PANDEMIC LEVELS
Container rate surge enters longest stretch since the pandemic
Rates from Shanghai to Los Angeles have risen for seven weeks, reflecting the balance of supply and demand in the container market.
SAIL rolls out work flexibility to net talent; to add 1,000 at entry level people in FY25
Steel Authority of India Limited (SAIL) is introducing work flexibility and agility for over 55,000 employees, with plans to hire over 1000 entry-level workers in FY25. The aim is to attract Gen Zs, retain talent, and increase productivity. SAIL introduced the 'Work from Other Than Workplace' policy in May 2024, which has already been used for learning and developmental activities.
Hospitality industry faces huge talent crunch; to add a million jobs in next few years, say experts
The surge in tourism post the pandemic has catalysed an unprecedented increase in hospitality hiring, particularly in entry-level apprenticeship and trainee positions, Randstad India said, adding that the sector has witnessed a remarkable growth of more than 200 per cent in apprentice and trainee hires over the last two years. According to industry reports, the hospitality industry is currently one of the biggest employment generators with the formal sector offering jobs to over 40-50 lakh people, while for the informal sector, it is difficult to give a number, but it is huge.
ADB approves $170 million loan to strengthen health system in India
ADB approved a USD 170 million policy-based loan to enhance India's health system preparedness for pandemics, supporting the National Health Policy 2017.
Exceptionally hot summer & low reservoir levels to likely impact vegetables, fruit crop: RBI
The Reserve Bank of India (RBI) warned on Wednesday that the exceptionally hot summer and low reservoir levels could stress the summer crops of vegetables and fruits, potentially disrupting efforts to control inflation. Governor Shaktikanta Das highlighted that while overall inflation eased, food prices remain volatile and elevated, complicating the inflation battle.
NRI deposits surge, thanks to India's strong post-pandemic report card
India's robust post-pandemic economic performance has led to a surge in NRI deposits, reflecting confidence in the country's financial stability. A study by Bank of Baroda shows NRI deposits accounting for 6.2% of total deposits, with a CAGR of 7.2% over the past decade.
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Mansukh Mandaviya appointed new sports minister
Mansukh Mandaviya, the newly appointed sports minister of India, emerged victorious in the Porbandar Lok Sabha seat in Gujarat, defeating Lalit Vasoya from the Congress party. Mandaviya, aged 52, also assumed responsibilities for the ministry of chemicals and fertilisers in the recent cabinet reshuffle. He previously served as the union health minister during the COVID-19 pandemic, taking over from Dr Harsh Vardhan.
I want to be one of the nicest guys they knew: Titan MD CK Venkataraman
Titan MD CK Venkataraman, who has been MD of Titan and Tanishq for four years, shares his experience in balancing the interests of various stakeholders, securing employee buy-in, and life after Titan. He explains that most decisions are about optimising stakeholder interest, but dealing with strong personalities with contrasting views is crucial.
Top IT companies focus on employee productivity amid demand uncertainties
Amid revenue deceleration, shrinking margins and lower headcount, a silver lining for the top tier IT exporters is the rising employee productivity aided by streamlining of human resources through meticulous bench management.
Liquor demand still dull, could pick up soon: United Spirits
"On the demand front, the growth has moderated from two years ago. And at the lower end, we continue to see some pressure. Moderation was there during the wedding season, and so growth is continuing to be slower," the company's managing director and chief executive Hina Nagarajan told analysts during an earnings call.
Cheaper 5G phones chip away at average prices
Flat Average selling prices (ASP) in the March quarter was largely due to a 22% on-year rise in shipments of mass budget phones priced at $100-200 at 16.3 million units, compared with 13.4 million units a year earlier, marking a resurgence from previous quarters.
Covid pandemic cut global life expectancy by nearly two years, says WHO
The amount of time the average person can expect to live in good health fell 1.5 years to 61.9 years in 2021 -- also the 2012 level, the study said. The impact was even worse than the findings of a study published by the Lancet in January, which said average life expectancy fell 1.6 years during the pandemic.
Gotta fix those inequality gaps
Since 1947, India has experienced considerable economic expansion, yet the advantages of this growth have not been evenly spread. The era of economic liberalization brought forth fresh avenues and prosperity, but it also contributed to a surge in inequality, a trend further magnified by recent economic upheavals, such as the pandemic. In 1967-68, the top 10% of the population accounted for 36.49% of the total national income.
Household income, employment outlook returns to pre-pandemic levels
The study also reveals that overall spending is primarily driven by essential expenditures, which are mostly price inelastic, while non-essential spending shows less alignment with price levels. The higher income groups displayed more optimism post-pandemic.
Housing prices near peak level, nominal growth seen in coming yrs: C&W India head Anshul Jain
According to various market reports by property consultants and real estate data firms, India's housing market has revived sharply post COVID. Sales were at an all-time high last calendar year, while prices have risen by an average 10 per cent annually across eight major cities. However, prices in many micro markets have gone up sharply by 40-70 per cent in the last two calendar years.Housing demand is getting shifted towards reputed builders who have a decent track record of delivering the projects.
New study challenges benefits of healthcare privatisation
A study published in The Lancet Public Health journal highlights the negative effects of healthcare privatisation, particularly in high-income countries like the US, Germany, Canada, and South Korea. The research, led by the University of Oxford, suggests that privatisation seldom improves the quality of care but is associated with higher profits. It challenges the notion that market competition and flexibility in privately-owned healthcare systems lead to better outcomes.
The tech mahadasha: Stars align for India's online astrology market
Astrology, once a traditional practice, has transformed into a booming online business. With astrologers now accessible online, the industry is experiencing rapid growth. The pandemic further accelerated this trend, leading to a surge in consultations and subscriptions. The online astrology market in India is projected to grow significantly, driven by tech advancements and changing consumer behavior.
Strong sales growth for entry-level two-wheelers in H2 of FY24; big relief for automakers
The trend continued in April, driven by an improvement in income levels thanks to healthy economic growth, making the automobile industry bullish of a sustained recovery in the twowheeler segment and sparking green shoots of recovery in small car sales.
Why has measles returned to UK? Pandemic spreads, children hit hard. Know in detail
Measles breakout has been reported from different parts of England. Low vaccine coverage is reportedly the reason for this pandemic with regional variations.
Boeing, Airbus need to do more to reduce new jet delays, Qatar Airways CEO says
Demand for air travel has rebounded since the pandemic, but planemakers are struggling to get back to previous production levels due to disrupted supply chains and a safety crisis at Boeing. Qatar Airways is unable to meet high post-COVID demand for travel because of the shortage of new aircraft, Meer said.
Share of consumer spend on health, transport, eduction up by record 26.9%
India's private consumption patterns have seen a shift in the last fiscal year, with transport, health, and education contributing to 26.9% of total expenditure. This is the highest level since the new series in FY12. Vehicle purchases reached an 11-year high in FY23, with transport accounting for 17.3% of private consumption. Services have been accounting for a larger share of consumption as the country moves to higher per capita income.
In FY25, Godrej Properties hopes to build on strong operating momentum of last year: Pirojsha Godrej
Godrej Properties anticipates strong growth in FY25, leveraging active business development in key markets. The real estate company is also going to focus on timely customer cash collections and maintaining debt levels between 0.5 to 1 band for sustained growth. Godrej says: "we are kind of mid-cycle now so that we will have another good year of real estate demand ahead."
Visa application volume from Mumbai sees 30% YoY growth in 2023, recovers to 90% of pre-pandemic level
In 2023, visa application volumes from Mumbai saw a 30% year-on-year growth, nearly reaching pre-pandemic levels, according to a report by VFS Global. Compared to pre-pandemic numbers, Mumbai's visa applications reached 90% of 2019 levels. This growth trend was consistent with India's overall increase of 16% in visa applications.
Winter travel propel India's jet fuel demand past pre-pandemic levels
Aviation turbine fuel sales by three state-owned fuel retailers soared 7.1 per cent to 6,32,600 tonnes in February when compared with the year-ago period. This was 55.2 per cent higher than the consumption in Covid-marred February 2022 and a shade better than 6,32,100 tonnes demand in February 2020, just before the pandemic set in.
As economy flies high, so does corporate air travel: Business flyers pass pre-Covid numbers
Executives at airlines and travel companies said increased activity among IT, mechanical, banking services, and pharmaceutical companies is driving the trend. At a time when fares are rising amid capacity cuts by airlines, the growth trend in corporate travel is seen to be stickier than that in the more price-sensitive leisure travel segment.
Centre’s external debt ratio drops to pre-Covid level
In a written reply, minister of state for finance Pankaj Chaudhary said the Centre’s internal debt ratio has been moderating since hitting 58.3% of GDP in the Covid year of FY21. It’s estimated to touch 55.4% of GDP, or Rs 164.44 lakh crore, in FY24. In absolute terms, the external debt will touch Rs 7.93 lakh crore in FY24, according to the revised estimate.
India’s factory employment crossed pre-pandemic level in FY22, investment also picked up pace
India's factory employment grew by 7% in FY22, surpassing the pre-COVID level, as per the Annual Survey of Industries. Investments and output also increased, indicating the country's recovery from the pandemic. The manufacturing sector showed resilience after the adverse effects of the pandemic, with a marginal fall in employment in 2020-21.
Cutting pollution to Covid pandemic level may prevent Himalayan glaciers from disappearing: Study
Reducing air pollution to levels seen during the COVID-19 lockdown could safeguard Himalayan glaciers from vanishing by the century's end, according to an international study by teams from India, Germany, and the UK. Cleaner air in 2020 led to less soot on glaciers, decreasing daily snowmelt by 0.5 to 1.5 mm.
Indian automobile market fastest growing among top 10 globally
Led by positive macro-economic factors, passenger vehicle sales in India have been advancing month-on-month since FY22. Fuelled by the festive season, November dispatches touched a new high of 334,000 units. In FY23, sales touched a record high of 3.8 million units, surpassing the pre-Covid peak of 3.3 million units seen in FY19. Demand momentum is expected to continue but at a slower growth rate in FY24 due to the higher base of FY23.
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