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AI Set to Reshape India’s Job Market, Finds BSI Report

9 in 10 Indian biz leaders expect job displacement from AIIANS

Artificial Intelligence (AI) is on the brink of bringing about significant changes in the job market, according to a report by the British Standards Institute (BSI). The report, based on a survey of 932 business leaders across India, reveals that a staggering 94% of respondents expect AI to alter office jobs, with over 83% predicting that certain roles will be replaced. This expectation is not confined to India alone, but is a global trend that is reshaping the way businesses operate and the nature of jobs in various industries. The BSI report, published on September 30, 2024, highlights the widespread optimism among Indian business leaders about the positive impact of AI tools on productivity and recognition. A significant 86% of respondents believe that companies will be at a competitive disadvantage if they do not invest in AI. This reflects the growing recognition of AI as a critical tool for businesses to stay competitive in the rapidly evolving digital economy.

Despite the potential job displacement, an overwhelming 98% of business leaders in India view AI as an opportunity rather than a risk. They expect AI to improve productivity and efficiency, with 65% anticipating its use for this purpose in the next five years. This optimistic outlook underscores the belief that AI, when harnessed effectively, can drive business growth and innovation. Theuns Kotze, Managing Director of BSI Group India, emphasizes that AI alone will not replace jobs. Instead, its combination with robotics or other technologies may lead to a significant reduction in reliance on people for repetitive, labor-intensive, and often risky tasks. He advocates for a balanced approach, suggesting that AI should be harnessed to enhance efficiency and productivity. At the same time, he underscores the importance of combining AI with human skills such as creativity, ingenuity, critical thinking, and empathy to strengthen organizational culture and foster innovation.

AI is also expected to significantly impact manual roles, with 82% of business leaders anticipating some manual roles to be replaced, likely through the integration of AI with robotics. However, certain human-centric functions like HR may see less disruption or may adopt AI in a more supportive rather than replacement capacity. Only 33% of respondents expect a major impact on HR, compared to 67% for marketing, 65% for finance, and 57% for operations. The report also highlights the use of AI tools in the recruitment process. Even now, 83% of people in India say their organization is using AI tools to support the candidate recruitment process, and a higher proportion (89%) are aware of their business using AI to support any aspect of performance management.

BSI report reveals 94% of Indian business leaders expect AI to significantly alter office jobsIANS

The findings of the BSI report echo similar trends observed globally. For instance, a survey conducted by the McKinsey Global Institute found that about 60% of all jobs could see more than 30% of their key tasks automated, affecting 400 million to 800 million jobs worldwide by 2030. However, the report also emphasized that new jobs would be created as a result of this shift, and that the challenge lies in managing the transition. The advent of AI is set to bring about significant changes in the job market. While it may lead to job displacement in certain roles, it also presents opportunities for increased productivity, efficiency, and innovation. The challenge for businesses and policymakers lies in effectively managing this transition, ensuring that workers are equipped with the necessary skills to thrive in the AI-driven economy, and that the benefits of AI are equitably distributed. The future of work is here, and it is intertwined with the future of AI.

September 30, 2024
IPO market buzz continues next week with 3 new public issues

IANS

India’s primary market continues to boom, with three SME IPOs set to launch next week from September 30, and the market will see several main board IPO listings like KRN Heat Exchanges, which received massive subscriptions of over 200 times.

NeoPolitan Pizza & Foods SME IPO will open for retail investors from September 30 to October 4. Under this IPO, the company plans to raise capital of Rs 12 crore. This entire IPO will be a fresh issue, in which 60 lakh new shares will be issued.

Paramount Dye Tec SME IPO, opens for subscription on September 30, 2024. Investors can bid for this IPO till October 3, 2024. Its issue size is Rs 28.43 crore. This entire IPO will be a fresh issue, in which 24.3 lakh shares will be issued.

Subscription of Subam Papers SME IPO will open to the general public on September 30, 2024, and close on October 3, 2024. The issue size of this IPO is Rs 93.70 crore. The issue is entirely a fresh issue of 61.65 lakh new shares.

Three main board companies will be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) next week.

Manba Finance will be listed on NSE and BSE on September 30. This IPO was open for retail investors from September 23 to September 25. The size of this IPO was Rs 150.84 crore and it was a completely fresh issue.

The allotment of KRN Heat Exchanger and Refrigeration is expected to be finalised on September 30. The listing of shares will be on NSE and BSE on October 3. This IPO was open for retail investors from September 25 to September 27. Its issue size was Rs 341.95 crore.

Diffusion Engineers IPO subscription will close on September 30. Its allotment is expected to be finalised on October 1, 2024. Diffusion Engineers shares may be listed on NSE, BSE on October 4.

(With inputs from IANS)

September 29, 2024
Key Drivers Shaping the Market

As the world of hand tools evolves, several significant trends have emerged, shaping the market landscape. For retailers and resellers specialising in quality European tool brands, staying abreast of these developments is crucial for success. With consumers and industries demanding more specialised, efficient, and durable tools, understanding the key drivers of this evolution can provide a competitive edge.

1. Demand for Ergonomically Designed Tools

In recent years, ergonomics has become one of the most sought-after features in hand tools. Tradespeople and DIY enthusiasts alike are increasingly aware of the impact poorly designed tools can have on their health. Repetitive strain injuries, hand fatigue, and musculoskeletal issues are real concerns, particularly for professionals who use tools for extended periods.

Hand tool manufacturers have responded by developing products with more comfortable grips, lightweight designs, and better weight distribution. These ergonomically enhanced tools are designed to reduce strain and improve efficiency, thus boosting productivity. As this trend gains momentum, retailers who offer ergonomic tool options stand to benefit by meeting the needs of a more health-conscious market.

2. Growth in Multi-Functionality and Versatility

As consumers seek to streamline their toolkits, multi-functional tools are becoming a prominent trend. The demand for tools that can perform multiple tasks efficiently is rising, particularly among professional users who value versatility and convenience.

This has led to an influx of innovative hand tools that combine various functions, such as screwdrivers that double as wrenches or hammers that can be adjusted for different tasks. These tools not only save space but also reduce the need for carrying multiple items, making them ideal for both on-site work and home DIY projects. For tool retailers, stocking such multi-functional products could be a key differentiator in a competitive market.

3. Focus on Sustainability and Eco-Friendly Tools

As sustainability becomes a central concern for industries worldwide, the hand tool market is no exception. Consumers are increasingly looking for products made from eco-friendly materials, such as recycled metals and sustainable plastics. Additionally, manufacturers are focusing on energy-efficient production processes that reduce their carbon footprint.

Retailers who stock eco-friendly tools will not only appeal to environmentally conscious buyers but also contribute to the growing movement towards sustainable living. The rise of ‘green’ tools is not just a trend; it’s becoming an essential consideration for many consumers. By offering tools that align with these values, businesses can position themselves as forward-thinking and socially responsible.

4. Technological Advancements and Smart Tools

While hand tools are often seen as simple, non-digital items, advancements in technology are beginning to have an impact on this sector. Smart tools, which can connect to mobile devices and provide real-time data, are slowly making their way into the mainstream market. For example, some tools now come with built-in sensors that measure force, torque, and precision, helping users achieve more accurate results.

This trend is especially evident in Australia, where, according to Statista, consumers are increasingly adopting smart home solutions like automated drills and electronic measuring devices to make DIY projects more efficient and convenient. Although still in its early stages, the integration of technology into hand tools is expected to grow in the coming years. Retailers should keep an eye on this trend, as offering smart tools could give them an edge in attracting tech-savvy professionals and hobbyists.

5. Rise in Premium European Hand Tools

While price will always be a significant factor for consumers, there is a growing appreciation for premium hand tools, particularly those from European manufacturers. Known for their superior craftsmanship, durability, and precision, European tools are highly valued by professionals who require the best performance from their equipment.

Retailers catering to this segment should focus on sourcing and stocking high-quality European brands, which are recognised for their long-lasting nature and attention to detail. For businesses looking to expand their range of premium tools, it’s worth exploring suppliers that specialise in such products.

You can find a variety of these tools when you visit europeantools.com.au, which offers an extensive range of top-tier European brands.

Key Insights

The hand tool market is evolving rapidly, driven by trends such as ergonomics, multi-functionality, sustainability, technological integration, and a rising demand for premium European brands. For tool retailers and resellers, keeping pace with these developments is crucial to meeting consumer expectations and staying competitive. By stocking innovative, high-quality, and eco-friendly products, businesses can cater to a growing market and ensure they remain relevant in the ever-changing landscape of hand tools.

Neel Achary

September 29, 2024
Global EV market projected to hit $2,108 billion by 2033: Axis Securities report

The global electric vehicle (EV) market, currently valued at $255 billion as of 2023, is expected to soar to $2,108 billion by 2033, according to a recent Axis Securities report. This remarkable growth will be driven by a compound annual growth rate (CAGR) of 23% from 2024 to 2033, reflecting a significant rise in global demand for sustainable mobility solutions.

Key Drivers of EV Market Growth

The report highlights several key factors fueling this expansion:

Government Policies: Various government initiatives and subsidies are playing a crucial role in promoting EV adoption.

Product Launches: The introduction of new and innovative EV models is attracting more consumers.

Technological Advancements: Rapid advancements in EV technology are making these vehicles more efficient and affordable.

Cost Reduction: The decreasing cost of the bill of materials (BoM) is contributing to lower manufacturing costs.

India’s EV Market on the Rise

The Indian EV market is poised for substantial growth, with Axis Securities forecasting that it could reach 10 million units annually by 2033, up from 1.7 million units in the financial year 2023-24. India is expected to lead the EV revolution over the next decade, with significant adoption across various vehicle categories, including three-wheelers (3W), two-wheelers (2W), electric buses, and passenger vehicles.

Government Support and Infrastructure Development

To support this growth, the Indian government has allocated a total of ₹10,900 crore in subsidies over the next two years. This funding aims to promote the adoption of EV two-wheelers, three-wheelers, and buses. The scheme targets the sale of 24.79 lakh two-wheelers, 3.16 lakh three-wheelers, and 14,028 e-buses by March 2025. Subsidies of ₹10,000 per two-wheeler and ₹50,000 per three-wheeler are part of this initiative.

Additionally, ₹500 crore has been allocated to increase the adoption of electric trucks and ambulances, with incentives linked to scrappage certificates from approved scrapping centres. Another ₹500 crore is designated for the deployment of e-ambulances, including hybrids.

Enhancing EV Charging Infrastructure

A critical aspect of promoting EV adoption is the development of charging infrastructure. The Indian government has committed ₹2,000 crore to establish public EV charging stations across the country. This investment aims to support the installation of:

22,100 fast chargers for EV four-wheelers

1,800 chargers for EV buses

48,400 chargers for electric two-wheelers and three-wheelers

Favorable Tax Rates for EVs

In an effort to make EVs more affordable, the Indian government has introduced favorable tax rates for electric vehicles. Electric cars are taxed at 5%, compared to 28% for hybrid vehicles and 49% for internal combustion engine (ICE) vehicles.

The Axis Securities report underscores the significant potential of the global and Indian EV markets over the next decade. With strong government support, technological advancements, and growing consumer demand for sustainable mobility solutions, the EV market is set for substantial growth, transforming the future of transportation.

September 28, 2024
Global Paper Packaging Materials Market to Reach US$ 465 Billion by 2032, Driven by 6% CAGR
Paper packaging offers a versatile and cost-effective solution for storing, transporting, and preserving a wide range of products. It can be easily customized to meet customer needs and product-specific requirements. Compared to other types of packaging, paper packaging provides several key benefits, including being lightweight, biodegradable, and recyclable.

The paper packaging materials market is being propelled by strict regulations from environmental protection agencies and increasing consumer awareness of sustainable packaging choices. The growing global population is driving demand for affordable packaging alternatives, such as bags, pouches, and cellulose-based materials.

A variety of end-use applications now call for environmentally safe and sustainable packaging materials as a result of recent breakthroughs in the packaging sector. This is a significant aspect influencing the development of the market for paper packaging materials.

Key Takeaways from Market Study:
- The global paper packaging materials market is valued at US$ 260 billion in 2022.
- Market in Canada is projected to progress at a CAGR of 5.3% over the forecast period (2022-2032).
- Sales of paper bags & sacks are anticipated to expand at a CAGR of 5.7% from 2022 to 2032.
- Market in Germany is set to evolve at a CAGR of 5.5% through 2032.
Paper Packaging Materials Gaining Huge Popularity:

Growing Demand for Sustainable Packaging – One of the primary reasons for the rising popularity of paper packaging materials is the global shift towards sustainability. With increasing concerns about environmental degradation, consumers and industries are seeking alternatives to traditional which is non-biodegradable and harmful to ecosystems.

Biodegradability and Recycling – The biodegradable nature of paper packaging is another key factor behind its growing popularity. Unlike plastic, which can take centuries to break down, paper decomposes naturally, reducing the long-term environmental impact. In addition, paper packaging is easily recyclable, making it an important component in the circular economy, where materials are reused and repurposed to minimize waste.

Lightweight and Cost-Effective -In addition to its environmental benefits, paper packaging is lightweight, which makes it more economical for shipping and transportation. Reduced shipping costs are a significant advantage for businesses looking to optimize logistics without sacrificing sustainability. Furthermore, the relatively low cost of paper packaging materials compared to other sustainable alternatives makes it a cost-effective option for businesses looking to balance environmental responsibility with operational efficiency.

Rising Consumer Awareness and Preference– Today’s consumers are more environmentally conscious than ever before, and their purchasing decisions are increasingly influenced by the sustainability practices of brands. This has led to a growing preference for products packaged in eco-friendly materials, such as paper. Brands that adopt paper packaging not only appeal to this environmentally aware consumer base but also enhance their brand image as socially responsible and sustainable.

Innovations in Paper Packaging Technology-Technological advancements in paper packaging have significantly enhanced its functionality and broadened its application across various sectors. For example, innovations like liquid packaging cartons and more durable paper materials have made paper packaging more suitable for items that require leak-proof or moisture-resistant properties. These advancements are making paper packaging more competitive with other forms of packaging, such as plastic and glass, while still maintaining its eco-friendly appeal.
Mansi Praharaj
September 27, 2024
Vintage Coffee Expands Operations with Strategic Entry into Indian Market

Vintage Coffee Private Limited, a Wholly Owned Subsidiary (WOS) of Vintage Coffee And Beverages Limited (a BSE-listed company), announced a significant strategic milestone with the opening of its first Premium Café Lounge in Navi Mumbai and the launch of its new e-commerce platform. This move marked the company’s expansion into the Indian market and signified a transition from traditional B2B operations to direct consumer engagement.

Vintage Coffee, a renowned name in the global coffee industry, has been manufacturing and exporting Instant Coffee, Roasted Coffee, and Roast & Ground products since 2018. With an impressive track record of acceptance in over 21 countries, the company now aims to bring its unique coffee blends to the Indian market. The new Premium Café Lounge in Navi Mumbai marks the company’s strategic entry into India’s hot beverage segment.

Speaking on the occasion, Mr. Tati Balakrihna, Chairman & Managing Director of Vintage Coffee and Beverages Ltd, stated, “Today’s consumers’ needs and expectations are changing fast. We are confident that this coffee-loving city will have a great experience with the unique blends of Vintage Coffee, from plantation-fresh coffees to the Lounge format café services.” He further added that “the Master franchisees, M/s. Dhruvatara Marketing Private Limited, have extensive experience and aggressive plans for expanding Vintage Coffee Café footprints across Indian cities and commercial centers as needed.”

This significant milestone marks VCBL’s transition from its traditional B2B operations to direct consumer engagement. The new Premium Café Lounge promises an unparalleled coffee experience, delivering VCBL’s renowned rich taste and inviting aroma directly to coffee enthusiasts.

The company is on a growth path by increasing the top line by manifolds in the coming months. Vintage Coffee’s new venture is set to blend the freshness of plantation coffee with over 100 years of collective expertise in coffee processing. This commitment ensures a high-quality coffee experience that meets the expectations of discerning Indian consumers.

Vintage Coffee Private Limited is dedicated to producing and exporting high-quality coffee products globally. With a focus on excellence and a rich heritage of expertise, Vintage Coffee aims to deliver premium coffee experiences to discerning consumers.

Mansi Praharaj

September 26, 2024
Flipkart’s “Reset for Business” B2B app streamlines refurbished market [How to onboard as Seller]
Flipkart’s B2B App ‘Flipkart Reset for Business’ to Empower Sellers of Refurbished ProductsIANS

Flipkart is dominating the headlines with the upcoming Big Billion Days sale, which only a few days away. On the sidelines, Flipkart, India’s homegrown e-commerce marketplace, has launched a dedicated B2B mobile application, ‘Flipkart Reset for Business’. This marks a new chapter in the e-commerce giant’s commitment to fostering a sustainable circular economy.

The ‘Flipkart Reset for Business’ app is designed to serve retailers across the length and breadth of India, offering a wide selection of quality-assured refurbished smartphones and accessories. The platform is currently operational in over 800 cities across 29 states, with plans for significant expansion in the future.

The introduction of this platform is a strategic move by Flipkart to address the growing demand for refurbished products, especially in tier 2 and 3 cities. The market for such products has been on a steady rise, but sellers often face challenges such as consumer skepticism about the quality of refurbished products, inconsistent device supply, complex logistics, and a lack of standardized refurbishment practices.

Flipkart’s B2B App ‘Flipkart Reset for Business’ to Empower Sellers of Refurbished ProductsApp Store

‘Flipkart Reset for Business’ app aims to alleviate these pain points by providing a robust and reliable platform for sellers. It offers unparalleled flexibility with no minimum order quantities (MOQs), allowing sellers to purchase products in small or large quantities depending on their needs.

The platform also offers comprehensive warranty and quality assurance for all products. Each product undergoes rigorous testing and a 74-point quality check, instilling confidence in sellers and their customers. The onboarding process for sellers is streamlined and hassle-free, ensuring they can quickly start their business on the platform.

In addition to these features, ‘Flipkart Reset for Business’ provides competitive pricing and exclusive offers, enabling sellers to benefit from attractive deals and event-based offers available on the platform. The platform also boasts a pan-India service network, offering seamless delivery and doorstep pick-up service in case of any issues with the device, ensuring a smooth buying experience for sellers at the convenience of their retail outlets.

A specialized team provides dedicated support, offering expert guidance on product selection, promotions, and post-purchase assistance. This comprehensive support system is designed to empower sellers, enabling them to cater to the growing demand for refurbished products efficiently.

‘Flipkart Reset for Business’ is expected to revolutionize the refurbished products market in India, providing sellers with a reliable platform to reach last-mile customers and tap into the burgeoning demand for refurbished products. As Ashutosh Singh Chandel, Senior Director & Business Head, Recommerce at Flipkart, rightly pointed out, this move is not just about business growth, but also about promoting sustainable consumption and protecting the environment.
How to onboard Sellers of refurbished products?

Sellers register on the platform using GST or Shop Establishment certificate

Upon document verification, sellers receive a unique ID for app access

Dedicated support is provided for order management and after-sales service

Sellers can purchase products via the app using COD or prepaid methods

Products are shipped to the seller’s registered address

Warranty claims can be initiated for faulty products, leading to replacement or repair
September 24, 2024
India’s 5G market has become bigger than America in just two years, says Narendra Modi at a diaspora event in New York

Indian PM Narendra Modi addressing diaspora event in New York. Photo Courtesy: BJP X page

Pitching India as a land of opportunities, PM Narendra Modi on Sunday said the country has now emerged as a bigger market in 5G technology than the USA.

“Today India’s 5G market has become bigger than America and this has happened within just two years,” Modi said while addressing an Indian diaspora event in New York where he received a rousing welcome after he reached the venue.

He said India is working on ‘Made in India’ 6G technology at present.

The Indian PM said: “Today, India is a land of opportunities. Now, India doesn’t wait for the opportunities, it creates them.”

“In the last ten years, India has created opportunities for new launching pads in every sector. In just a decade, 25 crore people were lifted out of poverty. This was possible because we changed the old thoughts and approach,” he said.

Modi said his government has tried to empower the poor.

Highlighting India’s “green transition” move, Modi said: “Our conviction for reforms is unprecedented. Our Green Energy Transition programme is a good example of it.”

“Despite of being 17% of the world’s population, India’s contribution is only 4% in global carbon emissions.We have no role in destroying the world,” he said.

“We could have supported our growth by burning carbon fuel. However, we chose green transition,” Modi said.

Meanwhile, Narendra Modi has pledged his nation will contribute $7.5 million, including 40 million vaccine doses, for Indo-Pacific countries under GAVI and QUAD initiatives

Speaking at the QUAD Leaders’ Cancer Moonshot Event, Modi said: “I am delighted to share that, through the initiatives of GAVI and the QUAD, India will contribute 40 million vaccine doses for Indo-Pacific countries.”

“These 40 million vaccine doses will become rays of hope in the lives of crores of people,” he said.

Modi said: “As you can see, when the QUAD acts, it is not just for nations – it is for the people. This is the true essence of our human-centric approach.”

He said India’s vision is “One Earth, One Health.”

“In this spirit, I am pleased to announce our contribution of $7.5 million for sampling kits, detection kits, and vaccines under the Quad Moonshot Initiative. India will also offer support in radiotherapy treatment and capacity building,” he said.

Modi said India has a ‘very cost-effective’ ongoing cervical cancer screening program on a mass scale.

“India also runs the world’s largest health insurance scheme,” he said.

“India has also developed its own vaccine for cervical cancer. And new treatment protocols are being launched with the assistance of AI,” Modi said.

September 22, 2024
Market outlook: Futures and options expiry, FII data and global cues key factors next week

IANS

The stock market witnessed a sharp rally last week driven by the US Fed Reserve’s rate cut. Next week’s market outlook depends upon several factors like foreign institutional investors (FIIs) activities, futures and options (F&O) monthly expiry, crude oil prices and global macroeconomic data.

Last week’s market highlight was aggressive buying by the FIIs. They were net buyers, injecting Rs 11,517.92 crore into the cash segment. Conversely, Domestic Institutional Investors (DIIs) turned net sellers, offloading Rs633.67 crore in the cash segment.

In the last trading session, Nifty and Sensex climbed to all-time highs of 25,849.25 and 84,694.46, respectively, before closing the week at 25,790.95 and 84,544.31. The Bank Nifty index also showed strength, taking 11 weeks to reach a new peak of 54,066.10.

Among sectoral indices, the construction sector emerged as the top performer, followed by banking, while the pharmaceutical sector ended the week in negative territory. The U.S. Federal Open Market Committee (FOMC) voted 11 to 1 in favour of lowering the federal funds rate by 50 basis points to a range of 4.75 per cent to 5 per cent, marking the first rate cut after more than a year of maintaining rates at a two-decade high.

Interestingly, the usually strong IT index underperformed, ending the week with a 2.75 per cent decline. On the other hand, Nifty Bank, which had lagged, took the lead, gaining 3.5 per cent and finally reaching its all-time high. Midcap and Smallcap indices also underperformed during the week. The market displayed clear signs of sector rotation, as investors shifted focus to sectors with renewed momentum.

Santosh Meena, Head of Research, Swastika Investmart said, “Nifty is trading in uncharted territory, with 25,921 and 26,244 as the next target levels. On the downside, 25,350 has emerged as a crucial support level for the NSE benchmark, and the bullish momentum is expected to persist as long as Nifty remains above this level.”

According to Palka Arora Chopra, Director of Master Capital Services, Nifty Bank Index reached a new all-time high of 54,066.10, forming a strong bullish candle on the weekly charts and closing above previous highs.

“This signals fresh momentum, primarily driven by private-sector banks. The index will likely continue its upward trajectory toward 55,000, with minor resistance at 54,300. On the downside, immediate support is at 53,200, and a breakdown below this level could push the index toward 52,500,” Chopra mentioned.

(With inputs from IANS)

September 22, 2024
Currency Note Shortage – Have ₹10, ₹20 and ₹50 notes disappeared from the market? Letter written to the finance minister

New Delhi. There are repeated complaints of shortage of small denomination notes of 10, 20 and 50 rupees in the market.

Now Congress MP Manikam Tagore has raised the issue of low availability of small notes in the market and alleged that the Reserve Bank of India has stopped printing these notes.

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