PUBLIC AND PRIVATE SECTOR EMPLOYERS
Claims ratio of non-life insurers dips to 82.52% in FY24: Irdai report
India's non-life insurance sector saw growth in direct premiums, reaching ?2.90 lakh crore in 2023-24, with a shift to profitability. Claims ratios improved slightly, while the life insurance industry paid out substantial benefits. Overall insurance penetration dipped slightly to 3.7%.
Siemens sounds alarm: Capital goods stocks plunge amid capex concerns
Capital goods stocks stumbled on Friday, led by Siemens' 10% drop, after the company reported a lack of significant private capital expenditure growth in India. Despite this, analysts maintain a positive outlook for the sector, driven by government spending and a private capex cycle focused on decarbonization and energy transition.
India signs $350 million loan agreement with ADB to expand manufacturing sector
India secures a USD 350 million loan from the Asian Development Bank (ADB) to bolster its logistics sector. This funding, part of the Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program, will support policy reforms aimed at enhancing efficiency, attracting private investment, and improving supply chain resilience. The program will also promote sustainable economic growth and job creation.
Centre plans to ban unregulated lending; Indian startups report workforce decline
The government has proposed a bill to ban unregulated lending. This and more in today¡¯s ETtech Top 5.
Reimagining workforce horizons: Tourism & hospitality sector poised for 61 lakh new jobs by 2036-37, says report
The CII and EY report projects India's tourism sector needing 61 lakh more workers by 2036-37, driven by a resurgence in domestic tourism. The report recommends skill development, incentivizing women's participation, and leveraging digital infrastructure. Industry leaders emphasized the need for improved infrastructure, streamlined processes, and recognizing tourism's role in cultural diplomacy.
72% of urban wastewater in India flows into water bodies, land untreated: Report
A new report reveals that only 28% of India's urban wastewater is treated, with the remainder polluting natural water bodies. Experts emphasize the urgent need to treat and reuse wastewater to alleviate the nation's growing water scarcity, exacerbated by urbanization and climate change. The government mandates a 20% recycling and reuse target for cities, promoting a circular water economy.
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IPO markets emerging as exit routes for startup investors amid evolving ecosystem
India's startup ecosystem is witnessing a shift in exit strategies. Public market sales, including block trades and IPOs, are gaining prominence, offering liquidity to startups and early investors. This trend is driven by increased retail investor participation, a mature market, and the rise of new exit models like direct listings and SPACs.
Senior citizen FD interest rate 2024: Full list of fixed deposits offering up to 8.05% interest in 3 years for senior citizens
Senior citizen FD interest rate 2024: The senior citizen fixed deposit is among the most reliable financial options created for senior citizens. Usually, financial management styles vary as individuals approach their retirement.
Private sector will continue to deploy capital, boost investments: CEA Nageswaran
India's Chief Economic Adviser, V Anantha Nageswaran, projected confidence in private sector investments driving GDP growth to 35% over the next five years. He reaffirmed the 6.5-7% real economic growth projection for the current fiscal year and emphasized the need to leverage domestic growth drivers amidst a challenging global landscape.
Jharkhand HC puts stay on implementation of law providing 75% quota in pvt sector jobs for locals
The Jharkhand High Court has temporarily halted a state law mandating 75% private sector job reservation for locals earning up to Rs 40,000 monthly. A small-scale industries association challenged the 2021 Act, arguing it violates constitutional equality principles. The court awaits the state government's response.
FM Nirmala Sitharaman attacks Rahul Gandhi, says citizens benefited cleaner, stronger banking system in Modi govt
Finance Minister Nirmala Sitharaman defended public sector banks against Rahul Gandhi's criticism, highlighting their improved health and employee-friendly measures under the Modi government. She cited increased recruitment, the 12th Bipartite Settlement, and new leave provisions for women employees as evidence of positive change, contrasting it with alleged "phone banking" practices during the UPA tenure.
India ranks first globally for its employment outlook in Jan-March 2025: Manpower survey
India's hiring sentiment for Jan-March 2025 is stronger by 3 percentage points compared to the previous quarter and last year, with a 40% net employment outlook, 15 points higher than the global average. The IT sector leads with a 50% hiring outlook. Regions like West and East India saw significant growth, and larger companies continue to drive hiring.
ADB approves $350 mn loan to enhance India's logistics and exports
The Asian Development Bank has approved a $350 million loan to bolster India's logistics sector. This funding supports government initiatives like the PM Gati Shakti plan and National Logistics Policy, aiming to modernize infrastructure, streamline processes, and integrate digital technologies. These improvements are expected to boost manufacturing competitiveness, create jobs, and promote economic growth.
CEA nudges private sector to hire more, says economic health pretty good
India's Chief Economic Advisor, V Anantha Nageswaran, urged private companies to increase hiring and balance capital-intensive growth with labor-intensive growth. He pointed out that while corporate profits are high, wage growth has lagged, potentially hindering demand. Nageswaran emphasized the importance of equitable income distribution for sustainable economic expansion and criticized large companies for delaying payments to smaller suppliers.
Support homegrown cybersecurity startups, MeitY secretary urges industry and government
India must bolster its cybersecurity defenses against numerous threats due to its geopolitical landscape. The government is promoting domestic cybersecurity companies and public-private partnerships. Growth in this sector is crucial, with potential for Indian companies to become global leaders by leveraging the large domestic market and government support.
US private sector adds fewer jobs than expected: ADP
US private sector job growth slowed to 146,000 in November, below expectations, with manufacturing showing particular weakness. October's figures were also revised downwards. While overall growth remains healthy, the Federal Reserve's rate cuts are expected to eventually boost the economy. Wage growth increased for both job stayers and changers.
Public investments in infra surpass pre-Covid level: Finmin
Public investments in infrastructure have surpassed pre-pandemic levels, hitting 5.87% of GDP in 2023-24. The investments surged to Rs 17.35 lakh crore in 2023-24. The Central government has significantly increased its capital investments, aiming to stimulate the Covid-hit economy. Efforts include long-term, interest-free loans to states and measures to attract private sector participation.
Make in India has become "Make-Believe in India": Jairam Ramesh on GDP report
Congress MP Jairam Ramesh criticized the Central government for its inability to enhance private investment in manufacturing. The recent GDP growth figures for July-September 2024 indicate a slowdown to 5.4%. He highlighted the decline in manufacturing growth to 2.2% and concerns over stagnant manufacturing and export sectors, despite the Make in India initiative introduced ten years ago.
Banks' share of high-cost deposits rises in Q2
The data also showed that while public sector banks were a bit slow in mobilising deposits compared to their private sector peers during the quarter, they were ahead in lending.
High cost deposits up to 69 percent in September
Indian banks saw a rise in high-cost deposits in the September quarter. This may squeeze profit margins. Public sector banks lent more but gathered fewer deposits than private banks. Term deposits grew faster than savings accounts. Loans to private companies and working capital loans also increased. The share of loans to women borrowers continued to rise.
Include coking coal in the list of critical minerals: NITI Aayog report
NITI Aayog recommends adding coking coal to the critical minerals list. This move aims to boost domestic production and secure coking coal supply for the Indian steel industry. The proposal includes setting up two special purpose vehicles to expedite coal mining and logistics projects. NITI Aayog also suggests amending the Coal Bearing Areas Act for smoother private sector participation.
NPA provisioning moderates in Q2 driven by PSU banks
Public sector banks led a decline in bad loan provisions for the second consecutive quarter, with provisions falling 2.9% to ?27,318.2 crore in the September quarter. This decline was driven by PSBs like Punjab National Bank and Central Bank of India, while private sector banks saw a 12.5% increase in provisioning.
PESB chairperson Mallika Srinivasan gets one-year extension beyond 65 years
Mallika Srinivasan, the Chairman and Managing Director of Tractors and Farm Equipment (TAFE) Limited, has been granted a one-year extension as head of the Public Enterprises Selection Board (PESB) by the Indian government. This decision, which bypasses the usual age limit of 65, allows Srinivasan to continue her role at the helm of the government headhunter until November 18, 2025.
Satcom has the potential to connect the hitherto unconnected: Communications minister Jyotiraditya Scindia
At the 25th meeting of the South Asian Telecommunication Regulators' Council, Indian officials highlighted the potential of non-terrestrial networks (NTNs) to connect underserved populations. They emphasized the need for dynamic spectrum policies, light-touch regulations, and public-private partnerships to drive innovation and investment in the telecom sector.
Earnings outlook for Nifty flat; ICICI Bank, L&T could give 17-19% returns post Q2 results
Technology companies outperformed expectations, achieving solid revenue growth while expressing cautious optimism for the coming quarters. The healthcare sector showed strong performance, with stable growth in domestic formulations. This earnings season has reinforced the importance of selectively positioning within growth-oriented sectors.
Central Apprenticeship Council reconstituted for three years
India's Ministry of Skill Development and Entrepreneurship has reformed the Central Apprenticeship Council, appointing new members for a three-year term. The council, led by Minister Jayant Chaudhary, advises the government on apprenticeship programs and the Apprenticeship Act. The council includes representatives from government, public and private sectors, and industry experts to promote and guide apprenticeship training nationwide.
LCR buffers high at most banks, may dip once new rules kick in
Banks in India have built high liquidity coverage ratio buffers anticipating stricter RBI norms. Most banks exceed the 100% LCR requirement, with private banks holding up to 136%. The new guidelines might reduce LCR by 7-10 percentage points, but public sector banks might need to increase their holdings.
US private hiring surges in October: ADP
Private sector hiring in the US surged to 233,000 in October, surpassing expectations and up from 159,000 in September, according to ADP. Despite economic concerns among households due to inflation, job growth remained strong, with wages rising by 4.6 percent year-over-year. Manufacturing was the only sector to lose jobs.
Airlines should not hike prices beyond a limit, even during rush: CPI's K Narayana to Civil Aviation Minister on exorbitant airfares
Communist Party of India(CPI) National Secretary K Narayana on Tuesday wrote to Union Civil Aviation Minister Ram Mohan Naidu, urging him to rein in "exorbitant" airfares.
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