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<ul><li>The IT sector’s wage bill growth fell to 3% in Q3 FY24 from 22% in the same quarter last year.</li><li>Sectors like <keyword id="19931572" type="General" weightage="20" keywordseo="fmcg" source="keywords">FMCG</keyword>, metals, power, cement, pharma, chemicals also saw single digit wage growth in Q3.</li><li>The <keyword id="19910880" type="General" weightage="20" keywordseo="bfsi" source="keywords">BFSI</keyword> sector remained an outlier as its wage bill growth was strong at 22% in Q3.</li></ul>The age of sharp salary hikes seems to be over. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>’s top 500 listed private companies’ wage growth has moderated to 9% year on year in the third quarter of FY24. Including public sector enterprises, BSE500’s wage inflation slowed to 11%. In the same quarter last year, it was at 20%, says a report by <keyword id="20055355" type="General" weightage="20" keywordseo="nuvama-institutional-equities" source="keywords">Nuvama Institutional Equities</keyword>. “The worrying aspect of wage bill growth is the sharper moderation in private sector wage bill growth. Private sector wage bill growth has moderated to 9% YoY—a decadal-low (ex-Covid). Such a sharp slowdown, if it persists, could weigh on consumption, particularly the premium segment,” says <keyword id="19895773" type="General" weightage="20" keywordseo="nuvama" source="keywords">Nuvama</keyword>’s Q3FY24 Earnings Review. Unsurprisingly, the IT sector saw the most moderation, as its wage bill growth in Q3 at just 3% year on year. In the corresponding quarter last year, it was at 22%. “For IT companies, headcount is now contracting year on year. While this could bottom out, sustained recovery is needed for its revival,” said Nuvama. As per Xpheno, the top eight IT services firms in India<a href="https://www.businessinsider.in/careers/news/it-bellwethers-slash-headcount-in-fy24-but-indian-techies-find-a-home-with-gccs/articleshow/107679515.cms"> reduced their headcount by</a> 75,000 in the last one year. Sectors like FMCG, metals &amp; mining, power, cement, pharma, chemicals saw single digit wage growth. “Wage bill growth is moderating in most other spaces as well. For most sectors, wage bill growth is below the levels seen a year ago,” said Nuvama. On the other hand, sectors like auto, consumer services, durables and real estate sector saw double digit wage bill growth in the quarter. BFSI sector remains an outlier The only sector which saw strong wage bill growth in Q3 is banking, financial services and insurance sector; which came in at 22%. The average annual attrition in the sector is still high, at around 30-35%. In private banks, it’s <a href="https://www.cnbctv18.com/business/companies/rbi-closely-watching-high-attrition-at-some-private-banks-says-shaktikanta-das-18207931.htm">much more pronounced</a> at 40-45%. While private sector banks saw their wage bill go up by 23%, in PSU banks, the growth was at 20%. Financial services, however, saw its wage bill go up by 29%. Wage bill growth <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></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;">Sector </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;">Q3 FY24 </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;">Q3 FY23 </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;">IT </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;">3% </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;">22% </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;">BFSI </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;">22% </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;">19% </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;">Metals &amp; Mining </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;">4% </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;">4% </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;">Energy </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;">12% </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% </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;">Consumer services </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;">14% </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;">24% </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;">Auto </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;">14% </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;">9% </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;">Durables </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;">14% </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% </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;">FMCG </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;">6% </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;">12% </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;">Industrials </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;">11% </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% </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;">Power </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;">2% </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;">4% </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;">Cement </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;">5% </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;">6% </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;">Real estate </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;">12% </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;">32% </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;">Pharmaceuticals </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;">8% </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;">9% </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;">Chemicals </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;">0% </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;">8% </td></tr></tbody><tbody></tbody></table>Source: Capitaline, Nuvama Research Dwindling EBIDTA growth The Nuvama report also says that in the third quarter, BSE500’s revenue growth remained subdued at 6-7%, similar to what was seen in the first half of FY24. The earnings before interest tax depreciation and amortization (EBIDTA) growth on other hand, dwindled to 10% from 20% seen in the first half. “This is mainly due to fading input price tailwinds and operating de-leverage. PAT growth, however, held up in high teens. All in all, chinks are developing in profit momentum with EBITDA slowing sharply as margin tailwinds fade while demand fails to recover,” Nuvama said. Even as the aggregate profit growth held up to 16% YoY in Q3, a weak revenue growth does not spell good news for corporate employees who are hoping for a chunky wage hike. “Given a weak top line, wage bill growth is likely to remain subdued going ahead as well, potentially weighing on urban consumption,” says Nuvama.

India Inc’s wage bill growth halves in Q3, close to decadal lows

Chennai (<keyword id="19896558" type="General" weightage="20" keywordseo="tamil-nadu" source="keywords">Tamil Nadu</keyword>) [India], March 28 (ANI): Despite the 'Rising Sun' and 'Two leaves', this general election to the Tamil Nadu Lok Sabha revolves around many symbols as some heavy weights are contesting on an independent symbol. Former Chief Minister of Tamil Nadu, O Pannerselvam, will contest independently, on an independent symbol from Ramanathapuram constituency. MDMK Headquarters Secretary Durai Vaiko will face the election on an independent symbol from Trichy Constituency. Likewise, <keyword id="21108992" type="General" weightage="20" keywordseo="naam-thamizlar-katchi" source="keywords">Naam Thamizlar Katchi</keyword> (NTK), which failed took get the Sugarcane farmer as its symbol, is now contesting with the <keyword id="20862692" type="General" weightage="20" keywordseo="microphone" source="keywords">Microphone</keyword> symbol in all constituencies of Tamil Nadu. <keyword id="21109299" type="General" weightage="20" keywordseo="naam-thamilar-party" source="keywords">Naam Thamilar Party</keyword> coordinator Seeman says that the Microphone symbol gives them hope. The NTK is contesting outside the principal alliances in the state. "Even though we didn't get our sugarcane famer symbol, we are contesting with hope in the 'Mic' symbol. Many revolutionaries used this equipment to put forth their slogans," NTK leader Seeman said. TTV Dhinakaran's AMMK will contest the elections using the <keyword id="20401835" type="General" weightage="20" keywordseo="pressure-cooker" source="keywords">Pressure Cooker</keyword> symbol. The 'Pressure cooker' is the lucky symbol on which he had won the RK Nagar by-poll after the death of former Tamil Nadu CM J Jayalalitha amidst political drama in Tamil Nadu after former CM Jayalalitha's demise. For the candidates it is a question of proving their worth on an unrecognised symbol. O Pannerselvam who was ousted from the AIADMK is out to prove that he still has the support of AIADMK cadres as he seeks victory in Ramanathapuram constituency. "Symbol is a way of identifying with voters, with their ideology. With regard to DMK we have Rising Sun, it symbolise sun will drive away the darkness of ignorance darkness of oppression. Every political party will ask for symbol which signifies their ideology signifies the DNA of the party so that why symbols are important," says DMK spokesperson Sarvanan. Meanwhile, DMK ally Vaiko's MDMK is looking to bolster its vote share to ensure it gets a recognized symbol for the next elections. The ECI refused to allocate the 'Top' symbol to MDMK, saying the party is contesting only in one constituency. The MDMK was under pressure from alliance big-brother DMK to contest on the DMK Rising Sun symbol but Vaiko's party felt it would be better to strike out on an independent symbol. Vaiko's son Durai Vaiko had broken down in a public rally saying, "We are facing indirect pressure to contest the DMK symbol, but that would affect our party's image. Whatever it takes, he would contest their party's independent symbol." In Tamil Nadu's political history, the symbol for the election is a prestigious issue. When former CM and MDMK founder MG Ramachandran passed away, the AIADMK split. One faction was led by MGR's wife Janaki and the other by Jayalalitha. At that time, AIADMK two leaves symbol was frozen and Jayalalitha contest on an independent symbol of 'Two Pigeons' while Janaki's faction was given the Seval (Rooster) as its symbol. For the voter a multitude of symbols could be confusing, so it is really up to the individual leaders to woo their cadres to ensure that their symbol prevails. (ANI)

Microphone to Pressure Cooker - small Tamil parties wage war of symbols

In what is seen as a major standdown, the pilots' union of <keyword id="2573" type="General" weightage="100" keywordseo="air-india" source="Orion">Air India</keyword> has withdrawn its opposition to the new wage pact and employment agreement. In a joint letter issued on Thursday, the Indian Pilots' Guild (<keyword id="179256" type="General" weightage="50" keywordseo="ipg" source="Orion">IPG</keyword>) and Indian Commercial Pilots' Association (ICPA) withdrew their stand and told their members that they are free to sign new wage contracts offered by the new <keyword id="6355725" type="General" weightage="50" keywordseo="tata-group" source="Orion">Tata group</keyword> management of Air India. "As dedicated <keyword id="4746568" type="General" weightage="50" keywordseo="air-indians" source="Orion">Air Indians</keyword>, we believe it is crucial to express our readiness to settle the dispute at hand and find an amicable resolution for the benefit of both parties," the IPG and ICPA said in a joint letter to their members. The letter further read, "Over the past year, our attempts to reach a resolution have been hindered by a lack of cooperation from the management. Their unwillingness to address our concerns and apathetic attitude has resulted in a prolonged stalemate and escalating tensions." "Upon the assurances given in the online 'Townhall Meeting for Pilots' and in the interest of the aspirations of Air India, The <keyword id="8555" type="General" weightage="50" keywordseo="tata" source="Orion">Tata</keyword> Group and our passengers, the Joint Directive No.01 of 2023, Sub: Unilateral Changes in Policies stands withdrawn," the letter titled as 'Withdrawn of Joint Directive Np01 of 2023', added. The announcement came after a joint meeting held on Thursday, wherein the unions' members were told that they are free to sign the new wage contract. Last month, the Tata Group-owned airline announced a new salary structure for pilots and cabin crew but the staff was disappointed with the revisions. Their main grouse was about promoting captains with more than four years of experience in management. In a communication to all employees including pilots and crew members in April this year, Air India management had said that they announced the revision of their employment contracts and revised compensation for flying staff. "I am reaching directly to our flying staff through this platform as currently there is no recognized union at Air India. This is within the framework of law," said Air India Chief Human Resource Officer Suresh Tripathi, had said in a video message. The airline had said that the contract sent is a compilation of applicable policies and existing rules. Wherever there are differences, their changes are introduced to have a performance and merit-based culture as would be the ask of any world-class and professionally run airline. In the last one year, they have been hearing all the concerns of their flying community through various forums and constant communication, the Air India management said. "Guaranteed flying allowance has moved upwards from existing 20 hours to fixed 40 hours. With our ambitious growth and large aircraft order, we as an organisation are confident to provide you more and more opportunities for flying. The fact remains that at 70 hours of flying, income across the board has increased. We are a productivity-oriented organisation, and anyone who is ready to contribute will grow and prosper," the airline had said. "Our Trainers who would be investing more time in training as we ramp up, have been given a significant increase in pay in the form of both fixed and variable. There is more than 40 per cent increase in the allowance for trainers," it added. Air India said flying allowance rates are one of the highest in the Indian industry, with even higher amounts beyond 40 hours. There used to be a difference in flying rates in the same pilot rank which has been done away with to promote fairness. They have introduced additional compensation during training of command upgrade and conversion training which was not existing earlier. There was not any service reward existing to recognise the contribution of experienced staff. A fixed amount has been added to salaries. "These are all changes we have introduced for the better and to become market competitive, which was a key ask. We have also introduced best-in-class employee insurance and other benefits which were not existing earlier at Air India to support the welfare of our flying staff," the airline's management had said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations/articleshow/100164083.cms">Adani-Hindenburg row: Mauritian minister rejects shell company allegations</a> <a href="https://www.businessinsider.in/entertainment/news/ipl-2023-scores-over-1300-crore-video-views-on-jiocinema-in-the-first-five-weeks/articleshow/100155165.cms">IPL 2023 scores over 1,300 crore video views on JioCinema in the first five weeks</a> <a href="https://www.businessinsider.in/investment/news/investment-supertrends-2023-ai-to-digitalisation-and-green-energy/articleshow/100126382.cms">AI to digitalisation and green energy: Supertrends defining investment for today and the future</a>

Air India pilots' union withdraws opposition to new wage agreement

<ul class="summary-list"><li>Two years into the war in Ukraine, Russia's economy still appears resilient.</li><li>While wartime activities have supported the economy, Russia also entered the war in a sound economic position.</li></ul>Russia's wartime economy is <a target="_blank" href="https://www.businessinsider.com/russia-war-economy-government-boom-crash-sanctions-ukraine-invasion-2023-8">booming.</a>That may sound counterintuitive, but headline GDP growth is <a target="_blank" href="https://www.barrons.com/articles/war-economy-history-lessons-51660776913">not unusual</a> in times of conflict.While there are doubts over the accuracy and completeness of the rosy economic data Russia has released over the past two years, Moscow looks poised to continue funding its war for a third year — and <a target="_blank" href="https://www.allianz.com/en/economic_research/publications/specials_fmo/economy-conflict-war.html">wars are expensive.</a>"From a purely economic standpoint, Russia has considerable room to continue waging war," Hassan Malik, a global macro strategist and Russia expert at Boston-based investment management firm Loomis Sayles, told Business Insider.After all, Russia has been <a target="_blank" href="https://www.businessinsider.com/russia-putin-preparing-west-sanctions-decade-since-ukraine-crimea-annexation-2022-6">sanction-proofing itself</a> since 2014, when it was hit with a raft of trade restrictions after <a target="_blank" rel="" href="https://www.businessinsider.com/how-russia-took-crimea-2015-3">it illegally annexed Crimea</a> from Ukraine. On top of that, it's still supported by revenues from its oil sales.Here's how Russia has managed to keep its economy strong even after two years of waging war.<h2>No. 1: By waging war outside its own borders</h2>One critical reason Russia's economy is still ticking is because of the location of the war."The war is being fought largely on Ukrainian land, and destroying largely Ukrainian homes, businesses, and farms such that the direct impact on Russian productive capacity and households has been comparatively limited," said Malik.Consider the impact of the war on the economies of both Russia and Ukraine.In 2022, the first year of the war, <a target="_blank" href="https://www.reuters.com/markets/europe/russian-economy-shrank-by-12-2022-less-than-previously-thought-stats-service-2023-12-29/">Russia's economy contracted 1.2%, </a>according to official statistics. Analysts polled by Reuters expect Russia's GDP to have risen 3.1% in 2023. Russia has not yet released its full-year GDP growth for 2023.In comparison, <a target="_blank" href="https://www.reuters.com/markets/europe/ukraine-gdp-rebound-2023-inflation-fall-eu-commission-2023-11-15/">Ukraine's GDP</a> plunged 29.1% in 2022 and the country's <a target="_blank" href="https://bank.gov.ua/en/news/all/inflyatsiya-zalishitsya-pomirnoyu-a-ekonomika-i-dali-vidnovlyuvatimetsya--inflyatsiyniy-zvit-nbu">central bank forecast</a> the country to have grown 4.9% in 2023. It has not released official growth figures.In a scenario where a war is not fought on your home turf, war can act as a major demand shock, particularly for war supplies and manpower, Malik explained. That's what happened in Russia: The war boosted the economy.<h2>No 2: By generating a demand for wartime goods and services</h2>Then, there's the demand for the goods and services that keep a war running.Russia's military needs physical supplies — things like weapons, ammunition, and bandages. The demand boosts the industries that produce those goods — especially domestically, since imports into Russia are restricted due to sanctions.The demand for military goods is so intense that even a <a target="_blank" href="https://www.ft.com/content/426a82ec-9344-4700-9b22-181caeed8c3a">bakery in central Russia</a> has been roped in to aid war efforts.The shop — which showed off its <a target="_blank" href="https://www.themoscowtimes.com/2023/10/16/new-video-shows-russian-drone-bakery-a82780">freshly produced drones next to just-baked bread</a> on Russian TV — is now <a target="_blank" href="https://ofac.treasury.gov/recent-actions/20231212">sanctioned by the US</a>.Fighting a war also requires manpower.Russia was facing a <a target="_blank" href="https://www.economist.com/europe/2023/03/04/russias-population-nightmare-is-going-to-get-even-worse">demographic crisis</a> with a declining population and <a target="_blank" href="https://www.statista.com/statistics/271341/fertility-rate-in-russia/">falling fertility rate</a> even before its war with Ukraine. With the onset of the war, nearly <a target="_blank" href="https://www.businessinsider.com/russian-economy-brain-drain-labor-shortage-workforce-exodus-capital-flight-2023-9">1 million Russians</a> — including draft-age men — have fled their homeland, shrinking the country's labor pool even further.Russian President Vladimir Putin's mobilization of men for the war created a labor crunch that has persisted since 2022.Last year, Russia faced a <a target="_blank" href="https://www.businessinsider.com/russia-lacks-workers-ukraine-war-labor-crisis-worker-shortage-2023-12">shortage of 5 million </a>workers as workforce vacancies rose nearly 5% from a year ago. In November, Russia posted a record-low unemployment rate of 2.9%.Thanks to the manpower shortage, <a target="_blank" href="https://www.reuters.com/markets/europe/double-digit-growth-real-wages-retail-sales-russias-unemployment-hits-record-low-2023-08-02/">wages have risen</a> — in turn supporting consumption and economic growth.<h2>No. 3: By being self-reliant in weapons and commodity production</h2>Russia is a major global economy — the <a target="_blank" href="https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?most_recent_value_desc=true">world's eighth-largest</a> in 2022 — in part due to its strong position as a producer of commodities like oil, natural gas, wheat, and metals.However, unlike many countries, Russia is also self-sufficient in producing critical commodities like oil, natural gas, and wheat, which has helped it weather years of sanctions."While Western sanctions and trade restrictions have undoubtedly had some marginal impact on the Russian economy, the impact is particularly limited in a largely autarkic Russian defense industry," said Malik, referring to an economy based on self-sufficiency and limited external trade.As one of the <a target="_blank" href="https://www.statista.com/chart/18417/global-weapons-exports/">world's top arms exporters,</a> Russia can also supply itself with most of its defense needs, even for sophisticated weapons, said Malik.This, alongside measures Russia has imposed to boost its economy — including <a target="_blank" href="https://www.businessinsider.com/apple-exited-russia-iphone-14-preorders-2022-9">parallel imports</a>, pivoting to <a target="_blank" href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">alternative export markets </a>such as China and India, and <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/newsletters/2023-10-03/supply-chain-latest-china-and-russia-trade-volumes-increase">new supply chains</a> — further dilute the impact of Western sanctions on the Russian defense industry and wartime economy, he added.<h2>No. 4: By stimulating and steadying its economy with subsidies and policies</h2>Government subsidies, spending, and policies are also propping up Russia's economy.Moscow's attempt to prop up its wartime economy has been so aggressive that subsidies for discounted mortgages have created a <a target="_blank" href="https://www.businessinsider.com/russia-ukraine-war-economy-housing-bubble-mortgages-rates-inflation-debt-2023-12">housing bubble.</a>The Russian government has rolled out other types of subsidized loans for <a target="_blank" href="https://www.flightglobal.com/air-transport/russian-government-prolongs-loan-subsidy-scheme-for-lessors-taking-domestic-aircraft/150137.article">businesses,</a> further stimulating demand in the economy.Russian policymakers also stepped in quickly to steady the market and economy after Moscow invaded Ukraine. They took steps including shutting the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/russia-stock-market-closed-bonds-default-sovereign-debt-deadline-2022-3">Moscow Exchange</a> for weeks, imposing <a target="_blank" href="https://markets.businessinsider.com/news/currencies/russian-central-bank-money-transfer-restrictions-war-ukraine-currency-ruble-2022-4">capital controls,</a> and managing <a target="_blank" href="https://markets.businessinsider.com/news/currencies/russia-central-bank-cuts-interest-rates-ruble-currency-sanctions-ukraine-2022-5">monetary policy.</a>"That was done reasonably quickly. A lot of Russian financial instruments were immobilized," said <a target="_blank" href="https://daviscenter.fas.harvard.edu/insights/russias-economy-war-ukraine-and-hopes-post-putin-liberalization">Sergei Guriev,</a> a former chief economist at the European Bank for Reconstruction and Development, at a talk last month.<h2>No. 5: By keeping external debt low and exports strong</h2>Russia entered the war with little external debt and its current account has been in surplus thanks in part to the war's impact on commodity prices."Such developments heavily compensated for Western moves such as the freezing of the <a target="_blank" href="https://www.businessinsider.com/russia-fm-freezing-currency-reserves-was-thievery-unexpected-2022-3">central bank's reserves,</a>" Malik said.Russia managed to allocate nearly one-third of its <a target="_blank" rel=" nofollow" href="https://www.reuters.com/world/europe/everything-front-russia-allots-third-2024-spending-defence-2023-10-02/">2024 budget</a> to defense spending, despite all the sanctions it's been hit with.Malik isn't the only one who thinks Russia has room to run its war for longer.Over the past year, experts including a former Russian deputy finance ministry in self-exile and several economists have all said Russia has the <a target="_blank" href="https://www.russiamatters.org/blog/russias-money-ukraine-war-wont-run-out-anytime-soon-economists-say">money to fund its war</a> in Ukraine for a few years.Alex Isakov, an economist at <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-01-17/war-in-ukraine-drains-nearly-half-of-accessible-russian-reserves">Bloomberg Economics,</a> said in a report on January 17 that Russia's national wealth fund's liquid assets will last for another year or two if the country's oil export prices fall below $50 a barrel.The average price of Russia's flagship <a target="_blank" href="https://tass.com/economy/1730001">Urals crude</a> oil was about $63 a barrel in 2023.<h2>Even so, Putin is caught in an economic 'trilemma'</h2>While Russia has managed to avoid <a target="_blank" href="https://www.businessinsider.com/how-western-sanctions-affecting-russian-economy-ukraine-central-bank-putin-2022-2">economic catastrophe</a> after invading Ukraine in 2022 and incurring sweeping Western sanctions, it doesn't mean all is well on Putin's home turf.Despite the boom, Putin is trying to solve an economic <a target="_blank" rel="" href="https://www.businessinsider.com/russia-economy-putin-solve-trilemma-wartime-economy-gdp-prokopenko-2023-12">"trilemma"</a> a former Russian central bank official said recently."His challenges are threefold: he must fund his ongoing war against Ukraine, maintain his populace's living standards, and safeguard macroeconomic stability," Alexandra Prokopenko wrote about Putin in <a target="_blank" href="https://www.foreignaffairs.com/russian-federation/putins-unsustainable-spending-spree">Foreign Policy</a> in January."Achieving the first and second goals will require higher spending, which will fuel inflation and thus prevent the achievement of the third goal," she added.Putin already had to <a target="_blank" href="https://www.businessinsider.com/putin-apologizes-for-egg-prices-as-russian-inflation-soars-2023-12">personally apologize</a> for the price of eggs in Russia, which soared 42% in the 12 months prior to November 2023, according to data from the country's statistics agency <a target="_blank" rel="noopener nofollow" href="https://eng.rosstat.gov.ru/">Rosstat</a>.After all, rosy GDP figures alone are not a good measure of economic performance during wartime, said Guriev."You produce weapons and munitions, you pay for them from the budget, but these weapons and munitions don't contribute to quality of life, don't contribute to future economic growth," said Guriev. "They are shipped to Ukraine, where they are destroyed."Russia's contribution from the war is boosting its economy so much that there's risk of stagnation — or even an "outright crisis" — once the conflict is over, according to a January report from the <a target="_blank" href="https://wiiw.ac.at/the-russian-economy-amidst-the-war-and-sanctions-dlp-6727.pdf">Vienna Institute for International Economic Studies.</a>"The longer the war lasts, the more addicted the economy will become to military spending," wrote economists at the Austrian think tank.

How Russia has avoided bankrupting itself after 2 years of waging war in Ukraine

<ul class="summary-list"><li>Some expat Indians are moving back home to launch companies of their own.</li><li>India's booming market size, internet growth, and post-pandemic spending is driving their decision.</li></ul>Nithin Hassan, 41, has always been fascinated with building something of his own.As a child in India, he would get in trouble for dismantling electronics around the house just so he could peek inside.In college, in true <a target="_blank" class="" href="https://www.businessinsider.com/startups-to-bet-your-career-on-in-2024-2024-2">startup</a> fashion, he started working on a small business out of his parent's garage in Bengaluru, assembling computers for friends and family.It was the early 2000s and the internet was not the trove of knowledge it is today — Hassan was relying on books to learn. Finding mentorship and the right guidance was a challenge, too.Everyone around Hassan told him that going to the <a target="_blank" class="" href="https://www.businessinsider.com/resume-tips-google-software-engineer-skills-experience-careers-software-tech-2024-3">US for a master's degree</a> was the next big opportunity. So he did.Over the next 16 years, he put his startup plans on hold and worked at some of the world's biggest companies, including Amazon, Microsoft, and Meta.<div type="image" title="Nithin Hassan" height="2450" width="3266" msid="113831978" hostid="261" sizebytes="215682"></div>But the pandemic felt like a turning point. And its aftermath made India look like a lab-designed business environment: It had just become the world's most populous country, the pandemic had created <a target="_blank" class="" href="https://economictimes.indiatimes.com/news/economy/indicators/private-consumption-continues-to-be-supported-by-pent-up-demand-finance-ministry/articleshow/99069973.cms?from=mdr">pent-up demand</a> for consumer products, and growing internet adoption made commerce more scalable, he said.So Hassan left behind about $500,000 in annual pay at Meta to move back to Bengaluru in December 2023 with his wife and two children. He has since launched two startups.Hassan is part of a group of <a target="_blank" class="" href="https://www.businessinsider.com/i-moved-back-to-india-after-living-abroad-for-decade-2024-9">expat Indians moving back</a> home to venture out on their own. As such, he's also part of a decades-long trend of reverse migration back to India.The trend began in the 1990s and picked up at the turn of the century, driven by the economic collapse in 2008, said Binod Khadria, the president of Global Research Forum on Diaspora and Transnationalism. Many of those who returned to India for work were largely working for multinational companies.Today, the impetus for the move often looks a bit different: It's driven by factors like unstable visa policies and economic recessions, which lead to uncertainty when it comes to jobs and duration of stay in these destinations.Many returnees find work in tech, but the finance, retail, and climate sectors also absorb a large number of expat Indians, Khadia said. And some of the returnees are heading back to India to start companies of their own.India is undergoing a startup explosion. The country reported over<a target="_blank" href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2043805"> 140,800 recognized startups</a> at the end of June — nearly 50,000 more than last year — and credited them with creating 1.6 million direct jobs.To be sure, not all of these companies will make it big — and some do still stumble, like <a target="_blank" class="" href="https://inc42.com/features/what-are-the-current-problems-being-faced-by-oyo/">Oyo </a>and <a target="_blank" class="" href="https://www.businessinsider.com/blackrock-hsbc-funds-byjus-startup-valuation-zero-edtech-india-raveendran-2024-6">Byju's</a>. But the chaos, where even established startups are trying and failing, makes India a fair playing field for new entrants, Hassan said.Business Insider spoke to six <a target="_blank" class="" href="https://www.businessinsider.com/india-vc-wants-see-5-traits-new-founders-fundraising-antler-2024-8">first-time founders </a>about why they have recently returned to India after spending several years, or even an adult life, abroad.<h2 id="0e4a3c47-ba19-4690-8b52-c6bfece1c81d">Fastest-growing economy</h2>The health of the economy and interest from investors are fueling the entrepreneurship boom.<a target="_blank" class="" href="https://www.businessinsider.com/india-billionaire-karan-adani-plans-challenge-china-dominance-seaports-2024-8">India's economic growth</a> in 2023 — 8.2% — was the fastest of all large economies worldwide. That's led to greater purchasing power, which lets companies, including startups, sell more.India's inflation rate of about 3.5% is well below its annual wage growth of 9.6%. This makes inflation less of a challenge than it is for slower-growing peers, where consumer-focused businesses have been <a target="_blank" class="" href="https://www.businessinsider.com/economy-jobs-report-sentiment-consumers-elections-recession-inflation-mortgage-rates-2024-9">hurt by high prices</a>.Investors are getting in on the action.From 2015 to 2021, the number of <a target="_blank" class="" href="https://www.businessinsider.com/sequoia-capital-vc-firm-split-china-india-2023-6">unique investors in India</a> nearly quadrupled, though the number is tracking much lower this year, per PitchBook."Other than a slight downturn in 2022 and 2023 due to global macroeconomic factors, VC funding has been consistently growing in India," said Ben Mathias, a managing partner at Vertex Ventures Southeast Asia &amp; India.Besides funding, domestic developments have encouraged founders and VCs too, Mathias said.The Indian government's Universal Payment Interface system has spurred consumers and businesses to pay online, and <a target="_blank" class="" href="https://www.bcg.com/press/2june2022-digital-payments-in-india-projected-to-reach-10-trillion-by-2026">40% of all digital payments</a> globally happen in India today, the partner said.Programs like Startup India, which provides founders benefits like tax exemption, easier compliance, and funding support, have made creating a company smoother.Devyani Parameshwar worked in the microfinance and fintech space in India in the 2010s before heading to the UK and Africa. She returned to India in 2022 to launch a financial management venture."It's changed dramatically. I remember standing in line at various ministries in Delhi trying to get meetings and then trying to get answers and it wasn't easy in the past," she said of her memories of India.Now, she can use an online platform to ask the country's central bank and banking regulator questions.It's easier than ever for foreign companies to invest in India, which means startups have a clearer exit path through acquisition — something VCs think hard about before entering new markets or writing checks.<h2 id="e5dd7b6f-a09f-4ff2-84c1-5907de96dc5e">Market ripe for the taking</h2>For Rohan Bhide, who spent most of his college and professional life <a target="_blank" class="" href="https://www.businessinsider.com/worked-in-big-tech-before-launching-my-own-startup-engineer-2024-9">preparing to launch something of his own</a>, a trip home in 2017 while he was studying in the US was a turning point.Indian telecom giant Reliance had recently launched a cheap unlimited data plan, which spiked Indian internet adoption. India was charting among the countries with the highest online transactions."That really, really drew my attention," said Bhide, who worked at Meta after graduation. "It was my dream come true — a huge market, a huge user base, and at the same time, the ability to adopt technology was incredible."Bhide returned to India in January, leaving behind about $580,000 in total compensation at ticketing platform StubHub. He and a cofounder are working on launching a consumer tech product later this year.<div type="image" title="Rohan Bhide" height="2304" width="3072" msid="113831979" hostid="261" sizebytes="218468"></div>Most Indians grew up wanting to work at a multinational company — but that's changing, Bhide said.Freelancing, running your own business, or working for a startup is much more socially acceptable now, because people see the success of other Indian startups. The country has the third-largest number of "unicorns" — companies worth $1 billion or more — with 64, per PitchBook.<h2 id="7f423804-745b-4e04-a250-839e01663f09">Boom in entrepreneurship culture</h2>A lot has changed since Hassan first wanted to launch his hardware startup in the early 2000s.Tech hot spots like Bengaluru and Gurugram have seen a boom in entrepreneurship culture in the last few years, with meet-ups, networking mixers, and even morning walks with like-minded builders.<div type="image" title="man standing in front of mountains in USA" height="2268" width="3024" msid="113831980" hostid="261" sizebytes="141132"></div>Dhruv Anand, who left Google in the US to move back to India in 2021 to launch an <a target="_blank" class="" href="https://www.businessinsider.com/ai-startups-most-promising-2024-9">AI startup</a>, said that there were lots of other founders and mentors to help guide him."If you want to figure out who's the right chartered accountant to talk to, who's the right lawyer to help you draft agreements, all of that stuff is very easy," Anand said."It's been a really, really supportive community," Bhide said. There are people "telling you about their entire lives just because they want to help you and they're hoping that you pass the favor onto the next person who moves to India and wants to start their own company."<h2 id="3c8bff36-e855-4530-9b44-bcc7f36b0825">Not everything is perfect</h2>Although these founders made the decision to return to India, that doesn't mean they no longer see the benefits of operating in the US.Ruchit Garg founded an agriculture startup in Silicon Valley in 2016, with a focus on supporting farmers around the globe. In 2019, he returned to India, where his late grandfather worked as a farmer.Garg has been building in India ever since, but he says its startup ecosystem cannot yet compete with the Valley's decades of experience."The overall ecosystem was more mature back in Silicon Valley. It's still one of the best places for entrepreneurs. India isn't there yet, although it's growing pretty drastically," he said.Despite efforts to digitalize key processes, many bureaucratic challenges persist.For most founders, after living in US cities where populations are a fraction of those in Mumbai and Bangalore, congested roads and poorer air quality are also everyday annoyances.But India provides some big perks, including affordable domestic help and the appeal of building solutions for problems they witness firsthand."It's a different joy to be able to build for problems that you feel for very personally," Parameshwar, the fintech founder, said. When she worked in Africa, she needed translators. Now, she can speak with her users herself.Bhide said the general sentiment among local founders is shifting from "Build from India" to "Build for India."For some founders, being surrounded by family and the culture they grew up in was another selling point.Niranjan Vemulkar moved back to India in 2015 and later founded a digital legacy planning platform.He said that he never fully felt at home in the US, where he lived for over a decade."For us, it was the fact that we wanted to raise a family in an environment where the children would have access to the grandparents and Indian culture," Vemulkar said. "The fact that you could come back to India, start something of your own and figure things out in an ecosystem which was potentially booming for startups, was just a cherry on the cake."Are you in India and have a story to share about the tech and entrepreneurship landscape? Please reach out at shubhangigoel@insider.com

Some techies are leaving cushy Silicon Valley jobs to launch startups at home in India

A sixth-grade social science textbook that I read described India as a piece of fabric, with countless threads coloured in a myriad of majestic shades, woven together. This metaphor holds exceptionally well when put into the context of our <keyword id="22706215" type="General" weightage="20" keywordseo="handloom-industry" source="keywords">handloom industry</keyword>. India has a rich history of handlooms and weaving cultures. The culture of handlooms is so intricately woven into Indian culture, that there are whole towns dedicated to the same: <keyword id="248532" type="General" weightage="20" keywordseo="Chanderi" source="Orion">Chanderi</keyword> in Madhya Pradesh to Pochampally in Telangana and a dozen more! Unfortunately, the handloom industry in India is dying. The struggle is multi-faceted, ranging from a declining workforce to fierce competition from <keyword id="20496028" type="General" weightage="20" keywordseo="power-looms" source="keywords">power looms</keyword>. Hence, five years ago, August 7 was proclaimed <keyword id="22677698" type="General" weightage="20" keywordseo="National-Handloom-Day" source="keywords">National Handloom Day</keyword> in response to this crisis and to heighten public awareness. This date holds special historical significance, commemorating the initiation of the Swadeshi Movement in 1905—a pivotal act of defiance against British colonial rule. <h2>When did this industry come into existence?</h2>According to archaeological findings, the origins of handloom in the Indian subcontinent may be traced back to the Indus Valley Civilization. The Mughal Empire was known to support and patronise <keyword id="20258864" type="General" weightage="20" keywordseo="weavers" source="keywords">weavers</keyword>. The support from the royal patrons resulted in the invention of new textiles such as ‘Mulmul’ and ‘Banarasi Brocade’ among others. This era witnessed a heightened worldwide demand for Indian textiles. In the 17th century, India produced 25% of the world’s textiles, with Bengal accounting for more than 50% of textiles and 80% of silks imported by the Dutch from Asia. <h2>What led to the decline of the <keyword id="19934660" type="General" weightage="100" keywordseo="Indian-handloom" source="keywords">Indian handloom</keyword>?</h2>The East India Company's entry fuelled the industry's initial decline, which started in the 1830s. The weavers were obliged to sell only to the British, and that too at exceedingly cheap prices, virtually putting them out of business. On the other hand, Indian cloth was taxed excessively to promote machine-made British clothing. The Industrial Revolution in Britain strengthened their indigenous textile industry, giving rise to new markets for cheaper textiles. In India, the collapse of the Mughal aristocracies meant no access to royal patronage. As a result, textiles like Khadi and muslin had little demand in the market. Circling back to the present, the industry is facing both similar and new challenges. Fabrics made on power looms are cheaper and faster to produce, in comparison to handloom fabrics. The industry is largely unorganised, and the wages are shockingly low. 67% of <keyword id="22706216" type="General" weightage="20" keywordseo="handloom-workers" source="keywords">handloom workers</keyword> are earning less than the minimum wage every month. Faced with economic challenges, the older artisans are thus forced to encourage the newer generation to choose an alternative career path. This migration of the workforce from a traditional sector is evident from the fall in the number of weavers less than 35 years of age- from 26.13 lakh in 2009-10 to 16.07 lakh in 2019-20. The majority of weavers do not have access to banking facilities, let alone institutional credit. Furthermore, if one manages to accumulate credit, there is a mismatch between the supply and demand forces due to the lack of awareness about handwoven textiles in the current generation. <h2>Initiatives for revival</h2>The cultural significance of the Indian handloom isn’t just limited to its beauty and extravagance, but it extends to our independence struggle as well. The Swadeshi movement immortalised the charkha and advocated for the use of indigenous goods. Following independence, the Indian government took many measures to revive the handloom industry. In 1953, India’s Parliament approved the Khadi and Other Handloom Industries Development Act. In 1955, the All India Handloom Fabrics Marketing Cooperative Society was formed to promote the sale of fabrics produced by handloom cooperatives across India. The National Handloom Development Programme (NHDP) aimed to provide financial assistance for marketing and production. The Handloom Weavers’ Comprehensive Welfare Scheme offers health and life insurance to weavers, to ensure social security. The organisation commenced a fortnight-long exhibition, “VIRAASAT” dedicated to celebrating the 10th National Handloom Day began at Handloom Haat in Janpath, New Delhi on Saturday, 3rd August 2024, and will conclude on 16th August 2024. The Handloom Mark scheme was introduced to authenticate handloom products, thus enabling weavers to gain better market access and ensuring that consumers get genuine products. Moreover, the India Trade Portal also mentions that the GOI plans to provide financial assistance of Rs. 30 crore to at least 10,000 handlooms. Various state governments also regularly conduct handloom expos and fairs, providing platforms for weavers to showcase and sell their products directly to consumers. <h2>Contemporary Brands and their love for Indian handloom</h2>Modern, popular designers such as <keyword id="8264" type="General" weightage="20" keywordseo="Sabyasachi" source="Orion">Sabyasachi</keyword> and <keyword id="21493890" type="General" weightage="20" keywordseo="ritu-kumar" source="keywords">Ritu Kumar</keyword> are known to work closely with weavers and have been doing their part by bringing worldwide attention to the handloom industries. Recently, <keyword id="1472101" type="General" weightage="20" keywordseo="Ajrakh" source="Orion">Ajrakh</keyword> was brought into the limelight when Alia Bhatt wore a custom Abu Jani Sandeep Khosla Ajrakh saree to Joy Awards in Riyadh. However, it’s not just the fashion moguls who are working towards the revival of this industry. Contemporary indie brands are partnering with local weavers, and creating awareness about their work. The emergence of such indie brands and their association with local artisans is beneficial for both entities. For instance, Joskai Studio derives its name from ‘Joskai’, a woven piece of cloth worn as a part of the traditional costume of the Tiwa community of Assam. They work with artisans in northeast India, specifically from the weaving village of Saualkuchi in Assam. Rouka by Sreejith Jeevan is a Kerala-based brand that works strictly with weavers from Kerala, specifically Chendamangalam and Kuthampally. <h2>Employment and Exports</h2>According to the Indian Trade Portal, the Indian handloom sector is the country’s second-largest employer after agriculture in rural areas. The Handloom Census 2019-20 mentions that the industry employs about 35,22,512 workers across the country, with women forming 77.29% of the workforce. India is the second largest exporter of handloom products in the world, with exports valued at $ 353.9 million in 2017- 18, as per EXIM bank's working papers. The major handloom export centres are Karur, Panipat, Varanasi and Kannur where handloom products like bed linen, table linen, toilet linen, floor coverings, and embroidered textile materials and curtains etc. are produced for export markets. During April 2021-February 2022, India exported handloom products worth 1693 crore, as per Indian Trade Portal. Indian silk scarves also form a sizable chunk of total handloom exports, in addition to home textiles like carpets, rugs and mats, which constitute over 13.6% of India’s total handloom exports. <h2>The Path Forward</h2>The mere existence of organisations and allocation of funds isn’t enough to sustain the legacy of India’s rich handloom industry. Big corporations working with local weavers ensure employment but don't protect them from exploitation and meagre wages, leaving them vulnerable. The people in power ought to come up with strategies that ensure the trickle-down effect of the schemes and funds. The new generation of buyers has a greater purchasing power than the one before them. Marketing focused on bringing Indian handloom practices into the limelight can do wonders in this case.

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