Hi, y’all, hope you’re having a great day! We’re back today with some more market updates and interesting stories from Bharat. And, we would like to start the day with a positive thought:
"In the wellness of others, we find our own well-being." - Rigveda
Rigveda imparts the profound understanding that our individual well-being is intricately tied to the well-being of others. It underscores the interconnected nature of human health, suggesting that by contributing to the wellness of others, we enhance our own sense of well-being.
So, reach out to a friend or family member today. Share your thoughts and feelings, and listen to theirs.
Now, let’s get started with today’s edition.
🎯 Top Headlines of the Day
Ceigall India is set to open its IPO on August 1
Demand for gold in India drops by 5%
Adani Enterprises to launch its first public debt issue to raise ₹600 crore
Someone has to talk about it…
Three civil service aspirants tragically died after the basement of a coaching center in Delhi's Old Rajinder Nagar area flooded following heavy rain. The victims were identified as Tania Soni (25), Shreya Yadav (25), and Nevin Dalwin (28). The basement, which housed a library, flooded rapidly, trapping the students inside. Rescue operations involved the Delhi Police, fire officials, and the National Disaster Response Force. The incident led to protests by students, and a magisterial inquiry was ordered to determine the cause and responsibility for the incident.While this incident is of significant concern for the whole country, what lessons should a business owner take from this?
📌 Lesson 1
Comprehensive Risk Assessment
Identify Potential Hazards: Businesses must conduct thorough assessments to pinpoint potential risks, whether they arise from natural disasters, structural issues, or operational processes.
Prioritize Risks: Not all risks are equal. A comprehensive assessment should rank risks based on their likelihood and potential impact, allowing businesses to focus resources effectively.
Location-Specific Considerations: Businesses in regions prone to natural disasters, such as floods, earthquakes, or storms, must have tailored risk assessment plans.
📌 Lesson 2
Understanding Legal and Ethical Obligations
Businesses operate within a complex framework of laws and regulations designed to protect the safety and well-being of employees, customers, and the public. Adherence to these laws is not merely a compliance exercise but a fundamental responsibility.
Some key laws that you should know before starting your venture 👇
The Factories Act, 1948: This law primarily governs factories, but its provisions related to safety, health, and working conditions are fundamental. It mandates safety measures, emergency exits, fire safety, and welfare facilities for workers.
The National Building Code of India (NBC): This is a model code that provides guidelines for the design, construction, and maintenance of buildings. While not a mandatory law, it is widely adopted by states and serves as a benchmark for safety standards.
The Occupational Safety, Health, and Working Conditions Act, 2020: This comprehensive law aims to provide safe and healthy working conditions for all workers. It covers a wide range of issues, including hazardous substances, machinery safety, and emergency preparedness.
The Disaster Management Act, 2005: While primarily focused on disaster response, it also mandates preparedness and mitigation measures for businesses. This includes developing disaster management plans and conducting mock drills.
We don’t intend to be preachy, but this incident shook us to the core. And, there’s always something to learn from every incident.
⚠️ Hold UP
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That’s it for today, folks! We will be back again tomorrow with more valuable insights about ‘Bharat in Business.’ Till then, stay in style!
