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Mumbai: India is on track to becoming the <keyword id="20432305" type="General" weightage="20" keywordseo="third-largest-economy" source="keywords">third-largest economy</keyword> by 2030-31, driven by a projected annual growth rate of 6.7 per cent this fiscal, <keyword id="19990557" type="General" weightage="20" keywordseo="SP-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P Global" meta.hostid="153" meta.entityid="S&amp;P Global">S&amp;P Global</keyword> said in a report on Thursday. The report also said that with 8.2 per cent growth rate in FY2024, continued reforms are crucial to improving business transactions and logistics, boosting <keyword id="20423043" type="General" weightage="20" keywordseo="private-sector-investment" source="keywords">private sector investment</keyword>, and reducing reliance on public capital. It said equity markets are expected to stay dynamic and competitive due to strong growth prospects and better regulation, and foreign inflows into Indian government bonds have surged since the country joined major emerging market indexes, with further growth anticipated. To maximize trade benefits, India must develop infrastructure and geopolitical strategies, particularly regarding its extensive coastline, said the first edition of 'India Forward: Emerging Perspectives' report. Nearly 90 per cent of India's trade is seaborne, necessitating robust port infrastructure to manage increasing exports and bulk commodity imports, it added. Noting that India faces rising domestic energy demands and can look to sustainable technologies, including renewables and low-emission fuels, balancing energy security with its energy transition plans, the report stated that agriculture will rely on advanced technologies and new policies to improve infrastructure and productivity. The need is to address critical infrastructure issues such as irrigation, storage, and supply distribution to ensure food security and economic stability, it added. The <keyword id="23234467" type="General" weightage="20" keywordseo="sp-global-india-research" source="keywords">S&amp;P Global India Research</keyword> Chapter's inaugural study was launched here on Thursday.

India on track to becoming third-largest economy by FY31: S&P Global report

The pre-budget <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> highlights the need for measures to boost <keyword id="19973896" type="General" weightage="20" keywordseo="talent" source="keywords">talent</keyword> and <keyword id="19959621" type="General" weightage="20" keywordseo="productivity" source="keywords">productivity</keyword> through <keyword id="19974189" type="General" weightage="20" keywordseo="private-sector" source="keywords">private sector</keyword> investment, experts said on Monday. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> tabled the Economic Survey for 2023-24 in Parliament. Rumki Majumdar, Economist, <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword> said the Survey has highlighted measures to boost talent and productivity through private sector investment in <keyword id="20077463" type="General" weightage="20" keywordseo="skills" source="keywords">skills</keyword> (in addition to what the government is initiating), physical and digital connectivity and building state capacity and capabilities. She said <keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword>, agriculture, education and <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, and upskilling as key pillars for uplifting the masses through jobs, income and skills. Aditi Nayar, Chief Economist and Head - Research &amp; Outreach, ICRA said the Survey stresses that in the medium term, growth needs to be supported by the private corporate sector as well as the state governments. On inflation, she said that "managing inflation is not just the prerogative of the RBI and its MPC, and would require active intervention by the Centre, especially in the arena of food price management. The realisation of both these paradigms is crucial to ensure an optimal growth-inflation mix over the medium term."

Survey highlights need for private investments to boost talent, productivity: Experts

The <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> presented by <keyword id="20426375" type="General" weightage="20" keywordseo="Union-Finance-Minister-Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister Nirmala Sitharaman" meta.hostid="83" meta.entityid="Union Finance Minister Nirmala Sitharaman">Union Finance Minister Nirmala Sitharaman</keyword> has projected a <keyword id="19997196" type="General" weightage="20" keywordseo="growth-rate" source="keywords">growth rate</keyword> of 6.5 per cent and 7 per cent further solidifying <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s strong <keyword id="20018805" type="General" weightage="20" keywordseo="macroeconomic-fundamentals" source="keywords">macroeconomic fundamentals</keyword>, <keyword id="20060150" type="General" weightage="20" keywordseo="CBRE" source="keywords" meta.keywordsubtype="org" meta.entityname="CBRE" meta.hostid="83" meta.entityid="CBRE">CBRE</keyword> Chairman and CEO-India, South-East Asia, Middle East and Africa, <keyword id="20177586" type="General" weightage="20" keywordseo="Anshuman-Magazine" source="keywords" meta.keywordsubtype="org" meta.entityname="Anshuman Magazine" meta.hostid="83" meta.entityid="Anshuman Magazine">Anshuman Magazine</keyword> said on Monday. The country's economic performance in FY'24 surpassed expectations, registering a robust growth rate of 8.2 per cent. "This momentum is noteworthy considering three out of the past four quarters exceeded the 8 per cent growth mark," he said in his reaction to the Economic Survey. <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">Inflation</keyword> is anticipated to moderate around 4.5 per cent and it reflects a 'well-balanced' economic environment, he said. "The survey acknowledges the <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword>, particularly the residential segment, as a significant driver of <keyword id="20018651" type="General" weightage="20" keywordseo="private-investment" source="keywords">private investment</keyword>. The survey emphasizes the importance of continued collaboration between central and state governments, along with the private sector, to sustain this momentum," Magazine said in a statement. India's post-pandemic recovery has been orderly and expansive and it is testament to the underlying resilience of the economy, he said. "Looking ahead to FY'25, several indicators such as robust private consumption, increased bank lending activity and improved corporate capital expenditure indicate towards a good year ahead," he added.

Economic Survey pegs growth at 6.5-7%; solidifying India's strong macroeconomic fundamentals: CBRE

The parents were right, folks; we should have been looking out for a government job, especially if you reside in the startup capital of India. In a move that has left <keyword id="19974189" type="General" weightage="20" keywordseo="private-sector" source="keywords">private sector</keyword> employees green with envy, the <keyword id="19896017" type="General" weightage="20" keywordseo="karnataka" source="keywords">Karnataka</keyword> cabinet on Monday decided to implement the recommendations of the <keyword id="20985744" type="General" weightage="20" keywordseo="Seventh-Pay-Commission" source="keywords" meta.keywordsubtype="org" meta.entityname="Seventh Pay Commission" meta.hostid="261" meta.entityid="Seventh Pay Commission">Seventh Pay Commission</keyword>, resulting in an impressive 27.5% hike in the basic salary of state government employees. <h2><keyword id="20727223" type="General" weightage="20" keywordseo="pay-hike" source="keywords">Pay hike</keyword> like few others</h2>The Chief Minister is expected to make the official announcement in the Legislative Assembly, detailing how over seven lakh state government employees will benefit from this substantial increase starting August 1, as per sources. The Seventh Pay Commission, chaired by former chief secretary K Sudhakar Rao, has recommended this hefty pay rise, which will cost the state exchequer an additional Rs 17,440.15 crore annually. This move comes on the heels of the interim 17% salary hike given by the former Chief Minister Basavaraj Bommai in March 2023, to which the current administration is adding another 10.5%, making the total hike 27.5%. <div type="Article" hostid="261" msid="111663090" title="The latest trick companies could be using to pay workers less" mstype="2" mssubtype="0"></div>The decision for this remarkable pay raise wasn't just an act of benevolence, however. The Karnataka State Government Employees Association had announced plans to go on an indefinite strike starting August, pressuring the Siddaramaiah government to act decisively. With this hike, the state administration aims to not only meet the demands of its employees but also to bolster morale and productivity within its workforce. <h2>Miles above the average</h2>To put this in perspective, let's compare the raise to the private sector. HR research firm Aon's latest survey indicates that while India Inc. is set to offer an average hike of 9.5% in 2024, the manufacturing sector is expected to be the most generous with a 10.1% increase. Financial institutions come close with a 9.9% hike, and Global Capability Centres (GCCs) of multinational firms are likely to offer 9.8%. Even tech product companies, known for their competitive salaries, are projected to give an average hike of 9.5%. Yet, all these figures pale in comparison to the Karnataka government's increment. <h2><keyword id="21315567" type="General" weightage="20" keywordseo="employee-retention" source="keywords">Employee retention</keyword></h2>As private companies grapple with attrition rates that have almost reached pre-pandemic levels, the Karnataka government's move could be seen as a strategic effort to attract and retain talent. Aon's study shows that attrition in 2023 was 18.7%, a decrease from over 21% in 2021 and 2022. By offering a significant pay hike, the Karnataka government is positioning itself as an attractive employer in a competitive <keyword id="19916569" type="General" weightage="20" keywordseo="job-market" source="keywords">job market</keyword>. <div type="Article" hostid="261" msid="111115782" title="Flexibility, salary key jobseeker parameters for new roles in India: Report" mstype="2" mssubtype="0"></div>However, even if you look at salary increments across Asia Pacific countries, India's expected average hike of 9.5% is significantly higher than its neighbours. Bangladesh follows at 7.3%, China at 5.7%, and Japan at a modest 3.6%. Karnataka's 27.5% hike, therefore, is not just a national highlight but an extraordinary figure in the broader regional context. In an era where private sector employees are often seen as the beneficiaries of generous pay hikes, Karnataka's state government has flipped the script. With this 27.5% salary hike, the allure of a government job in Karnataka has never been stronger.

Time for a govt job? Karnataka announces impressive 27% pay hike for state employees

<ul class="summary-list"><li>Sen. Kyrsten Sinema said she wants to work in the private sector once she leaves the Senate.</li><li>She described herself as "fairly libertarian" and agreed that Democrats are "anti-capitalist."</li></ul>Sen. Kyrsten Sinema, the Democratic-turned-independent senator from Arizona, says she's looking forward to a career in the private sector after she <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-retiring-arizona-senate-ruben-gallego-kari-lake-2024-3">leaves the Senate</a> in a few months.During a panel at "The All In Summit" earlier this month, a <a target="_blank" class="" href="https://www.youtube.com/watch?v=WSKMg5yWFdg">recording</a> of which was released on Tuesday, Sinema described the private sector as a source of innovation and progress at a time when Washington is increasingly faced with partisan gridlock."I'm really excited about what's happening in the private sector right now," Sinema said. "I mean, we've got industries in this country that are really pushing the edge on what's going to ensure that we're globally competitive and innovative for the future, and I'm really excited about it."She said that will remain the case "regardless of what's happening in government" and that lawmakers are "not interested in solving problems, they're just interested in TikTok.""There's a real opportunity to move our country forward, despite the gridlock in government, through private industry, and that's where I want to work," she said. Jason Calacanis, one of the cohosts of the "All-In" podcast, then asked Sinema why Democrats are "so anti-capitalist."" I don't understand because that's where the money comes from," she said. "I'm fairly libertarian, you know, just at my base. Most Arizonans are.""I struggle with the idea of wanting to eliminate the private industry, because that is where the ideas come from," Sinema said. "That's where the innovation comes from, and that's where the money comes from to fund the social programs that are important to protect the vulnerable in our country."During Sinema's tenure in the Senate, she has confounded Democrats with her refusal to support aspects of President Joe Biden's agenda, including the original "Build Back Better" social spending and climate bill that the party tried to pass in 2021.She also opposed the weakening of the "filibuster," a Senate rule that requires 60 votes to advance most legislation — thus requiring GOP support. At the same time, the Arizona senator played a pivotal role in the passage of the Bipartisan Infrastructure Law and the Respect for Marriage Act.Sinema <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-independent-2024-primary-democrats-senate-control-2022-12">left the Democratic Party</a> in December 2022 ahead of what seemed to be a likely reelection campaign. But over a year later, she <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-retiring-arizona-senate-ruben-gallego-kari-lake-2024-3">opted to retire</a> from the Senate amid what was shaping up to be a difficult three-way race between her, Democratic Rep. Ruben Gallego, and Republican candidate Kari Lake.This isn't the first time Sinema's made allusions to a <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-arizona-retiring-do-anything-revolving-door-2024-3">cushier post-Senate career</a>.According to a <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-reelection-serve-any-board-mitt-romney-book-2023-10">biography of Sen. Mitt Romney</a>, the Arizona senator once mused that she could "go on any board I want to" or "be a college president" after she leaves the Senate, arguing that she "saved the Senate" by opposing the weakening of the filibuster.

Kyrsten Sinema says she's 'fairly libertarian' and wants to work in the private sector after leaving the Senate: 'That's where the money comes from'

<ul class="summary-list"><li>Russia will resume public sector layoffs, affecting up to at least 40,000 workers, per Kommersant.</li><li>Layoffs were paused due to COVID-19 and Russia's invasion of Ukraine.</li></ul>Russia is expected to lay off at least 40,000 government officials next year, according to a report by the Russian <a target="_blank" class="" href="https://www.kommersant.ru/doc/7296193?tg">Kommersant</a> newspaper.Russian President Vladimir Putin last month<a target="_blank" class="" href="http://publication.pravo.gov.ru/document/0001202410290050?index=1"> ordered regional branches of federal government agencies to cut staff by 10%</a> by July, per the publication.The layoffs were believed to be planned for much earlier but were put on hold for several years due to Russia's invasion of Ukraine and the COVID-19 pandemic.According to Kommersant, the cuts are designed to make the civil service more efficient and raise the salaries of existing staff.Russia's official wage statistics, published in January, showed wages in the private sector rose by 8% to 20% last year.The cuts would also allow more people to enter Russia's labor market which is experiencing a widespread shortage of workers amid Russia's invasion of Ukraine.According to an estimate from the Russian Academy of Science's Institute of Economics, Russia was short a record 5 million workers at the end of 2023.Workers have been <a target="_blank" href="https://www.businessinsider.com/russia-raises-mobilization-age-some-reservists-can-be-called-70-2023-7">pulled into the </a>Ukraine war or <a target="_blank" href="https://www.businessinsider.com/number-of-russians-fleeing-draft-bigger-1st-invasion-force-uk-2022-9">forced to flee</a> after Putin enacted a major mobilization to increase wartime recruitment.Russia has turned to <a target="_blank" href="https://www.businessinsider.com/russia-making-labor-crisis-worse-sending-workers-to-war-ukraine-2023-11">migrant</a> and <a target="_blank" href="https://www.businessinsider.com/russian-economy-worker-shortage-prison-labor-ukraine-war-putin-kremlin-2023-10">prison labor</a> to supplement its workforce, but those aren't sustainable solutions to its population problem, according to a <a target="_blank" href="https://www.businessinsider.com/russia-economy-population-decline-worker-shortage-growth-outlook-ukraine-war-2024-8">report</a> by Harley Balzer, a professor emeritus at Georgetown University.Last year, Russian Central Bank Governor Elvira Nabiullina warned that continued <a target="_blank" href="https://www.reuters.com/markets/europe/russias-depleted-workforce-threatening-economic-growth-says-central-bank-2023-11-09/">workforce depletion</a> would threaten Russian economic growth.However, so far, Russia's economy has <a target="_blank" href="https://www.businessinsider.com/russia-economy-outlook-defense-budget-spending-ukraine-war-putin-sanctions-2024-10">held up</a><a target="_blank" href="https://www.businessinsider.com/russia-economy-ukraine-war-moscow-military-spending-inflation-worker-shortage-2024-2"> partly because of its war spending</a>, which has boosted growth despite soaring <a target="_blank" href="https://www.businessinsider.com/russia-economy-outlook-stagflation-recession-inflation-gdp-growth-ukraine-war-2024-9">inflation</a> and <a target="_blank" href="https://www.businessinsider.com/russian-central-bank-raises-key-interest-rate-to-21-2024-10">high interest rates</a>.Inflation<a target="_blank" href="https://www.cbr.ru/eng/press/keypr/"> hit 9.8%</a> in September, and potatoes, which are a staple of Russian diets, saw a<a target="_blank" href="https://rosstat.gov.ru/storage/mediabank/172_08-11-2024.html"> 64% increase in price</a> this year.Russia is expected to spend <a target="_blank" href="https://www.businessinsider.com/russias-defense-sector-on-overdrive-but-firms-warn-of-collapse-2024-11">$140 billion on its defense industry in 2024</a> and up to $145 billion in 2025, or 6.3% of its GDP.

Under strain from war, Russia plans a massive layoff in its public sector: report

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19938893" type="General" weightage="20" keywordseo="defence-exports" source="keywords">defence exports</keyword> have surged from Rs 15 billion in 2017 to Rs 210 billion in 2024, registering a CAGR of 46 per cent, highlighted a report on 'Defence Conference 3.0' by Antique Stock Broking. The report stated that the <keyword id="20861069" type="General" weightage="20" keywordseo="global-shift" source="keywords">global shift</keyword> towards a China+1 strategy and the impact of the <keyword id="20016971" type="General" weightage="20" keywordseo="Russia-Ukraine-war" source="keywords">Russia-Ukraine war</keyword> offer India additional opportunities to fill supply chain gaps, potentially boosting its share in the <keyword id="23046732" type="General" weightage="20" keywordseo="global-defence-industry" source="keywords">global defence industry</keyword>. The report noted that the country's long-term goal is to become a global defence manufacturing hub is driven by Defence Public Sector Undertakings (DPSUs), private enterprises, start-ups, and MSMEs. "Indian defence exports have grown multi-fold from INR 15 bn in 2017 to INR 210 bn in 2024 at a CAGR of 46%. The China + 1 strategy and the Russia-Ukraine war provides an additional opportunity for India to fill the gap created in the supply chain and hence increase its contribution to the global defence industry," the report read. The report added that to achieve this target a well-developed domestic ecosystem is crucial as lower import content in products accelerates approvals by reducing international conflicts. The report added that the Ministry of Defence has taken key initiatives to attract Indian private players and global Original Equipment Manufacturers (OEMs) include establishing aerospace parks and defence corridors, fast-tracking project approvals, and enhancing development and testing facilities. Highlighting the potential in India's Maintenance, Repair, and Overhaul (MRO) segment the report explained that it holds a significant potential for global aerospace companies due to its technical expertise and cost-competitive solutions. "India provides a huge opportunity in the <keyword id="23046733" type="General" weightage="20" keywordseo="MRO-segment" source="keywords">MRO segment</keyword> for global aerospace leaders given the expertise the country provides as well as the cost efficiency solutions compared to its global competitors" the report added. India aims to increase domestic defence turnover to Rs 3 lac crore by 2029, Rs 500 billion targeted for exports. This growth will help reduce the Government of India's import bill as India remains the world's largest importer of defence equipment. Under the Atmanirbhar Bharat initiative of the government, 75 per cent of the defence capital outlay is now reserved for domestic players, up from 49 per cent in FY21. Given the geopolitical challenges and modernisation needs of its Armed Forces, the report added that India plans to invest Rs 8.3 lac crore in domestic procurement, offering substantial business opportunities for local companies. "India intends to place orders worth INR 8.3 trn through domestic procurement and thus it presents a massive business opportunity for local players" it added. As per the Ministry of Defence, India's defence manufacturing sector has witnessed an increase of 16.8 per cent in the fiscal year 2023-24. This significant increase marks the highest-ever growth in the country's defence production value. The total value of defence production reached Rs 1,26,887 crore this year, up from the previous year's figures.

You Searched For "Private sector" and got 7 results

India on track to becoming third-largest economy by FY31: S&P Global report

PTI

Survey highlights need for private investments to boost talent, productivity: Experts

PTI

Economic Survey pegs growth at 6.5-7%; solidifying India's strong macroeconomic fundamentals: CBRE

PTI

Time for a govt job? Karnataka announces impressive 27% pay hike for state employees

Ankush Banerjee

Kyrsten Sinema says she's 'fairly libertarian' and wants to work in the private sector after leaving the Senate: 'That's where the money comes from'

Bryan Metzger

Under strain from war, Russia plans a massive layoff in its public sector: report

Hannah Abraham

India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

ANI

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