School closed- The last month of the year will be full of holidays. Schools will be closed for many days this month due to cold weather. Apart from this, there are also local holidays in many states.
Similarly, Bilaspur Collector Avnish Sharan has declared a local holiday on December 10, 2024. In fact, Bilaspur (Chhattisgarh) Collector Avnish Sharan cancelled the previously announced holiday of November 1, 2024 (Goverdhan Puja) and declared December 10, 2024 as a local holiday on the martyrdom day of Shaheed Veer Narayan Singh. This decision has been taken with the aim of honouring the glorious history of Chhattisgarh.
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The day of 10th December holds special significance in the history of Chhattisgarh. This day is celebrated as the martyrdom day of Shaheed Veer Narayan Singh. Veer Narayan Singh was the first freedom fighter of Chhattisgarh, who fought against the British. He was hanged on 10th December 1857 at Jai Stambh Chowk in Raipur.
Shaheed Veer Narayan Singh fought for the rights of the tribals and farmers of Chhattisgarh. His sacrifice is a symbol of the cultural and historical identity of the state. In his honor, the second largest cricket stadium of the country has also been built in Nawan Raipur, which is a matter of pride for the people of Chhattisgarh.
Meanwhile, banks, schools and government offices will remain closed in Meghalaya on Thursday, December 12, due to the death anniversary of Pa-Togan Nengminja Sangma. The Meghalaya government paid tribute to the Garo warrior martyr Pa-Togan. The Reserve Bank of India (RBI) releases a list of holidays every year. According to the RBI, there will be holidays in many banks in December 2024. Apart from weekly holidays, banks will remain closed this month due to national and regional holidays. Banks, schools and government offices will remain closed on Thursday, December 12 (Meghalaya).
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India to invest over Rs 143 lakh crore in urban infra by 2030, land prices to surgeIANS
Anticipating the growing need for quality urban infrastructure in years to come, India is expected to invest over Rs 143 lakh crore in infrastructure by 2030, a report said on Monday, adding that this will led to further land price appreciation.
Rapid infrastructure development driven by nodal authorities is fuelling the growth of satellite townships across the country, said the Colliers report.
Most of this expenditure is to be directed towards urban clusters, driving significant activity in infrastructure-led urban development. Projects under consideration include second airports, inter-city metro connectivity, aero-cities, highways (including quick transit freeways), high-speed rail corridors, IT+ITES zones, large datacenter concentration zones, among others.
The trend is magnified in and around the Mumbai Metropolitan Region (MMR), with the planned decongestion of Mumbai and ancillary locations, with potential returns reaching four times over the next decade.
“The growth of the Mumbai Metropolitan Region (MMR) is driven by various infrastructure projects, including the Mumbai Trans-Harbour Link (MTHL), Navi Mumbai Airport Influence Notified Area (NAINA), Virar-Alibaug Multimodal Corridor, Mumbai-Pune Missing Link Project, and the JNPT extension,” the report mentioned.
The operationalisation of Bangalore Kempegowda International Airport added a new dimension to the expansion of North Bangalore.
The announcements of new projects have contributed to a nearly 2.5 times land price appreciation, from Rs 1,800 to Rs 4,500 per square feet in the period 2020 to 2024 —most pronounced around the north Bangalore micro-markets like Devanahalli, Chikkaballapur, Hebbal and Yelahanka.
India to invest over Rs 143 lakh crore in urban infra by 2030, land prices to surgeIANS
The upcoming Navi Mumbai International Airport is going to be India’s first airport with multi-modal transport connectivity. This new airport will have the capacity to serve 9 crore passengers annually and will boost growth around the 90,000 acres of surrounding land, via the NAINA project.
This, in turn, would drive the growth of real estate in the region, with land prices appreciating nearly 3.9 times in next five years from Rs 4,200 to Rs 16,200 per sq ft (2024-2030) in micro markets like Khopoli and Pen.
The upcoming Jewar airport in Uttar Pradesh is the biggest catalyst for urbanisation in Uttar Pradesh. Government initiatives like YEIDA, International Film City and Metro Line Expansion have provided further impetus to the growth of Jewar as a township. These initiatives have contributed to a land price appreciation of nearly 1.4 times in the last 5 years from Rs 5,000 to Rs 7,000 per sq ft.
The Chennai Peripheral Ring Road project, once completed, is expected to drive the growth of satellite towns like Sriperumbudur, Singaperumalkoil, and others.
These areas have witnessed a land price appreciation of nearly 1.5 times in the last five years, from Rs 2,500 to Rs 3,800 per sq.ft
“We expect the neighbourhoods to continue flourishing in the coming years, backed by upcoming projects like Fintech City and the proposed Chennai Greenfield Airport at Parandur,” said the Colliers report.
The revenue of entertainment and media industry in the country is projected to reach Rs 365,000 crore by 2028, a compound annual growth rate (CAGR) of 8.3 per cent and outpacing the global rate of 4.6 per cent, a report showed on Monday.
Within the sector, advertising revenues is projected to grow at a CAGR of 9.4 per cent to reach Rs 1,58,000 crore by 2028, which is 1.4 times the global average of 6.7 per cent, according to PwC India’s report. Most of this growth will come from digital front (internet advertising).
Internet advertising in India is expected to grow at a CAGR of 15.6 per cent, reaching Rs 85,000 crore by 2028, the highest growth rate among the top 15 countries and 1.6 times the global average.
On the other hand, the online gaming and esports sector in the country is growing at a CAGR of 19.2 per cent and is projected to reach Rs 39,583 crore by 2028.
Meanwhile, OTT platform revenues in the country are projected to grow at a remarkable CAGR of 14.9 per cent, the highest among the top 15 countries, to reach Rs 35,061 crore.
IANS
“According to our ‘Global Entertainment and Media Outlook 2024-2028’, key growth drivers such as digital advertising, OTT platforms, online gaming, and Generative AI are shaping the future of the industry,” said Manpreet Singh Ahuja, Chief Digital Officer and TMT Leader at PwC India.
With India’s improved connectivity, rising advertising revenues and favourable Government policies around foreign direct investment (FDI), the country is predicted to see one of the highest growth rates in the next five years.
At present, India has 80 crore broadband subscriptions, 55 crore smartphone users and 78 crore internet users.
In fact, Indians are spending 78 per cent of their time on mobile phone apps related to entertainment and media.
Infrastructure enhancements have supported massive growth in India’s out-of-home (OOH) advertising market which grew by 12.9 per cent in 2023. It is expected to continue to grow at a 7.6 per cent CAGR, the report noted.
When it comes to print advertising revenues, despite a global decline at a CAGR of -2.6 per cent, India’s market is expected to grow at a rate of 3 per cent, making it the third largest print market in the world by 2028.
The cinema market in the country continues to expand, growing at a 14.1 per cent CAGR, said the report.
As the last month of the year, December, begins, the effect of cold also starts reaching its peak. In this month, while on the one hand people enjoy warm clothes and tea to get relief from the cold, on the other hand, a period of holidays also prevails across the country.
During this time, various types of holidays are celebrated in schools, colleges, government offices and banks. The Reserve Bank of India (RBI) releases a list of holidays for the month of December every year, which includes national, regional and special holidays.
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Why will there be a holiday in Meghalaya on December 12?
One of the major holidays of this month will be in the state of Meghalaya on December 12. On this day, a holiday has been declared in the state on the occasion of the death anniversary of *Pa-Togan Nengminza Sangma*, a brave freedom fighter of the Garo tribe. This day is celebrated in honor of the Garo warrior Shaheed Sangma, who sacrificed his life in 1872 while fighting against the British Empire.
Contribution of Pa-Togan Nengminza Sangma
Pa-Togan Nengminza Sangma was a courageous freedom fighter from the Garo tribe of Meghalaya who fought fiercely against British rule. In 1872, Sangma and his fellow Garo warriors attacked British soldiers at night in Macha Rongkrek village. Although the British soldiers had state-of-the-art weapons, due to which the Garo warriors suffered defeat, this conflict has made an important place in the history of the Garo tribe. To honor this valor and sacrifice on December 12, government offices, banks and schools will remain closed in the state.
Full list of bank holidays for the month of December
A total of 17 holidays have been declared in December. These holidays include holidays due to special state-level festivals, second and fourth Saturdays and all Sundays. Bank operations will remain suspended due to these holidays. According to RBI, banks will remain closed on the following days in December 2024:
– 3 December, Tuesday: Feast of St. Francis Xavier (Panaji, Goa)
– 12 December, Thursday: Death anniversary of Pa-togan Nengminza Sangma (Shillong, Meghalaya)
– 18 December, Wednesday: Death anniversary of U Soso Tham Shillong (Shillong, Meghalaya)
– 19 December, Thursday: Goa Liberation Day (Panaji)
– 31 December, Tuesday: New Year’s Eve/Losong/Namsung (Aizawl, Gangtok, Sikkim)
Apart from this, there are two other important holidays for banks in December:
– 14 December, Second Saturday
– December 28, Fourth Saturday
Apart from this, there are a total of five Sundays in the entire month of December, on which bank holidays will be observed:
– December 1, 8, 15, 22 and 29
Special holidays for regional holidays
The list released by the Reserve Bank also includes several regional holidays due to various state-level holidays. These holidays will affect only the respective states or regions. For example, the feast of *St. Francis Xavier* will be celebrated only in Goa, while the death anniversary of *U Soso Tham Shillong* will cause a special holiday in Shillong and surrounding areas. Similarly, other holidays will also be limited to only those regions where the respective festivals are celebrated.
Online banking services will remain available
Although working activities in banks may come to a halt during these holidays, online banking services will remain available as usual. Customers can carry out their daily financial tasks such as transactions, bill payments, checking account statements, etc. through internet banking, mobile banking and ATMs. This is a matter of great relief for the customers, because even on holidays they can complete their banking work without any hassle.
Demand of bank employees
Meanwhile, bank employees have demanded a *5-day working week* from the government. If this proposal is approved, it will mean that bank employees will be on leave on Saturdays of every week, and not just on the second and fourth Saturdays. This will give employees a chance to rest and balance work life. Although no decision has been taken on this yet, this proposal of the employees is an attempt to change the work culture in banks.
The list of holidays announced by the Reserve Bank of India in December 2024 includes various national and regional holidays, which will affect the operations of banks. However, online banking services will continue, allowing customers to easily carry out their financial activities even during these holidays. Apart from this, on December 12, there will be a special holiday in the state due to the death anniversary of *Pa-Togan Nengminza Sangma*, a freedom fighter of the Garo tribe in Meghalaya, which will be observed to honor his sacrifice and valor.
From rideshare drivers to virtual assistants, millions of people earn a living through gig work. There are currently 64 million gig workers in the U.S., according to Upwork, a freelance marketplace. These individuals comprised 38% of the workforce and contributed nearly $1.3 trillion to the economy in 2023.
While the gig economy is booming, and expected to grow 19% annually from 2024 -2031, traditional financial services haven’t yet caught up to meet the needs of this growing population. Gig workers — who basically run their own entrepreneurial enterprises — shouldn’t have to rely on personal banking accounts alone to manage their income. Whether it’s expanding access to credit or offering flexible payment solutions, banks can empower gig workers with better financial tools to maintain their livelihoods.
Navigating the gig economy: Current financial challenges for gig workers
Gig workers often face challenges in accessing traditional financial resources that full-time employees typically enjoy. As self-employed individuals, they may struggle to demonstrate a stable income. Their earnings can fluctuate significantly from week to week, complicating budgeting and making it hard to determine if they will have enough to cover both business and personal expenses.
According to a report by Rollee on the gig economy equality gap, 45% of gig workers say their finances are fair, and 19% say their finances are poor. The study also found gig workers have trouble accessing credit. Roughly 6 in 10 have been denied loans despite having a good credit score, and a majority have had to apply to at least three lenders before they were approved.
Individuals who earn most of their income through gig work are also responsible for covering their retirement and insurance needs. A World Bank study found that nearly half didn’t have a retirement account, while separate research finds many are underinsured because they can’t afford health or business insurance.
Many gig workers are first-time entrepreneurs who could greatly benefit from financial education and literacy tools. These resources can help them manage taxes, handle fluctuating income and plan for retirement effectively.
Nearly 4 in 10 gig workers have considered going back to traditional employment just to gain access to financial services. Many also rely on non-banking payment apps to manage their income, indicating that banks aren’t fully meeting their needs. To better serve gig workers, banks could improve their offerings by providing tailored financial tools and integrating with gig payment platforms, giving these workers greater visibility and resources to manage their finances.
Banks can offer a range of customized financial products to meet gig workers where they are and help them grow their businesses.
Propelling the gig economy: How banks can financially empower workers
Gig workers often have variable incomes, so they could benefit from real-time payment solutions that help them access their earnings faster rather than relying on the traditional weekly or bi-weekly payroll cycles.
Banks can also provide tools that help with tax management, such as built-in business banking account calculators that provide an estimated quarterly tax payment based on a gig worker’s earnings. They could partner with third-party providers, such as accounting and bookkeeping platforms, to deliver a one-stop solution for gig workers’ financial needs. This can help gig workers streamline their tax reporting and filing process every year.
Additionally, banks can address the needs of gig workers by providing not just software solutions, but also hardware solutions. With new account sign-ups, they could issue a device preloaded with their app and financial education tools. These devices can help banks enhance financial literacy for gig workers while providing an easy way to communicate. They can send push notifications about new offers, financial planning reminders or payment updates.
To expand financial access for gig workers, banks may need to rethink the approach to credit decisions. Gig workers often have fluctuating incomes, which most lenders view as a greater risk than traditional W-2 employees. In fact, 36% of financial institutions surveyed by Rollee said they are more likely to approve an application from a traditionally employed worker than a gig worker because they have greater income transparency and employment data. However, banks need to weigh other variables as part of the lending process, such as how long a worker has been in business, income consistency, how well they manage expenses and cash outflow vs. inflow. Banks may also factor in personal savings and assets that demonstrate financial stability.
Like other professionals, gig workers care about protecting their financial futures. Banks can address these concerns by offering customized savings, retirement tools and insurance packages. Products and features such as high-yield savings accounts, flexible health insurance plans, and self-directed IRAs with targeted sign-up incentives, bonuses, and lower balance threshold requirements to help workers avoid monthly maintenance fees are all valuable. Low-cost or disability and liability insurance options and affordable retirement and life insurance bundles, such as a universal life policy with a cash value component, can also provide much-needed financial protection for gig workers.
Supporting workers with tailored financial solutions
Gig workers contribute so much to the economy, and there’s more banks can do to support this vital part of the nation’s workforce. Whether it’s providing user-friendly tax and expense management tools or expanding access to credit lines and business loans, banks can grow their customer base by offering financial solutions tailored to the needs of these modern-day entrepreneurs.
Learn more about the financial services industry and how Samsung solutions can helphere.
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Nifty Next 50 outperforms NSE’s benchmark, jumps over 47 pc in a yearIANS
Nifty Next 50 outperformed the National Stock Exchange’s benchmark in the past one year amid economic uncertainty and mixed economic signals, according to a report on Monday.
As per the Motilal Oswal Asset Management Company’s Global Market snapshot report, Nifty Next 50 showed a growth of 1.17 per cent in November and 47.29 per cent growth in the past one year, while Nifty 50 declined by 0.31 per cent in November but showed a growth of 19.86 per cent in past one year.
“Nifty Midcap 150 showed 0.14 per cent growth in November and 30.97 per cent growth in the past one year. Nifty Smallcap 250 saw a decline of 0.20 per cent in November and shown growth of 33.69 per cent growth in the past one year,” the report stated.
“Among sectoral indices, IT emerged as the top performer with a 6.8 per cent gain, followed by defence with a 5.7 per cent rise, defence index has also shown growth of 83.92 per cent in the year which is highest, compared to other sectorial indices. The energy, metal, and FMCG sectors saw declines of 4.6 per cent, 3.1 per cent, and 2.1 per cent, respectively in November.”
In the last month, Nifty 500 remained nearly flat, slipping just 0.01 per cent.
Energy, utilities and commodities weighed on returns, while IT, industrials, and financial services provided positive contributions.
Energy, utilities and commodities weighed on returnsIANS
“S&P 500 posted its biggest monthly gain of 5.7 per cent in November, while the Nasdaq 100 surged 5.2 per cent, driven by Trump’s victory fueling a market rally. Emerging market indices extended their negative performance, with both China and Taiwan declining by 4.5 per cent,” the report said.
Crude oil prices fell 1.8 per cent in November, as demand remained subdued in both Asian and North American markets. Gold prices fell 3 per cent in November, the lowest in 14 months, while silver saw a sharper decline of 8.6 per cent. Bitcoin posted a monthly gain of 33.1 per cent while Ethereum rose by 34.7 per cent.
India’s surging FDI inflows surpass $1,000 billion milestone in last 4 yearsIANS
Foreign Direct Investment (FDI) inflows into India in the period between April 2000 to Sept 2024 have soared to $1,033.40 billion mark, reflecting the increasing investment opportunities in the country’s fast-growing economy, as per figures compiled by the Department for Promotion of Industry and Internal Trade (DPIIT).
The main sectors of the economy that benefited from the FDI include automobile, computer software, IT hardware, telecom, pharmaceuticals, chemicals and services as well. The data also show that FDI inflows in the sunrise non-conventional energy sector have recorded a big jump.
FDI inflows lead to higher investments and job creation in the economy and bring in state-of-the-art technology which raises the level of productivity and spurs economic growth.
A senior official said that the Government has facilitated the ease of doing business and various incentives such as the PLI scheme have been put in place which have helped accelerate the flow of FDI into the country.
The FDI surge has continued into the current financial year with a robust 45 per cent jump to 29.79 billion USD in April-September compared to 20.5 billion USD in the same period during 2023-24, the DPIIT data showed.
Government has facilitated the ease of doing business and various incentivesIANS
FDI in services has increased to USD 5.69 billion during the first half of the current financial year as against USD 3.85 billion in the same period last year.
A state-wise analysis of the figures shows that Maharashtra received the highest inflow of 13.55 billion USD during April-September 2024-25. It was followed by Karnataka (3.54 billion USD), Telangana (1.54 billion USD) and Gujarat (about 4 billion USD).
FDI inflows for the July-September quarter jumped by 43 per cent to 13.6 billion USD during the current financial year compared to 9.52 billion USD in the same quarter of 2023-24.
In the preceding April-June quarter, the country recorded a 47.8 per cent to 16.17 billion USD.
Life Insurance Corporation of India has launched a scholarship scheme for children. Its name is LIC Golden Jubilee Scholarship Scheme 2024. Under this, financially weak children will be helped.
According to the LIC website, the last date to apply under this scheme is 22 December 2024. Let us know more information related to the scheme.
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These children will get scholarship
According to the LIC website, one can only apply online for this scheme. This scholarship scheme is for students from economically weaker families. LIC said that this Golden Jubilee Foundation Scholarship Scheme 2024 is for those students of India who have passed 10th, 12th, Diploma or equivalent examination with a minimum CGPA grade of 60% or equivalent in the academic year 2021-22, 2022-23 or 2023-24 and have taken admission in the first year of any course in the academic year 2024-25. Only those children are eligible for this.
Through this scheme, the scholarship has been divided into two parts. The first is general scholarship and the second is special scholarship for girls. In this also, general scholarship has two parts, the first will include children studying medical and engineering and the second will include students doing vocational course and ITI diploma from any government college. There will be a separate scholarship for girls who are doing intermediate according to 10+2 pattern after 10th or are doing diploma like ITI or Polytechnic.
You will get this much money in general scholarship
In general scholarship, eligible boys and girls will get scholarship. Under this segment, selected students pursuing higher education in the field of medicine will be provided an amount of Rs 40,000 per year. On the other hand, students pursuing B.Tech etc. in the field of engineering will be given a scholarship of Rs 30,000 every year. On the other hand, children who have taken admission in vocational courses from government colleges or are doing ITI from government colleges will get scholarships of Rs 20,000 and Rs 10,000 every year as long as the course runs.
Special scholarship for girls
Under this scheme, after 10th, you will have to pursue further studies like doing a diploma in a particular course or ITI. For this, you will get Rs 15,000, which will be given in two installments of Rs 7500 for 2 years.
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The Central government on Monday appointed Sanjay Malhotra, Secretary (Revenue) in the Ministry of Finance as the next Reserve Bank of India Governor. He will replace Shaktikanta Das, who with a six-year stint is the second-longest serving RBI Governor.
Sanjay Malhotra is a 1990 batch Indian Administrative Service (IAS) officer of the Rajasthan cadre. He is an Engineering Graduate in Computer Science from the Indian Institute of Technology, Kanpur and has a Master’s in Public Policy from Princeton University, US.
With demonstrated leadership and excellence in his career of over 33 years, Sanjay Malhotra has worked in multifarious sectors including power, finance and taxation, information technology, mines etc. Presently he is Secretary (Revenue) in the Ministry of Finance. In his previous assignment, he held the post of Secretary in the Department of Financial Services under the Ministry of Finance, Government of India, according to the Finance Ministry website.
He has extensive experience in finance and taxation at the State as well as the Central Government. As a part of his present assignment, he plays an instrumental role in tax policy formulation in respect of direct and indirect taxes.
IANS
Shaktikanta Das was first appointed as RBI Governor in December 2018, after the then-central bank chief, Urjit Patel, resigned before his tenure was expected to end. Das had been the second longest-serving RBI Governor after Benegal Rama Rau’s seven-year-plus tenure.
Das, who is also a former IAS officer with a long stint in the Finance Ministry, became governor after retiring from the service, his tenure as RBI Governor also ushered in a smoother functioning relationship between the central bank and the Finance Ministry after the friction that marked his predecessor’s tenure.
Das served as a secretary in the Department of Revenue and Department of Economic Affairs of the Finance Ministry, where he directly worked on eight Union Budgets. He was also a member of the 15th Finance Commission and a Sherpa for India at the G20.
Das has also served as India’s alternative governor in the World Bank, Asian Development Bank, New Development Bank, and Asian Infrastructure Investment.
EPFO PF Fund Transfer : After changing jobs, transferring Employee Provident Fund (EPF) balance from old company to new company is one of the most important tasks. If you do not transfer PF balance for a long time, then your EPF account becomes dormant.
That is, it is not active and after a few years, interest on it also stops. To avoid all these problems and earn interest on PF, it is important to transfer your EPF balance as soon as you change jobs.
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Can PF transfer be done without updating the ‘Date of Exit’ in the EPF account?
According to the Employee Provident Fund Organization (EPFO), to transfer EPF balance, it is mandatory to have updated date of exit from the old employer. Without this, PF cannot be transferred.
EPFO rules
For online transfer, it is very important to update the date of exit on your account. This can be updated only after two months of leaving the job. This date can be of the same month when the old company would have made the last contribution. This date of exit is updated by your previous company or employer on the EPFO site. This process is only possible when your Universal Account Number (UAN) is verified with your Aadhaar and mobile number linked to Aadhaar.
Employees can update their Date of Exit themselves on EPFO website
The good thing here is that if your old employer or company does not update the ‘Date of Exit’, then the employee can update it himself by visiting the online portal.
How to update ‘Date of Exit’ for EPF?
Step 1: Visit the EPFO unified portal and log in with UAN and password.
Step 2: Click on the Manage tab and select the Mark Exit option.
Step 3: Select the old PF account number from the dropdown.
Step 4 : Enter the date and reason for exit. Enter the OTP sent to the mobile number linked to Aadhaar and submit the request. Please note here that once the ‘Date of Exit’ is updated, it cannot be changed.
How to check whether EPF has been transferred or not?
According to EPFO, you can check your PF balance by looking at the passbook. For this, first go to the EPFO portal.
Log in to the EPFO portal.
Go to the View menu and select the Passbook option.
Log in with your UAN and password.
View passbook of all MIDs (Member ID).
If the balance has been transferred, it will be shown as a credit entry in the PF account of the new company. If the balance has not been transferred, the balance will be shown in the PF account of the old company. In such a case, file an online transfer claim.
Why is EPF balance transfer necessary?
Your balance will be added together with the contributions of all the companies. This will increase the base amount of your PF. There will be no problem in getting the interest. Also, with the increase in the base amount, the interest received on PF will increase. There will be no problem in the future.
