Author: Bhakti Narayanan

Indian companies are planning to increase employee salaries by 9.8% in 2024, mirroring the 10% hike in 2023, as per WTW’s Salary Budget Planning Report. This positions India as the leader in salary increments across the Asia Pacific region. Factors like tighter labor markets and rising inflation were identified as key drivers influencing employers’ decisions to boost salaries in the coming year. The survey disclosed that while a quarter of companies exceeded their projections from December 2022, over half of them increased their wage budgets in 2023 compared to the previous year. In terms of salary increments, sectors like technology,…

Apple is exploring India as a potential manufacturing hub for iPhones, with the Tata Group set to produce these devices for both domestic and international markets. Electronics and Technology Minister Rajeev Chandrasekhar expressed the government’s support for this endeavor, highlighting India’s growing importance in smartphone manufacturing and exports due to the PLI scheme. Chandrasekhar commended Tata for taking over Wistron operations and underlined the significance of Indian electronics companies becoming global manufacturing and talent partners. The partnership between Tata and Apple comes after Wistron Corp., a Taiwan-based contract manufacturer for Apple, approved the sale of its India unit to Tata…

Home sales in 2023 are expected to surge by 20-30% compared to 2022, primarily fueled by the festival season, according to a report from real estate consultancy Colliers India. Notably, this year’s sales have already outpaced the entire sales figure for 2022, showcasing the remarkable growth in the real estate market. Mr. Badal Yagnik, the CEO of Colliers India, pointed out the historical trend of increased home sales during the October-December quarter, driven by homebuyers’ inclination to make property purchases during the festive season and the added benefit of instant liquidity due to developers offering enticing discounts. This quarter has…

Despite a less-than-favorable monsoon in July and August, as well as concerns about El Nino, India’s appetite for gold increased by 10% year-over-year in the quarter ending in September, reaching 210 tonnes. Rural India played a substantial role in driving this demand, representing 60% of the country’s annual gold consumption, which is expected to range between 700-750 tonnes in 2023, slightly less than the previous year, according to the World Gold Council (WGC). The WGC’s Q3 Gold Demand Trends report highlights that central banks globally continue to purchase gold at a historic pace, providing vital support to the precious metal.…

According to Mr. Nimesh Shah, the managing director of ICICI Prudential Mutual Fund, the Mutual Funds (MF) industry is poised to represent a significant portion of the banking sector by 2030, with the total industry size expected to exceed Rs. 100 trillion (equivalent to US$ 120.10 billion) in the coming decade. Mr. Shah made this projection during a panel discussion at the Business Standard BFSI Insight Summit 2023 in Mumbai, emphasizing the transformative role of digital technology in the MF market’s growth. He noted that MF companies have expanded their reach to approximately 200 locations nationwide and mentioned the potential…

Mango exports from India have surged by 19% in the first five months of the current fiscal year, as reported by the Agricultural and Processed Food Products Export Development Authority (APEDA) and the Ministry of Agriculture and Farmers Welfare. In this period, mango exports reached a total value of $47.98 million, a significant increase from $40.33 million during the same period the previous year. APEDA, in collaboration with the Ministry of Agriculture and Farmers Welfare, facilitated mango exports totaling 27,330.02 million tonnes (MT) during April-August 2023. India’s mango exports to the USA, one of its key markets, increased by 19%…

Union Minister Piyush Goyal is scheduled to participate in the G7 Trade Ministers’ Meeting in Osaka, Japan, on October 28th-29th, 2023. During this event, Mr. Goyal will engage with several G7 nations, invited countries, and international organizations like the World Trade Organization (WTO) in conjunction with the outreach activities. The annual gathering of Trade Ministers from G7 Member States serves as a platform to address pressing global trade and investment issues while devising a roadmap for a more prosperous future. Japan, which holds the G7 Trade Ministers conference Presidency this year, has invited India and several other invitee nations, including…

A recent survey by the Retailers Association of India (RAI) revealed that in September 2023, retail sales surged by 9% compared to the same period in September 2022. Retail businesses in all regions across India reported increased sales, with the Southern region witnessing the highest year-over-year growth at 13%. The East and North regions showed growth rates of 7% and 6%, respectively, while West India saw an 8% growth. Kumar Rajagopalan, CEO of RAI, noted that the festive season contributes to this positive trend, especially with expectations of increased purchases, particularly for celebratory items. Retailers are optimistic about the upcoming…

India is on track to overtake Japan and become the world’s third-largest economy by 2030, according to a report from S&P Global Market Intelligence. The report predicts that India’s nominal GDP, measured in USD terms, will double from $3.5 trillion in 2022 to $7.3 trillion in 2030. This rapid economic expansion is expected to push India ahead of Japan in terms of GDP size, making it the second-largest economy in the Asia-Pacific region. Currently, Japan holds the third spot in the global economy, following the United States and China. India’s accelerated growth is attributed to increasing foreign direct investment over…

Union Minister Mr. Piyush Goyal attended the 7th Edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, from October 24-25, 2023. During the event, he met with key figures from Saudi Arabia, including HRH Prince Abdul Aziz Bin Salman Al-Saud, the Energy Minister, H.E. Majid bin Abdullah AlKassabi, the Commerce Minister, and H.E. Khalid A. Al Falih, the Investment Minister. Mr. Goyal participated in plenary sessions, co-chairing a session on strategies for emerging economies and engaging in bilateral discussions focused on enhancing economic growth and strengthening strategic cooperation through expanded investments. The Minister highlighted the business potential in…