The slowdown has returned, but this time things are different. Suryavanshi is sitting on two job offers, wondering which to zero in on.
Union Home Minister P Chidambaram on Saturday said India is not facing recession but only a slowdown.
'We're putting a lot of focus on GenAI developers and people who can really do all the architecture and programming.'
'What happens in the real estate market is that once the prices go up it goes on to stay at that level.' 'It might not increase and at the same time the prices will not come down too.'
India's gold demand rose 8 per cent annually to 136.6 tonne in the March quarter helped by a strong economic environment despite prices touching historic highs, according to the World Gold Council. The aggressive gold buying by the Reserve Bank of India (RBI) also contributed to the rise in demand. India's gold demand in value terms rose 20 per cent on an annual basis to Rs 75,470 crore during the January-March period of this year on volume growth as well as a rise in quarterly average prices by 11 per cent.
The Paris-based Organization for Economic Cooperation and Development (OECD) said its composite leading indicators (CLIs) "for November 2008 point to deep slowdowns in the major seven economies and in major non-OECD member economies, particularly China, India".
These stores will find it difficult to survive the pressures of the slowdown because the margins in their category of business are the lowest among all retail formats, said Anand Raghuraman, partner & director, The Boston Consulting Group.
Home Minister P Chidambaram on Monday expressed confidence that the economy would register a very satisfactory growth, although there may be a temporary slowdown.
"India and China are the two countries which have showed growth," he said in Ahmedabad. "India has high positive growth and it is faced not with recession but a slowdown," he added.
The slowdown fear, as substantiated by various parameters like the HSBC Purchasing Managers' Index as well as the Index of Industrial Production, has gripped large companies but the smaller entities still seem hopeful of excellent growth. At least, tax collection figures show this trend.
India decisively withstood global headwinds in 2023 and is likely to remain as the world's fastest-growing major economy on the back of growing demand, moderate inflation, stable interest rate regime and robust foreign exchange reserves. Despite widespread pessimism witnessed among the developed nations and the worsening geopolitical situation, India recorded a gross domestic product (GDP) expansion of 6.1 per cent in the March quarter. The growth moved up to 7.8 per cent in the June quarter and was 7.6 per cent in the September quarter. For the first six months of this fiscal, the growth was 7.7 per cent.
Mukesh Ambani, who is in talks with Saudi Arabian oil giant Aramco to sell one-fifth of his oil-to-chemicals business in India for $ 15 billion, said the two countries have all factors to drive growth - technology, young demography, and leadership.
Compensation package for CEOs has hit Rs 20 crore excluding stock options. It was Rs 10 crore 4-5 years ago.
Food delivery major Swiggy has received approval from its shareholders for a $1.25 billion initial public offering (IPO), according to filings made with the Registrar of Companies sourced by Tofler. The Bengaluru-based firm plans to raise as much as Rs 3,750 crore (around $450 million) via a fresh issue and up to Rs 6,664 crore (around $800 million) through an offer-for-sale (OFS) component, the filings stated.
Led by Ola Electric, which registered an industry record of 53,186 vehicles in March, electric two-wheeler (e2W) penetration hit a record at 8.91 per cent - the highest ever for a month (based on Vahan data).
Consumer sentiments have been dampened due to several factors like tight liquidity, high insurance, and high costs
The fall in investment rate is not surprising. But putting it together with rising share of wages in GVA, it shows that the focus is more on productivity, rather than adding new capacity, says Pronab Sen, former chief statistician of India.
Zee Entertainment on Friday said it has "pruned" its Technology and Innovation Centre (TIC) by about 50 per cent following the guidance of a special committee, which had conducted a critical assessment of its several business verticals. The MD & CEO has pruned TIC staff strength by 50 per cent to achieve a cost-effective structure, a Bengaluru-based business vertical of the company that offers technology solutions, Zee Entertainment Enterprises Ltd (ZEEL) said in an official statement.
'I see the current slowdown more as a corrective measure. The students have started dictating which companies should come to campus. This slowdown will help in making the students less arrogant,' says J K Mitra, dean, Faculty of Management Studies.
Indian auto component industry is expecting a slowdown in growth to 12-15 per cent in 2011-12 from over 34 per cent in the previous fiscal, Automotive Component Manufacturers Association of India said on Tuesday.
Quantitative easing and money printing is going to cause the world some problems.
Addressing shareholders of group firm Tata Motors in the Annual Report for 2010-11, Tata said: "Inflation is indeed a lurking enemy of healthy growth and needs to be controlled."
India's exports contracted by 22 per cent, the steepest decline in the last three years, to $32.97 billion in June on account of global demand slowdown, especially in the Western markets like the US and Europe. According to the data of the commerce ministry, the trade deficit in June stood at $20.3 billion against $22.07 billion in the same month last year due to a fall in exports and imports. The inbound shipments during the month under review declined by a steep 17.48 per cent to $53.10 billion.
While there are few pointers to be gained from the monthly releases, the fact that the June numbers have been noticeably better than the May ones does suggest that the bottom of the trough may have been tested. The numbers may remain at or close to these levels over the coming months, but they are unlikely to get worse.
Dismissing fears of a slowdown, Finance Minister Pranab Mukherjee on Monday said India's growth drivers are intact and the Centre is committed to policy reforms.
Tata Consultancy Services (TCS), India's largest IT services firm, is planning to increase salaries by an average of 7-8 per cent for its offsite employees and 2-4 per cent for its onsite staffers in 2024-25. High performers can expect a raise of 12-15 per cent. The company, which had a headcount of 603,305 as of December 31, 2023, will be closely looking at the promotions and the process may also get pushed to the first quarter of FY25, revealed a source on condition of anonymity, because he is not authorised to speak to the media.
Markets such as Bengaluru and Chennai, which had managed to escape the impact of real estate slowdown so far, appear to be giving in now.
Naina Lal Kidwai, group general manager and country head for HSBC India, does not seem to be too perturbed about the slowdown or the rising delinquency levels.
Market leader Maruti Suzuki India's passenger vehicles sales declined by 2.34 per cent last month at 133,702 units. Hero MotoCorp reported total two-wheeler sales of 480,196 units last month, down 20.05 per cent.
India's third largest IT company HCL Technologies on Friday reported a flat year-on-year growth in net profit in the March quarter at Rs 3,986 crore. However, the company posted an 8.4 per cent decline in net profit on a sequential basis, amid rising employee cost and tightening IT spends around the world. The company described the performance as "decent" in view of the global macroeconomic conditions.
US recession is likely to help Indian economy as it wil attract more global investments, said Commerce and Industry Minister Kamal Nath.
In a recent note, the global brokerage firm said India now commands a weight of 19 per cent in the above-mentioned portfolio as compared to 18.2 per cent in September 2023. India, it said, is a large liquid market and remains a counter-weight to North Asia if a slowdown in the West occurs and China's recovery disappoints.
He urged China to bolster the flow of its tourists to the Maldives.
Analyst are cautious about the performance of IT services sector from January to March quarter (Q4) of FY24 and the first half (H1) of FY25. While the Bloomberg consensus on revenue implies the market is expecting 2-3 per cent growth on a quarter-on-quarter (Q-o-Q) basis for the IT majors through FY25, the H1FY25 is likely to see even flatter returns, and Q4FY24 is likely to be poor. There is likely to be some recovery in the second half (H2FY25) but even so, there's a chance that the market will be overall disappointed.
Although the third quarter of financial year (2023-2024) FY24 (Q3FY24) was marginally below expectations, Info Edge (India) is witnessing strong investment trends and hitting new highs. The big driver is optimism about a pickup in the jobs market, which benefits Naukri.com and could mean upgrades in Q4FY24 expectations. The JobSpeak Index, which Naukri.com releases on a monthly basis, is showing a "transformative shift".
'Unless the economy is sound in the country how can only three movies collected so much business in a single day?'
Genset manufacturer Cummins India has seen its share price rise by 45 per cent in the past three months. The management has reaffirmed that growth would be in double digits over the coming two fiscal years. Growth is expected to be driven by a pickup in domestic infrastructure spending.
'We do not see people getting reduced, but because of automation, we will do more work.'
Indian IT companies are undeterred by talks of a US slowdown.
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