10th August, 2024: The highly anticipated Crossover Utility Vehicle (CUV) – the MG Windsor will feature segment-first Aero-Lounge seats, which seamlessly blends luxury and comfort.
One of the standout features of the MG Windsor is its Aero-Lounge seats with a 135° recline, designed to offer an unmatched aura of luxury and relaxation. The meticulously crafted recline angle ensures that passengers can relax in style, whether on a short city drive or a long-distance journey. Inspired by grandeur of Windsor Castle, the spacious cabin in the intelligent CUV is designed with an emphasis on ergonomics and aesthetics, further enhances the sense of tranquillity and opulence.
The Intelligent CUV is inspired by the iconic architectural masterpiece and emblem of royal heritage – Windsor Castle. Similar to the legendary castle, MG Windsor will demonstrate meticulous craftsmanship, a commitment to excellence and royalty. Attention to detail is another hallmark of this largest occupied castle in the world. The MG Windsor mirrors this excellence, ensuring every aspect of the car is precisely crafted to reflect the same level of superiority and luxury that Windsor Castle embodies.
As Indian roads continue to evolve, the need for CUVs has become progressively relevant. CUVs offer a perfect blend of aerodynamic design and spacious interiors, making them ideal for navigating bustling urban roads and tighter spaces in smaller towns. Due to their versatility and adaptability, CUVs ensure that families can travel, whether it’s for daily commutes or weekend getaways. Their higher ground clearance allows for better navigation over potholes, speed bumps, and uneven surfaces, providing a smoother and more comfortable drive.
India’s manufacturing sector has emerged as a top destination for foreign direct investment (FDI), with a 69% surge in inflows over the last decade, reaching a staggering $165.1 billion.
Jitin Prasada, Minister of State for Commerce and Industry, revealed these figures, highlighting the substantial increase in FDI equity inflow in the manufacturing sectors over the last 10 financial years (2014-24). The inflow of $165.1 billion marks a 69% increase compared to the $97.7 billion recorded in the previous decade (2004-14).
The minister further noted that the total FDI inflow of $383.5 billion over the past five financial years (2019-20 to 2023-24) was primarily driven by production-linked incentive (PLI) schemes.
These schemes have been instrumental in attracting foreign investments, enhancing efficiency, and fostering economies of size and scale in the manufacturing sector. The PLI schemes, announced across 14 key sectors with an outlay of over $26 billion, have been successful in enhancing the country’s manufacturing capabilities and exports.
As of March 2024, 755 applications have been approved under these schemes, resulting in an investment of Rs 1.23 lakh crore and the creation of approximately 8 lakh jobs. The key sectors targeted by these schemes include mobile manufacturing, specified electronic components, pharmaceutical drugs and ingredients, manufacturing of medical services, automobiles and auto components, steel, telecom products, textiles, and food, among others.
IANS
The effectiveness of these schemes is further underscored by the robust growth in manufacturing activity in India.
According to a recent HSBC survey, manufacturing activity in India continued to expand at a strong pace in July, driven by robust domestic demand and new export orders. The HSBC final India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, stood at 58.1 in July, almost the same as the June figure of 58.3. This index has been above the 50-mark, which separates growth from contraction, since July 2021, marking the longest expansionary phase in the last 11 years.
The government’s focus on attracting investments in key sectors and cutting-edge technology has not only boosted the manufacturing sector but also made Indian companies and manufacturers globally competitive. This is evident in the decline in dependency on imports in several sectors, including mobiles. The import of mobile phones decreased from Rs 48,609 crore in 2014-15 to Rs 7,674 crore in 2023-24, while exports increased from Rs 1,566 crore in 2014-15 to more than Rs 1,28,982 crore in 2023-24.
However, the growth in the manufacturing sector and the surge in FDI are not without challenges. High demand has led to an increase in both input and output price sub-indexes. Manufacturers have reported paying more for coal, leather, packaging, paper, rubber, and steel. This continuous increase in the output price index, driven by input and labor cost pressure, may signal further inflationary pressure in the economy.
The surge in FDI in India’s manufacturing sector is a testament to the country’s robust economic policies and strategic initiatives. The success of the PLI schemes in attracting foreign investments and boosting manufacturing activities underscores the potential of these initiatives in driving economic growth. However, the challenges posed by rising input and output prices and potential inflationary pressures highlight the need for continued vigilance and strategic planning to sustain this growth trajectory. The government’s commitment to these initiatives, coupled with the resilience of the manufacturing sector, is a promising sign for the future of India’s economy.
Gurugram, August 9, 2024: As part of the lead-up to National Space Day, Satya School in Gurugram hosted an engaging and enlightening talk session themed “Unveiling the Mysteries of Space.” The event featured Dr. Ritu Karidhal, a distinguished scientist at the Indian Space Research Organisation (ISRO) renowned as the “Rocket Woman of India.” The session provided students from various schools across Gurugram the unique opportunity to interact with one of India’s leading space scientists and gain invaluable insights into the fascinating world of space science, technology, and exploration.
Dr.Ritu Karidhal, who played a pivotal role in India’s space missions, notably as the Deputy Operations Director for the Mars Orbital Mission, Mangalyaan, captivated students with her inspiring journey. She shared the challenges she faced and triumphs she achieved, showcasing her determination, innovation, and excellence in the field of space science.
Speaking at the event, Dr. Ritu Karidhal shared, “It has been a wonderful experience witnessing the curiosity and eagerness of the students. I want to congratulate Satya School for organizing events like these that allow professionals from various fields to engage with students. This has not only provided a great opportunity for me to interact with the students, but it has also given me valuable insights into their young minds. I am confident that sessions like these will play a crucial role in nurturing the next generation of innovators and explorers who will continue to push the boundaries of science.”
The students also engaged in activities like designing prototype of rockets from waste materials, astronaut costumes, Mars & Moon rover models. They learnt about the preparation that astronautshave to do for their travel to space.
Speaking at the event, Manisha Malhotra, Director Principal of Satya School, expressed her enthusiasm for the initiative and emphasized the importance of such sessions in broadening the horizons of young minds. “At Satya School, we ensure our students stay ahead in all aspects of learning. We take pride in creating experiences that connect classroom theory with real-world applications. Our programs achieve this through education excursions and, more importantly, by interacting with remarkable individuals who have made historic strides in their fields. Hearing from Dr. Ritu Karidhal has been incredibly valuable for our students. They now have a deeper understanding of Earth’s importance, our role in it, and the vast frontiers of space yet to be explored. I am confident that they are now more empowered to make their own mark in the world of science and technology.”
The session with Dr.Ritu Karidhal is part of Satya School’s ongoing initiative to connect students with experts from various fields, helping them engage in learning beyond the classroom. The school is committed to creating an educational environment that emphasises the real-life application of knowledge in a fast-paced, ever-changing world. As part of this initiative, Satya School recently organised a visit to the ISRO facility in Sriharikota, where students explored India’s remarkable space achievements, including the recent Chandrayaan-3 mission. This visit was conceptualised to motivate students by giving them firsthand insight into the country’s progress in space technology.
In a nation that boasts 63 million micro, small, and medium enterprises (MSMEs), women-owned businesses are emerging as a powerful force, accounting for approximately 20.5% of these enterprises. The landscape of women entrepreneurs in India is vibrant and growing, with over 22 million women-led businesses registered on the Udyam Registration Portal. These enterprises not only contribute significantly to the economy but also play a vital role in generating employment, with an estimated 22 to 27 million people employed by women-owned MSMEs.
However, the potential for growth in this sector remains vast. If fully realized, women’s entrepreneurship in India could lead to the creation of over 30 million women-owned enterprises, generating between 150 to 170 million jobs. Despite these opportunities, women entrepreneurs face numerous challenges, including limited access to finance, lack of formal training, and societal biases. The geographical distribution of women-owned MSMEs reveals interesting trends, with West Bengal leading at 23.42%, followed by Tamil Nadu and Telangana. Additionally, rural areas have a slightly higher share of women-owned enterprises (22.24%) compared to urban areas (18.42%).
The contribution of women-owned MSMEs to India’s economy is substantial, yet they still face significant barriers. Access to finance remains the biggest challenge, with a financing gap estimated at $158 billion. Many women entrepreneurs struggle to meet the strict collateral requirements imposed by financial institutions, often turning to informal sources of credit. To support the growth of women entrepreneurs, the government has introduced several schemes, including the Mudra Yojana, Stree Shakti Package, and Stand-up India. These initiatives aim to provide financial assistance, training, and mentorship to women, enabling them to scale their businesses and contribute to the nation’s economic growth.
Investing in women-led MSMEs is not just about supporting individual entrepreneurs; it is about fostering community development and driving economic progress. Women entrepreneurs are more likely to reinvest their earnings into their families and communities, leading to better healthcare, education, and overall social development. As we look towards the future, it is crucial to address the financial and training needs of women-led MSMEs to create a more inclusive and equitable entrepreneurial ecosystem in India.
Government incentives, including expanded subsidies and tax rebates, have led to a 20 per cent increase in loan uptake. This data highlights a growing trend in financial inclusion, driven by increased access, improved affordability, and supportive policies
The financial inclusion (FI) sector within the electric vehicle (EV) industry is rapidly expanding. As of 2024, the global EV financing market is valued at $25 billion, up from $18 billion in 2023, showing strong growth.
In India, about 15 per cent of EV buyers now use financing, a rise from 10 per cent in 2023. Loan disbursements for EVs in India have reached Rs 5,000 crore in 2024, up from Rs 3,200 crore the previous year. Interest rates for EV loans in India have decreased to 8.5 per cent, down from 9.2 per cent in 2023, making financing more affordable.
Government incentives, including expanded subsidies and tax rebates, have led to a 20 per cent increase in loan uptake. This data highlights a growing trend in financial inclusion, driven by increased access, improved affordability, and supportive policies.
Talking to Bizz Buzz, Nehal Gupta, Founder and Managing Director of Accelerated Money For U says, “This initiative will bridge the gap by increasing accessibility to EV financing, making electric vehicles more affordable for a broader audience. By reducing interest rates, expanding loan options, and providing targeted government incentives, we address financial barriers that previously limited EV adoption.”
This effort will particularly benefit underserved markets and low-income individuals, promoting inclusivity and accelerating the transition to sustainable transportation, Gupta said.
Enhanced financial support and lower costs will encourage more people to invest in EVs, thus supporting environmental goals and contributing to the broader adoption of clean energy solution.
The RBI defines Financial Inclusion as “the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as weaker sections and low income groups in particular at an affordable cost in a fair and transparent manner”. It is a key factor to enhancing economic growth and supporting individuals and families in planning for their financial security and enhancing their quality of life.
Sandeep Katiyar, Co-founder & CFO, Finhaat says, “Access to formal financial services has been a challenge for the rural and smaller towns in India; and particularly for the low-income category individuals and women. Across the years, Indian government has tried to bridge this gap by introducing initiatives like the PM Jan Dhan Yojna, Financial Literacy Initiatives, Atal Pension Yojna, PM Jeevan Jyoti Beema Yojana, PM Mudra Yojna etc. that allow easy access to banking services, insurance and credit. The Reserve Bank of India (RBI) introduced Financial Inclusion Inclusion Index (FI-Index) in 2021 to track these numbers closely.”
With initiatives taken to develop the India stack, there has been a push to leverage technology to increase the reach and availability of financial services to the hitherto underserved. Technology has allowed the institutional players to reduce their transactional costs of delivery and add efficiency in the system – allowing them to offer better customized products that are relevant, simple to implement and affordable.
Shaktikanta Das 25th governor of the Reserve Bank of India (RBI)IANS
In a recent address, Reserve Bank of India (RBI) Governor Shaktikanta Das underscored the resilience of India’s financial sector amidst broader macroeconomic stability. He emphasized the well-capitalized and unclogged balance sheet of the banking sector, which reflects a higher risk absorption capacity. The Non-Banking Financial Companies (NBFC) sector and Urban Cooperative Banks also continue to show improvements, contributing to the overall strength of the financial system.
However, the global financial markets have recently experienced turmoil due to concerns of a growth slowdown in a major economy, geopolitical tensions in the Middle East, and the unwinding of the carry trade. These developments have implications for emerging market economies. In this context, Das stressed the importance of recognizing the robustness of India’s macroeconomic fundamentals.
He noted that India has built strong buffers that impart resilience to the domestic economy from such global spillovers. The RBI, he assured, remains committed to ensuring the orderly evolution of financial markets within its regulatory domain.
Reserve Bank of India (RBI)IANS
Despite the stable conditions in the financial sector, Das warned that the focus should not shift away from the proactive identification of potential risks and challenges. He highlighted four key areas of concern that need close monitoring.
Firstly, alternative investment avenues are becoming more attractive to retail customers, leading to challenges for banks in deposit mobilization. Banks are increasingly resorting to short-term non-retail deposits and other liability instruments to meet incremental credit demand. This could potentially expose the banking system to structural liquidity issues. To address this, Das suggested that banks should focus more on mobilizing household financial savings through innovative products and service offerings, leveraging their vast branch network.
Secondly, Das observed that sectors where the RBI announced pre-emptive regulatory measures last November have shown moderation in credit growth. However, certain segments of personal loans continue to witness high growth. Excessive leverage through retail loans, mostly for consumption purposes, needs careful monitoring from a macro-prudential perspective. This calls for careful assessment and calibration of underwriting standards, as well as post-sanction monitoring of such loans.
Reserve Bank of IndiaREUTERS/Vivek Prakash/Files
Thirdly, Das raised concerns about the brisk growth in home equity loans, or top-up housing loans. Banks and NBFCs have also been offering top-up loans on other collateralized loans like gold loans. He noted that certain entities are not strictly adhering to regulatory prescriptions relating to loan-to-value (LTV) ratio, risk weights, and monitoring of end use of funds. Such practices could lead to loaned funds being deployed in unproductive segments or for speculative purposes. Banks and NBFCs, he advised, should review such practices and take remedial action.
Lastly, Das pointed to the recent unprecedented global IT outage, which affected businesses in many countries. This incident underscored the fast-growing dependence on big techs and third-party technology solution providers. In this context, he emphasized the need for banks and financial institutions to build appropriate risk management frameworks in their IT, Cyber Security, and third-party outsourcing arrangements to maintain operational resilience. The RBI, he added, has repeatedly emphasized the importance of robust business continuity plans to deal with such incidents.
While the Indian financial sector is gaining strength from broader macroeconomic stability, the RBI Governor’s address underscores the importance of vigilance in identifying potential risks and challenges. His emphasis on the need for banks to innovate in fund mobilization, adhere to regulatory prescriptions, and strengthen their risk management frameworks highlights the proactive role of the central bank in ensuring the resilience and stability of the financial sector. This comprehensive approach is crucial in maintaining the robustness of India’s financial sector amidst global uncertainties.
New Delhi, 08th August 2024: Less than a month after being honoured as an ‘Outstanding Skill University’ at the World Education Summit, Odisha-based Centurion University of Technology and Management (CUTM) has now topped the Outlook-ICARE India’s Top Universities Rankings 2024. A Center of Excellence accredited by the Union Ministry of Skill Development & Entrepreneurship, the university has secured All India Rank 1 in the Skill University Category while it has been ranked among top 10 Private State Universities in the country. The rankings released by ICARE, India’s first and only government-recognized private academic assessment agency, has over the years become the hallmark of distinction, excellence and eminence.
Sharing her thoughts on the achievement, Centurion University Vice Chancellor Dr (Prof) Supriya Pattanayak said, “Our institution stands tall today on its foundational pillar of integrating skill development in higher education through experiential learning and industry participation. Being ranked first among Indian skill universities is a remarkable feat and only strengthens our belief in our education model that promotes employability, creativity as well as entrepreneurship. Any educational institution creates the leaders and citizens of tomorrow, and hence the onus of imparting the right industry & professional skills is on us. I congratulate the Centurion family for all their contributions.”
The university has further been recognised as a ‘Gold Standard’ for World Class Skilling Ecosystem in India and has aptly featured amongst one of India’s Exclusive Academies of Exceptional Abilities. Assessed across parameters such as Academic & Research Excellence, Industry Interface & Placements, Infrastructure & Facilities, Governance & Extension and Diversity & Outreach, Centurion University of Technology & Management, Bhubaneshwar, has achieved the highest scores in Academic & Research Excellence and Industry Interface & Placements, thus acknowledging the constant pursuit of the University in creating a World Class environment for Faculty & Students.
Notably, the Odisha-based university recently won the coveted ‘Outstanding Skill University’ award at the 29th edition of the World Education Summit. Prior to it, Centurion University had secured the 18th position in India in the University Impact Rankings 2024. The institution excelled particularly in SDG 14 (Life Below Water) and SDG 2 (Zero Hunger), where it held the 2nd position and in SDG 1 (No Poverty) and SDG 17 (Partnerships for the Goals), where it ranked 3rd in India.
India’s forex reserves at historic high of $675 billion: RBI chiefIndia’s forex reserves at historic high of $675 billion: RBI chief
India’s foreign exchange reserves have reached a historic high of $675 billion as of August 2, 2024, according to the Reserve Bank of India (RBI) Governor Shaktikanta Das. This milestone underscores the resilience of India’s external sector, with key indicators continuing to show improvement. The RBI Governor expressed confidence in meeting India’s external financing requirements comfortably. This confidence is underpinned by the moderation of India’s current account deficit (CAD) to 0.7 per cent of GDP in 2023-24, down from 2.0 per cent of GDP in 2022-23. This improvement is attributed to a lower trade deficit and robust services and remittances receipts.
However, the first quarter of 2024-25 saw a widening of the merchandise trade deficit as imports grew faster than exports. Despite this, the RBI chief expects the CAD to remain manageable during the current financial year, thanks to the buoyancy in services exports and strong remittance receipts. On the external financing front, there has been a positive shift in foreign portfolio investors’ behavior in the domestic market. After witnessing outflows of $4.2 billion in April and May, they turned net buyers from June 2024, with net inflows of $9.7 billion recorded during June-August.
Foreign direct investment (FDI) flows have also picked up in 2024-25. Gross FDI rose by more than 20 per cent during April-May 2024, while net FDI flows doubled during this period compared to the corresponding period of the previous year. The RBI’s compiled figures show a sharp rise in FDI flows to $15.2 billion in April-May 2024-25, up from $12.3 billion during the same period a year ago. Net FDI flows increased twofold to $7.1 billion in April-May 2024-25 from $3.4 billion a year ago due to lower repatriation. External commercial borrowings moderated during April-June 2024-25, while non-resident deposits recorded higher net inflows during April-May compared to the previous year.
Shaktikanta Das 25th governor of the Reserve Bank of India (RBI)IANS
In other economic developments, the Purchasing Managers’ Index (PMI) for manufacturing stood at a strong 58.1 in July 2024, while the Services PMI was recorded at 60.3. The Index of Industrial Production (IIP) showed accelerated growth in May 2024, maintaining an elevated level indicative of continued growth.
The RBI Governor’s statement comes against the backdrop of a global economic environment marked by supply chain disruptions due to geopolitical conflicts, cautious investor sentiment leading to a decline in foreign direct investment flows, and challenges faced by manufacturing sectors due to high input costs and fluctuating demand. Despite these challenges, India’s merchandise exports saw growth, supported by resilient services trade despite global trade slowdowns. India’s stock market capitalization to GDP ratio ranked fifth globally, supported by robust regulatory frameworks and digital infrastructure.
The historic high in India’s forex reserves, coupled with the moderation in the current account deficit and the positive shift in foreign portfolio investors’ behavior, underscores the resilience of the Indian economy. The RBI’s proactive measures and the government’s reform agenda have played a crucial role in this achievement. However, the need for continued vigilance and proactive monitoring of the financial sector, particularly in areas such as home equity and top-up loans, cannot be overstated. This historic milestone in India’s forex reserves is a testament to the strength and resilience of the Indian economy, and a positive sign for future economic stability and growth.
New Delhi, August 07th, 2024: Coursera, Inc. (NYSE: COUR), a leading online learning platform, in collaboration with the National Association of Software and Service Companies (nasscom/SSC nasscom), today announced that ten Professional Certificates from Google and IBM have achieved National Skills Qualification Framework (NSQF) alignment exclusively on Coursera. This initiative enables a system for universities and employers to provide credit recognition to industry content, creating more pathways for learners to pursue skills-based career opportunities in the country.
Under the National Education Policy, the National Credit Framework (NCrF) allows students to earn credits for all forms of learning, making it easier to switch between academic studies and skill-based learning. Aligning Google and IBM Professional Certificates with NSQF further promotes a shift from traditional education to competency-based learning. Now, higher education institutions, and students can transfer credits for eligible Professional Certificates on Coursera, fostering job-ready, digitally skilled graduates. Coursera’s Learner Outcome Report 2023 highlights the impact of these programs, with 21% of Indian learners securing new jobs and 32% seeing salary increases after completing entry-level Professional Certificates.
“This collaboration with Coursera to align Google and IBM Professional Certificates with the NSQF framework is a wonderful demonstration of the flexibility and relevance that is coming into play through the national credit framework under the NEP. When giants like Google, IBM and Coursera come on board, it’s a powerful signal how good policy leads to powerful outcomes. Learners will have access to industry relevant courses in cutting edge technologies and make their credits count towards their degrees. As SSC nasscom, we are committed to building a strong ecosystem and empowering all the industry and training partners that take the time to understand how powerful this construct and weave it into their skilling strategies – benefiting the learner, the potential employer and of course, making business sense.” said Kirti Seth, CEO, IT-ITeS Sector Skill Council nasscom.
“The NSQF alignment of these Professional Certificates from Google and IBM supports India’s education reform, facilitating credit transfer across academic and skill-based learning, while increasing student mobility and employability,” said Raghav Gupta, Managing Director, India and APAC, Coursera. “We’re excited to partner with nasscom in this transformative initiative, aligned with India’s vision to become the skills capital of the world.”
“Technology is an incredible force that has democratized information, and therefore opportunity, to anyone with curiosity and drive. Google’s skilling programs on Coursera are an extension of that ethos, where anyone who wishes to engage with tech not just as a user but as a practitioner – be it UX, digital marketing or any other domain – can do so without being constrained by prior education or experience. More power to Coursera in making these opportunities widely available,” Shekar Khosla, VP – Marketing, Google India.
“Achieving NSQF alignment for IBM’s Professional Certificates on Coursera marks a crucial step in bridging the technology sector’s skills gap and underscores our commitment to delivering high-quality education that meets the evolving demands of the industry. We’re excited about the positive impact these certificates will have on learners’ job readiness and their careers,” said Rav Ahuja, CCO & Global Program Director, IBM Skills Network.
Acharya Institutes in Bangalore, Karnataka is integrating the Google Data Analytics and IBM Cybersecurity Analyst Professional Certificates into their IT courses to better prepare students for high-demand careers, offering them industry-relevant, hands-on experience.
Coursera recently introduced new genAI-powered features aimed at scaling assessment creation and grading, reinforcing academic integrity, and improving learning and evaluation processes. These advancements significantly enhance the credibility and recognition of online learning, facilitating their acceptance by universities and employers for academic credit and professional qualifications.
*The NSQF organizes all qualifications according to a series of levels of knowledge, skills and aptitude. The levels, graded from one to ten, are defined in terms of learning outcomes which the learner must possess regardless of whether they are obtained through formal, non-formal or informal learning. These Professional Certificates are recognized with NSQF levels 4.5 and 5. The actual credits shall be determined by the university based on notional learning hours.
India’s job market has been witnessing a significant surge, with an 11% yearly increase in hiring activity in July, as compared to the same period last year. This growth has been primarily led by the retail and telecom sectors, according to a report by talent platform foundit (formerly Monster APAC & ME). Despite a slight month-on-month decline of 1% in June, the overall job market shows a positive momentum, indicating resilience and adaptability in the face of challenges.
The report also highlighted that the recent Union Budget’s strong focus on productivity and job creation has been an encouraging sign for the recruitment industry. The salaries of employees have consistently risen, driven by higher demand for fresh talent and competitive salary offerings. This growth is likely fueled by high-growth sectors such as technology, digital marketing, and e-commerce, which have been instrumental in driving the job market’s positive momentum.
The retail and telecommunications sectors have witnessed the most significant growth, with a 15% and 14% increase in salaries, respectively. Freshers in the retail industry receive an average minimum salary of Rs 3.3 lakh per annum (LPA) and an average maximum salary of Rs 5.2 LPA. This growth in salaries across most sectors has been positive and consistent over the past year, reflecting the increasing demand for skilled professionals in these sectors.
IANS
The consumer electronics sector also experienced remarkable year-on-year growth in hiring, with a 45% increase. This surge is driven by technological advancements, AI developments, and innovative designs in consumer electronics devices such as smartphones, TVs, gadgets, smartwatches, etc. The manufacturing industry also saw a 43% yearly growth in hiring, reflecting the ripple effect of this boom.
However, a few sectors such as automotive, BFSI, and travel and tourism witnessed a decline in salary packages, reflecting the market challenges and industry adjustments. Other sectors that witnessed a dip in hiring include shipping/marine (-31 per cent), and agriculture (-17 per cent). However, the recent Union Budget developments suggest the potential for a gradual recovery in the coming months.
Roles in hospitality and travel continue to experience a remarkable surge in hiring by 28 per cent (July 2024 vs July 2023). This growth highlights the dynamic environment, diverse roles, and promising career trajectories that the hospitality sector offers.
The report by foundit also highlighted that the entry-level professionals in the Retail and Telecommunications sector saw a 15% and 14% growth in salaries, respectively (July 2024 Vs July 2023). Experienced professionals in the Advertising, Marketing, Research, and PR sectors enjoyed the highest salary growth among experienced professionals, with a 15% rise. Consumer Electronics and Manufacturing industries saw substantial annual growth in hiring, with increases of 45% and 43% year-on-year increase respectively (July 2024 vs July 2023).
Overall hiring activity sees an 11% yearly increase (July 2024 vs July 2023) and a slight 1% monthly decline (July 2024 vs June 2024). According to the tracker, there has been an 11% uptick in hiring activity on a year-on-year basis (July 2023 vs July 2024), with the index rising from 268 to 298, despite a slight month-on-month (MoM) decline of 1%, the overall job market shows a positive momentum.
The report noted that the surge is driven by technological advancements, AI developments, and innovative designs in consumer electronics devices such as smartphones, TVs, gadgets, smartwatches, etc. However, a few sectors such as automotive, BFSI, and travel and tourism witnessed a decline in salary packages, reflecting the market challenges and industry adjustments.
The Indian job market has been witnessing a significant surge, driven primarily by the retail and telecom sectors. The consistent rise in salaries, driven by higher demand for fresh talent and competitive salary offerings, further underscores the positive momentum in the job market. Despite some challenges, the overall job market shows a positive momentum, indicating resilience and adaptability in the face of challenges. The recent Union Budget developments suggest the potential for a gradual recovery in the coming months, further bolstering the positive outlook for the job market. The growth in the job market is a testament to the country’s resilience and adaptability in the face of challenges, and the future looks promising with the potential for further growth and development.
![India's First Crossover Utility Vehicle [CUV] – MG Windsor Will Feature Segment-First Aero-Lounge Seats](https://smartbusinesnews.com/wp-content/uploads/2024/08/Windsor-1-1024x576.jpg)
10th August, 2024: The highly anticipated Crossover Utility Vehicle (CUV) – the MG Windsor will feature segment-first Aero-Lounge seats, which seamlessly blends luxury and comfort.
