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India's services sector showed robust expansion in October, per the <keyword id="22267674" type="General" weightage="20" keywordseo="HSBC-India-Services-PMI" source="keywords">HSBC India Services PMI</keyword> (Purchasing Managers' Index), which rose to 58.5 last month, up from September's ten-month low of 57.7. October's figures managed to exceed even the long-run PMI average of 54.1, largely on the back of a strong sales pipeline and elevated demand. Employment, or job creation in this sector accelerated to its fastest growth rate in 26 months. Anticipating solid, sustained demand in the near term, firms added new employees at the most rapid pace in over 2 years. October also saw <keyword id="23834175" type="General" weightage="20" keywordseo="input-costs-rise" source="keywords">input costs rise</keyword> at their fastest pace in 3 months, indicating renewed demand and economic activity in the country. The ISM Services PMI, an indicator of the economic health of the US, also exceeded expectations, reaching 56.0 compared to the forecasted 53.8, suggesting strong growth within the services sector. "During October, the Indian services sector experienced strong expansions in output and consumer demand, as well as job creation, which achieved a 26-month high," said Pranjul Bhandari, Chief India Economist at HSBC. The sector saw increased business activity across multiple fronts, with export sales showing significant growth and companies reporting stronger demand from international markets including Africa, Asia, the Americas, the Middle East, and the UK. However, industry experts remain cautiously optimistic about the sector's prospects. Suman Chowdhury, Chief Economist at Acuité Ratings &amp; Research, noted that while the October recovery is promising, several factors warrant careful monitoring. “The recovery in the PMI indices in October 2024 is promising for the second half of the fiscal after the dip in several high-frequency indicators in September 2024. Industrial and service activity has expectedly received a boost from the anticipated spike in consumption demand in Q3 FY25, driven by the festivities and the marriage season," she said. Chowdhury added that it will be crucial to monitor the sustainability of these PMI indices at these elevated levels, given the reported weakness in urban demand in Q2 as flagged by FMCG companies. She also noted that potential increases in wholesale and core retail inflation, combined with higher input costs and wage pressures, could delay expected interest rate cuts. RBI governor Shaktikanta Das also noted that inflation and CPI figures for October might be elevated, pushing ahead any chances of interest rate cuts in the near future. Acuité Ratings &amp; Research maintains its GDP growth forecast at 7.0% for FY25 while acknowledging the multiple downside risks that will require close observation in the coming months.

India's Services Index jumps to 58.5 in October as employment grows the fastest in 26 months

New Delhi, The services sector growth in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> rose to a six-month high in January as new business expanded at a faster pace amid buoyant demand from domestic and external clients, a monthly survey said on Monday. The seasonally adjusted <keyword id="20073680" type="General" weightage="20" keywordseo="hsbc-india-services" source="keywords">HSBC India Services</keyword> <keyword id="19905748" type="General" weightage="20" keywordseo="pmi" source="keywords">PMI</keyword> Business Activity Index rose to 61.8 in January, up from 59 in December, pointing to the sharpest rate of expansion in six months. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. The survey is compiled from responses to questionnaires sent to a panel of around 400 service sector companies. "India's services PMI rose to a six-month high in January. New business expanded at a faster pace and managers' expectation for future activity was strong. The new export business index accelerated, signalling that India's services exports remained robust," <keyword id="20412326" type="General" weightage="20" keywordseo="ines-lam" source="keywords">Ines Lam</keyword>, Economist at HSBC, said. New export sales rose at the fastest pace in three months. Monitored firms signalled gains from clients across the globe, including Afghanistan, Australia, Brazil, China, Europe, the UAE and the US. On the prices front, companies noted a further increase in their overall expenses at the start of the 2024 calendar year, with food, labour and freight identified as the key sources of cost pressures. However, with the vast majority of panellists opting to leave their charges unchanged and only 6 per cent hiking them, output prices rose to the least extent in 11 months. According to the survey, business confidence has strengthened further. Besides demand strength, firms expect investment and productivity gains to induce output growth in the year ahead. Meanwhile, the <keyword id="20459348" type="General" weightage="20" keywordseo="hsbc-india-composite" source="keywords">HSBC India Composite</keyword> PMI Output Index rose from 58.5 in December to 61.2, indicating the sharpest upturn since mid-2023. Composite PMI indices are weighted averages of comparable manufacturing and services PMI indices. Weights reflect the relative size of the manufacturing and service sectors according to official GDP data. "January data highlighted a further acceleration in growth of Indian private sector output, amid quicker increases at both goods producers and service providers," the survey said. Service providers led the upturn, although both segments recorded faster rates of expansion in new business, the survey added.

India's Jan services PMI hits 6-month high amid strongest upturn in new business since mid-2023

New Delhi, The growth rate in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s business activity accelerated to a 7-month high in February driven by a strong demand for both manufacturing and services, according to a private economic survey released on Thursday. <keyword id="19916458" type="General" weightage="20" keywordseo="hsbc" source="keywords">HSBC</keyword>'s flash India Composite Purchasing Managers' Index (<keyword id="19905748" type="General" weightage="20" keywordseo="pmi" source="keywords">PMI</keyword>), compiled by S&amp;P Global, rose to 61.5 this month from 61.2 in January, which is above the 50-mark that separates expansion from contraction for the 31st consecutive month. "The pace of acceleration in the output of India's manufacturers and service providers, combined, was at a 7-month high in February. Encouragingly, new export orders rose sharply, particularly for goods producers," said <keyword id="20045866" type="General" weightage="20" keywordseo="pranjul-bhandari" source="keywords">Pranjul Bhandari</keyword>, chief India economist at HSBC. The manufacturing PMI for February rose to 56.7 from last month's 56.5, its highest since September, and the preliminary services PMI rose to 62.0 from 61.8 in January to reach its highest level in the last 7 months. Overall international orders increased at the fastest pace since September. The survey is in tune with the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> bulletin released on Tuesday which states that the Indian economy continues to sustain the momentum achieved in the first half of 2023-24 and a fresh round of capital expenditure by the corporate sector is expected to fuel the next leg of growth. Consumer confidence strengthened further in January 2024, driven especially by optimism about the general economic situation and employment conditions, as per the RBI's latest survey of households. Various enterprise surveys also point towards strong business optimism, the RBI bulletin points out. It also states that high frequency indicators point towards sustained strength in demand conditions in the economy during January 2024. E-way bills grew by 13.2 per cent in December 2023. Toll collections expanded by 15.5 per cent year-on-year in January 2024, although they sequentially moderated from a record in the previous month. Automobile sales had registered an expansion of 23.3 per cent year-on-year in January with two wheeler sales recording double digit growth. Retail tractor sales recorded a seven-month high growth at 21.2 per cent year-on-year in January 2024. Vehicle registrations recorded strong year-on-year growth.

India's business activity surges to 7-month high in February

<div type="image" title="Companies are embracing the unbossing trend" msid="113256383" hostid="261" sizebytes="1440779"></div> If there’s one thing both a productive team member and an underperformer hates in the corporate world, it’s being micromanaged. Now, imagine a workplace where the boss isn’t calling all the shots. Instead, everyone has a voice, and innovation flows freely. The recent corporate trend of "Unbossing" promises to do just that, empowering employees by eliminating the heavy hands of hierarchy. Sounds too good to be true? Well, globally, not just the new-age start-ups, but dozens of major corporations have embraced this trend and trimmed their middle management. <h2>Managers managing managers — no more!</h2>In January last year, <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword> CEO Mark Zuckerberg made headlines for declaring 2023 as the “year of efficiency” and saying that he doesn’t want a management structure that's just “managers managing managers”. <div type="image" title="Meta CEO Mark Zuckerberg" agency="ANI" msid="113256403" hostid="261"></div> The same month, it was also reported by Command Line that Meta's chief product officer Chris Cox, had shared a post on the company's communication platform, Workplace, highlighting the necessity to "flatten" the organisation's structure. What followed was reports of Meta slashing middle management roles. Gradually, other companies like Shopify, Bayer, and Cisco began making headlines for showing the exit door to some of their middle managers. Loosely, unbossing is essentially cutting down the middle management roles. It cuts significant costs for the company and the new-age workforce also endorses the trend as efficient in enabling faster decision-making and innovation. However, critics argue this trend also limits the extent of mentorship that the younger generation receives while entering the workforce, which often remains an intangible value if your boss turns out to be a good mentor. Therefore, for some, it’s not about firing the middle management, but just another leadership philosophy on how leaders (and ‘bosses’) should conduct themselves. This approach advocates bosses working along with the team as a part rather than shouting instructions from the top. Whatever one’s understanding, this trend of “Unbossing” appears to be taking corporate America by storm in 2023, as evidenced by hundreds of media reports highlighting the same. Overall, most agree that the trend is restructuring organisational hierarchy to enable direct communication between employees and leaders. Cut to 2024, this trend is still prevalent and making headlines. A Bloomberg report recently said that Georges Elhedery, the incoming CEO of HSBC Holdings, might also consider plans to streamline the company's operations by reducing layers of middle management. But what’s the scenario in India? Are Indian companies ready to ditch the old-school approach and adopt this new way of working? Let’s dive in and see what the experts have to say! <h2>Layoffs to impact senior professionals: Naukri.com survey</h2>A survey by job portal Naukri.com early last year had suggested that recruiters in India expect a decline in layoffs during the first half of 2023. The survey, which included responses from 1,400 recruiters and consultants across ten industries, revealed that only 4 percent of participants anticipated layoffs to be the main focus of hiring activities within their organisations. However, the survey also highlighted that information technology roles and senior professionals were likely to be the most affected by hiring adjustments. About 20 percent of recruiters predicted that layoffs would predominantly impact senior professionals, while freshers are expected to face the least disruption from these hiring corrections. Interestingly the survey came around the same time when the Unbossing trend had begun picking up pace abroad. <h2>Layoffs at Wipro, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Collegedunia</h2>In January this year, Wipro India was in the limelight for laying off hundreds of its mid-level executives. The company reportedly culled many jobs as part of its strategy to improve margins. An ET report citing two sources familiar with the situation had said that the leading Indian IT firm reduced mid-level roles at its onsite locations. "Notices began being issued earlier this month, and hundreds of mid-level executives onsite are being let go," one source revealed. Another source added, "They have costly resources onsite in Capco, and although growth is returning, it's not sufficient. Aparna Iyer, Wipro's chief financial officer, has been tasked with delivering better margins this quarter." <div type="image" title="Amazon decided to lay-off middle managers in May" msid="113256170" hostid="261"></div>Then in May, Amazon also decided to reduce layers of middle management within its customer service divisions as part of an organisational restructuring, a Fortune report had said. The cuts impacted over 100 customer service managers in Level 5 and Level 6 middle management roles, both in call centres and virtual positions, primarily based in the U.S. and India. Not just large tech companies, startups too seem to be adapting the <keyword id="23125775" type="General" weightage="100" keywordseo="unbossing-trend-in-India" source="Orion">unbossing trend in India</keyword>. Last month, educational portal Collegedunia confirmed that around 100 employees from its Study Abroad department had been given the pink slip. A report in CNBC-TV18 had said that additional job cuts were happening across other departments as part of a broader reorganisation. The restructuring, as per the report, was aimed at automating many tasks to reduce costs. Interestingly, despite the layoffs, Collegedunia had posted 13 job openings on LinkedIn for various roles in different locations, primarily entry-level positions requiring up to two years of experience. "While Collegedunia is laying off several employees, it is also hiring fresh talent, allowing them to keep staffing levels up but at a lower cost," one employee told CNBC-TV18 at the time. Another source confirmed that while Collegedunia had been actively recruiting for some months, it has also been letting go of employees, including senior staff members with 7-8 years of experience at the company. <h2>What do experts say?</h2> <div type="image" title="Experts&amp;#39; opinion on unbossing trend" msid="113256250" hostid="261"></div>Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, told Business Insider India, “From the perspective of HR leaders and CEOs, the strategic culling of middle management is viewed as a means to streamline operations, reduce overhead, and foster a culture of autonomy and innovation.” He also noted that even though employees can “exercise greater ownership and agility in decision-making” through this approach, there are also significant downsides. “The erosion of middle management creates a vacuum in leadership development, mentorship, and the retention of institutional knowledge, potentially leading to disengagement, a weakened talent pipeline, and misalignment with organisational objectives,” Kumar noted. Talking specifically about the Indian scenario, he said, “Implementing this trend in India would be a strategic move, positioning organisations to remain competitive in a rapidly evolving business environment. However, to fully capitalise on this approach, developing a more robust talent pipeline that integrates the ability to multitask at all levels is imperative. In today's landscape, leadership demands thinkers, strategic visionaries, and individuals who can execute with precision. We need to cultivate a new breed of leaders who are both thinkers and doers, capable of navigating complex challenges while driving innovation and growth. By building versatile, agile leaders through targeted talent development programs, Indian organisations can ensure they are well-prepared to thrive in a decentralised, high-performance environment.” RP Yadav, Chairman and Managing Director of Genius Consultants Limited, told ET recently that the Unbossing approach simplifies hierarchies and encourages open communication between frontline employees and senior management. He had added that the concept of “the oldest in the room is always the wisest of all” is no longer applicable. Meanwhile, Aditya Narayan Mishra, MD and CEO of CIEL HR Services told ET that the unbossing trend is predominantly seen in tech companies, creative roles, and startups, where swift decision-making and the unrestricted exchange of ideas are crucial. For example, the tech sector often thrives with flattened hierarchies that support rapid innovation and agility, while creative industries such as advertising and media use unbossing to cultivate a more collaborative and idea-focused environment. Thus, the unbossing trend is gaining traction beyond global companies and is finding its way into Indian organisations as well. While this approach can streamline operations, reduce costs, and enhance agility, experts caution that it also brings challenges, such as gaps in leadership development and the loss of institutional knowledge. To fully harness the benefits of unbossing, Indian companies must focus on cultivating agile leaders who can navigate complex challenges and drive growth. By building a strong talent pipeline and fostering a culture of innovation and collaboration, Indian organisations can position themselves to thrive in a more decentralised and dynamic business environment. Do you have insights or personal experience to s hare on layoffs, <keyword id="34447" type="General" weightage="20" keywordseo="workplace-trends" source="Orion">workplace trends</keyword>, or career changes? Contact us at businessinsider@timesinternet.in.

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

The <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">rupee</keyword> inched up 1 paisa to 83.43 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Thursday on the back of a weak American currency and positive domestic equity markets. <keyword id="20024982" type="General" weightage="20" keywordseo="Forex-traders" source="keywords">Forex traders</keyword> said an upward movement in the crude oil prices resisted a sharp rise in the Indian currency even as investors moved cautiously ahead of the RBI's monetary policy decision to be announced on Friday. At the interbank foreign exchange market, the local unit opened at 83.40 and slipped to 83.43 against the greenback, trading 1 paisa higher from its previous close. On Wednesday, the domestic currency settled 7 paise higher at 83.44 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent lower at 104.06. Analysts attributed the weakness in the dollar index to a sharp fall in US Treasury yields after the latest data showed private sector job growth in May was slower than estimated, raising expectations of an <keyword id="20071379" type="General" weightage="20" keywordseo="interest-rate-cut" source="keywords">interest rate cut</keyword> by the US Federal Reserve. They said that market participants are expected to take further cues from the weekly US jobs data to be released later in the day. Also, they said the decision of RBI's rate-setting panel to impact investors' sentiment. The Monetary Policy Committee (MPC) of RBI on Wednesday started its three-day deliberations to decide the next monetary policy. Reserve Bank Governor Shaktikanta Das will announce the decisions on Friday. "The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> is set to keep its repo rate at 6.5 per cent at its June 7 review. Policy is turning more restrictive as cooling inflation pushes up real rates, hurting growth," said Amit Goel, Co-Founder &amp; Chief Global Strategist, Pace 360. He further said the RBI's record dividend payment of Rs 2.1 lakh crore to the government for FY24 may alleviate concerns about the growth outlook. Brent crude futures, the global oil benchmark, advanced 0.38 per cent to <keyword id="54123" type="General" weightage="20" keywordseo="USD" source="Orion">USD</keyword> 78.71 per barrel. On the domestic equity market, the 30-share BSE Sensex climbed 303.91 points or 0.41 per cent to 74,686.15 in early trade. The NSE Nifty went up 70.25 points or 0.31 per cent to 22,690.60. Foreign investors were net sellers of Indian equities on Wednesday as they offloaded shares worth Rs 5,656.26 crore on a net basis. FIIs bought shares worth Rs 21,012.72 crore and sold equities worth Rs 26,668.98 crore in the cash segment. India's service sector growth eased to a five-month low in May amid fierce competition, price pressures and a severe heatwave, even as new orders from international markets expanded at the steepest pace in a decade, according to a monthly survey released on Wednesday. The seasonally adjusted HSBC India Services Business Activity Index fell to 60.2 in May from 60.8 a month earlier, its lowest mark since last December.

Rupee rises 1 paisa to 83.43 against US dollar in early trade

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s share price dipped by nearly 1% within hours of it making a new record for itself and crossing ₹8 lakh crore in valuation on November 25.</li><li>This makes India’s largest private sector lender bigger than the likes of <keyword id="158169" type="CITY" weightage="20" keywordseo="BlackRock">BlackRock</keyword> <keyword id="112859" type="CITY" weightage="20" keywordseo="Lockheed-Martin">Lockheed Martin</keyword> and <keyword id="6358584" type="UNKNOWN" weightage="20" keywordseo="HSBC">HSBC</keyword> on the US stock market.</li><li>HDFC Bank’s stock had already hit a fresh 52-week high on November 24, when the CLSA raised its target price. </li></ul>HDFC Bank crossed a new milestone as its market capitalisation hit ₹8 lakh crore ($108 billion) when the Indian exchanges opened on November 25, strengthening in place as India’s third most valuable company. Globally, this makes India’s largest private sector bank bigger than US behemoths like Lockheed Martin, HSBC and BlackRock. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$108 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BlackRock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$106.65 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lockheed Martin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$105.89 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HSBC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$104.46 </td></tr></tbody></table>Source: BSE, NYSE as per today’s USD/INR conversion rate However, the euphoria was short-lived. By afternoon trade, the stock dipped by over 1% to ₹1424.75. This has brought its valuation back down to just under the ₹8 trillion mark at ₹7.92 trillion. Nonetheless, HDFC Bank is the first lender and the third Indian company — aside from Tata Consultancy Services (TCS) and Reliance Industries — to have hit this mark. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top companies by market capitalisation: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market cap </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹13.29 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consultancy Services (TCS) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10.21 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7.9 lakh crore </td></tr></tbody></table>Source: BSE Today’s surge comes after India’s latest private sector lender had already hit a fresh 52-week high yesterday. This after brokerage CLSA raised the target price of the lender to ₹1,700 this week. In addition, there was already an air of optimism around private sector banking stocks as the Reserve Bank of India (RBI) proposed new guidelines for ownership, including the possibility of increasing promoters’ stake from the current 15% to 26%. HDFC Bank has been one of the best performers over the last three months So far this year the stock has surged by nearly 14% despite the impact of the COVID-19 pandemic. The last three months, in particular, have been one of the best performing for the bank. HDFC Bank is among the seven financial companies <a href="https://www.businessinsider.in/stock-market/news/checkout-top-10-gainers-on-the-nifty-50-in-the-last-three-months/articleshow/79386155.cms">among the top 10 gainers on the NIFTY50 since September.</a> During the second quarter, the bank’s revenues were up by 15% as compared to last year at ₹21,868.8 crore. Its profits also increased by 18.4% year-on-year (YoY) to ₹7,513.1 crore. HDFC Bank has also been <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-increases-provisions-for-bad-loans-as-impact-of-covid-19-continued-to-bear-down-in-second-quarter/articleshow/78719656.cms">cautious in its commentary</a> with the Supreme Court’s stay on declaring accounts as bad loans until the hearing on the RBI’s moratorium is complete. The bank’s management has said that there haven’t been any requests for restructuring granted as of October. However, they also highlighted that borrowers have until December to file their applications leaving room for the situation to change if warranted. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/bank-employees-to-go-on-a-nationwide-strike-tomorrow-in-solidarity-with-farmers-protests/articleshow/79402946.cms">Bank employees to go on a nationwide strike on November 26 in solidarity with farmers’ protests</a> <a href="https://www.businessinsider.in/tech/apps/news/twitters-verification-badges-are-set-to-make-a-return-here-all-the-terms-and-conditions-of-how-to-apply/articleshow/79402586.cms">Twitter's coveted blue ticks are making a comeback next year along with new account types and labels</a> <a href="https://www.businessinsider.in/science/space/news/elon-musk-led-space-x-is-ready-to-conduct-the-first-major-test-of-its-starship-rocket-next-week-and-set-a-new-record/articleshow/79401235.cms">Elon Musk-led Space X is ready to conduct the first major test of its Starship rocket next week and set a new record</a> <a href="https://www.businessinsider.in/tech/apps/news/15-of-the-43-apps-india-banned-today-are-dating-apps/articleshow/79389714.cms">One-third of the latest Chinese mobile apps banned by India are dating services</a>

India's largest private sector bank is now bigger than the likes of Lockheed Martin, HSBC or BlackRock

<ul><li>A new report by <keyword id="6358584" type="UNKNOWN" weightage="20" keywordseo="HSBC">HSBC</keyword> shows that only 33% of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> regularly save for their retirement.</li><li>As per the <keyword id="6866294" type="UNKNOWN" weightage="20" keywordseo="life-cycle-theory">life-cycle theory</keyword>, India’s saving rate should be much higher since most of its demographic dividend consists of working individuals. </li><li>While low financial literacy may be the primary factor for a low <keyword id="25450" type="ORGANIZATION" weightage="20" keywordseo="savings">savings</keyword> rate, there are larger shifts in India’s saving patterns that help explain why individuals aren’t saving as much as they should be.</li></ul>Lack of financial literacy has widened the gap between financial preparedness and financial risks in India. According to a report by HSBC titled <a href="https://www.livemint.com/Money/pwu91JKABBWNGOZDcul9lI/Only-33-Indians-save-regularly-for-retirement-HSBC-report.html">‘Future of Retirement: Bridging the Gap</a>’, only 33% of Indians save regularly for their retirement. And, the problem isn’t specific to India either. Even globally, only one-third of the working demographic has a financial plan in place for their future. The report cites low knowledge of how much is money is needed for retirement as the key reason behind why individuals prioritise their current expenditures over hedging for post-retirement expenses. While financial literacy definitely has a part to play, there are other underlying reasons and trends that have resulted in the current paradigm. India’s changing saving patterns The fundamental <a href="http://www.eiiff.com/savings/india/changing-pattern.html">trend</a> of savings in India has shifted from financial securities to savings in physical properties. Looking at historical data, this shift could be attributed to falling interest rates and rates of return. That being said, the increase in individual responsibility and life expectancy have led to a <a href="http://shodhganga.inflibnet.ac.in/bitstream/10603/37201/5/chapter3.pdf">drastic change</a> in the saving requirements for Indians over the past couple of years. One major factor of influence has been the transfer of risk from the government to employers and individuals. State-supported pensions have been cut from most sectors, making individuals responsible for their own financial security after retirement. In that shift, a lot of people are now unaware of their own financial risk and lack the knowledge of how to protect themselves against it. And, while there are a number of financial products and services in the market, the options have become so specialised and diverse that consumers are often uncertain about where to invest. The variety of instruments also adds to the decision-making process and the perceived risk attached. Innovations and the variety of <keyword id="563073" type="ORGANIZATION" weightage="20" keywordseo="financial-instruments">financial instruments</keyword> is only a boon if consumers understand how they work and what their benefits are. Diversification and specialisation also entail an increase in competition between financial institutions in the market. Where there are more avenues to save, there are also new avenues to borrow. Getting credit is easier and more attractive when conservative financial instruments yield a low rate of return that doesn’t necessarily keep up with the rate of inflation. According to the life-cycle theory, individuals save more during their working years. Initiatives like Project Financial Literacy, ABHAY, and Aflatoon are already underway, helmed by the Reserve Bank of India, public-sector banks, and NGOs respectively to improve financial literacy. But, considering that India’s median age is 27, the savings rate for retirement still needs to be higher than where it currently stands.

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India's largest private sector bank is now bigger than the likes of Lockheed Martin, HSBC or BlackRock

Prabhjote Gill

Here’s why only one-third of Indians are saving for their retirement

Prabhjote Gill

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