe low-cost generic drugs to patients, the directives remain still on papers much to the chagrin of common man.

In the absence of stringent regulations, lack of awareness and misconception about using low-cost medicines, pharma companies are encouraged to connive with medical practitioners, both in government and private hospitals and clinics, to sell their brands to gullible patients at much higher prices.

“Thanks to the strong lobby by the influential multi-national drug companies, which account for over 90 per cent of drug distribution in India, supported by doctors and medical stores, generic medicines still remain a far-cry for the poor in India. High medicine cost and huge hospitalisation bills push many families into deep debt. In the absence of accountability and stringent regulations, doctors are at their own freewill to prescribe branded drugs, which cost much higher than generic drugs, to hapless patients, who have no option but to buy such medicines even if that means draining their lifetime savings,” rues Ankur Agarwal, CEO, MedKart Pharmacy, who has been spearheading a campaign to promote life-saving low-cost generic medicines in India.

The government recently came out strongly on doctors for taking patients for a ride by prescribing them costly medicines instead of low cost variants. The Chemicals and Fertilizers ministry is said to be in consultation with Health ministry to draw up a proposal to rein in on errant medicos who refuse to prescribe generic medicines, and pharmacists, who don’t stock low-cost generics.

Not all medicos flout MCI rules and help multi-national companies to fill their coffers, but unfortunately majority of them do. They should stop entertaining touts and medical reps around their workplaces and promote generic medicines for the welfare of patients. To bring defaulters to book, laws should be suitably amended to make it punishable if doctors write brand names instead of generics, with an exception to patented drugs, says Ankur.

Another problem the Indian generic market faces is people’s mind-set. As most of them are used to having branded medicines all along, they often find it uncomfortable to ask doctors to prescribe generic names.

“People hesitate to ask their physicians for generics instead of branded medicines, and doctors too, in general, don’t encourage such practice. However, the Constitution has given them the right to ask for generic medicines. Sadly, the awareness level among people on generics is abysmally low. For most of the patients, even among urban folks, ‘generics’ still remains an alien. It is time people understand their rights to demand low-cost medicines,” feels Ankur.

There is also a strong misconception among people that cheap generic medicines are ineffective and only branded and costly medicines are safe for consumption. However, it has been proved by studies, both in India and abroad, that generics are as effective and same in every aspect as compared to patented or branded counterparts promoted by pharma companies, explains Ankur.

Unfortunately, doctors and pharmaceutical companies capitalize this belief to promote their brands, which are sometime 10 times costlier than low-cost alternatives.

In plain terms, except for patented medicine, almost all branded medicines have generic alternatives available in the market. These medicines contain the same chemicals as of branded ones and are approved by appellate medical boards concerned for safety and health, explains Ankur, who appeals to the medical fraternity to come out in support of generic medicines for the welfare of poor patients.

About MedKart Pharmacy

Medkart Pharmacy is a leading generic medicine store which guides patients to get low-cost and quality generic alternatives from the best pharmaceutical companies following international quality standards. In the last 18 months alone, MedKart has helped over 35000 patients to save over Rs 8 crore by switching to generics. 

The purpose of launching Medkart was not just to spread the idea and availability of generic drugs among people but also ignite a campaign against doctors who are forcing patients to buy the prescribed branded medicines. Medkart, which has an exhaustive list of medicines, also offers online support to find the most authentic generic medicine with complete details.

Released through PR Newswire and published in major websites and print publications.

Indian Digital Shopping Bags to Worth $500 Billion by 2020

The phenomenal rise in smart phones usage coupled with internet penetration, availability of several easy payment options among banking and non-banking institutions through POS and positive changes in regulatory norms are increasingly driving Indians to adopt digital payment option, which is likely to worth a whopping $500 billion by 2020, according to a report.

A new study by internet giant Google and Boston Consultancy Group (BCG) pointed out that Asia’s third largest economy will witness its overall spend through digital means reaching a ten-fold rise to reach $500 million in four years from now, which is country’s 15% of current GDP.

“Aided by smart phone penetration and progressive regulatory policies, India’s digital payment industry is all set to witness a ten-fold increase by 2020. Top 100 million internet users having smart phones or otherwise, are likely to contribute 70 % of Gross Merchandise Value (GMV), which indicates the increasing trend of people preferring digital payment option,” says Rajan Anandan, Google’s vice-president for India and South-East Asia.

Experts believe that the trend will drive more POS machines like pos printers, barcode scanners, barcode printers, MSRs, Touch POS, tablet POS or mobile payment solutions such as mobile POS, etc., into retail sector, where more number of transactions happens through non-cash modes such as credit/debit cards, unified payment interface (UPI), mobile wallets, net-banking, cheques or demand drafts.

Read full PR article @ JusTransact.com

Media contact:

K Ramanathan

kr.iyar@gmail.com

Pharma-Doctors Nexus Denies Low-cost Medicine for Poor: MedKart

Ahmadabad, July 29, 2016: The unholy nexus between drug makers and doctors to prevent affordable generic medicines reaching poor is a blatant violation of Medical Council of India (MCI)’s directives and also against the Constitution, which guarantees citizen their right to access quality, safe and affordable medicines.

According to an MCI notification, all registered medical professionals in India should write the generic or chemical names of drugs in their prescriptions and not the brand names. But how many doctors in our neighbourhood follow this practice religiously?

Ankur Agarwal

“Medical practitioners, who are supposed to serve patients’ interests, are unfortunately aiding to fill the coffers of pharmaceutical companies who swamp their clinics and make doctors prescribe their costly drugs to gullible patients, denying them the cheaper generic alternatives. This leaves “no-medicine” for poor who can’t afford to buy branded drugs from chemists, who seldom keep generics owing to low demand and unprofitable margin,” says Ankur Agarwal, CEO of MedKart Pharmacy, which offers life-saving generic medicines to needy through physical and online outlets.

The exorbitant prices of branded medicines and non-availability of affordable generic alternatives force poor patients to go without medicines thereby risking their lives. The vicious cycle continues to haunt them every time they fall sick, as in India a good 26 per cent go below poverty line in every hospitalization, says Ankur.

There is, however, a silver lining in the otherwise dark side of the generic medicines market in India. People can still reach out to government health centres and hospitals to buy affordable medicines and treatment. But seeing the poor upkeep and quality of health services available across these places, people have no option but to depend on private clinics, hospitals or medical practitioners to get their illness treated. But, the branded medicines prescribed by doctors are out of bound for them who are invariably caught between the devil and the deep blue sea.

However, there is an argument that even if doctors prescribe generic names, it is the pharmacists who are going to choose the medicine from a series of generic brands available with the same chemical formula. These drug stores can easily be influenced by manufacturers who want to popularize their version. Will this not put patients at serious health risk of getting substandard medicines?

Though agreeing the possibility of druggists getting influenced by pharma companies, Ankur argues that such possibility can be nullified with the improved awareness among people on generic drugs and doctors pitching in to ensure that the store representatives offer the right medicine with correct combination as majority of neighborhood drug stores are associated with the nearby clinics or hospitals.

The government should make suitable amendments in the existing laws to break the nexus between medical practitioners and drug makers, regulate druggists supplying generics and open up more Jan Aushadhi stores across India to provide low-cost and quality medicines to all, says Ankur, who has been spearheading a relentless campaign to spread the awareness on generic medicines among masses and medical fraternity.

According to an ASSOCHAM study, the domestic generic drug market will worth USD 28 billion from the current USD 13 billion by 2020 registering over 16 per cent growth annually due to USFDA approvals to several Indian generic drugs and ending of patent to 21 drugs by 2019 which the domestic drug makers is likely to capitalize.

About MedKart Pharmacy

Medkart Pharmacy is a leading generic medicine store which guides patients to get low-cost and quality generic alternatives from the best pharmaceutical companies following international quality standards. In the last 18 months alone, MedKart has helped over 35000 patients to save over Rs 8 crore by switching to generics. 

The purpose of launching Medkart was not just to spread the idea and availability of generic drugs among people but also ignite a campaign against doctors who are forcing patients to buy the prescribed branded medicines. Medkart, which has an exhaustive list of medicines, also offers online support to find the most authentic generic medicine with complete details.

Following PR websites published the article:

http://www.merinews.com/article/pharma-doctors-nexus-deprives-poor-of-low-cost-medicine/15918288.shtml

http://www.pressreleasepoint.com/pharma-doctors-nexus-deprives-patients-low-cost-medicine

http://www.briefingwire.com/pr/pharma-docs-nexus-deprives-poor-of-low-cost-medicine-medkart

http://www.einnews.com/pr_news/337247230/pharma-docs-nexus-deprives-poor-of-low-cost-medicine-medkart

http://www.indiaprwire.com/pressrelease/health-care/20160728418898.htm

http://www.freeprnow.com/pr/pharma-docs-nexus-denies-poor-low-cost-medicine-medkart

Media contact:

K Ramanathan

kr.iyar@gmail.com

GST Roll-out to Bring Cheers to Indian Logistics Sector

The proposed Goods and Services Tax (GST) Bill, which is again testing waters at the Parliament for a possible sail-through, will come as a bonanza for Indian logistics industry, which, according to Care Ratings, will help the industry trim cost by 20 per cent with CAGR pacing at 15-20 per cent till 2020.

Though much-delayed, the GST roll out will facilitate uniform taxation structure and cheaper and faster delivery/movement of goods across India, the report noted.

The one-nation-one-tax structure can bring down the tax cost considerably for logistics sector which is primarily classified into transportation, warehousing, freight forwarding and value-added logistics,  and truckers can avoid long queues at entry points or check-points of inter or intra states and deliver goods early at much lower operational cost.

The logistics cost can go down drastically as operators can restructure and rationalize warehouses and logistical infrastructure. Trucks remain idle for most part of the day at check posts or entry points due to entry tax, Octroi, local body tax and other such hurdles, which lead to loss of huge man-hour and fuel, the report pointed out.

The levying of GST on goods transportation and availability of full credit on interstate transactions will lower the logistic cost by 1.5-2 per cent of sales supported by go down optimization and lower inventory cost.

A World Bank report has recently pointed out that uniform taxation can save corporates up to 40 per cent of their logistic expenses which are mostly incurred at toll plazas and check-posts.

“GST will create a positive environment of uniform taxation system instead of the current cascading taxes faced by traders through Central and State Tax Policies. The central GST, which is proposed for inter-state movements of goods, will reduce enormous paper works and complexities faced by finance people. They now have to only follow one policy with astute transparency. For those moving cargo within the state, will have to comply only with the state laws as for as taxation is concerned. This will reduce the tax for traders who may pass on the benefit to the end customers,” opines Bhaskar Venkatraman, the Founder and Director of JusTransact.com, the e-commerce wing of Millennium India, which caters POS technology products to logistics and other industries.

The transportation aids more than 60 per cent growth of logistics sector followed by warehousing, which meets agricultural and industrial storage at 25 per cent, while packaging and other related businesses contributes the rest, he says.

Currently India follows double taxation policy – central and state taxes, creating complex web of taxes on goods and services with each state imposing taxes at various rates on goods that cross its borders, leading to multiple taxation and complex calculation processes.

At present, the taxation rate goes up at 26.5% (Central VAT (Cenvat) of 14 per cent and State VAT of 12.5 per cent) apart from 2 per cent state-level corporate tax for moving inter-state goods.

The proposed GST model, which includes both central GST and state GST, proposes to convert around 29 Central and State taxes and tariffs into a single tax at the point of sale (POS).  According to the draft proposal, GST is expected to bring down the combined Centre and State rates to 18-21 per cent from the current 26.5 per cent.

GST will also eliminate the current practice followed by companies to manage multiple warehouses at different states due to the existing interstate taxation policy. Companies are forced to maintain warehouses in each state and on an average each company maintains 20-30 warehouses in addition to have 20-30 carry & forwarding agents in each state making the supply chain longer, complicated and inefficient.

About JusTransact.com

Justransact.com is an e-commerce venture of Millennium Retech Ventures India Pvt. Ltd promoted by Millennium Group. JusTrasact.com was launched with a sole motive of providing reliable, affordable and scalable POS solutions to the fast growing retail sector in India. POS technology facilitates small, medium and large businesses automate their activities, enhance customer experience and also make them competitive with established players. The portal has made world-class cutting-edge POS Hardware, Software and Knowledge accessible to retailers. Headquartered in Chennai and having branches in major cities in India, Justransact.com offers one-stop solution for all kinds of POS needs to both retail and non-retail business applications. The portal currently sells 1000+ POS products of 15+ categories from 40+ world’s leading brands.

Media contact:

K Ramanathan

kr.iyar@gmail.com

Also published in:

JusTransact.com

Press Release Point

Merinews.com

IndiaPRwire

FreePressRelease

Briefingwire

FreePRnow

MedKart Urges Indian Doctors to Prescribe Generic Drugs

Ahmadabad: In the absence of stringent regulations and monitoring system, generic medicines in India, which are much cheaper than the branded ones having a market share of over $13 billion, are yet to take wings to reach the poor and middle class people, who are already burdened with mounting medical bills.

Doctors, who are supposed to mention the generic names of the medicines in their prescriptions as per the Medical Council of India (MCI)’s diktat, are simply flouting the rules by writing the brand names which are invariably costlier than the cheap and genuine alternatives containing the same chemical composition. In simple terms, the right to prescribe medicine is being misused by them for the benefit of a few pharma brands.

The government’s initiative to open up Jan Aushadhi stores across India to supply low-priced and quality generic medicines to poor has found a chink in its own armor as  Drugs Technical Advisory Board (DTAB) under Union Health ministry has recently instructed all retail chemists and pharmacists not to sell ‘cheaper drugs with identical  ingredients’. 

Ankur Agarwal

However, the government is determined to bring in a new legislation in the Parliament to make doctors write the chemical composition of drugs instead of the names given by the pharma brands. DTAB, however, argues that it can’t let pharmacists/chemists to select the cheap generics alternative to patients, though all generic medicines usually get the mandatory approvals and considered safe.

Arguing that pharma giants are allegedly colluding with medical practitioners to promote their brands thereby denying patients cheaper alternatives,  Ankur Agarwal, CEO of MedKart Pharmacy, who strives to spread the awareness on generic medicines in India, says, “It is unfortunate that though most of the leading Indian pharmaceutical companies are making a good use of the huge international market for generic medicines, when it comes to India, they want their brands to be used by colluding with physicians  and drug stores. There is also a lack of awareness among doctors and general public about the advantages of generic medicines. Government should break this sinister campaign and create a level playing field for all drug companies to sell their products through an open market system.”

Allying DTAB’s apprehension that retail chemists/drug stores may offer ineffective and even harmful cheap drugs to patients, Ankur says, “Patients can always cross-check the medicines with the doctors if druggists offer them with generic medicines. For this, doctors should be cooperative and not be brand conscious. For drugs other than the patented ones, they should encourage patients to use cheaper alternatives by prescribing generics. DTAB’s notion that drug stores are not authorized to sell matching drugs of branded medicines prescribed by the doctor can’t be accepted as they are the last mile gateways for patients to get prescribed medicines.”

Though we welcome the government’s initiative to introduce a Bill in the Parliament to mandate the sale of generic drugs, much needs to be done to plug the loopholes in the system as drug stores selling generic medicines also need to be monitored and regulated for the benefit of needy patients, feels Ankur, whose MedKart Pharmacy not only ignites the idea of generic medicines among Indians but also strives to instill social responsibility  among doctors to prescribe low cost alternative drugs to patients instead of the costly branded ones.

According to a recent study by the leading industrial body ASSOCHAM and market research firm RNCOS, the generic drug market in India is expected to cross $28 billion by 2020 from the current level of $13 billion registering a Compound Annual Growth Rate (CAGR) of about 16.3 per cent. 

The growth is apparently due to the expiry of USFDA patent to over 20 Indian drugs by 2019, which the other drug companies would capitalize it by developing their own generic drugs in India.  Presently the market size of the pharmaceutical industry in India stands at US$ 20 billion.

About MedKart Pharmacy

Medkart Pharmacy is a leading generic medicine store which guides patients to get low-cost and quality generic alternatives from the best pharmaceutical companies following international quality standards. In the last 18 months alone, MedKart has helped over 35000 patients to save over Rs 8 crore by switching to generics. 

The purpose of launching Medkart was not just to spread the idea and availability of generic drugs among people but also ignite a campaign against doctors who are forcing patients to buy the prescribed branded medicines. Medkart, which has an exhaustive list of medicines, also offers online support to find the most authentic generic medicine with complete details.

Media contact:

K Ramanathan

kr.iyar@gmail.com

Also published in: 

Merinews.com

Open PR