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A new WHO report claims 1 in 7 children and teens impacted by mental health conditions

Around one in seven children and adolescents aged 10-19 are affected by mental health conditions says a new UN report.Photo Courtesy: UNICEF/Antti Helin

Around one in seven children and adolescents aged 10 to 19 are affected by mental health conditions – with anxiety, depression and behavioural disorders among the most common, according to a new World Health Organization and UN Children’s Fund report released on Wednesday.

In addition, one-third of mental health conditions emerge before the age of 14 and half before the age of 18.

Published ahead of World Mental Health Day, celebrated annually on 10 October, the report seeks to support the transformation of mental health services for children and adolescents.

It underscores the importance of early action as an essential ingredient to enable children and young people realise their full potential.

Inaccessibility of mental health services

Despite the need for action, access to services remains largely inaccessible.

Most young people experiencing concerning mental health symptoms cannot access care due to systemic barriers such as low service availability, unaffordable costs and stigma preventing them from seeking help.

Further, while public funding and human resources for services is low worldwide in general, those aimed at children and adolescents are particularly unavailable, especially in low and middle-income countries.

“We must take action to ensure that evidence-based and age-appropriate interventions are available and affordable for all,” said Dévora Kestel, Director of Mental Health, Brain Health and Substance Use at the World Health Organization (WHO).

“Every country, regardless of its circumstances, can do something to significantly improve the mental health of its children, young people and their families,” she added.

Community-based model

The report stipulates that supporting the mental health of children and teens must be a collective effort. While there is no single best model, it provides examples from around the world that show what can be achieved in different settings.

“Mental health and well-being of children, adolescents and their families cannot be addressed in isolation. We must integrate health, education, social protection and community support systems to build a comprehensive network of mental health services for young people,” said Fouzia Shafique, Associate Director of Health at UNICEF.

The report also draws attention to the millions of children with mental health conditions worldwide who are institutionalized, despite having existing families, arguing that this practice violates their human rights and leads to poor health and social outcomes.

Phase out institutional care

It calls for the phasing out of institutional care in favour of community-based services that allow children to grow in their families and communities, ensuring continuity in their education, social relationships and overall development.

“It is our collective responsibility to prioritize their mental health as part of overall child and adolescent well-being,” said Shafique.

October 11, 2024
India’s Top 100 Tycoons Cross $1 Trillion, Gautam Adani Ranked 2nd: Forbes Report

India’s 100 richest tycoons surpass $1 trillion milestone, Gautam Adani at 2nd spot: Forbes listIANS

The collective wealth of India’s 100 richest tycoons surpassed the trillion dollar milestone for the first time as more than 80 per cent of the country’s richest tycoons are now wealthier than they were a year ago, a Forbes report showed on Thursday.

In a record-breaking year, India’s wealthiest are now worth $1.1 trillion, more than twice as rich as they were in 2019, according to the Forbes list of India’s top 100 billionaires.

“The biggest dollar gainer is infrastructure magnate Gautam Adani, who posted a strong recovery from last year’s short-selling attack and recently placed his sons and nephews in key positions,” the report noted.

“With his brother Vinod (Adani), he added $48 billion to take the family’s net worth to $116 billion, enough to retain the No. 2 position,” it added.

According to the report, India’s wealthiest added $316 billion or nearly 40 per cent in just the past 12 months, as investor enthusiasm about the country’s growth story remains robust under Prime Minister Narendra Modi’s third term.

Mahima Datla is one of four newcomers to the Forbes list.Biological E. Limited

“Savitri Jindal, matriarch of steel-to-power conglomerate OP Jindal Group, whose son Sajjan Jindal recently made an ambitious foray into electric vehicles with MG Motor, moved up to No. 3 for the first time. She’s one of nine women on the list, up from eight a year ago,” the report revealed.

Mahima Datla, who controls privately-held vaccine producer Biological E. is one of four newcomers to the Forbes list.

Others on the coveted list are B. Partha Saradhi Reddy, founder of Hetero Labs, a maker of generic medicines and pharma ingredients; Harish Ahuja of apparel maker Shahi Exports and Surender Saluja, founder and chairman of Premier Energies, which makes solar panels and modules.

Dilip Shanghvi, founder of Sun Pharmaceutical Industries, jumped three spots to fifth position with $32.4 billion and siblings Sudhir and Samir Mehta of Torrent Group more than doubled their wealth to $16.3 billion.

From the Godrej family, brothers Adi and Nadir Godrej, who control listed companies under the Godrej Industries Group, and their cousins Jamshyd Godrej and Smita Crishna Godrej, who control privately-held flagship Godrej & Boyce under the Godrej Enterprises Group, are on the list.

Nikhil Kamath, 38, who co-founded and runs online brokerage Zerodha with his brother Nithin, 45, is among the six nonagenarians on the list.

(With inputs from IANS)

October 10, 2024
Salary hike in 2025 may reach 9.5%, attrition rate slows down: Report

India to see 9.5 pc salary hike in 2025, attrition rate slows down: ReportIANS

Salaries in India are projected to increase by 9.5 per cent in 2025, compared to an actual increase of 9.3 per cent this year, a report showed on Thursday.

The engineering and manufacturing and retail industries project double-digit increases at 10 per cent, closely followed by financial institutions at 9.9 per cent, indicating the strategic importance employers place on talent in these sectors in the current economic landscape, according to the report by Aon, a leading global professional services firm.

Global capability centres (GCCs) and technology products and platforms expect a more optimistic salary increase at 9.9 per cent and 9.3 per cent, respectively, while the technology consulting and services projected increments at a lower end of 8.1 per cent.

Looking at the attrition analysis, a downward trend is apparent with attrition reported at 16.9 per cent on average this year, compared to 18.7 per cent reported in 2023 and 21.4 percent in 2022.

“Despite evolving global economic challenges, the study indicates a positive business outlook across several sectors in India. This sentiment continues in many of the domestically driven sectors illustrated by the projected increments in the manufacturing, life sciences and retail industries,” said Roopank Chaudhary, partner and head of reward solutions in India for Aon.

India to see 9.5 pc salary hike in 2025, attrition rate slows down: ReportIANS

The study, the largest and most comprehensive rewards survey in the country, analysed data across 1,176 companies from over 40 industries between July and August.

Organisations committed to retaining talent in a competitive job market must keep abreast of changing market data and understand the rapidly evolving compensation trends.

“Having a holistic rewards strategy based on data and analytics will ensure organisations attract and retain the right talent and continue to build a resilient workforce,” Chaudhary added.

According to Tarun Sharma, associate director for Talent Solutions in India for Aon, the softening in attrition provides businesses a unique opportunity to focus on internal growth, capability building and driving long-term productivity.

Phase two of the study will include data collected in December and January and will be published in early 2025, said the firm.

(With inputs from IANS)

October 3, 2024
Demand for tech-centric jobs to grow by 22% in next 2 years: Report

Job demand for tech roles in India to grow by 22 pc in next 2 yearsIANS

Job demand for technology-specific roles in India has grown by 17 per cent in the past 12 months, and is projected to increase by 22 per cent over the next 24 months, according to a report on Thursday.

This marks a 39 per cent positive transition in the IT talent ecosystem post the economic slowdown, according to NLB Services, a global technology and digital talent solutions provider.

The global capability centre (GCC)-led hiring in India is expected to surge by 15 per cent year-on-year over the next three years, the report said.

As companies increasingly adopt technology-enabled roles driven by the rise of fields like AI and machine learning, the demand for specialised talent is shifting.

“Despite a muted hiring environment in the IT sector over the past few years, certain technology roles have witnessed a consistent surge. This demand is fuelled by India’s focus on Industry 4.0, local manufacturing, AI adoption, and post-pandemic digital transformation,” said Sachin Alug, CEO, NLB Services.

In-demand roles this year include IT security specialists, salesforce developers, site reliability engineers, cloud engineers, data analysts and machine learning engineers.

In 2025, India is expected to see a demand for senior tech roles such as chief AI officer, quantum computing officer, data ethics officer and cybersecurity officer as the ecosystem continues to evolve, the report mentioned.

IT expansion is no longer confined to major hubs like Bengaluru, Gurugram and HyderabadIANS

IT expansion is no longer confined to major hubs like Bengaluru, Gurugram and Hyderabad.

New emerging belts, including Chennai, Ahmedabad, Pune and Coimbatore, are witnessing a resurgence in GCCs, especially across industries like manufacturing, fintech and e-commerce.

However, the sector continues to face challenges, particularly the gap between supply and demand for skilled talent, the report said.

To address this, companies in the country are investing in upskilling their workforce in areas like data science, artificial intelligence, machine learning, and other emerging fields.

(With inputs from IANS)

October 3, 2024
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
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
CBI’s revelation in Kolkata hospital rape-murder report is disturbing, says Supreme Court chief justice

New Delhi: The Supreme Court on Tuesday said the status report of the RG Kar rape-murder case provided by the Central Bureau of Investigation (CBI) is “worse” and “really disturbing” stating that the probe agency will be given more time “to unearth the truth”.

A three-judge bench led by the CJI is hearing the high-profile RG Kar rape-murder case. Photo courtesy: IBNS

“What the CBI has revealed in the report is worse, really disturbing… what you are flagging is of utmost concern, we ourselves are concerned, CBI has flagged it for us..we are ourselves disturbed by what we have read,” Chief Justice of India DY Chandrachud said during the third hearing of the case which is under the scanner of the entire nation.

A three-judge bench led by the CJI said the CBI is not “sleeping over” the probe and the investigating agency has responded to the issues that the court has flagged.

The CJI said as quoted by Live Law, “Making a disclosure today of what the CBI is investigating will jeopardise the process, the line which is taken by the CBI is to unearth the truth.. the SHO (Station House Officer who was the officer-incharge during the discovery of the crime) himself has been arrested… CBI has responded specifically to the issues we have raised, including whether the challan in the statutory form was submitted along with the postmortem…

“CBI is also exploring the possibility of whether the scene of the crime was tampered with, evidence was destroyed, whether there was the complicity of other persons in failing to report the crime etc…”

“The CBI, apart from performing its independent investigation, is also addressing the issues we raised. There is still time to complete the investigation. We have to give CBI adequate time, they are not sleeping over. To put any time limit will be to dislocate the investigation…They are required to be given time to unearth the truth,” the CJI added.

Contrary to what CBI has claimed in the court, State’s counsel advocate Kapil Sibal said the full video records have been handed over to the central probe agency.

“Mr SG, can you not summon Kolkata police.. and get the footage…you need to see whether hash value changed or not.. CBI has to ensure this.. your investigating officer has to ensure this…make sure that the CBI seizes the entire DVR and footage, we hope that the CBI does it,” the CJI said as quoted by Live Law.

Towards the end of the hearing, Sibal told the court that the challan of post-mortem was not used since 1997.

Rejecting Sibal’s citation, the CJI said, ” We don’t buy the explanation, once there is a statutory form, you can’t say that it was not used.”

Meanwhile, prominent legal mind Indira Jaising is representing the protesting junior doctors now in the Supreme Court. She told the court that the agitators are keen to quit cease-work but they are worried about the safety and security at hospitals.

Advocate Jaising said the call on quitting cease-work will be taken by the junior doctors only after a General Body.

Advocate Kapil Sibal, the counsel for West Bengal state, pleaded before the CJI that the junior doctors should resume work.

“Ceasework must stop now,” Sibal said.

On when junior doctors will be able to return to work, Jaising said, “I can’t give a date.”

September 17, 2024
India Inc sees 63 pc surge in deal value at $8.7 billion in August: Report

IANS

India Inc saw a huge 63 per cent increase in deal value for the month of August at $8.7 billion amid geopolitical challenges, as telecom, energy and EV sectors shined, a report showed on Monday.

Excluding IPOs and Qualified institutional placements (QIPs), the month saw a total of 179 deals. Overall volumes saw a modest 3 per cent rise and mergers and acquisitions (M&A) transactions dominated the landscape, accounting for 71 per cent of the total value, according to the Grant Thornton Bharat Dealtracker.

Private Equity (PE) deals contributed to 68 per cent of the total volume, with seven high-value deals ($ 100 million) collectively worth $1.7 billion, surpassing the previous month’s values with seven deals worth $1.4 billion.

This robust deal activity underscores a vibrant market, with investors demonstrating confidence in India’s growth story across various sectors. India Inc continues to witness surge in deal activity in the background of the ongoing global economic uncertainties.

“India’s ability to attract capital and foster innovation across critical industries has been demonstrated well. We expect this strong in interest to continue, with themes like digitisation, cleantech, mobility, aerospace and defense remaining in the spotlight in the immediate future,” said Shanthi Vijetha, Partner, Growth at Grant Thornton Bharat.

Telecom led M&A values, largely driven by Bharti Enterprises’ $4 billion acquisition of a 25 per cent stake in British Telecom Group, the second-largest deal of the year.

The BFSI sector recorded the second-highest deal values and third-highest volumes with 29 deals worth $1.8 billion, driven by higher interest rates and strategic acquisitions, with Fintech leading in volumes.

The energy and renewables sector saw robust deal activity via five deals worth $518 million, highlighting India’s push towards energy transition and sustainability.

The retail and consumer segment saw 33 deals worth $458 million, with consumer services, ecommerce, and personal care driving activity despite a slight decrease in values, said the report.

The month witnessed robust fundraising activity, with a total of 19 deals securing $3.4 billion, marking the second-highest IPO and QIP activity in a year. This includes eight IPOs, collectively raising $1.8 billion.

(With inputs from IANS)

September 11, 2024
Indian EV Market Projected To Grow At Over 40 pc CAGR Till 2027: Report

Mumbai, Sep 11: The Indian Electric Vehicle (EV) market is expected to grow in the range of 35-40 per cent CAGR till the year 2027, according to a report on Wednesday.

The report by Niveshaay, which manages the Green Energy smallcase (a portfolio of stocks, which will benefit from the renewable energy sector development), showed that EV sales volume in India could touch around 3-4 million units by 2025, and 10 million by 2030.

Currently, the Indian EV market is concentrated on the two and three-wheeler EV segment, which accounts for about 80 per cent of its vehicle market.

“The Indian government is aiming to boost local manufacturing and reduce import dependency. It has introduced Production Linked Incentive (PLI) schemes and reduced customs duties on critical minerals to boost local manufacturing,” said Arvind Kothari, smallcase Manager and Founder of Niveshaay.

“The balanced approach to policy support and market development is facilitating India to emerge as a remarkable contender in the global EV landscape, despite challenges like limited charging infrastructure,” he added.

The new report further stated that EVs are expected to penetrate the market with approximately 10-15 per cent of new vehicle sales in India (including two-wheelers, three-wheelers, and passenger vehicles), driven by government incentives, rising fuel prices, and increased consumer awareness.

By the year 2030, annual EV sales are projected to surpass 10 million units, with substantial growth in the deployment of electric buses, commercial vehicles, and private cars. EVs could represent 30-40 per cent of new vehicle sales in the market.

With more than two million public charging stations projected nationwide, the study predicts a strong EV Infrastructure, the report said.

The increase in EV Adoption, infrastructure, as well as manufacturing, can also be attributed to growth in Budget allocations for the EV sector.

From Rs 10,000 crore allocated in FY2019-20 (FAME II scheme), it has increased to 19,744 crore (for Green Hydrogen mission) and 2,908 crore (continued FAME II Support) in FY2023-24.

Faster Adoption and Manufacturing of Electric Vehicles (FAME) was introduced in 2015 to encourage the adoption of electric and hybrid vehicles by offering upfront incentives on purchase.

The Union Budget 2024-25 has allocated Rs 2,671.33 crore under the FAME scheme, primarily to cover remaining liabilities from FAME II.

In addition, the government has introduced the Rs 500 crore Electric Mobility Promotion Scheme (EMPS) to boost electric two- and three-wheelers.

The increased PLI Scheme for automobiles and auto components to Rs 3,500 crore and the exemptions in customs duty on lithium, cobalt, and other rare minerals to reduce battery production costs, via the Union Budget, make electric vehicles more affordable.

Driven by key government initiatives like the FAME and the EMPS scheme, India is poised to become a major player in the global EV market, specifically amongst the emerging markets.

While China dominated with 60 per cent of global EV sales as of 2023, India’s large population and urbanisation are driving demand for affordable electric mobility.

In contrast, the US and Europe, with EV penetration rates of around 7 per cent and 14 per cent respectively as of 2023, are focused on passenger vehicles and infrastructure development, the report said.

September 11, 2024
Hiring outlook in India up 7 pc for Oct-Dec quarter, strongest globally: Report

IANS

The employment outlook in India is the strongest worldwide for the October-December period (Q4 2024), showing significant improvement of 7 per cent compared to the ongoing July-September quarter (Q3), a report showed on Tuesday.

Employers across all sectors report net positive hiring intentions for the festive quarter, with financial and real estate industry having the strongest outlook of 47 per cent, followed by information technology (46 per cent), industrials and materials (36 per cent) and consumer goods and services (35 per cent), as per the latest ManpowerGroup’s ‘Employment Outlook Survey’.

The least optimistic prospects were witnessed in the communication services (28 per cent).

North India continues to dominate the job demand with a growth outlook of 41 per cent, followed by West (39 per cent).

IANS

Sandeep Gulati, Managing Director, ManpowerGroup India and Middle East, said the hiring intention of employers signifies the positive outlook in the country’s economic position that has been reinforced by exports as a result of multi-lateral foreign policies and large-scale infrastructure development.

“Coupled with this is our demographic advantage that is expected to boost our competitiveness in the global market,” Gulati added.

The country is expected to focus on its high domestic consumption, economy-booster government schemes, increasing demand for outsourcing services and manufacturing boom.

With increased focus on skill development to meet market demands, India may be able to reduce unemployment and fasten the pace of economic development by creating more capable and adaptable workforce that meets the need of the emerging industries, the report mentioned.

When compared to the same period last quarter, besides healthcare and life sciences (-6 per cent), all other sectors have shown a positive uptick, it added.

The report further mentioned that talent shortage continues to widen the demand supply gap in India Inc.

(With inputs from IANS)

September 10, 2024