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<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s <keyword id="23222388" type="General" weightage="100" keywordseo="home-and-household-market" source="keywords">home and household market</keyword> is expected to reach $237 billion by 2030 at a compounded annual growth rate (CAGR) of over 10 %, fueled by increasing disposable income, shifting consumer preferences and a growing focus on comfort and convenience across product categories, according to a report by Deloitte. The report titled "Powering Consumption Growth-India's Home and House Market", was launched at the two-day event MAPIC India 2024. It also said that the home and household market are witnessing strong demand, particularly in tier 2 and tier 3 cities that are emerging as growth hubs. It also said that omnichannel retail and e-commerce are helping businesses connect with consumers, expanding their reach beyond urban centres. Stating that factors such as high disposable incomes, the rise of digital platforms, easy access to credit, and young consumers seeking modern designs, home renovations and personalisation, which provide tailored offerings to consumers, are driving the demand. While the home and household industry are expanding rapidly, there are still limitations to overcome. After-sales support, warranty worries and the need for a comprehensive omnichannel strategy are all significant issues for businesses to handle. Per the report, India's home and household market is witnessing a remarkable evolution, where consumers are gravitating towards premium and branded products, and businesses are increasingly adopting a consumer-first approach. There is a deeper focus on <keyword id="20770439" type="General" weightage="20" keywordseo="consumer-experiences" source="keywords">consumer experiences</keyword> and design-led product innovation," said Anand Ramanathan, Partner for consumer products and retail sector leader at Deloitte India. Social media and advanced technologies enable companies to precisely target and engage their audiences, making the market more dynamic and responsive to changing needs, according to him. According to the report, sustainability is becoming a central concern for Indian consumers, with rising demand for energy-efficient appliances and eco-friendly kitchenware and amid this manufacturers are increasingly investing in water-saving bathroom fittings, sustainable kitchen solutions and energy-efficient technologies to cater to eco-conscious consumers. This trend, coupled with government policies such as the PLI scheme, Pradhan Mantri Awas Yojana, SMC, UJALA and <keyword id="20809694" type="General" weightage="20" keywordseo="pm-mitra" source="keywords">PM Mitra</keyword>, is driving demand and attracting investments in the home and household sector, it said. To stay ahead, companies must embrace emerging trends like quick commerce, rethink their operating models and integrate innovation across the value chain from products to post-sales services, it stated.

India's home & household market expected to reach $237 billion by 2030, highlights Deloitte report

The government has officially announced October 1, 2024, as the starting date for <keyword id="23245808" type="General" weightage="100" keywordseo="Vivad-Se-Vishwas-2-0" source="keywords">Vivad Se Vishwas 2.0</keyword>, the direct tax dispute resolution scheme. If you're involved in a tax dispute, this scheme might be your chance to resolve it efficiently. Originally introduced during the 2024-25 Union Budget, the scheme is designed to handle <keyword id="22518437" type="General" weightage="20" keywordseo="income-tax-disputes" source="keywords">income tax disputes</keyword> that are currently tied up in appeals. Confirming the news, the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">finance ministry</keyword> said in its notification: "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force." <h2>The scope of the disputes</h2>To give you an idea of the scale, about 2.7 crore direct tax demands are currently being contested, amounting to a staggering Rs 35 lakh crore. These disputes are scattered across various legal forums, and Vivad Se Vishwas 2.0 aims to help clear this backlog. <div type="Article" hostid="261" msid="113444994" title="In the long run, rate cut by Fed will be favourable for most US banks: Moody&amp;#39;s" mstype="2" mssubtype="0"></div>In her Budget speech, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> highlighted the government’s dedication to simplifying taxes and minimising litigation. She said, "The government will continue its efforts to simplify taxes, improve <keyword id="20404572" type="General" weightage="20" keywordseo="taxpayer-services" source="keywords">taxpayer services</keyword>, provide tax certainty and reduce litigation while enhancing revenues." <h2>Who can avail the scheme?</h2>If you have any pending disputes or appeals, including writs and special leave petitions, whether filed by you or the tax authorities, as of July 22, 2024, you are eligible to take advantage of this scheme. The list of eligible cases includes those pending before the Supreme Court, high courts, Income Tax Appellate Tribunal, and Commissioner/Joint Commissioner (Appeals). It also covers cases before the Dispute Resolution Panel (DRP) and revision petitions awaiting a decision from the Commissioner of Income Tax. <div type="Article" hostid="261" msid="113417255" title="Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028" mstype="2" mssubtype="0"></div>However, the window to decide whether or not to participate in the scheme is limited. As Karishma R. Phatarphekar, Partner at <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: "Given the limited time window, an informed decision on opting for the scheme should be made promptly." The rules and forms for the scheme are expected to be published "imminently in the coming week." <h2>Success of the original Vivad Se Vishwas</h2>For those who are wondering about the potential impact, the first Vivad Se Vishwas scheme, introduced in 2020, resolved a significant number of cases. More than 1 lakh taxpayers participated, and the government collected about Rs 75,000 crore in taxes. With this track record, the expectations from Vivad Se Vishwas 2.0 are high. With October 1 just around the corner, now is the time to prepare if you are considering resolving your tax dispute through Vivad Se Vishwas 2.0. As the rules and forms are expected shortly, it’s wise to consult your <keyword id="23245810" type="General" weightage="20" keywordseo="tax-advisor" source="keywords">tax advisor</keyword> and make a decision soon. This scheme could provide the relief you’ve been waiting for while contributing to a more efficient tax system for all. (With inputs from PTI)

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

India's economy is expected to grow at 7-7.2 per cent in the current fiscal year driven by robust economic fundamentals and continuity in domestic policy reforms, <keyword id="20006170" type="General" weightage="100" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword> said on Monday. The August update of <keyword id="19896400" type="General" weightage="20" keywordseo="deloitte" source="keywords">Deloitte</keyword>'s India Economic Outlook said several initiatives in the <keyword id="19908389" type="General" weightage="20" keywordseo="union-budget" source="keywords">Union Budget</keyword> 2024-25 toward improving agriculture productivity, creating jobs for the youth, and in manufacturing and addressing the challenge of access to finance for micro, small, and medium enterprises (MSMEs), would help improve supply-side demand, curb inflation, and prop up <keyword id="20139791" type="General" weightage="20" keywordseo="consumer-spending" source="keywords">consumer spending</keyword>, especially in rural areas. Deloitte India Economist Rumki Majumdar said, India will witness robust growth in the second half after a period of uncertainty in the first six months of the year. "Key contributing factors include the continuity in domestic policy reforms, reduced uncertainties in the US post-elections, and more synchronous global growth within a low inflation regime. "Additionally, improved global liquidity conditions, as central banks in the West ease their monetary policy stance, will enhance capital flows and drive higher investments, particularly in the private sector," Majumdar said. Observing that strong economic fundamentals would drive <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> between 7 per cent and 7.2 per cent in FY25, the Economic Outlook report said effectively addressing the urban-rural consumer spending gaps, inflation, and employment concerns can significantly enhance the affordability of aspirational rural consumers. "The much-desirable policy pivot was evident in the Union Budget presented last month. Reducing the urban and rural spending gap in the coming years will ensure sustained consumer demand from a larger consumer base," it added. Deloitte India's growth projection is at par with that of RBI, which projected FY'25 growth at 7.2 per cent. It is higher than Finance Ministry's Economic Survey which estimated GDP expansion between 6.5-7 per cent. The <keyword id="19948184" type="General" weightage="20" keywordseo="Indian-economy" source="keywords">Indian economy</keyword> grew at 8.2 per cent in 2023-24 fiscal year. The report further said despite strong growth, private consumption spending has remained modest over the past five years. The pandemic, high global and domestic inflation, consequent tightening of financial conditions, and the effects of poor agriculture output on rural demand seem to have capped private consumption growth in India. But a Deloitte research showed that India is witnessing distinct and broad-based shifts in consumption patterns. There is a broad-based shift in the composition of consumption towards more non-food and discretionary items, reflecting changing lifestyles and preferences that are here to stay. According to the Household Consumption Expenditure Survey, spending on discretionary goods and services (including conveyance) has gone up both in rural and urban India, with the former quickly catching up in spending on discretionary durable goods (including automobiles, electric and electronic goods) with the latter in just one decade. "Demand for processed food has been among the highest in most states, suggesting a shift towards ready-to-eat options. Rapid urbanization, increasing women's participation in the workforce, and enhanced marketing and availability are driving these changing dietary habits," the report said. According to Deloitte research, if increasing income in states results in a relatively equitable distribution and higher rural spending, businesses can tap into a larger proportion of the state's population that resides in rural areas. This gives businesses access to a large consumer base and a sustainable consumer spending demand, as compared to states with a widening gap.

Indian economy likely to grow at 7-7.2 percent in FY25,Deloitte India says

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

New Delhi, M&amp;A deal value in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> fell 27 per cent in 2023 to USD 136 billion but the deals market is expected to remain steady in the current year, Deloitte India said in a report on Monday. "Amidst significant global challenges posed by high-interest rates, macroeconomic uncertainty, regulatory scrutiny, and geopolitical risks, India's M&amp;A landscape stood resilient in 2023," 'India M&amp;A Trends 2024' report said. "Despite global economic and geopolitical challenges, India's deals market is expected to remain steady, reflecting strong confidence from businesses and investors amidst a global economic slowdown," it added. In 2024, M&amp;A (Merger and Acquisition) momentum is expected to remain steady with the manufacturing sector, driven by automotive, with deal growth expected in auto-components and <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric Vehicles</keyword> (EVs). Also, the government's proactive initiatives to promote clean energy are expected to catalyse a significant rise in M&amp;A within the energy sector. M&amp;A in the financial services sector is anticipated to be driven by large-scale consolidations and responses to regulatory shifts. Private Equity (PE) is projected to remain consistent in 2024, while deal momentum is expected to revive post-2024, supported by flattening interest rates and recovering economic growth. <keyword id="20733110" type="General" weightage="20" keywordseo="sumeet-salwan" source="keywords">Sumeet Salwan</keyword>, <keyword id="19964686" type="General" weightage="20" keywordseo="partner" source="keywords">Partner</keyword>, Consulting, Deloitte India, said, "The global challenges posed by high interest rates, macroeconomic uncertainty, and geopolitical risks, that characterised 2023 are expected to continue into 2024 as well. While the global M&amp;A market remains soft, Indian companies continue to be steered by a strong domestic economy. They may increasingly see M&amp;A as a crucial strategy to help them expand, integrate supply chains, and reinforce market positions." According to the report, M&amp;A deal value in India reduced to USD 136 billion in 2023 from USD 186 billion in 2022. Financial services, technology, media, and telecom (<keyword id="20147197" type="General" weightage="20" keywordseo="tmt" source="keywords">TMT</keyword>) continue to be the top sectors driving M&amp;A. Financial services sector witnessed a 45 per cent decline in deal value and a 23 per cent increase in deal volume from 2022. TMT sector encountered a 33 per cent YoY (Year on Year) reduction in deal value, while deal volume fell 34 per cent. Overall cross-border deal value declined 11 per cent in 2023. However, inbound deals saw significant growth, with their share increasing to 41 per cent from 27 per cent in 2022, it said, adding that outbound M&amp;A deal value experienced a notable 49 per cent decline compared to 2022. The energy sector saw a sharp 63 per cent increase in deal value in 2023 as compared to 2022, driven by renewable energy and rising interest in clean energy from foreign investors. The construction and transport sector witnessed a 44 per cent decline in deal value compared to 2022. The sector also had the highest share in outbound deal value, contributing 29 per cent to the same. The medical and pharma sector witnessed a 17 per cent fall in deal value from 2022, driven largely by strategic buyers seeking to expand scale. The industrial and manufacturing sector witnessed a significant 33 per cent and 22 per cent rise in deal value and volume, respectively, in 2023 compared to 2022. "The rise in the manufacturing sector was driven by the automotive segment," the report said.

M&A deal value in India drops 27% in 2023 says Deloitte report

<ul><li>Businesses with turnover of over Rs 5 crore will have to generate electronic or e-invoice for B2B transactions with effect from August 1. </li><li>Currently, businesses with turnover of Rs 10 crore and above are required to generate e-invoice for all B2B transactions.</li></ul>New Delhi, May 11 (PTI) Businesses with turnover of over Rs 5 crore will have to generate electronic or e-invoice for B2B transactions with effect from August 1. Currently, businesses with turnover of Rs 10 crore and above are required to generate e-invoice for all B2B transactions. The finance ministry through a notification dated May 10 has notified a reduction in threshold for e-invoicing. Effective August 1, any taxpayer with turnover exceeding Rs 5 crore should raise e-invoices for B2B supplies. <keyword id="3419539" type="General" weightage="50" keywordseo="deloitte-india-partner" source="Orion">Deloitte India Partner</keyword> Leader <keyword id="17382865" type="General" weightage="50" keywordseo="indirect-tax-mahesh-jaising" source="Orion">Indirect Tax Mahesh Jaising</keyword> said with this announcement, scope of MSMEs under e-invoicing will be expanded and they will need to implement e-invoicing. "For companies e-invoicing is a boon rather than a bane as suppliers who are e-invoicing compliant result in proper flow of input tax credit and reduce the churn around credit issues," Jaising added. AMRG &amp; Associates Senior Partner <keyword id="2913637" type="General" weightage="80" keywordseo="rajat-mohan" source="Orion">Rajat Mohan</keyword> said phased implementation of e-invoicing has resulted in reduced disruptions, improved compliance and increased revenue. E-invoicing was initially implemented for large companies with turnover of more than Rs 500 crore, and within 3 years the threshold has now been lowered to Rs 5 crore. "Inclusion of MSME sector in the e-invoicing regime would benefit the overall business ecosystem by reducing costs, rationalising errors, ensuring faster invoice processing, and also limiting commercial disputes in the long term," Mohan added. Under <keyword id="6359833" type="General" weightage="50" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (GST) law, e-invoicing for business-to-business (B2B) transactions was made mandatory for companies with turnover of over Rs 500 crore from October 1, 2020, which was then extended to those with turnover of over Rs 100 crore effective January 1, 2021. From April 1, 2021, companies with turnover of over Rs 50 crore were generating B2B e-invoices, and the threshold was brought down to Rs 20 crore beginning April 1, 2022. From October 1, 2022, the threshold was further lowered to Rs 10 crore. EY Tax Partner Saurabh Agarwal said the industry needs to review their vendor masters and ensure that any vendor supplying goods or services and crossing the threshold turnover of Rs 5 crore is necessarily issuing a e-invoice from August 2023 to avoid any dispute with respect to availment of input tax credit (ITC). SEE ALSO: <a href="https://www.businessinsider.in/tech/news/google-launches-passkeys-for-hassle-free-login-to-gmail-and-youtube-without-a-password-heres-how-to-set-them-up/articleshow/99977103.cms">Google launches Passkeys for hassle-free login to Gmail and YouTube without a password - here's how to set them up</a> <a href="https://www.businessinsider.in/tech/news/apples-safari-is-the-worlds-second-most-used-and-least-vulnerable-desktop-web-browser/articleshow/99926825.cms">Apple’s Safari is the world’s second-most-used and least vulnerable desktop web browser, yet only 1% of Indians use it</a>

Businesses with turnover of over Rs 5 crore to generate e-invoice from August 1

Boost in domestic <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> due to PLI (production linked incentive) schemes and increase in <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> on account of free trade agreements are expected to bridge the country's <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> further, <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> said on Monday. However, it said that fluctuations in <keyword id="19936629" type="General" weightage="20" keywordseo="commodity-prices" source="keywords">commodity prices</keyword>, especially for critical imports like oil, metals, and agricultural products, can impact India's trade balance and inflation levels. The Survey said that though ongoing geopolitical headwinds impacted India's merchandise exports, lowering international commodity prices ensured a lower trade deficit in FY24 than in FY23. The country's merchandise trade deficit narrowed to USD 240 billion in 2023-24 from USD 265 billion in 2022-23. It added that changes in trade policies by major trading partners or geopolitical developments can affect India's export opportunities and market access. "In the coming years, India's trade deficit is expected to decline further as the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> is expanded and India creates a globally competitive manufacturing base in several product categories," the Survey said. It added that the recently signed FTAs (free trade agreements) are expected to increase the <keyword id="22374533" type="General" weightage="20" keywordseo="global-market-share" source="keywords">global market share</keyword> of the country's exports. The PLI scheme for sectors like mobile manufacturing, information technology (IT) hardware, pharmaceutical, telecommunications, and food product are helping to increase manufacturing and cut imports. India has implemented <keyword id="20000557" type="General" weightage="20" keywordseo="FTA" source="keywords">FTA</keyword> with Mauritius, Australia and the UAE. It added that a narrowing merchandise trade deficit and rising service exports have improved the CAD (<keyword id="20054874" type="General" weightage="20" keywordseo="current-account-deficit" source="keywords">current account deficit</keyword>), ending with a surplus of 0.6 per cent of GDP in Q4 of FY24. However, the risks to the performance of India's external sector are on the downside due to the persistence of current <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> and policy uncertainty, it said. Some of the challenges listed by the survey includes fall in demand from major trading partners like the US, rise in trade cost, and volatility in commodity prices. Attacks on shipping in the Red Sea and drought in the Panama Canal have resulted in trade flows being re-routed, increasing journey time and costs. India's merchandise trade relies heavily on maritime trade, so disturbances in major shipping routes can impact its economy. "It is critical to explore what these changing paradigms mean for India. Policies need to be a mix that straddles security concerns with economic considerations," the survey said, adding India's push towards manufacturing in complex and niche sectors through schemes such as PLI and Make in India aims to balance these goals. Further, the survey emphasised on the need to focus on improving India's competitiveness in many product areas. For example, it said, India has tremendous potential in becoming a large global exporter in agricultural commodities. Fostering stronger regional trade ties and adding more markets for Indian goods will help mitigate global demand fluctuations. "In an era when global economic growth is likely to be buffeted by geopolitical tensions and protectionism, growing India's exports of goods and services will be a stiffer challenge than before," it cautioned. Commenting on this, Rumki Majumdar, Economist, Deloitte India, said that despite global uncertainties, India's exports are recording positive growth rates. "That shows the resilience of our exports amidst global uncertainties," she said, adding, "by transforming our export basket and focusing on higher margins and value addition across various sectors, India will easily achieve its ambition of USD 2 trillion in exports by 2030-31."

India's trade deficit expected to decline further: Economic Survey

<ul><li>About 62% business leaders said that Indian GDP will grow above 6.5% in FY23, according to a Deloitte survey. </li><li>The most optimistic business leaders are from the chemicals segment, followed by capital goods and energy. </li><li>Business leaders expect the government to be proactive in cushioning the <a href="https://www.businessinsider.in/finance/news/digital-inequality-debt-cost-of-living-crises-among-top-5-risks-for-india-in-2-years-wef/articleshow/96929194.cms">impact of growing risks</a> in the upcoming Budget. </li><li>Tax incentives, credit support, and simplification of capital gains tax structure feature amongst the top three <keyword id="112937" type="General" weightage="20" keywordseo="budget-expectations" source="Orion">budget expectations</keyword> from India Inc. </li></ul> Indian business leaders are confident that the economy will grow to above 6.5% percent in FY23, fuelled by strong domestic demand and the government’s push for capital expenditure, according to a Deloitte pre-Budget survey released on Friday. About 62% business leaders said that Indian GDP will grow above 6.5%, even as <a href="https://www.businessinsider.in/finance/news/rbi-downgrades-fy23-gdp-growth-projections-to-6-8-percent/articleshow/96047963.cms">multiple agencies downgraded their </a>outlook for the last few months of the fiscal. This signals optimism and confidence in India’s resilience and growth prospects, the Deloitte report said. India Inc’s expectations at large, are in line with Reserve Bank of India’s (RBI) forecast that Indian GDP will grow at 6.8% in FY23, an outlook the central bank gave as part of its December 2022 policy update. The most optimistic business leaders are from the chemicals segment, who are confident that the economy will grow at a healthy pace. This was followed by capital goods and energy. The most divided responses on growth outlook came from food processing, textiles, and life sciences and healthcare sectors – where less than half of the respondents were confident of high growth . The report said that optimism was more pronounced amongst sectors with better performance, and where outlook was driven by strong domestic demand. Budget to define ‘Amrit Kaal’ agenda In the upcoming <keyword id="14925728" type="General" weightage="20" keywordseo="budget-2023-24" source="Orion">Budget 2023-24</keyword>, business leaders expect the government to be proactive in cushioning the <a href="https://www.businessinsider.in/finance/news/digital-inequality-debt-cost-of-living-crises-among-top-5-risks-for-india-in-2-years-wef/articleshow/96929194.cms">impact of growing risks</a> that include a possible global recession caused by geopolitical turmoil, and soaring energy, food, and labour costs. “Business leaders believe that the budget would define the ‘Amrit Kaal’ agenda for India and fuel the economy to remain resilient and continue to grow at a healthy pace, while balancing concerns around inflation and global risks,” the report said. Expectations from the government are also higher than they were last year, with more leaders expecting governmental support for their sector this time around. About 73% of the respondents said that they are optimistic that the forthcoming budget will support their sector's growth amid the downside risks they face this year. This is a sharp rise over the previous year, where 55% indicated such sentiments. Infra, exports, carbon neutrality among top expectations Tax incentives, credit support, and simplification of capital gains tax structure featured amongst the top three budget expectations. “Industry players are optimistic about the upcoming budget and expect a slew of measures for economic growth, with a strategic focus on infrastructure development, boosting exports, easing compliances, and leading the nation towards carbon neutrality, in line with R.A.I.S.E, as enshrined in G20/B20,” said Sanjay Kumar, partner, Deloitte Touche Tohmatsu India. RAISE is an acronym for responsible, accelerated, innovative, sustainable and equitable businesses. Targeted schemes and broader coverage of production-linked incentives (PLI), lower custom duties and affordable credit also featured the most amongst the top expectations that can help boost exports. Well-negotiated free trade agreements also featured amongst the top expectations. “An overwhelming majority of respondents see trade treaties as vehicles for increasing investment flows and providing exchange of emerging technologies to strengthen their role in global value chains (GVCs),” the survey said. Policies related to credit were the other asks amidst tightening monetary policies, especially from those in the manufacturing sector. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/ecomm-edtech-see-sharpest-drop-as-startup-fund-raise-falls-33-in-2022-pwc/articleshow/96909018.cms">Ecomm, edtech see sharpest drop as startup fund raise falls 33% in 2022: PwC</a> <a href="https://www.businessinsider.in/finance/news/digital-inequality-debt-cost-of-living-crises-among-top-5-risks-for-india-in-2-years-wef/articleshow/96929194.cms">Digital inequality, debt, cost of living crises among top 5 risks for India in 2 years: WEF</a>

Indian Inc expects Budget FY24 to cushion economy from global risks; optimistic FY23 GDP growth will be above 6.5%: Deloitte survey

<ul><li>India's edtech major <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s to release financial report after 18 months of delay. </li><li>Last valued at $22 billion, the edtech company faced larger scrutiny from the government over its audit reports. </li><li>BYJU's made 10 acquisitions last year for a cumulative transaction value of about $2.5 billion. </li><li>The company is likely to raise over $500 million</li></ul>After nearly 18 months delay of "ironing out the complexities", edtech major BYJU's is all set to reveal its financial report for FY21 on Wednesday, according to reliable sources. Facing intense scrutiny from the government over the long delay, the company had received an 'unqualified' report from auditor <keyword id="6358918" type="General" weightage="50" keywordseo="deloitte" source="Orion">Deloitte</keyword> late last month. According to sources, there is going to be a substantial difference between the projected sales and the audited revenue in BYJU's FY21 financial results. Last valued at $22 billion, the edtech company faced larger scrutiny from the government as it failed to submit its audited financial report. According to its FY20 financial report, the company registered revenue of ₹2,434 crore and a net profit of ₹ 51 crore. However, this time will be different as BYJU's made 10 acquisitions last year for a cumulative transaction value of about $2.5 billion, and some of those are not performing up to the mark in the hybrid world. According to people close to the matter, an 'unqualified' report from Deloitte came as a major sigh of relief for the company that has been under pressure to file its FY21 audited report amid delay and scrutiny. The last few months of delay were "unfortunate" and a clean Deloitte audit report instilled "a lot of confidence in the board members of BYJU's". The long delay alarmed the <keyword id="6376435" type="General" weightage="50" keywordseo="ministry-of-corporate-affairs" source="Orion">Ministry of Corporate Affairs</keyword> (MCA) which sent a letter to BYJU's last month, asking the edtech giant to explain the delay in filing its audit report for FY21. So far, BYJU's has raised over $6 billion in funding, and aims to file an IPO in the US through the Special Purpose Acquisition Company (<keyword id="1817616" type="General" weightage="50" keywordseo="spac" source="Orion">SPAC</keyword>) route. The company is likely to raise over $500 million (nearly Rs 3,900 crore) at a valuation of around $23 billion soon. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/apple-makes-iphone-14-series-more-climate-friendly-with-recycled-elements/articleshow/94173470.cms">Apple makes iPhone 14 series more climate-friendly with recycled elements</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/spurt-in-social-gatherings-post-covid-is-boosting-alcohol-sales-in-india/articleshow/94172508.cms">Spurt in social gatherings post-Covid is boosting alcohol sales in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/a-fire-at-an-ev-showroom-has-killed-8-several-injured-while-trying-to-escape/articleshow/94167880.cms">A fire at an EV showroom has killed 8, several injured while trying to escape</a>

BYJU's set to release FY21 financial report, sales may see significant drop

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s world record beating <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> rate together with robust tax revenues, a fast expanding digital and financial <keyword id="19916864" type="General" weightage="20" keywordseo="infrastructure" source="keywords">infrastructure</keyword> and a strong manufacturing sector will give the new <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> a base for unleashing next generation <keyword id="19900768" type="General" weightage="20" keywordseo="reforms" source="keywords">reforms</keyword> that may make the country a <keyword id="19953418" type="General" weightage="100" keywordseo="developed-nation" source="keywords">developed nation</keyword> by 2047. The new government will however have to tackle with problems like unemployment and rural distress, which seemed to have played a major role in voting pattern in states like Uttar Pradesh, while also keeping inflation under control. Given that no party, including BJP, have a clear majority of its own, tough reforms like big ticket privatisation and labour law reforms may take a backseat. As per the available trends, BJP is likely to win about 240 seats in a 543- member <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword>. It would have to rely on its allies like TDP and JDU to form the next government. The new government will have to build upon the 8.2 per cent <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> recorded in 2023-24 and carry on with the reforms to make India a USD 5 trillion economy in the next couple of years and a developed nation by 2047. Policy experts are unanimous in their view that the government is likely to continue its focus on infrastructure-led growth, investor-friendly policies, enabling reforms, and facilitating ease of doing business. Last week, <keyword id="20070868" type="General" weightage="20" keywordseo="SP-Global-Ratings" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P Global Ratings" meta.hostid="261" meta.entityid="S&amp;P Global Ratings">S&amp;P Global Ratings</keyword> had said that historically India has been on a high growth path with national consensus on key economic policies. "No matter who the incoming government is, the pro-growth policies, sustained infrastructure investments, the drive to reduce fiscal deficit -- these things have produced very good outcomes and we believe this will continue in the coming years no matter who is in charge," S&amp;P Global Ratings Analyst YeeFarn Phua said. EY India Chief policy advisor DK Srivastava said the Aatmanirbhar strategy, especially focusing on knowledge intensive employment generating and strategic manufacturing, will serve India well in the long run while providing scope for increasing both services and goods exports. "The new government will find a solid foundation of the economy, ready to take off with the objective of fulfilling India's aim of becoming 'viksit' in the next 25 years," Srivastava said. Under the Modi government's 10-year tenure India has become the fifth largest economy, from 11th globally, shaking off its image as a "fragile" economy prior to 2014. The new government will have its eyes set on taking India among the top three economies in the world. The target is "more likely" to be realised by 2027-28 fiscal, according to 16th Finance Commission Chairman Arvind Panagariya. Currently, the size of the Indian economy is USD 3.7 trillion and it is expected to become USD 7 trillion by 2030. RBI has projected a 7 per cent growth rate for the current fiscal. Deloitte South Asia CEO Romal Shetty said India is firmly on the growth trajectory as the world's fastest-growing economy and a key player in the global supply chain. "With the new government, we expect second-generation reforms driven by technology to make India a global hub of innovation and a thriving digital economy. We must further accelerate reforms to strengthen ease of doing business, boost inbound investment, and solidify India's position as the top destination for GCCs (global capability centres) and high-tech manufacturing, with a focus on jobs," Shetty said. In fact, reflecting the buoyant sentiments S&amp;P Global Ratings last week upgraded India's outlook to positive, from stable, and said it could upgrade India's sovereign rating in next 1-2 years if the government continues reforms and adheres to the path of fiscal consolidation. Last week, Moody's Ratings also said it expects policy continuity after the general election and continued focus on infrastructure development. Nangia Andersen India Chairman Rakesh Nangia said the investors' community expects continued policy reforms, particularly in labour laws and the privatization of state-owned enterprises. "Investors are also keen on prudent fiscal management, focusing on reducing the fiscal deficit while promoting growth through strategic investments. This combination of reforms and fiscal discipline is expected to create a favourable environment for sustained economic growth and increased investor confidence," Nangia said. Nangia further said that investors are also eager to see a further simplification of India's regulatory framework, more transparent and predictable policies that can enhance the ease of doing business. "This regulatory clarity is crucial for attracting more Foreign Direct Investment (<keyword id="19946824" type="General" weightage="20" keywordseo="FDI" source="keywords">FDI</keyword>) and positioning India as a key manufacturing hub driven by supply chain diversification. In recent years, there has been substantial FDI inflow into sectors such as manufacturing, computer services, and renewable energy, reflecting India's growing appeal as a destination for global investment," Nangia said.

New govt to inherit strong economy, focus on making India developed nation by 2047

<ul><li>India poised to have 1 billion smartphone users by 2026 and will be the second-largest smartphone manufacturer in the next five years.</li><li>India to catch on to the <keyword id="13228644" type="General" weightage="20" keywordseo="global-Non-fungible-Tokens" source="Orion">global Non-fungible Tokens</keyword> (NFTs) revolution with favourable regulations.</li><li>The AI market to grow at a CAGR of 20.2 percent globally to reach US$7.8 billion by 2025; AI to have a promising future in India.</li></ul> Favourable policies, convenience-driven mindset, and evolution of the new normal have brought in a renewed focus on tech adoption. Smartphones now act as a catalyst for digital penetration across the tier-2 and 3 markets in India. The India edition of Deloitte’s 2022 Global TMT (Technology, Media, and Entertainment, Telecom) predictions indicates that digital and mobile are the key enablers of the future of technology. This edition captures the latest trends in the Indian TMT space that are driven by the economic and societal shifts caused by the global pandemic. These trends are poised to result in a better-connected ecosystem of multiple digital devices that can meet the world's ever-increasing need for faster connectivity, and more chips and entertainment options. Moreover, an evolving marketplace for NFT, increasing diversity in talent and participation of women in the tech industry, and rising popularity of AI and app-centric approach to promote mental health and wellness indicate enhanced digital maturity for businesses. Technology sector prediction - The urgency to address semiconductor chips shortage The global shortage of semiconductor chips has affected the manufacturing industries across the world. As demand soars, supply is likely to be constrained in the near term, but gradually ease up in 2023. With an increase in supply and normalisation of demand, and the specific initiatives muted by GOI, India can play on the strength of its large and thriving domestic market to form a basis for setting up the domestic semiconductor and electronics manufacturing industries in the next three-five years. “As the ecosystem matures in the medium to long term, we expect India to emerge as a strong regional hub in semiconductor and electronics manufacturing”, said P. N. Sudarshan, Partner and TMT Industry Leader, Deloitte India. He added, “The government’s recent announcement on the Production Linked Incentive (PLI) scheme for the semiconductor and electronics manufacturing industries has the potential to create an end-to-end ecosystem for manufacturing electronic products. We expect the broader shift to digital to continue in 2022 and drive the industry growth in the future.” Telecom sector prediction: 1 billion smartphone users by 2026 In 2021, the Indian telecom sector has undergone major policy reforms to reset growth and revive the health of the operators. The total cumulative shipments of smartphones in the country are expected to reach 1.7 billion units from 2022 to 2026, creating a market of about US$250 billion. According to Deloitte’s analysis, smartphone demand in India will increase at a CAGR of 6 per cent in the rural market and at a CAGR OF 2.5 per cent in the urban market to reach a cumulative number of about 400 million units being sold in 2026. This is largely propelled by demand for internet services in the rural market with the adoption of E-learning, Fintech and E-health platforms. Internet enabled devices in the rural market will also get a push with the government’s plan to fiberize all villages by 2025 under the BharatNet program. 5G devices will alone contribute 80 percent (about 310 million devices) to smartphone demand by 2026. Furthermore, the recently announced incentive package of US$10 billion to drive semiconductor manufacturing in India and the PLI schemes will encourage handset manufacturing in India to service the second-largest smartphone market in the next five years. Peeyush Vaish, Partner and Telecom Sector Leader, Deloitte India, said “India will have 1 billion smartphone users by 2026. This growth will result in over 75 percent of the subscribers using smartphones by 2026 from a sub- seventy percent as on date. 5G enabled devices will contribute 80 percent to the devices being sold in the year 2026 and Indian consumers will purchase 840 million 5G smartphones over the next 5 years valued at US$130 billion. In addition, 5G will fuel an incremental sale of 135 million smartphone units over the next 5 years.” Media sector prediction: The Indian streaming industry to evolve dramatically Greater adoption by audiences, the popularity of international content (such as Korean, Israeli, or Spanish) in India, and the ability to attract a wider audience through subtitles and dubbed content, have broken previously held views on the characteristics of the Indian market. These trends have forced many streaming companies to revise their original strategies. Pricing for streaming services will remain competitive as service providers attempt to stabilise and consolidate their customer base. However, in a rapidly evolving market, streaming players would rather focus on customer acquisition instead of customer churn. As prices stabilise and content libraries become nuanced and structured, the focus will shift to the minimisation of churn. Jehil Thakkar, Partner, Media and Entertainment Sector Leader, Deloitte India, said “Evolving consumer behaviour in view of the pandemic has increased digital content consumption in India. Audiences are experimenting with genres and languages with regional content breaking out of its traditional boundaries. Fierce competition is likely to persist in the short-to-medium term with more than 40 service providers in the fray.” This growth will be driven by heavy investment in original content, pricing innovations, low data costs, and the rise of short-form content. However, this progression from the early to mass stage might come at a cost to the broader media industry as subscribers, especially in tier-1 and tier-2 cities, may switch to more streaming content from traditional linear TV. We, however, do not expect India to cut the cord. Gaming and commerce are important elements contributing to attract, retain and amplify consumer stickiness as the battle within the evolving digital world continues. Other highlights in the Deloitte “TMT Predictions 2022” report India all set to catch on to the global NFT revolution; entertainment and sports NFTs will disrupt the industry in India: Deloitte Global predicts that NFTs for sports media will generate more than US$2 billion in transactions in 2022, about double the figure for 2021. Given the global trends and the government of India’s pending policy/regulatory framework in this area, it is a matter of time before NFT-based market for movies and sports memorabilia becomes a reality in India. The future of AI in India: More market players are realising AI’s importance, including its ability to provide competitive advantage and sculpt the future of work. In 2022, we expect to see India’s AI priorities shift towards cost efficiencies and employee productivity. Mental health becomes a priority with increasing app penetration: Given the challenges related to awareness, access, and capacity, technology can play a significant role in building scalable solutions that can help the population at large. About **36 percent of the Indian millennials have a fitness app installed on their phones and ~45 percent think leading a healthy life is essential. Floating Solar Photovoltaics (FSPVs) as a means for scaling solar PV deployment: FSPVs is expected to play an important role in paving the path for India’s energy sufficiency given the natural advantage of a vast coastline. With reduced crude prices and improved designs, Deloitte India predicts a significant rise taking place as both central and state government agencies might announce more floating solar projects. Deloitte India further estimates that the FSPV sector in India has a high potential to become self-sustainable largely due to the benefit of economies of scale as and when the tariff rate reduces over the next few years.

NFTs for sports media will generate more than $2 billion in transactions in 2022, about double the figure for 2021: Deloitte report

<ul><li>Just when Bollywood seemed to be getting back on track with releases being planned and film shoots announced, a second surge in the number of Covid-19 cases has brought everything back to square one.</li><li>If there are no cinema halls, movies will go to OTT, but they will co-exist. A lot of good films cannot be held back, and for good reasons, they have gone to OTT, which may not have been their first choice. But they had to do it because of the pandemic.</li><li>Jehil Thakkar, Partner and media &amp; entertainment industry leader, <keyword id="6358918" type="COMPANY" weightage="20" keywordseo="deloitte">Deloitte</keyword> India shares how the cinema industry will change after all of this is over.</li></ul>Once again, the boards outside box-office windows across India read ‘Closed’, with no clarity as to when they will open. For theatres in states where there is no government advisory, lack of business is forcing theatres to down their shutters. On the other hand, COVID-19 and its accompanying health issues and restrictions have brought the film industry to a complete halt in terms of shoots, production and releases. The domino effect is massive as several other sectors in entertainment, media and many other businesses depend on films. The theatrical business, which in India forms the main revenue source for most films, has dropped to a trickle and is likely to remain there for the short term. As the second wave of COVID-19 accelerates across the country, theatres and production will be more widely impacted. While majority of the box office revenue in the country is generated now through multiplexes, single screens do remain a critical part of the distribution chain. The COVID-19 related lockdowns have hurt this part of the value chain much more than the multiplexes, which tend to be part of more resilient larger organisations. Many of these single screens and a few independent multiplexes may not ever open again. We lost a few in 2020 and we may lose some more in 2021. What many in the industry fear is the acceleration of a shift in viewing patterns. Consumers will make very judicious choices about the kind of film they want to consider viewing in the theatre. A larger than life, star film is more likely to draw an audience rather than a dialogue-based comedy or drama – which consumers may prefer to watch at home. This change had already been in process in large markets like the US and had begun to make its presence felt in India too. Going to see a film in a theatre is a family or community occasion across India, so we may see the Hindi film industry stage a strong comeback in the theatres later in 2021 if we see the COVID-19 tide recede. But what the pandemic may have forever changed is an established practice that saw films progress from one medium to another — from theatres to OTT to television, with fixed exhibition windows and gaps between each. With cinema halls still half-empty, and increasingly strained due to the lockdown in many parts of the country, many producers are opting to release their films on streaming platforms without waiting for a theatrical release; ‘windowing’ is, in effect, out of the window. The days when every film, without exception, would first go to the cinemas may not ever come back. We saw these industry practices break down in the US and are seeing this in India too. Over the last year – we saw many films that were intended for theatrical release but then premiered on OTT – as producers ran out of patience. While the performance of these films was mixed, many producers were determined to hold back films and wait for the situation to improve. There was a window of hope that theatrical revenue would return – especially early in the year as audiences trickled in and some films – Hollywood and south Indian releases – performed better than expected. These films may now yet again explore a release on OTT as the promise of return to normalcy stretches out. Even under-production films will see some costs rise due to COVID-19 related SOPs, lengthening timelines and regulatory restrictions. Another factor that will influence this trend is the hunger for content and capacity from OTT platforms. With over 45 OTT services in India, there is a battle for consumers. Quality content is key to drive consumers to platforms and also to convert them from free to paying subscribers. Production capacity too in the industry is limited. Production companies that can churn out film level production values at scale consistently are limited. Many OTT players, with large budgets for originals, are trying to up production capacity, which in turn may affect films and drive budgets and costs higher. The pressure to release capital and escalating costs may drive producers to explore all possible release windows in the short and medium term. To be sure, box office in India has a future and a robust one at that. The film sector will adapt and rejuvenate, as it always has. According to a Deloitte study, 83% of India watches video content on their mobiles, and this still makes the cinema experience something unique. Pundits had predicted the demise of the cinema when television was launched, then again when the video players were introduced and then again when DVDs came out. They were wrong every time. For the industry, no doubt these are challenging times, but this too shall pass and the show will go on.

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