Growth

AI from India, for India and the World: Shaping future with emerging tech

India poised to lead AI era with skilling focus, policy support, and ethics

Indian pharmaceutical market registers over 6% growth in October 2024

The value growth comes at a time when the IPM has registered a negative volume growth of 1.8 per cent

MUFG bullish on India, seeks M&A deals to drive growth, expand presence

The goal for Japan's largest lender is to push up its buyouts and investment in India

Investors demanded sustainability over rapid growth: GoMechanic's Kakkar

Car services and repair platform GoMechanic's investors sought customer-focused, sustainable growth over rapid growth that helped the troubled startup get back on its feet, Co-Founder Muskan Kakkar said on Wednesday. She was speaking about the brand's revival journey during a panel discussion at the 51st edition of the AIMA National Management Convention here. Founded in 2016, GoMechanic was on the verge of breakdown about a year-and-a-half ago after anomalies were found in its financial records. In March 2023, it was acquired by Servizzy, a subsidiary of the Lifelong Group. A customer-focused approach helped the "sinking ship" bounce back, Kakkar said. "Thanks to our investors -- Lifelong, Hero and Stride Ventures -- who trusted us by saying that they do not need exponential growth in the business, but a business which is more sustainable, a business which can stay there forever," she said. That's how the company has not been going for exponential growth, but is working to make

Balmer Lawrie eyes Rs 6K cr revenue by 2030, to hire consultant for growth

Diversified PSU Balmer Lawrie & Company is aiming at a revenue of Rs 6,000 crore by 2030 and is in the process of engaging a consultant to prepare a comprehensive growth plan, a top official said on Friday. The company, which operates across several business verticals, including grease and lubricants, industrial packaging, logistics and travel and vacations (T&V), has a current revenue of Rs 2,400 crore. "We are targeting a revenue of Rs 6,000 crore by 2030 and looking to appoint a consultant to guide us," Balmer Lawrie CMD Adhip Nath Palchaudhuri said. He also said the key focus areas for growth are travel and vacation, grease and lubricants, logistics, and industrial packaging. Palchaudhuri noted that the T&V vertical has substantial growth potential. "Around 80 per cent of the business lies outside government departments, predominantly in the private sector. We are actively promoting our services to capture a significant share of the leisure travel market," he said. The

Will drive sustainable growth with focused initiatives in FY25: CII K'taka

The Confederation of Indian Industry (CII) Karnataka on Wednesday said it aims to drive sustainable, competitive and inclusive growth through focused initiatives for 2024-25. CII Karnataka will be taking forward the initiatives for the year 2024-25 aligned to the theme Globally Competitive Karnataka Partnerships for Sustainable and Inclusive Growth, its Chairman N Venu said at a press conference here. The focus will be on policy advocacy, thought leadership, inclusiveness, ecosystem competitiveness, growth, sustainability, global linkages, and international partnerships, he said. Collaborating closely with the government, CII Karnataka aims to create an enabling environment for businesses to thrive, Venu said, adding, key areas include technology and innovation, clean and alternative energy, MSME (Micro, Small, & Medium Enterprises) growth, and emerging sectors such as semiconductors, solar and mobile phones (electronic). According to him, CII will continue to work closely with ..

India grappling with 'unfavourable' factors in growth pursuit: CEA

As India tries to grow faster, the country needs to grapple with "unfavourable" factors like slowing globalisation, divisive world politics and the raging issue of climate change, Chief Economic Adviser V Anantha Nageswaran said on Friday. China, which grew at almost double digits between 1980 and 2015, did not have to contend with these factors during its high growth phase, Nageswaran said, addressing a Federation of Automobile Dealers Association (FADA) event here. "When India is now trying to grow, all these three factors have become unfavourable for India. Globalisation is slowing down, global politics is getting divided, and climate change is a raging topic," he said. Between 1980 and 2015, China was blessed with very strong globalisation, global politics not being as divisive and polarising, and the world not being as conflict-ridden, he said. Making it clear that India has "troubled relations" with China, the academic-turned-policymaker CEA asked the auto industry to reflect

Freshers hiring witnesses 5% growth amid improvements in IT sector: Report

The demand for freshers has gone up 5 per cent over the past six months, aided by gradual improvement in the IT sector, according to a report released on Thursday. The highest share of job postings for freshers was witnessed by the IT and staffing industry with over 32 per cent and 12 per cent share of jobs, respectively, dedicated to entry-level professionals, foundit (formerly Monster APAC & ME) report on fresher hiring trends. Additionally, it revealed that the demand for freshers has increased 5 per cent over the last six months. The report is based on an analysis of data on foundit platform from May 2023 to May 2024. It further stated that IT companies -- particularly in the hardware and software sectors -- are showing intent to hire freshers, signalling a shift in hiring strategies in India. This trend is largely driven by ongoing restructuring efforts within the industry, focusing on adopting new technologies, optimising costs, enhancing innovation, and ensuring ...

Private capex expected to pick up with a stable govt at Centre: Anish Shah

The industry expects the continuation of growth-oriented policies in the third term of Prime Minister Narendra Modi-led government and the compulsion of coalition politics will not be a speedbreaker, Mahindra Group CEO and MD Anish Shah said on Tuesday. Apart from the continuation of the growth agenda, the industry expects the government to focus on four key areas - manufacturing for the world; women-led development; farm-led prosperity; and sustainability. In an interview with PTI, Shah said private capex, which has been behind the government capex, is also expected to pick up with the continuation of a stable government at the Centre. "From an industry perspective, stability is positive. What is also positive is the fact that this government has focused more on capex for long-term growth," said Shah, who is also the president of industry chamber FICCI. When asked if the compulsions of coalition politics as BJP did not get a clear majority in the recent general elections, could ..

India's strong growth leading to trend of 'reverse flipping' for startups

India's strong growth is leading to a trend of 'reverse flipping' as domestic startups that once used to move abroad for capital access and tax benefits are now returning home, a top government official has said. Commerce Secretary Sunil Barthwal also said that the digital economy along with emerging technologies like AI and the rise of data centres were key to future Indian growth. He was speaking at an event in Singapore organised by the commerce ministry to showcase various investment opportunities in India. It was organised on the sidelines of the inaugural Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum in Singapore. Barthwal stressed how India's growth rate is nearly double that of other emerging market economies. "He remarked on how this strong growth is also leading to a trend of 'reverse flipping', where Indian startups that once moved abroad for capital access and tax benefits are now returning home," the ministry said in a statement on

Rupee to hold above $83.50; awaits RBI policy, US non-farm payroll report

Non-deliverable forwards indicate rupee will mostly be flat from 83.4725 in the previous session

FY24 GDP growth of 8.2% is great news for India: Arvind Panagariya

The 16th Finance Commission chairman Arvind Panagariya on Friday said GDP growth at 8.2 per cent for 2023-24 is a "great news for India". "As predicted, the GDP growth rate for 2023-24 crossed the 8% mark and lands at a comfortable 8.2%. Great news for India!!," Panagariya said in a post on X. According to the National Statistical Office (NSO) data released on Friday, India's economy grew at a four-quarter low of 7.8 per cent in the March quarter. The economy grew 8.2 per cent in the June quarter, 8.1 per cent in the September quarter, and 8.6 per cent in the December quarter. The GDP expanded at 8.2 per cent in 2023-24 fiscal, higher than 7 per cent recorded in 2022-23. ICRA Chief Economist Aditi Nayar said the sequential slowdown in GDP growth was driven by investment activity, even as private consumption maintained a bland 4 per cent rise and government consumption expenditure turned around to a mild growth from a contraction. "With transient factors likely to dampen growth in

Indian hospitality sector witnesses 11.4% growth in RevPAR in Q1 2024: JLL

Increase in corporate travel, weddings, and Meetings, Incentives, Conferences, and Exhibitions (MICE) demand at the end of FY24 have contributed to this strong performance of the sector

ICRA forecasts moderate growth for tyre sector in FY25 as input costs rises

The report cites healthy demand from OEMs in the passenger vehicle (PV) and two-wheeler (2W) segments, along with replacement demand, as the primary drivers of domestic growth

Flexi staffing industry grows 3.6% in December quarter of FY24: Report

The staffing industry grew 3.6 per cent in October-December 2023 as compared to the previous quarter, the Indian Staffing Federation (ISF) said on Monday. ISF, the apex industry body representing manpower outsourcing industry, released the Flexi Staffing Industry Employment growth report for Q3 FY2024 (October-December 2023). The staffing industry witnessed a 3.6 per cent growth in December quarter FY24 in comparison to July-September period, recording a robust demand for flexi (contract) workforce, ISF said in a statement. The staffing industry grew at 16.4 per cent year-on-year in the period January-December 2023. The rise in employment was particularly notable in key sectors such as e-commerce, retail, FMCG, logistics, manufacturing, hospitality, tourism, aviation, energy etc, it stated. The report highlighted that as of December 2023, the total formal flexi workforce employed by members of ISF reached 1.62 million. The reported figures for new flexi jobs by ISF represent the

71 Indian companies on FT's Asia Pacific top 500 high-growth list

Indian companies top the list, with Zypp Electric at number one and BigHaat at number two

FY24 GDP growth to be closer to 8% on higher activity in industry: CEA

India's real GDP growth in FY24 will be "closer" to 8 per cent on higher activity in industry and services verticals, Chief Economic Advisor V Anantha Nageswaran said on Tuesday. Addressing a conference organised by ARIA (Association of Registered Investment Advisors) virtually, Nageswaran said the growth will be higher than the Ministry of Statistics' estimate of 7.6 per cent, and added that there is much reason to be optimistic in the near term about the prospects in India. "...unless the Q4 GDP numbers fall very significantly from the momentum that we have seen in the first three quarters, the GDP will be closer to 8 per cent rather than 7.6 per cent as the Ministry of Statistics is currently estimating," Nageswaran said. However, he stressed on the need to put heads down and work towards the goal without "succumbing to triumphalism and exuberance". "As a country, we should realize that we are in it for the longer haul, not for the short term," he said, adding that the ...

Sustained momentum

Private consumption remains a weak spot

Expectations of fresh round of private capex to fuel growth: RBI Bulletin

The Indian economy continues to sustain the momentum achieved in the first half of 2023-24 and expectations of a fresh round of capex by the corporate sector is likely to fuel the next leg of growth, the Reserve Bank Bulletin said on Tuesday. "The likelihood of the global economy exhibiting stronger than expected growth in 2024 has brightened in recent months, with risks broadly balanced," said an article on 'State of the Economy' published in the bulletin. It further said the Indian economy continues to sustain the momentum achieved in the first half of 2023-24, going by high frequency indicators. "Expectations of a fresh round of capex by the corporate sector is likely to fuel the next leg of growth," said the article authored by a team led by RBI Deputy Governor Michael Debabrata Patra. The central bank has projected the GDP growth for 2024-25 at 7 per cent. On inflation, it said consumer price inflation came off its November-December spikes in its January 2024 reading, while c

Meghalaya needs to sustain 11.5% GSDP growth to become $10 bn economy: CM

Meghalaya Chief Minister Conrad K Sangma on Saturday asserted that the state needs to sustain 11.5 per cent annual GSDP growth to achieve the ambitious target of becoming a USD 10 billion economy by 2028. Addressing a gathering after laying the foundation of a Rs 100 cr bulk water supply project at Ballonggre in West Garo Hill district, Sangma said that the state is at present a Rs 45,000 crore economy and that needs to be improved. "It is a herculean task but the state government has charted out a roadmap to achieve the target," he said. The CM asserted that his government has a vision for the state and investments are being made to build better and sustainable infrastructure, create jobs through entrepreneurship and adopt innovative policies and programmes to increase farmers' income. He said a thrust has been laid on improving rural economy by focusing on enterprises that will leverage the potential of the rich natural resources of the state. He asserted that Meghalaya has won