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<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword> [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], March 11 (ANI): Global rating agency Moody's expects India's economic growth in 2024-25 growth above that of other emerging market G20 peers, given its domestic demand managed to sustain momentum. India's real GDP growth accelerated to 8.4 per cent year over year in the October-December quarter of 2023, up from upwardly revised prints of 8.1 per cent in July-September and 8.2 per cent in April-June. The global rating agency Moody's attributed India's firm growth primarily to solid capital expenditure, defying private consumption which remained "sluggish" amid still-weak rural demand. On the supply side, an 11.6 per cent surge in manufacturing output and strong service sector activity more than offset a decline in agricultural output in India, it said. Even so, it said high-frequency indicators, including expanding <keyword id="20905252" type="General" weightage="20" keywordseo="purchasing-managers" source="keywords">Purchasing Managers</keyword>' Index (PMI), rising auto sales, consumer optimism and double-digit credit growth, suggest that the economy's strong October-December momentum carried into January-March this year. "Some of the large emerging market (EMs) countries stood out in 2023 for their resilient economies amid high-interest rates, exchange rate volatility, subdued capital flows and muted external demand. This year, we expect growth to slow across several major EMs as the economies transition to a post-pandemic steady growth path," Moody's said in its Macro Monday report, chaptered 'G-20 emerging markets are poised for growth stabilization'. In its recently published <keyword id="20905253" type="General" weightage="20" keywordseo="global-macro-outlook" source="keywords">Global Macro Outlook</keyword>, it forecasted G20 emerging market growth to stabilize around 4.0 per cent in 2024 and 2025, down from 4.7 per cent in 2023 as global monetary policy gradually normalises. On an annual basis, domestic demand was the primary engine of growth in several G20 emerging markets. "We believe growth cycles in India and Indonesia are at their peak, Brazil and Mexico are likely past their peak, and <keyword id="19899437" type="General" weightage="20" keywordseo="south-africa" source="keywords">South Africa</keyword>'s growth has likely troughed. Nevertheless, we expect relatively stable growth at close to potential in 2024 and 2025 for most G-20 EMs." On the policy side, the rating agency expects continuity after the general election in April-May and continued focus on infrastructure development. It forecasts India's real GDP to grow about 6.8 per cent in 2024 and 6.4 per cent in 2025, from 7.7 per cent in 2023. India's GDP grew at a massive 8.4 per cent during the October-December quarter of the current financial year 2023-24 and the country continued to remain the fastest-growing major economy. The Indian economy grew 7.8 per cent and 7.6 per cent during the preceding two quarters - April-June and July-September. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, respectively. In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), India's finance ministry recently asserted. (ANI)

Domestic demand to keep India's growth above other G20 emerging markets: Moody's

<ul class="summary-list"><li>Laurie and Rich Ramelow were scammed out of $63,000 while buying a home in Texas.</li><li>A fraudster impersonated their escrow officer near the end of the buying process.</li></ul>Earlier this year, Laurie and Rich Ramelow decided to leave California and move to Texas to be closer to their daughter. Laurie, a former real-estate agent, and Rich, a project manager for a telecommunications company, found a 1,901-square-foot, four-bedroom home in San Antonio that seemed perfect. After their offer was accepted, they were sent instructions on a Friday in April to wire the escrow money. The following Monday, they heard from the escrow officer asking them to send the money they'd already sent. "She called and said, 'Where's the money?" Laurie, 55, told Business Insider. "I said, 'What?'" The Ramelows were <a target="_blank" class="" href="https://www.businessinsider.com/millennials-lost-down-payment-to-real-estate-wire-fraud-scam-2024-7">victims of a scam</a>. <a target="_blank" class="" href="https://www.businessinsider.com/millennial-buying-home-got-scammed-by-real-estate-wire-fraud-2024-3">A fraudster had impersonated</a> the Ramelows' escrow officer and swindled about $63,000 from them. "The timing was right, and the fraudster knew the address and all the parties involved," Laurie said. The Ramelows still ended up closing on the house in San Antonio, but it cost them a chunk of their future. <h2>They felt rushed to finish the deal when they didn't have to</h2>Prior to being scammed, the Ramelows were living in a house in Simi Valley, California, a city near Los Angeles, and weren't in a serious rush to buy their new home. The California home — also four bedrooms and just over 1,900 square feet — was their primary residence for over 30 years after they purchased it from Rich's parents. That buying process was a lot different. "It wasn't escrow with all these parties and everything transpiring," Rich, 55, told BI. "It was a quick and easy process with escrow because it was among family." The San Antonio purchase was, essentially, the Ramelows' first time buying a house on their own. They received wiring instructions — <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-score/wire-fraud">having never wired money before</a> — and noticed a certain urgency from the other side. But they kept going. <div type="image" title="San Antonio skyline" height="339" width="508" msid="112633835" hostid="261"></div>"There was an urgency to get escrow closed that day, which, for us, didn't really matter," Rich said. "We were buying it while we still had our house in California, so we shouldn't have fallen for being pressured into it. We should have just slowed down and taken our time." "We were just trying to go with the flow and we didn't want to be the ones holding up escrow," Rich added. Even Laurie, who was a real-estate agent until 2017, was unfamiliar with the escrow process. "I wasn't involved so much with escrow — escrow handled all that," she said. "I made sure they walked clients through and I never had that experience." Laurie had noticed a few grammatical errors in the email containing the fraudulent wiring instructions, but since she hadn't communicated much with the escrow officer beforehand, she chalked them up to harmless mistakes. <h2>The Ramelows' story follows a common pattern</h2>Lisa Plaggemier, the executive director at the National Cybersecurity Alliance, a nonprofit organization that advocates cybersecurity awareness and education, said the Ramelows' case followed <a target="_blank" class="" href="https://www.businessinsider.com/land-fraud-home-title-theft-prevention-tips-2023-9">a pattern she's seen before</a>. "The telltale signs of the language being a little bit off and that sense of urgency," Plaggemier told BI. "Those are two consistent things that we see very often." Small mistakes that can sometimes be telltale signs of a scam — like a missing letter in a word — went unnoticed. "I think that a lot of banks train their frontline staff to look for things like this," Plaggemier said. "It sounds like obviously there was a missed opportunity there," she added. <div type="image" title="A man and woman taking a selfie." height="1024" width="768" msid="112633837" hostid="261"></div><h2>The Ramelows had to liquidate retirement accounts to revive the deal</h2>The Ramelows still wanted to be closer to their daughter, so the sale continued, but they had to <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-wire-fraud-scam-cost-homebuyer-life-savings-2024-3">sacrifice accumulated wealth</a>. "It was pretty devastating," Rich said. "We had to liquidate some funds from IRAs from retirement. It did have to cost penalties and that sort of thing, but we didn't want it to drastically fall through so we could still move on." Laurie and Rich weren't the only ones affected by the scam. Laurie's parents had contributed $20,000 to the $63,000 that was lost. They were able to retrieve that $20,000, save for a couple thousand dollars. The Ramelows, however, are still waiting to recover their money. They're working with <a target="_blank" class="" href="https://www.certifid.com/">wire-fraud-protection company CertifID</a> and the Secret Service to recover the funds, but their window is closing. "Usually the 90 to 120 days is when they would release funds back," Rich said. "We're still hoping, we're hopeful, but we understand, and we've learned our lesson." Correction: August 20, 2024 — An earlier version of this story included the name of a bank the wire-fraud scammer mentioned in their email to the Ramelows. It has been removed because Business Insider was unable to verify the bank’s involvement in the fraudulent wire transfer. A statement from a spokesperson for the bank was also removed.

A former real-estate agent and her husband had to dip into retirement savings to buy a house after being scammed out of $63,000

<ul class="summary-list"><li>Steve Schwarzman, Blackstone's cofounder and CEO, is estimated to be worth $57 billion.</li><li>Schwarzman has called Blackstone his family office, but he has another family office, BI has learned.</li></ul>In his book, <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-best-career-lessons-2019-9">"What It Takes,"</a> Steve Schwarzman recalls being on the verge of graduating from college in 1969 with little sense of what he might do next.A member of Yale's famed <a target="_blank" class="" href="https://www.businessinsider.com/most-powerful-members-yale-skull-and-bones-2017-3">secret society Skull and Bones</a>, Schwarzman wrote to one of its most prestigious alumni,<a target="_blank" class="" href="https://www.businessinsider.com/the-bushes--a-wall-street-dynasty-2012-11"> Averell Harriman</a>, for advice. The heir of a railroad baron, Harriman had parlayed his family's wealth into the investment bank Brown Brothers Harriman before embarking on a political career that included roles as the governor of New York, the secretary of commerce under President Harry Truman, and America's lead negotiator in the <a target="_blank" class="" href="https://www.businessinsider.com/tet-offensive-us-victory-but-turned-americans-against-vietnam-war-2021-1">Vietnam War</a> peace talks.Over lunch at Harriman's Upper East Side mansion in Manhattan, the two men discussed a career in politics for Schwarzman before Harriman asked his guest whether he was "independently wealthy.""That will make a great difference in your life," Harriman told Schwarzman, the <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzmans-life-2015-10">middle-class son of a Philadelphia dry-goods-store owner</a>. "I advise you, if you have an interest in politics whatsoever, to go out and make as much money as you can."Schwarzman, 77, never ended up pursuing a career in politics, but as the CEO and a cofounder of the alternative-asset manager Blackstone, he has built a fortune that <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/">Bloomberg estimates</a> is worth $57 billion — or more than the market value of Ford Motor Co.The 24th richest man in the world, Schwarzman has used his wealth to influence various industries, including politics, real estate, and the arts, as well as culture. A <a target="_blank" class="" href="https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10">vocal supporter of Donald Trump</a>, Schwarzman is expected to have a <a target="_blank" class="" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">voice in the next White House</a>. His name adorns the New York Public Library and <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzman-name-buildings-yale-2015-5">buildings on prominent university campuses</a> such as Yale's and MIT's. He and his wife, Christine Hearst Schwarzman, have been guests and supporters of the Metropolitan Museum's star-studded Met Gala fundraising extravaganza. They have also been the subject of news stories for their own <a target="_blank" class="" href="https://www.businessinsider.com/2008/10/steve-schwarzman-apologizes-for-the">elaborate parties</a> (think camels, <a target="_blank" class="" href="https://www.businessinsider.com/left-management-consulting-become-flying-trapeze-teacher-2022-8">trapeze artists</a>, and Gwen Stefani) and many home purchases.<div type="image" title="Steve Schwarzman and his wife Christine Hearst Schwarzman outside of the Met Gala. Steve is wearing white tie attire, and Christine is wearing a gold." height="2656" width="3984" msid="115333170" hostid="261" sizebytes="476358"></div>Little is known, however, about how the private-equity titan manages his money.At a conference last year, Schwarzman suggested that the firm he <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-deal-to-expand-hq-in-latest-sign-of-growth-2024-6">cofounded in 1985</a> was sufficient to handle his financial affairs."I own a lot of stock, and I invest in all of our funds, so the firm is my family office," Schwarzman said at the Bank of America Securities Financial Services gathering, according to an AlphaSense transcript.Business Insider has learned, however, that Schwarzman also has a family office with a name that harkens back to his childhood. Pennypack is run by a former Blackstone tax expert and employs dozens of people, including housekeepers, lawyers, and personal assistants, according to public records and conversations with people with knowledge of Schwarzman's money-management tactics, some of whom requested anonymity to speak about his private matters.It's secretive, with a nondisclosure agreement at the ready for its contractors, and provides support for at least some of Schwarzman's charitable organizations and political dealings. Pennypack also helps care for and manage many of the Schwarzman family's properties.Here's a look at what it takes to manage billionaire Steve Schwarzman's wealth.<h2 id="061bb84c-1342-46df-a7e6-0fa5a6a820d1">Most of Schwarzman's wealth is tied up in Blackstone</h2>Schwarzman cofounded Blackstone in 1985 with his former boss, Pete Peterson, and $400,000 in seed money. Today, it manages <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-third-quarter-earnings-private-credit-insurance-unit-aum-2024-10">more than $1 trillion</a>, making it the largest alternative-asset manager in the world.He is the biggest single shareholder, with a 19% stake, surpassing institutional giants like Vanguard. Based on a recent stock price of $181.17, his stake is worth $41.7 billion, which means that more than two-thirds of Schwarzman's wealth comes directly from his equity in Blackstone.As a shareholder, Schwarzman also benefits from <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-steve-schwarzman-earnings-in-2017-2018-3">cash dividends</a> the company pays its stock owners. Public records show that in 2023, he took home $777 million in dividends, a 29% decline from the more than $1 billion in dividends he took home in 2022. Before Blackstone went public, Schwarzman received cash dividends as a partner in the firm.Schwarzman is also the largest individual investor in Blackstone's funds, a spokesperson for him said."Mr. Schwarzman is the largest individual investor in both Blackstone's stock and our funds — demonstrating his full alignment with the success of the firm and its clients," the spokesperson wrote.BI could find no evidence that Pennypack invests on behalf of Schwarzman, with no regulatory filings showing that it owns stock.This is unusual but not unheard of, Marc Sharpe, a professor and the chair of the Family Office Association, said. He pointed to Michael Dell, the founder of Dell Computer who invests through MSD Capital but also has a separate office to manage and run his personal affairs."There is no single correct way to define a family office," Sharpe wrote to BI. "Oftentimes, they're described as a buffet menu of financial plus concierge services that wealthy families might utilize."<h2 id="37457fb4-3ead-4cc8-a639-7ed014e15612">The name is linked to his childhood</h2>The Pennypack name appears to be a throwback to Schwarzman's youth. His family lived on Pennypack Road after moving from Philadelphia to its neighboring suburbs when Schwarzman was a teenager. Property records show that his parents bought their home, which abuts Pennypack Creek, a 22-mile creek that empties into the Delaware River, in 1960 and sold it decades later, in 2004.<div type="image" title="A railroad bridge over a river, surrounded by a forest in autumn" height="3765" width="5648" msid="115333168" hostid="261" sizebytes="2645164"></div>Pennypack LLC was incorporated in 2018 in <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-done-with-delaware-other-corporations-unlikely-to-follow-2024-2">Delaware</a>. It's unclear whether the entity existed before in a different form, and representatives for Schwarzman declined to clarify.According to Blackstone's 2023 annual report, it provides Schwarzman's family office with "offices, technology, and support," though Schwarzman is responsible for reimbursing Blackstone for the costs. Until this year, the company was registered to a Blackstone office address, according to corporate filings.<div type="image" title="Blackstone signage outside Blackstone Group headquarters in NYC" height="2268" width="3400" msid="115333173" hostid="261" sizebytes="564594"></div>Like many family offices, Pennypack is secretive. According to a copy of an <a target="_blank" class="" href="https://www.businessinsider.com/how-nondisclosure-agreements-silence-control-workers-silicon-valley-2021-7">NDA </a>for vendors that work with Pennypack, obtained by BI, signees are not allowed to disclose information about the "Schwarzman Group."According to the document, the Schwarzman Group includes "all employees of Pennypack, all employees of all residences of Stephen A. Schwarzman and/or Christine Hearst Schwarzman regardless of the location of such residences; and all business entities that Pennypack manages, operates or is associated with, and the employees and agents of those businesses."<h2 id="ce719a95-bc69-41be-9292-52d9184d267d">Who runs Pennypack?</h2>Pennypack is run by John Magliano, a former Blackstone executive and accountant. Magliano's LinkedIn profile says he has been the president of a family office since 2017.He spent more than 18 years with Blackstone, including as the CFO of its private-equity group, which runs its control investments in businesses, and as a managing director of Blackstone's tax group, which helps prepare its tax returns and studies the tax implications of business decisions. After leaving to run Pennypack, Magliano stayed on as a senior advisor to Blackstone through 2021.Schwarzman thanks Magliano in the acknowledgments section of his autobiography, along with Paul A. White, another Pennypack executive. The pair are listed as officers in LLCs tied to a string of Schwarzman's recent home purchases, including his $32.5 million purchase of a mansion on the tony Easton Street in <a target="_blank" class="" href="https://www.businessinsider.com/nantucket-homes-give-away-free-move-houses-cost-reason-2024-4">Nantucket, Massachusetts,</a> which marked the largest private-home sale in the island's history at the time.<div type="image" title="Postcard of the White Elephant, an iconic Nantucket hotel, with sailboats in front of it." height="2673" width="4212" msid="115333174" hostid="261" sizebytes="1269842"></div>The two men are also named as officers of LLCs linked to the $43 million purchase and renovation of two <a target="_blank" class="" href="https://www.businessinsider.com/gilded-age-mansions-photos-wealth-2024-9">historic Newport, Rhode Island, mansions</a>: Ocean View and Miramar, the latter of which Schwarzman said he would <a target="_blank" class="" href="https://www.townandcountrymag.com/society/money-and-power/a61852950/steve-schwarzman-miramar-private-museum/">turn into a museum</a> when he dies. They are also named as officers of an LLC tied to Schwarzman's $100 million purchase of an estate named Conholt Park, which is about a 30-minute drive from Stonehenge in Wiltshire, England.<h2 id="665829e5-e31a-44d6-b0d6-9cfaacbcba9a">The staff</h2>A person with direct knowledge of Pennypack's operations told BI that Pennypack employed over 100 people in various roles, from executive assistants to the housekeepers who clean and maintain his homes.One employee on LinkedIn described their role at Pennypack as providing administrative support to "Mrs.," an apparent reference to Hearst Schwarzman. Listed duties included managing her personal projects and board and foundation endeavors, drafting emails, preparing her for speaking engagements, and tracking auctions for purchases.Another Pennypack employee described themself on LinkedIn as a housekeeper.A list of contractors obtained by BI shows that Pennypack has hired landscapers, ornamental plasterers, construction workers, and architects. The building conservationist linked to Miramar, the Gilded Age Newport home he bought for $27 million in 2021, is on the list.<div type="image" title="Black and white photo of Miramar, taken between 1917-1927" height="1122" width="1536" msid="115333180" hostid="261" sizebytes="64092"></div>Pennypack also appears to play in role in the Schwarzman's family's security. In June, the family office purchased a radio call sign tied to Ocean View in Newport. The Federal Communications Commission application said that "radios will be used to coordinate private security details."<h2 id="d929c107-fbef-4672-bcc4-3c5d65f98c0b">Schwarzman's charities and politics</h2>Pennypack's officers also play a role in <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzman-comments-on-report-cards-2015-11">Schwarzman's charitable works</a>. Public filings show that Magliano is the treasurer and director at the Stephen A. Schwarzman Foundation, Schwarzman's main philanthropic arm. Its recent donations include $350 million to MIT for a building dedicated to the study of artificial intelligence and computing, as well as more than $220 million to create a new Centre for the Humanities at Oxford, which is set to include the study of <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-steve-schwarzman-on-ai-infrastructure-investment-goals-2024-7">ethics in AI</a>.<div type="image" title="A view of the New York Public Library - Stephen A. Schwarzman Building." height="4128" width="6192" msid="115333177" hostid="261" sizebytes="1646392"></div>Magliano is in charge of the foundation's bookkeeping, the filings show.Filings show that Magliano is also a vice president and the treasurer of the Stephen A. Schwarzman Education Foundation, which runs the <a target="_blank" class="" href="https://www.businessinsider.com/schwarzman-scholars-in-china-2013-4">Schwarzman Scholars program</a>, a master's leadership program at Tsinghua University in Beijing. The program was founded in 2016 to help foster US <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-us-china-trade-war-2019-9">relations with China</a>.In 2022, Magliano was paid $300,000 for working 18 hours a week with the two foundations, according to nonprofit filings for the firm.Schwarzman has long been in the political spotlight, most notably as the head of then-President Trump's <a target="_blank" class="" href="https://www.businessinsider.com/trump-business-council-strategic-policy-forum-why-ceos-left-2017-8">Strategic and Policy Forum</a> and as a <a target="_blank" class="" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign">prolific Republican donor</a>.<div type="image" title="President Donald Trump listens to Blackstone CEO Stephen Schwarzman." height="3557" width="5336" msid="115333182" hostid="261" sizebytes="1969124"></div>Federal Election Commission filings show that Pennypack was paid over $12,000 in March for fundraising consulting by a joint PAC connected to Senator-elect<a target="_blank" class="" href="https://www.businessinsider.com/tim-sheehy-montana-wealthy-republican-climate-change-china-investments-2023-11"> Tim Sheehy of Montana</a>.A Schwarzman spokesperson told BI that the payment was a reimbursement for a fundraiser that he held for Sheehy.<h2 id="fab9026e-545d-4685-b7c4-455482025cff">What is a family office, anyway?</h2>The concept of the family office can be traced to the 1838 founding of the House of Morgan to handle J.P. Morgan's fortune. Sharpe, the chair of the Family Office Association, estimated that there were now at least 3,000 family offices serving a single family in North America. Every family office, however, is just as unique as the wealthy family that's spawned it, he said."The term family office," Sharpe said, "is possibly the most misused, overused, and poorly used term in finance today."

Inside the secretive operation helping manage billionaire Steve Schwarzman's vast fortune

New Delhi, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s manufacturing sector growth climbed to a four-month high in January as a sharper upturn in new orders boosted output growth amid mild cost inflation, a monthly survey said on Thursday. The seasonally adjusted <keyword id="20059888" type="General" weightage="20" keywordseo="hsbc-india-manufacturing-purchasing-managers" source="keywords">HSBC India Manufacturing Purchasing Managers</keyword>' Index (<keyword id="19905748" type="General" weightage="20" keywordseo="pmi" source="keywords">PMI</keyword>) recovered from an 18-month low of 54.9 in December to 56.5 in January. The latest reading highlighted the strongest improvement in the health of the sector since last September. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. "India's final manufacturing PMI showed that manufacturing activity accelerated in January. Current output expanded on robust demand, with domestic orders growing at a faster pace than export orders," <keyword id="20412326" type="General" weightage="20" keywordseo="ines-lam" source="keywords">Ines Lam</keyword>, Economist at <keyword id="19916458" type="General" weightage="20" keywordseo="hsbc" source="keywords">HSBC</keyword>, said. Lam further added that "the input price index inched up, but manufacturers were able to pass on some of the cost pressures to consumers, as suggested by the small rise in the output price index." According to the survey, new orders placed with Indian goods producers rose at a sharp pace in January, and one that was the strongest in four months. Growth was reportedly boosted by marketing efforts and demand buoyancy. International sales also expanded at a quicker pace. Goods producers reported stronger demand from clients spread across Africa, Asia, Australia, Europe, the Middle East and the Americas. "Collectively, the rate of expansion in international orders was the fastest since last October," the report said. Goods producers collectively recorded the fastest increase in outstanding business volumes in 15 months, with demand strength reportedly exerting pressure on their capacities. Nevertheless, the vast majority of survey participants opted to keep payroll numbers unchanged in January. Companies scaled up input purchasing and became even more optimistic towards the year-ahead outlook for output. "New product enquiries and diversification, alongside demand strength and publicity, boosted business confidence in January. Panellists were at their most upbeat towards the year-ahead outlook for output in 13 months," the survey said. The HSBC India Manufacturing PMI is compiled by S&amp;P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.

India's manufacturing sector growth climbs to 4-month high in Jan on sharper upturn in new orders

New Delhi, India's <keyword id="413762" type="General" weightage="20" keywordseo="manufacturing-sector-growth" source="Orion">manufacturing sector growth</keyword> fell to an 18-month low in December amid softer increase in factory orders and output, despite minimal inflation, a monthly survey said on Wednesday. The <keyword id="20046281" type="General" weightage="20" keywordseo="hsbc-india-manufacturing-pmi-survey" source="Orion">HSBC India Manufacturing PMI survey</keyword>, conducted by S&amp;P Global, showed that there were softer, albeit sharp, increase in factory orders and output, while business confidence towards the year-ahead outlook strengthened. The seasonally adjusted HSBC India Manufacturing <keyword id="726966" type="General" weightage="20" keywordseo="Purchasing-Managers-Index" source="Orion">Purchasing Managers' Index</keyword> (PMI) fell from 56 in November to an 18-month low of 54.9 in December. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. The HSBC India Manufacturing PMI is compiled by S&amp;P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers. "India's manufacturing sector continued to expand in December, although at a softer pace, following an uptick in the previous month. Growth of both output and new orders softened, but on the other hand, the future output index rose since November," said Pranjul Bhandari, Chief India Economist at HSBC. Despite a loss of growth momentum, the sector still expanded strongly in December. New business gains, favourable market conditions, fairs and expositions collectively induced another sharp increase in manufacturing production during December, according to panellists. The December data showed a 21st consecutive increase in international order receipts at goods producers in India. "Companies noted gains from clients in Asia, Europe, the Middle East and North America. New export sales expanded at a moderate pace that was the joint-slowest in eight months," the survey noted. On the prices front, input costs rose at the second-slowest rate in nearly three-and-a-half years and charge inflation softened to a nine-month low. Among the items reported to have been up in price were chemicals, paper and textiles. Little-changed from November, however, the rate of inflation was negligible by historical standards and was the second-weakest in just under three-and-a-half years, as per the survey. "Rates of increase in input and output prices were broadly unchanged," Bhandari added. HSBC India PMI data showed a general lack of pressure on the capacity of manufacturers at the end of the third fiscal quarter. Subsequently, employment was largely stable in December. When assessing the year-ahead outlook for production, Indian manufacturers were at their most upbeat for three months. Anecdotal evidence highlighted advertising, better customer relations and new enquiries as the main factors boosting business confidence in December, the survey said.

India's manufacturing sector growth falls to 18-month low in December on softer rise in orders, output

<ul class="summary-list"><li>My 8-year-old loves Lego blocks and has been asking for years to go to <keyword id="23618278" type="General" weightage="20" keywordseo="Legoland" source="keywords">Legoland</keyword>.</li><li>As a <keyword id="21623863" type="General" weightage="100" keywordseo="single-mom" source="keywords">single mom</keyword>, finances can be tight, and I needed to figure out how to make it happen.</li></ul>For years, my 8-year-old son has said he wants to be a <a target="_blank" class="" href="https://www.businessinsider.com/lego-master-builders-life-size-sculptures-2016-7">master builder for The Lego Group</a>. So many of our bedtime stories were about Legoland, and I wanted to take him there as badly as he wanted to visit. It reminded me of visiting SeaWorld as a teenager and being inspired to study marine biology. However, as a <a target="_blank" class="" href="https://www.businessinsider.com/having-cleaning-person-takes-up-budget-but-its-worth-it-2022-4">single mom, finances can be tight</a>, and I knew it would take some strategic planning and scrimping to make the trip happen. Although some parents are willing to go into debt for their dream vacations, I'm not. I've always valued experiences over material things, but not if it breaks the bank. <h2>We created a budget for our trip</h2>In the weeks leading up to our trip, I asked my son to help create our itinerary with one activity per day. The highlight of the weeklong <a target="_blank" class="" href="https://www.businessinsider.com/los-angeles-kid-friendly-city-travel-guide-2024-8">vacation would be Legoland</a>, and we put together a list of attractions in the San Diego area that ranged from free options like the beach or low-cost museum visits to the pricier attractions. As I worked on the <a target="_blank" class="" href="https://www.businessinsider.com/how-dont-pay-for-accommodations-traveling-trusted-housesitters-review-2024">big-picture budget</a>, I also helped my son create his own. He had been really excited to hear a friend describe how his savings account grew money over time. So when we sold his bike for $80 early in the summer, I set the money aside in my high-yield savings account for his spending money. As for the trip itself, there were a few things I could take advantage of. I was able to cash in a couple of bonds that my grandfather purchased for me decades ago, I had <a target="_blank" class="" href="https://www.businessinsider.com/how-to-start-collecting-air-miles-2017-9">air miles I could use for the short trip</a> from Oregon to California, and we had access to a family timeshare. Had we not had some help with these expenses, I likely would have shortened the trip or continued saving for another year. I focused on finding deals for the rental car, food, and attractions and saved in those areas by visiting mid-week and buying tickets that included meals. My one splurge was an <a target="_blank" class="" href="https://www.businessinsider.com/legoland-new-york-resort-hotel-family-review-2023-10">overnight stay at the Legoland hotel</a>, which was completely worth it when I saw my son's smile as we walked into our Ninjago-themed room and played with the Lego bricks in the pool. <h2>We talked about how much money we had to spend each day</h2>We <a target="_blank" class="" href="https://www.businessinsider.com/things-new-yorker-found-surprising-about-visiting-california-photos-2021-12">landed in San Diego</a> early Monday afternoon, dropped off our bags, and headed to Trader Joe's to grab snacks and breakfast fixings for the week. My son was amazed by everything he saw — the palm trees, the playground we spotted across the street, and our big studio room. I thought back to the many trips I'd taken over the years while enjoying seeing the city through his eyes. My son had a nice sum to spend during the week. He'd been saving his allowance, and I matched the proceeds from the sale of his bike. He had earned a meager amount of interest in the savings account, and we talked about how, had the money stayed in the account longer, he would have earned more. He wanted a $150 Lego set at Legoland, so he knew he had limited funds to spend elsewhere. At the start of each day, we discussed how much he had to spend, and then he carefully made a decision at each attraction. Despite this, there were some additional requests for me to buy things, and although I stayed firm on most, I did give in to some, like Ninjago pajamas, which he needed anyway. He loved wearing them around the park the next day. Every place we went had souvenir penny machines. I've collected these since I was a kid and was excited when Noah asked to get them, happily contributing the 50 cents or a dollar it took for the little memento. I stood behind him and thought about which imprint I'd choose as he carefully picked his own, like the Komodo dragon at the San Diego Zoo or the dolphins at SeaWorld. <h2>We slowed down and enjoyed free things</h2>As our energy decreased in the waning days of our trip, we slowed down. At first, I'd really wanted to maximize our time and take in all that we could, hoping to "get our money's worth," but by Friday, we needed a break. A late start wouldn't hurt our visit to SeaWorld, which was open until 8 p.m. We hung out in our studio, eating breakfast and lunch there before heading out. It was a nice reminder that vacation doesn't always have to be about seeing and doing everything; it can also be about relaxing. We spent our last day with friends, enjoying a hike overlooking La Jolla and eventually moving closer to the beach to watch the waves and sea lions. Our activity that day was another beautiful reminder that nature is free and entertaining in its own right. In the days following the trip, I felt exhausted by the daily money decisions yet relieved and satisfied that I navigated them. Creating meaningful moments doesn't require going into debt; instead, it can be about intention and focus on what's important. My son will never know how much I spent on that trip. What he'll remember is seeing the panda at the San Diego Zoo and driving the cars at Legoland. And that's exactly what I want him to remember. Deborah Goldstein is a philanthropy advisor focused on supporting philanthropists on their giving journey. In her spare time she's working on a memoir about the meaningful moments of life.

As a single mom, finances can be tight. Taking my son to Legoland was a good way to teach him about money.  

Meet the enigmatic manager who oversees Larry Page's Google fortune 

<ul class="summary-list"><li>"Character Limit" is a new book about <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk's</a> takeover of Twitter.</li><li>Authors Ryan Mac and Kate Conger spoke to Business Insider about their reporting.</li></ul>If you think you've heard all there is to hear about Elon Musk's chaotic purchase of Twitter — and his sometimes chaotic personal life — a new book will probably dispel those notions.Kate Conger and Ryan Mac are the authors of "Character Limit: How Elon Musk Detroyed Twitter." The technology reporters at The New York Times unearthed new details about the <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-twitter">chaotic period in 2022 when Elon Musk decided to purchase Twitter</a> and its subsequent descent into ~whatever it is now~.Conger and Mac spoke with Business Insider about their book, which <a target="_blank" class="" href="https://affiliate.insider.com?amazonTrackingID=bi-auto-72653-20&amp;h=8572eaa051a414c53ad61a47613f870ce8ae6b0949ece7be91207e47352924b8&amp;postID=66e337f192d5b68ffc53427b&amp;postSlug=elon-musk-grimes-baby-name-new-book-character-limit-2024&amp;site=bi&amp;u=https%3A%2F%2Fwww.amazon.com%2FCharacter-Limit-Elon-Destroyed-Twitter-ebook%2Fdp%2FB0CW1GBZ6Z%2F">comes out Sept 17.</a>The interview was edited for length and clarity.Katie Notopoulos: You've both reported on Elon Musk and his companies for a long time. Was there anything during the course of reporting for this book that really surprised you about how he operates?Kate Conger: I think something that surprised me about Elon in this process is just sort of how isolated he's become. And especially by the time the Twitter takeover started, he was operating with a very limited and close set of advisors who he had a lot of faith and trust in, but didn't necessarily have a lot of experience in mergers and acquisitions or in running social media companies. So he was being advised by a very limited circle of people who had not a lot of depth of knowledge about the things that he was taking on. And he's always kind of operated in limited circles, but it surprised me just how tiny that world had become by the time he tried to take over Twitter.Notopoulos: Everyone's talking about "<a target="_blank" class="" href="https://www.businessinsider.com/why-everyone-in-tech-talking-founder-mode-paul-graham-chesky-2024-9">Founder Mode</a>" lately, the idea of running a company like it's still in its early days instead of scaling to "manager mode." Musk took over Twitter from its founder, Jack Dorsey, who had arguably been running it — badly — in "manager mode." Musk comes in and wants to go "extremely hardcore," his version of Founder Mode, but it hasn't really worked out. What do you think happened?Ryan Mac: I think it's kind of absurd, this discussion now — and there are plenty of examples of Founder Mode not working, but if we believe there's a kernel of truth in Founder Mode, Elon's takeover of Twitter proves, in a way, he is is not the founder. He has run Twitter into the ground in part because he didn't have those early experiences of what it was like building that company from the bottom up.I think of <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tells-advertises-get-lost-twitter-dealbook-summit2023-11">something like what he did with advertising</a> — coming in and being ignorant toward the reliance of the company on advertising. He believed that he could just sell subscriptions immediately, which was his big focus. Call it ignorance or call it, I don't know. But he just didn't have the experience to run a social network. I think he relied on his self-confidence in rocketry or <a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">building an electric car company</a>. But he was definitely not a social media founder or CEO.Notopoulos: That's part of the interesting paradox: he has these really successful two companies, SpaceX and Tesla, where he was the founder (or close to it with Tesla). But then he's <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-twitter">really failed with Twitter</a>.Conger: I think the thing with Elon that's interesting is he has all this experience in hardware and engineering. But with X and Twitter, it is a fundamentally social problem. It's a problem of how people interact and relate to each other. I don't think that's a problem that Elon has a lot of experience in dealing with and doesn't have a very successful track record in figuring out how to navigate conflict among people.<div type="image" title="Kate Conger and Ryan Mack and their book character limi" height="1080" width="1440" msid="113333849" hostid="261" sizebytes="65248"></div>Notopoulos: The Wall Street Journal had a story recently about how <a target="_blank" class="" href="https://www.wsj.com/tech/elon-musks-twitter-takeover-is-now-the-worst-buyout-for-banks-since-the-financial-crisis-3f4272cb">Elon Musk's Twitter takeover is now the worst buyout for banks </a>since the 2008 financial crisis. What I found really shocking in your book were details on the projections he made to sell the banks on the deal. These outrageous, "We're going to make five times the revenue in three years," kind of impossible numbers.Mac: I am not sure what was going through their heads at the time. I think the actual numbers themselves, which I don't have in front of me, but we're talking about, again, doubling, tripling the revenue — even more. So it just shows how confident he was in himself, how confident he was that Twitter was just this horribly run business run by idiots basically that didn't know how to make money. And he would be the champion that came in and righted the ship that would be able to make this a business because … who would know better than him? He's the guy who is a Top 10 followed account who spends so much time there. Of course, he has all the ideas!I think it is interesting how the banks enabled him. These are ostensibly smart people as well, and they went along with it simply to get him his debt financing or get him his investors. I think there is more to be said about that in terms of how he is enabled by these institutions who simply want to be close to him because <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-net-worth">he's the world's richest person</a>.Notopoulos: So, how long does this go on? It's a money-losing venture for him. How long does he just keep burning money hoping maybe things will turn aroundConger: I think that's a great question. I mean, the end of X is something that we've thought about a lot. If this was an ordinary business, I think it would come to a conclusion more rapidly. But this is something that Elon can continue to prop up with his own financial resources for quite some time. It's also an open question of: How much money can this business lose?The first year after the takeover lost a really significant amount of revenue. Projections for 2024 were that the loss would slow down. We found in our reporting that it hasn't quite slowed down as much as they had hoped. And so it's continuing to lose even more money than what analysts thought would happen this year. And so we're still on a journey to the bottom, and I don't know when exactly will arrive.So, a lot of this book is about his mercurial ways of handling his business, but obviously, people are also very interested in Elon Musk as a person. There was something really shocking to me about a baby name situation when he was having his second child with Grimes.Conger: Elon and Grimes had picked out a name for their daughter that they wanted to use. That name ended up being used for one of Shivon Zilis's twins with Elon. When Grimes found out about it, obviously, she was very upset. She <a target="_blank" class="" href="https://www.reddit.com/r/Grimes/comments/x7xa86/grimes_posted_on_her_twitter/">posted some song lyrics </a>that she had written about the name essentially being stolen from her. And then, Shivon ended up changing that child's name, which is how the existence of Shivon's children came to light to the public, actually, because the name change paperwork became public. [Business Insider first reported the news that <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-shivon-zilis-secret-twins-neuralink-tesla">Elon Musk had twins with Zilis</a>, an executive at Neuralink.]Mac: More of the backstory is that Grimes did not know that Shivon was having kids with Elon. Grimes was going to have her second child through a surrogate while Shivon was pregnant with these twins. The twins were born first. There was a boy and a girl, and the girl was given the name Valkyrie Alice Zilis, and Valkyrie was the name that Grimes and Elon had been discussing for their daughter.The song that she posted the lyrics for was never made, but we were able to connect the dots and realize that it was about this really messy incident about the name. Shivon's daughter ends up being called Azure, and Grimes's daughter is Exa. So, the name Valkyrie is effectively erased from all of Musk's family for all intents and purposes.[Business Insider contacted Musk, Zilis, and Grimes, whose real name is Claire Boucher, for comment. They didn't respond. The authors of the book also contacted all three for comment.]Notopoulos: I have one final question for you guys. Did you find the character limit?Conger: We really tested the boundaries of the character limit. I think we submitted a manuscript that was like 40,000 words too long.Mac: Jesus, my computer is crashing again.

How Elon Musk fumbled his purchase of Twitter — and apparently gave Grimes's baby name to his other child

<ul class="summary-list"><li>Mike Manalac is an account manager who struggled to balance his ambitious career with family life.</li><li>He chose a work-life balance over salary but his goal of starting a family was still out of reach.</li></ul>As Mike Manalac entered his 30s, all he wanted was to have an exciting career and start a family — but he had no idea how difficult it would be to achieve both.He's a Chicago-based accounting <a target="_blank" class="" href="https://www.businessinsider.com/ex-google-manager-crafted-master-plan-to-get-promoted-quickly-2024-10">manager at Google</a>, a husband, and a father of a three-year-old. He's worked with some of the biggest finance (PwC), Fortune 500s (<a target="_blank" class="" href="https://www.businessinsider.com/walmart-ceo-doug-mcmillon-how-to-move-up-corporate-ladder-2024-4">Walmart Corporate</a>), and <a target="_blank" class="" href="https://www.businessinsider.com/resumes-that-got-big-tech-jobs-google-meta-salesforce-engineer-2024-10">tech companies</a>. He knew reaching his career aspirations would require him to make sacrifices, but he quickly realized those sacrifices often directly conflicted with his goal to make family life a top priority."Work always had to take top priority, which meant dropping what I was doing in off-hours to answer a phone call or jump on my laptop," Manalac told Business Insider. "I didn't want to end up with a lackluster career and a bunch of regrets, but I also didn't want to be one of those workaholics that lived to work either."It took him 11 years and multiple strategic career moves, but he finally achieved the work-life balance he'd always wanted. He has no regrets and only one thing he would've done differently. Manalac shared the key decisions that contributed to his <a target="_blank" class="" href="https://www.businessinsider.com/best-work-life-balance-advice-boss-lessons-job-2024-1">work-life success</a>.<h2 id="c8bcd7f6-4136-4ece-a38d-609e578c6175">He chose work-life balance over a higher salary</h2>Manalac's career journey kicked into high gear in 2016 when he <a target="_blank" class="" href="https://www.businessinsider.com/millennial-couple-moves-maryland-florida-buys-mobile-home-trailer-renovates-2024-1">moved from Baltimore </a>— where he'd worked as an audit manager for the previous eight years — to San Francisco to join PwC and transition closer to Silicon Valley for tech opportunities. But he <a target="_blank" class="" href="https://www.businessinsider.com/big-4-pwc-accountant-quit-start-business-2024-8">left PwC</a> after only five months."My wife and I had recently <a target="_blank" class="" href="https://www.businessinsider.com/moved-san-francisco-worth-it-cost-of-living-negativity-2024-2">moved to San Francisco</a>, and we were so excited to explore our new hometown," Manalac said. "But since I worked 12 hours a day during the week and half-days on Saturdays, we didn't have much time to explore together. It almost felt like we lived separate lives."Manalac would eat lunch and dinner at the office and said some days he'd never see daylight. By the time he returned home, all he wanted to do was sleep, and most days, he felt like he and his now-wife were just ships passing in the night."When it started to feel like we lived more like roommates, we agreed that a change was needed."After PwC, he took a position with Walmart's eCommerce division, which offered greater work-life balance but a <a target="_blank" class="" href="https://www.businessinsider.com/took-pay-cut-better-work-life-balance-no-regrets-2024-2">major salary reduction</a>. Still, Manalac felt his decision was well worth it because of the drastic <a target="_blank" class="" href="https://www.businessinsider.com/ceos-who-hate-phrase-work-life-balance-prefer-alternative-views-2023-11">improvements in work-life balance</a>.<h2 id="0f36f19c-0129-49e4-b445-431a833a4c19">Manalac actively pursued his dream job and finally landed it</h2>Their financial tide turned when at age 30, Manalac received a <a target="_blank" class="" href="https://www.businessinsider.com/google-hiring-entry-level-jobs-software-engineering-ceo-2024-10">job offer from Google</a> in 2017. He described the management role as the dream job he'd been chasing since moving to the Bay Area.For over a year, he'd periodically email a <a target="_blank" class="" href="https://www.businessinsider.com/how-prepare-job-interview-applicant-questions-google-recruiter-2023-11">Google recruiter</a> with his <a target="_blank" class="" href="https://www.businessinsider.com/why-this-is-an-excellent-resume-2013-11">updated résumé</a>. He finally received an offer for a phone screen interview. Then, after two months and multiple rounds of interviews, Manalac received the offer."Google's compensation package was a 25% increase in salary, and it also included an annual bonus and stock awards, which made the bump much more," Manalac said. "As long as I could consistently perform at a high level, I was encouraged to take advantage of <a target="_blank" class="" href="https://www.businessinsider.com/googleplex-google-headquarters">all of the amenities</a>."If Manalac wanted to go to the gym, take a bike ride, visit another office on campus, or get a massage in the middle of the day, he could do it without asking permission or feeling guilty.Despite the amenities and compensation, Manalac's <a target="_blank" class="" href="https://www.businessinsider.com/bay-area-rent-too-expensive-bought-house-mountains-2024-9">one-bedroom apartment</a> in the Nob Hill neighborhood of San Francisco was nearly $3,000 a month, and he had to endure a <a target="_blank" class="" href="https://www.businessinsider.com/dream-job-google-great-perks-nightmare-commute-2024-9">four-hour daily commute</a>. Plus, he and his wife were starting to feel the pressure to start a family but had to put it on hold until they were financially ready.Manalac decided to move out of the Bay Area and transfer to <a target="_blank" class="" href="https://www.businessinsider.com/google-offices-around-the-world-photos-2016-9">Google's Chicago offices</a>.<h2 id="c743aa37-0637-4d5b-8c8b-dee4661354eb">The couple relocated to a more cost-effective city</h2>While they'd both grown to love San Francisco, Manalac said he also knew Chicago was a better location for the couple to settle down and finally start a family."I volunteered to relocate to enjoy <a target="_blank" href="https://www.businessinsider.com/moved-chicago-from-portland-big-city-life-affordable-2024-5">Chicago's lower cost of living, excellent public transportation network</a>, and its closer proximity to the family we have in Michigan and Maryland," Manalac said.They purchased a three-unit home in Chicago for $830,000, with a mortgage of around $4,631. They live in one unit and <a target="_blank" class="" href="https://www.businessinsider.com/how-to-maximize-rental-income-multi-units-real-estate-investing-2023-10">rent out the other two</a>, and the combined rental income covers most of their mortgage. "It's been a good investment and a game changer in helping offset our daycare costs of $2,242 per month — $26,913 annually — and achieving the family-life balance I desired."<h2 id="c9ca9b90-02b7-4de7-b0cd-c7853a0db863">He advises new professionals to be strategic with the first 10 years of their career</h2>Though he has no regrets, Manalac said ideally, he would've taken <a target="_blank" class="" href="https://www.businessinsider.com/landed-job-big-tech-salesforce-loan-risk-relocating-us-india-2024-10">career risks</a> a few years earlier to reach this point of his career in his early 30s."Starting my career at the onset of the <a target="_blank" class="" href="https://www.businessinsider.com/how-the-great-recession-affected-millennials-2019-8">great recession in 2008</a> meant playing it safe with my career decisions." He stayed at his first employer for seven years and believes those were the prime years to experiment with different job opportunities and gain a wider variety of work experience.For anyone starting their corporate career and hoping to avoid some of the work-family challenges that Manalac encountered, he recommends clarifying what you want in your life and profession. "Be strategic with how you spend the first 10 years of your career in particular," Manalac said."Life has a way of catching up with you, so use these early years to take calculated risks and swing big."If you work in Big Tech or finance and would like to share your work-life balance story, email Tess Martinelli at tmartinelli@businessinsider.com

An accounting manager struggled with work-life balance at PwC, Walmart, and Google. Leaving the Bay Area is what finally changed the tide.

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s manufacturing sector showcased encouraging growth in May and painted a positive picture for the industry. According to S&amp;P Global's <keyword id="17580586" type="General" weightage="50" keywordseo="india-manufacturing-purchasing-managers" source="Orion">India Manufacturing Purchasing Managers</keyword>' Index, it rose from 57.2 in April to 58.7 in May, indicating the most robust improvement in the health of the sector since October 2020 or a 31-month high. Not only did factory orders increase for the twenty-third month running in May, but also to the greatest extent since January 2021, it said on Thursday. Exports gave impetus to total new orders in May and companies registered the quickest expansion in international sales for six months. "The <keyword id="104215" type="General" weightage="50" keywordseo="pmi" source="Orion">PMI</keyword>'s spotlight on soaring sales showcases robust demand for Indian-made products both domestically and internationally. While the upturn in domestic orders strengthens the foundations of the economy, rising external business foster international partnerships and boost India's position in the global market," said <keyword id="2835710" type="General" weightage="80" keywordseo="pollyanna-de-lima" source="Orion">Pollyanna De Lima</keyword>, Economics Associate Director at S&amp;P Global Market Intelligence. Combined, they also generated more employment opportunities in May, Lima added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/coal-india-ofs-institutional-buyers-portion-oversubscribed-but-stock-falls/articleshow/100675045.cms">Coal India OFS: Institutional buyers portion oversubscribed but stock falls</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ather-announces-new-e-scooter-450s-with-3-kwh-battery-pack/articleshow/100675350.cms">Ather announces new e-scooter '450S' with 3 kWh battery pack</a>

India's manufacturing sector hits 31-month high growth in May

<ul class="summary-list"><li>The state of Wisconsin has purchased about $163 million worth of bitcoin, according to 13F filings.</li><li>The state of Wisconsin Investment Board purchased bitcoin ETFs from BlackRock and Grayscale in the first quarter.</li></ul>The state of Wisconsin purchased $163 million worth of bitcoin in the first quarter, according to <a href="https://www.sec.gov/Archives/edgar/data/854157/000106299324010116/0001062993-24-010116-index.htm" target="_blank" rel="noopener">a 13F filing</a> made with the Securities and Exchange Commission. The Wisconsin Investment Board manages the Badger state's pension, which is worth more than $150 billion. The pension's 13F filing shows that it holds about $38 billion in public stocks, as of March 31.According to the filing, the board purchased just over 1 million shares of the Grayscale Bitcoin Trust for a total value of $63.7 million, and about 2.5 million shares of the iShares Bitcoin Trust for a total value of about $99.2 million.Wisconsin appears to be one of the first state pension funds to have invested in the crypto space, and it's a big deal, according to Bloomberg Intelligence senior ETF analyst Eric Balchunas."Wow, a state pension bought $IBIT in the first quarter. Normally you don't get these big fish institutions in the 13Fs for a year or so (when the ETF gets more liquidity) but as we've seen these are no ordinary launches. Good sign, expect more, as institutions tend to move in herds," Balchunas <a href="https://twitter.com/EricBalchunas/status/1790391049560498410" target="_blank" rel="noopener">posted to X</a> on Tuesday. In 2022, a Virginia pension said it gained approval to invest in crypto yield farming, with reports at the time stating that the Fairfax County retirement system had invested $70 million in the space. Bitcoin has traded higher since the Wisconsin Investment Board made the filing, and is up 6.2% on Wednesday to $65,381, representing its highest level since May 6.

The state of Wisconsin purchased $163 million in bitcoin ETFs in the first quarter

The government on Tuesday proposed a <keyword id="20789519" type="General" weightage="20" keywordseo="transit-oriented-development" source="keywords">transit-oriented development</keyword> plan for 14 large cities with a population of over 30 lakh in its budget for 2024-25 and said it will formulate a framework for the creative redevelopment of cities. Presenting the Budget in the Lok Sabha, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> underscored that the Union government will work with states to facilitate the development of cities as "growth hubs". "This will be achieved through economic and transit planning, and orderly development of peri-urban areas utilising <keyword id="22517779" type="General" weightage="20" keywordseo="town-planning-schemes" source="keywords">town planning schemes</keyword>", the minister said. "Transit-oriented development plans for 14 large cities with a population above 30 lakh will be formulated, along with an implementation and financing strategy," Sitharaman said in her budget speech. The minister also announced Central assistance of Rs 2.2 lakh crore for <keyword id="20957520" type="General" weightage="20" keywordseo="urban-housing" source="keywords">urban housing</keyword> over the next five years as well as an <keyword id="22517780" type="General" weightage="20" keywordseo="interest-subsidy-scheme" source="keywords">interest subsidy scheme</keyword> to facilitate loans at affordable rates for urban housing works. She said the Central government will put in place measures for an efficient and transparent <keyword id="20071228" type="General" weightage="20" keywordseo="rental-housing" source="keywords">rental housing</keyword> market with enhanced availability. The minister proposed a scheme to support the development of 100 weekly haats or street food hubs in select cities. Sitharaman added that rental housing with dormitory type accommodation for industrial workers will be facilitated in PPP (public-private partnership) mode with VGF (viability gap funding) support and commitment from anchor industries." Enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place, she said. About <keyword id="19939560" type="General" weightage="20" keywordseo="water-supply" source="keywords">water supply</keyword> and <keyword id="20082835" type="General" weightage="20" keywordseo="sanitation" source="keywords">sanitation</keyword>, the minister announced that the Centre in partnership with state governments and multilateral development banks will promote water supply, sewage treatment and <keyword id="19973309" type="General" weightage="20" keywordseo="solid-waste-management" source="keywords">solid waste management</keyword> projects and services for 100 large cities through bankable projects. According to her, these projects will also envisage use of treated water for irrigation and filling up of tanks in nearby areas. The minister stressed that the Central government will encourage states, which continue to charge high stamp duty, to moderate the rates for all, and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes, she added.

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