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India’s diamond industry is grappling with a severe downturn as both imports and exports have significantly declined over the past three years, triggering defaults, <keyword id="23043782" type="General" weightage="20" keywordseo="factory-closures" source="keywords">factory closures</keyword>, and widespread <keyword id="20013745" type="General" weightage="20" keywordseo="job-losses" source="keywords">job losses</keyword>, according to a report by the Global Trade Research Initiative (<keyword id="19962754" type="General" weightage="20" keywordseo="GTRI" source="keywords" meta.keywordsubtype="org" meta.entityname="GTRI" meta.hostid="261" meta.entityid="GTRI">GTRI</keyword>). The think tank highlighted that the sector is struggling with unsold <keyword id="20237406" type="General" weightage="20" keywordseo="rough-diamonds" source="keywords">rough diamonds</keyword> and increasing competition from lab-grown alternatives. Ajay Srivastava, Founder of GTRI, pointed out that the downturn in India’s diamond industry has had devastating effects. "This has led to defaults, factory closures, and widespread job losses. Tragically, more than 60 individuals from Gujarat’s diamond sector have taken their own lives, highlighting the intense financial and emotional stress," Srivastava said. He emphasised the urgent need for intervention to address these issues and ensure the survival of the sector. <h2>Declining imports and exports</h2>Data from GTRI paints a grim picture of the industry. Imports of rough diamonds have dropped by 24.5%, from USD 18.5 billion in 2021-22 to USD 14 billion in 2023-24, reflecting weakened global demand and fewer orders for diamond processing. After accounting for re-exported rough diamonds, net imports saw a 25.3% decrease, signalling reduced interest in processing diamonds in India. The situation is even worse on the export front. Exports of cut and polished diamonds fell by 34.6%, from USD 24.4 billion in FY 2022 to USD 13.1 billion in FY 2024. Net exports experienced an even sharper decline, dropping by 45.3% from USD 15.9 billion to USD 8.7 billion, indicating a weak global market and rising inventories of unsold diamonds. <h2>Rising inventories and market competition</h2>The report also highlighted that the percentage of unsold diamonds returned to India increased from 35% to 45.6% during this period. Additionally, the gap between net rough diamond imports and net exports of cut and polished diamonds widened from USD 1.6 billion in FY 2022 to USD 4.4 billion in FY 2024, signifying a growing stockpile of unsold inventory and insufficient export demand. Several factors contribute to this crisis. Global economic uncertainty, inflation, and geopolitical tensions — particularly in key markets like the US, China, and Europe — have led to decreased spending on luxury items such as diamonds. Fluctuating global diamond prices have added to this uncertainty, causing buyers to hesitate in purchasing rough diamonds. <div type="Article" hostid="261" msid="113445065" title="&amp;#39;The pressure became too much for her&amp;#39;: Mother blames &amp;#39;work stress&amp;#39; for 26-year-old EY employee&amp;#39;s death" mstype="2" mssubtype="0"></div>Moreover, the Russia-Ukraine conflict has disrupted the global diamond supply chain, with sanctions on Russia, a major producer of rough diamonds, further complicating trade. This slowdown has impacted the global market, stalling the flow of diamonds and affecting India’s processing sector. Another challenge facing the industry is the shift in consumer preferences toward <keyword id="20662742" type="General" weightage="20" keywordseo="lab-grown-diamonds" source="keywords">lab-grown diamonds</keyword>, which are seen as more affordable, ethical, and sustainable. This shift is particularly evident in markets where customers are becoming more conscious of the environmental and ethical implications of their purchases. <h2>Internal regulatory and operational hurdles</h2>Internally, the Indian diamond sector is facing a host of challenges. Many polishing units are burdened with unsold inventories of polished diamonds, discouraging them from importing new rough diamonds. Rising operational costs, including labour, energy, and materials, have also made it difficult for many polishing units to remain profitable. These factors have led to the closure of many shops and significant layoffs, particularly in Surat, the world’s largest hub for diamond cutting and polishing. The sector's heavy reliance on financing has also become a problem. Tighter credit conditions and reduced lending from banks have made it increasingly difficult for businesses to purchase rough diamonds, further stalling production. Additionally, a significant number of cut and polished diamonds exported from India are being returned due to quality issues, overstocking, and price fluctuations, creating costly delays and adding to the strain on exporters. <h2>Dubai's rising influence</h2>An interesting development highlighted by GTRI is the increasing share of rough diamond imports from Dubai, which does not produce diamonds itself. Instead, Dubai imports diamonds from countries like Botswana, Angola, South Africa, and Russia and re-exports them to India. Dubai’s share in India’s rough diamond imports surged from 36.3% in FY 2020 to 60.8% in FY 2024, further rising to 64.5% in April-June 2024. In contrast, Belgium’s share of these imports fell from 37.9% in FY 2020 to 17.6% in FY 2024. One major reason for Dubai's increasing role is India’s high corporate tax regime, which pushes foreign suppliers of rough diamonds to re-export their diamonds to Dubai before sending them to India. This has rendered India’s Special Notified Zones (SNZs) in Mumbai and Surat largely ineffective. <h2>Revitalising the sector</h2>To help revitalise the struggling sector, GTRI has proposed several measures. These include extending export credit terms, exempting foreign rough diamond sellers from corporate taxes in India, regulating the lab-grown diamond industry, and reconsidering the zero-tariff import of cut and polished diamonds from Dubai under the India-UAE trade agreement. The think tank also suggested that the Reserve Bank of India (RBI) extend the export credit period for cut and polished diamond exporters from six months to 12 months, as buyers are increasingly demanding longer credit terms. India’s strong foreign exchange reserves make this feasible. <div type="Article" hostid="261" msid="113449316" title="Small businesses generated 35 million job applications till Aug 2024, 14 million were from women: Report" mstype="2" mssubtype="0"></div>The Indian diamond industry, which consists of over 7,000 companies — many of them small or medium enterprises — provides direct employment to about 1.3 million workers, with Surat alone employing nearly 8,00,000 people. The industry is also crucial for millions of indirect jobs in sectors like logistics, transport, and retail. With the sector being such a vital part of India’s economy, immediate and coordinated efforts are needed to address its current challenges and ensure its long-term viability. (With inputs from PTI)

India's diamond sector faces major crisis amid plummeting imports, exports, and massive job losses

When ChatGPT launched in November 2022, it was being looked upon as something straight out of a Sci-Fi film. The <keyword id="19896272" type="General" weightage="20" keywordseo="generative-AI" source="keywords">generative AI</keyword> chatbot could write, code, compose music and whatnot. While many people started using the AI chatbot everyday and started appreciating it, there were others who were afraid that the chatbot would take away their jobs. And then there were people who believed that knowing how to use <keyword id="20096338" type="General" weightage="20" keywordseo="AI-tools" source="keywords">AI tools</keyword> would be a necessary skill in the future. “AI won’t replace your job but someone using AI tools would” was a popular quote surfacing on LinkedIn at the time AI tools started getting popular. And as per a recent study, this quote holds true. A new study by Gartner says that by 2027, a staggering 80% of engineering professionals may find themselves at risk of <keyword id="20080267" type="General" weightage="20" keywordseo="job-loss" source="keywords">job loss</keyword> if they do not adapt and enhance their skills, particularly in the face of advancing generative AI technologies. Generative AI is changing the way software development and engineering roles are approached at the workplace. This shift poses significant challenges for engineers who have relied on traditional skills and methods. As AI systems become more capable of performing tasks previously done by humans, engineers must recognise the importance of staying current with new tools and methodologies to remain competitive in the job market. According to an Analytics India Mag report, industry experts warn that those who do not actively pursue further education or training may struggle to secure employment. As the demand for <keyword id="23563446" type="General" weightage="20" keywordseo="AI-related-skills" source="keywords">AI-related skills</keyword> rises, professionals who fail to adapt risk being left behind. The pressure to keep pace with technological advancements is not just a trend; it’s becoming a necessity for career survival. To mitigate the risks associated with job displacement, engineers should engage in <keyword id="20186222" type="General" weightage="20" keywordseo="lifelong-learning" source="keywords">lifelong learning</keyword>. Upskilling can take various forms, including online courses, workshops, and certifications focused on AI and machine learning. Many educational institutions and online platforms are responding to this need by offering specialised programmes tailored to the demands of the industry. The call for continuous learning is not just about acquiring new technical skills. It also involves developing soft skills such as critical thinking, problem-solving, and adaptability. These competencies are increasingly valuable in a world where collaboration with AI systems will become the norm.

Study reveals 80% of software engineers must upskill by 2027 to keep their jobs

New Delhi: <keyword id="21530712" type="General" weightage="100" keywordseo="Ola-Founder-Bhavish-Aggarwal" source="keywords">Ola Founder Bhavish Aggarwal</keyword> is placing bold bets on new-age technologies with a view for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> to be at the forefront of the current global <keyword id="22912054" type="General" weightage="20" keywordseo="tech-transition" source="keywords">tech transition</keyword> led by AI, and build <keyword id="22912488" type="General" weightage="20" keywordseo="jobs-of-the-future" source="keywords">jobs of the future</keyword> in the country. In an interaction with PTI editors at the agency's headquarters here, he said the private sector has to do the bulk of job creation, step up and do more, while creating an enabling environment and correcting imbalances, such as that of trade, are the responsibility of the government. Aggarwal also supported the government's move to offer fiscal incentives to global EV makers, including Tesla, through the new EV policy saying it is important for India to attract all kinds of investment, and globally established players will help in the development of the EV ecosystem in the country. The group's newly-listed entity <keyword id="19945904" type="General" weightage="20" keywordseo="Ola" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola" meta.hostid="83" meta.entityid="Ola">Ola</keyword> Electric aims to make India a global electric vehicle (EV) hub but the country has to invent an EV and energy transition paradigm for itself based on its needs as the world cannot achieve a sustainable future without India, he added. "There is a global technology transition happening and AI is a very important technology of the future, and we in India need to lead this journey. If you look at the current state, I think we are still adopters of somebody else's technology paradigms, especially in the digital world," Aggarwal said, explaining why the Ola group had set up AI start-up Krutrim last year. One of the things in Krutrim is to build AI models on Indian data, which is more attuned to Indian use cases, Indian paradigms, he said, adding, "We are making our own AI, on our own cloud, on our own chip." Despite India producing 20 per cent of the world's digital data at present, he lamented that the country does not fully own the data, as 80 per cent are stored outside, which are then processed into AI and "brought back into India and sold to us in dollars". When asked about concerns over AI leading to job losses, he allayed the apprehension saying that the IT boom created jobs in India when people feared that computers would take away jobs, and AI is a similar tool. "AI is not going to replace anyone. Maybe that future is a few decades away... We don't need to get anxious about that future right now. We need to, as a country, see that AI is going to amplify productivity. If we don't get onto the bandwagon, we will be left behind...," he asserted. In his view, Aggarwal said the way forward is for India to become experts in future technology. "Future technologies bring with it jobs of the future, supply chain of the future. And if we are global leaders, we are the fastest adoptive market of future technologies (then) jobs of the future will be built in India, supply chains of the future will be built in India. This is the only way... If we focus on protecting the past, you remain uncompetitive," he added. Sharing his take on employment generation in India, Aggarwal said, "I actually believe the private sector has to do the bulk of the job creation. The government's job is to create the enabling environment, create the fundamentals, help correct imbalances wherever they are, be it trade imbalances, etc and incentivise wherever it needs to be incentivised, like the PLI schemes." The government's steps such as the employment-linked incentives will also encourage private industry, he said, adding "But fundamentally the private sector has to step up and do more". Asked if the government is doing enough to create that ecosystem for the private sector, Aggarwal said, "I'm not in the government, so I want to put the limelight on ourselves. Is the private sector doing enough? I think we all can do more, and I'm on the same page. We all need to do more." In response to a query on his views over the government in extending the fiscal concession that companies like Tesla have been demanding from India, he said, "It is very important for India to attract all kinds of investment, especially (from) world leading companies. "Tesla is a best in class company. The more companies like these invest into India, the better it is for India, in a broad sense as well for the industry." He further said, "The (EV) ecosystem, including my company, will benefit from it, because it will raise the bar on expertise, on excellence, on talent, everything..." About the newly-listed entity Ola Electric, he said, "Our mission at Ola electric is to really make India a global EV hub." The company will build products such as electric two and three-wheelers that Indians need for the country to be able to invent an EV and energy transition paradigm for itself, different from the current global solution for sustainability that is focussed on electric luxury cars, Aggarwal added. On Ola Consumer, he said the ride-hailing mobility vertical is fairly profitable, while it is investing into the new e-commerce for which it has partnered with ONDC.

India needs to lead global tech transition, build jobs of the future: Ola Founder Bhavish Aggarwal

To gain something, <keyword id="20430890" type="General" weightage="20" keywordseo="Aman-Sehrawat" source="keywords">Aman Sehrawat</keyword> firstly needed to lose something. When the scales of the weighing machine showed 61.5 kg on Thursday after his semi-final defeat to eventual champion Rei Higuchi, Aman had a bigger job at hand before taking the mat for the <keyword id="20257145" type="General" weightage="20" keywordseo="bronze-medal" source="keywords">bronze medal</keyword> play-off. India's youngest <keyword id="19986816" type="General" weightage="20" keywordseo="Olympic" source="keywords">Olympic</keyword> bronze medal winning grappler had to shed 4.5 kilograms of bodyweight in a stipulated time of 10 hours before mandatory second day weigh-in to qualify for the 57 kg bout. By the time Aman was up on the weighing machine on second morning, he along with his coaches Jagmander Singh and Virender Dahiya had accomplished the mission -- reduced 4.6 kgs to be eligible for the fight at 56.9 kg. It was case being exactly 100 gram less than critical limit. If 100 gram became tragedy for Vinesh Phogat, it was a case of relief for Aman. On Thursday, Aman had lost his semifinal bout against Japan's Rei Higuchi around 6:30 pm. There was no time to waste. The 'mission' began with a one-and-a-half-hour mat session during which the two senior coaches engaged him in standing <keyword id="19908341" type="General" weightage="20" keywordseo="wrestling" source="keywords">wrestling</keyword> and it was followed by a one-hour hot-bath session. At 12:30 they hit the gym, where Aman had a non-stop one-hour run on the treadmill. The sweating would help in cutting weight. He was then given a 30-minute break, followed by five sessions of 5-minute sauna bath. By the end of the last session, Aman was still weighing 900g more. He was given a massage and then the coaches asked the Chhtrasal trainee to do light jogging. It was followed by five 15-minute running sessions. By 4:30am, Aman was weighing 56.9kg -- 100g less. The coaches and the wrestler heaved a sigh of relief. In between these sessions, Aman was given lukewarm water with lemon and honey and a bit of coffee to drink. Aman would not sleep after that. "I watched videos of wrestling bouts, the whole night." "We kept checking his weight every hour. We didn't sleep the whole night, not even during the day," said coach Dahiya. "Weight cutting is routine, normal for us but there was tension, a lot of tension due to what happened the other day (with Vinesh). We could not let slip another medal," said Dahiya. All the hard work came to a fruition when Aman won the bronze medal, beating Puerto Rico's Darian Cruz on Friday to become India's youngest ever Olympic medallist. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank">Brainbees Solutions (Firstcry) IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

Sparring, treadmill run, 5 sessions of Sauna: How Sehrawat lost 4.6 kg in 10 hours

<ul class="summary-list"><li>The death of a 26-year-old EY employee has triggered a conversation about India's work culture.</li><li>The employee's family says that she was overworked — and that it reflects a wider problem.</li></ul>Fourteen-hour work days, meetings during vacations, and no overtime.To some, this may sound like a job from hell. But for many employees in India, it's just another working day.India has one of the toughest work cultures in the world. In 2022, according to the most recently available data from the <a target="_blank" href="https://ilostat.ilo.org/topics/working-time/#">International Labour Organization</a>, the average employee in India worked 46.7 hours a week, compared to about 38 in the US.Not only are employees in India working long hours, but many are also doing it under intense pressure."The pressure is very, very high," Jennifer Hephzibah, a senior HR professional in India, told Business Insider. "If you don't deliver it at a particular time, you either lose your bonus, or you lose your job. It doesn't matter what you're going through otherwise."A Boston Consulting Group <a target="_blank" class="" href="https://www.google.com/url?q=https://www.bcg.com/publications/2024/india-hr-revolution-building-workplaces-for-the-future&amp;sa=D&amp;source=docs&amp;ust=1727195342438866&amp;usg=AOvVaw366N6_QMHZIy6fbfnMv__Y">survey</a> of 11,000 workers in eight countries in October 2023 found that 58% of Indian respondents reported feeling burned out — the highest share of any of the countries, including the US (50%), the UK (47%), and Japan (37%).<h2 id="56dd16d5-8f41-4ab5-aad1-efb517f1a780">'Glorifying overwork'</h2>This always-on culture has come under the spotlight recently following the death of an EY employee, Anna Sebastian Perayil, in July.Peryail's father, Sebastian Perayil, told<a target="_blank" href="https://www.thenewsminute.com/news/what-action-will-ey-take-anna-sebastians-father-speaks-to-tnm"> The News Minute</a> that he believed his daughter died of a combination of health issues, including work stress and acid reflux which triggered a lack of sleep. The official cause of Perayil's death, however, remains unclear."Anna was unable to sleep on most days and couldn't eat on time," he told the publication. "After a whole night of work, she would have to wake up at 7:30 the next morning and repeat the same cycle."According to<a target="_blank" href="https://www.thehindu.com/news/national/maharashtra/mother-pens-letter-following-death-of-26-year-old-daughter-due-to-work-stress-urges-ey-chairman-to-reflect-on-toxic-work-culture/article68656957.ece"> The Hindu</a>, Perayil's mother emailed Rajiv Memani, the chairman at EY India, in the wake of Perayil's death, saying her daughter had collapsed four months into the job after struggling with "the workload, new environment, and long hours."She also accused EY of "glorifying overwork."EY told BI it was "taking the family's correspondence with utmost seriousness and humility" and called Perayil's death an "irreparable loss."<h2 id="0e580f7b-a1b5-40de-bcd5-4c5e1cd9f1da">A 70-hour workweek</h2>Concerns about India's workplace culture are not new.Last year, the software billionaire and Infosys founder Narayana Murthy sparked controversy after saying that young people in India should be willing to work 70 hours a week to help the country progress."India's work productivity is one of the lowest in the world," he told<a target="_blank" href="https://www.youtube.com/watch?v=ES8ZNSTswrs"> The Record</a>, going on to say that unless India improved several factors including its work productivity, "we will not be able to compete with those countries that have made tremendous progress.""So, therefore," he continued, "my request is that our youngsters must say: "'This is my country. I'd like to work 70 hours a week.'"The comments appear to reflect wider expectations in India, even among employers with head offices elsewhere.Kavach Khanna, a former EY analyst in India, told BI that he believed he was expected to do more work than his US colleagues."We used to talk to colleagues in the US in the same roles, and their experience was completely different from ours," Khanna said. "They would get to go for client meetings, leave the office on time, no stretched workdays, and they weren't overburdened like we were."EY did not immediately respond to a request for comment.<h2 id="c34411b0-4cf7-4ac6-b8b5-d828d78369df">Cost centers and cheap labor</h2>Huge multinational companies, such as EY, Google, Microsoft, Salesforce, and Accenture, have set up cost centers in India.These centers, also called Global Capability Centers (GCCs), manage everything from cyber security to product development. They can also manage human resources and accounting.They are cheaper to run in India due to lower labor costs, and they help companies tap into a wide and hungry pool of tech-savvy, English-speaking talent.An <a target="_blank" class="" href="https://assets.ey.com/content/dam/ey-sites/ey-com/en_in/topics/consulting/gcc/2023/06/ey-future-of-gccs-in-india-a-vision-2030.pdf">EY report in 2023 </a>projected that India is set to host at least 2,400 such centers by 2030, with a market value of more than $100 billion.An associate at the Indian office of a multinational banking and advisory firm told BI that even at his Western company, he believed Indian employees were expected to work longer and harder.He said 16- to 18-hour workdays — including some weekends — were normal in his job."A lot of multinational corporations use India as a cost center because of the cheap labor," said the associate, who wanted to remain anonymous for fear of retaliation. "Offices in other countries have boundaries and then dump their extra work on us."Jeanie Chang, an executive coach who specializes in workplace mental health, said she had noticed such a trend, too. "It definitely exists that multinational companies tend to think, 'We love that the Indians work hard, so let's keep doing that.'"Chang also noted that some Asian communities place a cultural importance on work ethic that can lend itself to exploitation."There's a word in Japanese and Korean," Chang said, "that literally means 'overworking yourself to death.' That should say something."<h2 id="799c5726-4028-4993-85d3-1175f4f96f4d">Fear of replacement</h2>So what is stopping employees from demanding change?Part of it might come down to competition. In 2022, <a target="_blank" class="" href="http://www.indiaenvironmentportal.org.in/files/file/India%20Employment%20Report%202024.pdf">according to the India Employment Report 2024</a>, India's youth made up nearly 83% of the country's total unemployed population. With <a target="_blank" href="https://www.thehindu.com/business/budget/68432023-Economic-Survey-2023-24-Complete-document">India's workforce</a> thought to number well over 500 million, each job counts.Hephzibah, the senior HR professional, said that the sheer number of available workers has contributed to a feeling that employees are expendable, and has held them back from saying no to unreasonable demands for fear of losing their jobs.Perayil's mother's email, for instance, said her daughter "did not know how to say no.""She was trying to prove herself in a new environment, and in doing so, she pushed herself beyond her limits," the email said,Hephzibah said this was especially true for younger workers, who may not have enough experience to become critical within the company yet."In the bigger companies," she said, "if you don't deliver, that's it: You're replaced."<h2 id="76d9e66d-7e50-4929-bb3f-86da08d669dd">Cultural differences</h2>Chang told BI that she's had Indian employees point out their lack of resources compared to international peers in the same company."They tell me, 'Jeanie, we don't have effective mental-health resources, but we hear the US does,'" she said.In a<a target="_blank" href="https://www.gallup.com/workplace/349484/state-of-the-global-workplace.aspx"> Gallup State of the Global Workplace report</a> published in 2024, only 14% of the roughly 2,262 Indian employees surveyed said they were thriving at their workplace, compared with 34% of the 128,278 employees surveyed globally.Hephzibah, who has worked in both Indian-owned and multinational companies, told BI that multiple colleagues had left or requested transfers outside India in recent years — mainly because of the work culture.She also found cultural differences when conducting training sessions for employees in India and the US.When implementing the Indian training schedule for one company's American employees, Hephzibah faced pushback on issues like late session timings."They said, 'We're not going to work after 6 and they could clearly call it out without feeling bad," Hephzibah said. "The problem in India is that people get scared to speak up because their jobs might be impacted."<h2 id="c1e23a63-b3a5-4dfe-9fda-a228d77f5f16">The way forward</h2>In Hephzibah's opinion, overtime and vacation policies need to be strictly enforceable in India."Outside, we're very careful to communicate that we care because they have legal backing to sue," she said. "Over here, that entire system is missing."She agreed with Chang that effecting systemic change would also be up to the leaders and middle management, and not just down to a country's laws."What is the leadership believing in? Is leadership overworking?" Chang said. "Because if they are, they're going to overwork their employees."

The death of a young EY employee is raising questions over India's 'always-on' work culture

<ul><li>The FMCG industry-household and personal goods and packaged foods together account for 75% of the total value of illicit goods in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>. </li><li>The Indian government has suffered a $7 billion loss due to the counterfeit market in 2019-2020. </li><li>The illicit market drains $2.2 trillion from the global economy. </li></ul><keyword id="169120" type="General" weightage="50" keywordseo="sanjiv-mehta" source="Orion">Sanjiv Mehta</keyword>, the chairman of HUL said on Thursday that counterfeiting and smuggling of goods should be treated as serious criminal offenses in India. He batted for civil action against grey imports during the launch of a <keyword id="6355001" type="General" weightage="100" keywordseo="ficci" source="Orion">FICCI</keyword> report on India’s illicit market. “India is an official signatory to the <keyword id="126959" type="General" weightage="50" keywordseo="world-trade-organization" source="Orion">World Trade Organization</keyword> and there should be a civil action against grey imports. Even though the quality of packaging has improved and the supply chain is agile once again, the dark web is still being used for counterfeit trade. A lot of illicit products are also coming from China, “ said Mehta who is also the president of industry body FICCI. The report titled ‘Illicit markets: A threat to National Interests’ says that India’s illicit market, spread across five key industries, has cost India 3 million jobs. The government has suffered a $7 billion loss due to the counterfeit market in 2019-2020, said the report which was released by former Vice President of India, <keyword id="74369" type="General" weightage="50" keywordseo="venkaiah-naidu" source="Orion">Venkaiah Naidu</keyword>. “You can change your friends but not your neighbours,” said Naidu, referring to illicit imports from China. Counterfeiting, smuggling and tax evasion-clubbed under the head of organized crime, together comprise grey or Illicit markets. According to the <keyword id="69007" type="General" weightage="50" keywordseo="world-economic-forum" source="Orion">World Economic Forum</keyword>, the global illicit market drains $2.2 trillion from the global economy, taking over 3% of the global GDP. Size of illicit market in India The report pegs the size of India’s illicit market at ₹2.6 lakh crore. The FMCG industry, household and personal goods and packaged foods together account for 75% of the total value of illicit goods in India. The other four industries with the highest number of illicit goods were FMCG packaged Foods (25%), tobacco products (20%), alcoholic beverages (19.8%) and mobile phones (7.56%). “The impact of the illicit market of these industries on the economy is significant because of the backward linkages of these industries with other sectors of the economy resulting in a multiplier effect,” said FICCI. The report said that the counterfeiting in mobile phones is declining because of the Make in India campaign. India has also become the second largest mobile phone manufacturing nation globally in volume terms, it said. “The highest counterfeit product comes from FMCG household and personal goods with products from small and medium enterprises more. Even though tobacco consumption has dipped, its illicit market remains the same and the loss to the government is highest since it is the most heavily taxed,” said Kaushik Dutta, Director <keyword id="1493665" type="General" weightage="50" keywordseo="thought-arbitrage-research-institute" source="Orion">Thought Arbitrage Research Institute</keyword> (TARI). The report was prepared by TARI for FICCI Committee Against Smuggling and Counterfeiting Activities (CASCADE). Supply disruptions and illegal trade Affected by global supply disruptions amid the Covid-19 pandemic, criminals were provided with multiple opportunities for creating illicit markets. Even though alcohol consumption has gone down, its share in the illicit market still is 20% as there are high regulatory and tax barriers. “Boost of Jago <keyword id="15056440" type="General" weightage="50" keywordseo="grahak-jago" source="Orion">Grahak Jago</keyword> is the need of the hour. Awareness without action is worthless. Consumer led movement is crucial in India now. Counterfeit products won't exist if consumers reject them. Each time an illicit product is purchased, the country is cheated out of revenue. Only when genuine goods are produced, does the nation become tax compliant,” said <keyword id="2135047" type="General" weightage="50" keywordseo="anil-rajput" source="Orion">Anil Rajput</keyword>, chairman of FICCI CASCADE. Jago Grahak Jago (Wake Up Customer) was launched in 2005 by the government of India to make customers in India more aware of consumer rights. The report was prepared using the Annual Survey of Industries, <keyword id="159764" type="General" weightage="50" keywordseo="nsso" source="Orion">NSSO</keyword> survey, Private Final Consumption Expenditure (PFCE) under the Ministry of Commerce India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/tribal-women-in-mayurbhanj-odisha-tie-rakhis-to-trees-for-protection-from-illegal-felling-and-forest-fires/articleshow/94371649.cms">Tribal women in Mayurbhanj, Odisha tie 'rakhis' to trees for protection from illegal felling and forest fires</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/which-zodiac-signs-do-the-biggest-billionaires-belong-to/articleshow/94372790.cms">Which Zodiac signs do the biggest billionaires belong to?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/the-adani-effect-ambuja-cements-rallies-40-in-one-month-analysts-suggest-good-days-ahead-for-the-cement-industry/articleshow/94366341.cms">The Adani effect: Ambuja Cements rallies 40% in one month – analysts suggest good days ahead for the cement industry</a>

India’s illicit market has resulted in loss of 3 million jobs: FICCI

<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?

India is capable of a hat-trick of <keyword id="22785932" type="General" weightage="20" keywordseo="Test-series-triumphs" source="keywords">Test series triumphs</keyword> in <keyword id="19895799" type="General" weightage="20" keywordseo="Australia" source="keywords">Australia</keyword> given the quality of its bowlers and the strong batting lineup that has the likes of <keyword id="19899523" type="General" weightage="20" keywordseo="Rohit-Sharma" source="keywords">Rohit Sharma</keyword> and <keyword id="19907934" type="General" weightage="20" keywordseo="Virat-Kohli" source="keywords">Virat Kohli</keyword>, feels former head coach <keyword id="19958622" type="General" weightage="20" keywordseo="Ravi-Shastri" source="keywords">Ravi Shastri</keyword>. India have won the last two Test series in Australia and have held onto the prestigious <keyword id="20534757" type="General" weightage="20" keywordseo="Border-Gavaskar-Trophy" source="keywords">Border-Gavaskar Trophy</keyword> since the Kangaroos claimed a 2-0 series victory on home soil at the beginning of 2015. "With (Jasprit) Bumrah fit, (Mohammed) Shami fit, you've got Mohammed Siraj there. You've got the likes of (Ravinchandran) Ashwin and (Ravindra) Jadeja and some very good bench strength as well... One can't wait for that series to start and (I think) India can do the hat-trick (of series victories in Australia)," Shastri told ICC. Australia legend Ricky Ponting had recently predicted a 3-1 series win for his country but Shastri said that Indian bowlers can get the job done provided their batters are up to the challenge. "It is going to be one heck of a series and India have every chance of making it a hat-trick because they've got their bowlers fit and if they can bat well, they can tickle (beat) Australia once again," said Shastri. India will play a five-match series Down Under beginning with the Test at Perth in November this year. The Pat Cummins-led Australia are upbeat after they exacted sweet revenge over Rohit Sharma's side during the World Test Championship final at The Oval last year, and Shastri feels that a hurting home side would be more than keen to re-claim the Border-Gavaskar Trophy. "The Border-Gavaskar Trophy in Australia over five Test matches is going to be a humdinger. "Remember, India have beaten Australia twice on the last two tours and Australia have not had a hand on the Border-Gavaskar Trophy in almost a decade and that's the reason why everyone will be waiting for these two heavyweights of Test match cricket over the last five to eight years to go head-to-head," added Shastri. With Australia too boasting a strong bowling line-up, Shastri feels that revenge will be on the home team's mind because of successive series losses they have suffered in the last two editions. "We know what Australia will be wanting (revenge). They will be thirsty, they'd be looking to go at the throats of the Indians because they've been beaten there (in Australia) twice. "The attack is pretty much the same. One of the greatest fast bowling attacks -- (one of the greatest) all-round attacks when you add Nathan Lyon there -- in a long, long time. And one of the best in the history of the game. They'll be looking for those 20 wickets, game after game to help Australia win the series." "It's going to be India's batting against the Australian fast bowlers. And of course, the Indian bowling attack is going to be something everyone will be waiting to see," he added. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/tech/mobile/news/pixel-9-pixel-9-pro-and-pixel-9-pro-xl-launched-in-india-starting-at-79999/articleshow/112512198.cms">Pixel 9, Pixel 9 Pro and Pixel 9 Pro XL launched in India starting at ₹79,999</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a>

India can do a hat-trick of Test series triumphs in Australia: Ravi Shastri

<ul><li>A PwC report predicts that 30% of the <keyword id="11018" type="General" weightage="20" keywordseo="jobs" source="Orion">jobs</keyword> will be automated by the mid-2030s.</li><li>However, <keyword id="25725" type="General" weightage="20" keywordseo="Ronnie-Screwvala" source="Orion">Ronnie Screwvala</keyword> believes that saying that <keyword id="1044234" type="General" weightage="20" keywordseo="bots" source="Orion">bots</keyword> are going to replace humans is rather a simplistic way of seeing things.</li><li>The key is to make oneself into a 360 degree person, armoured by both soft and hard skills, he noted.</li></ul>We have been warned for many years that technology will take over the world in decades to come and most of our jobs will become redundant. It’s definitely a scary thought, isn’t it? Well, serial entrepreneur and founder of a billion dollar edtech company Ronnie <keyword id="652420" type="General" weightage="20" keywordseo="screwvala" source="Orion">Screwvala</keyword> has a slightly different take on it. In a conversation with Business Insider during its Future of Work event, Screwvala noted that the world is in the fourth era of industrial revolution and many things are bound to change. However, he is of the opinion that saying that “bots are going to replace the workforce is rather a simplistic way of seeing things”. The jobs of tomorrow would lay emphasis on soft skills of an individual as hard skills can easily be managed by technology. <div type="ExtQuote" text="“When everyone says that you’re unemployable, it’s not because you don’t have the knowledge base. It’s because you don’t know what to do with that knowledge, you can’t communicate with that knowledge, you can’t collaborate with that knowledge… If you want to solve our employment problems today, people will have to be substantially entrepreneurial driven.”" auname="— Ronnie Screwvala, serial entrepreneur and chief executive of upGrad, said in Business Insider’s Future of Work event."></div> If you are not able to communicate, analyse, participate — it is going to be very difficult for the information age, he added. The key is to make oneself into a “360 degree person”, armoured by both soft and hard skills. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> A few examples of soft skills include critical thinking, complex problem-solving, resilience, flexibility, creativity, originality, initiative and emotional intelligence. Ashutosh Garg, founder and chief executive (CEO) of artificial intelligence-powered talent management company eightfold.ai, also attended Business Insider’s Future of Work event. He noted that there are multiple aspects to saying whether automation is going to replace humans in their jobs. The first of those aspects is whether artificial intelligence (AI) is ready for it. According to Garg, AI is not developed enough to be at that stage, however it has the potential of getting there in the future. Again, some jobs may have to work in alignment with this deeptech technology. “I can put it on autopilot and be feasibly comfortable. So things are improving a lot. Now let's take sales as an example. I'm trying to hire a salesperson, I will start evaluating this person based on their emotional touch. Are they going to be able to close the deal or not, can they negotiate with the buyer or not?” he noted. According to a PwC <a href="https://www.pwc.com/hu/hu/kiadvanyok/assets/pdf/impact_of_automation_on_jobs.pdf">report </a>which estimates that 40% of jobs can be automated in the next 15 years, digital and softer skills are going to be the demand of the new age businesses. In 2017, <a href="https://www.deakinco.com/uploads/Whitepaper/deloitte-au-economics-deakin-soft-skills-business-success-170517.pdf">Deloitte</a> also reported that "soft skill-intensive occupations will account for two-thirds of all jobs by 2030." According to a<a href="https://www.muchskills.com/blog/soft-skills-skills-of-the-future"> blogpost </a>by Sweden-based HR-tech platform MuchSkills, the new age technologies — like artificial intelligence (AI), machine learning (ML) or robotics — can automate a number of human tasks, they will not be able to replicate emotional, social and cognitive skills imbibed by humans. “Between 1980 and 2012, jobs requiring high levels of social interaction grew by nearly 12 percentage points as a share of the US labour force. Math-intensive but less social jobs – including many STEM occupations – shrank by 3.3 percentage points over the same period,” wrote David J Deming in a paper titled<a href="https://scholar.harvard.edu/files/ddeming/files/deming_socialskills_may2017_final.pdf"> The Growing Importance Of Social Skills In The Labor Market</a>. Prior to this, India’s Prime Minister Narendra Modi had<a href="https://timesofindia.indiatimes.com/india/stop-demonising-tech-says-pm-narendra-modi-while-backing-ai/articleshow/71679298.cms"> emphasised</a> that AI is not going to take away jobs, but would be a talent and force multiplier. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/biocon-hero-motocorp-tvs-motor-banks-and-other-top-stocks-to-watch-out-for-on-september-17/articleshow/86281250.cms">Biocon, Hero MotoCorp, TVS Motor, banks and other top stocks to watch out for on September 17</a> <a href="https://www.businessinsider.in/business/news/biocon-biologics-to-offer-15-stake-to-serum-institute-life-sciences-at-valuation-of-4-9-billion/articleshow/86281318.cms">Biocon Biologics to offer 15% stake to Serum Institute Life Sciences at valuation of $4.9 billion</a> <a href="https://www.businessinsider.in/retail/news/sam-adams-will-craft-beer-using-hops-sent-into-earths-orbit-on-spacexs-inspiration4/articleshow/86277750.cms">Sam Adams will craft beer using hops sent into Earth's orbit on SpaceX's Inspiration4</a>

Future of Work 2021: The only way to beat the bots from taking your job is to be more human

<ul><li>Building an <keyword id="163208" type="General" weightage="20" keywordseo="emergency-fund" source="Orion">emergency fund</keyword> of 6-12 months of expenses is crucial as <keyword id="6357067" type="General" weightage="20" keywordseo="layoffs" source="Orion">layoffs</keyword> become common. </li><li>Once the goal of 50% of emergency funds is achieved, one should start investing for the long term. </li><li>It is important to take health and term insurance to protect oneself against any eventuality. </li></ul>Bangalore based software engineer Soham Chatterjee, 24, started his career with a startup last year. He gets a salary of ₹50,000, and since he had to relocate and has to pay rent, he has to look closely at his expenses. Chatterjee and many others of his age, may have to deal with another grim possibility. 2023 has been in news because of layoffs and the situation in 2024 could also be similar. However, the layoffs may be more sector specific. “The likelihood of layoffs in India in 2024 is unlikely except for specific sectors being affected. Over 35,000 people have lost their <keyword id="11018" type="General" weightage="20" keywordseo="jobs" source="Orion">jobs</keyword> at Indian startups in the last two years. Job cuts might be expected to continue in the startup space into 2024 in the pursuit of profitability,” says Kartik Narayan, CEO of Staffing Firm, TeamLease Services, a staffing solutions firm. “The driving factors behind these anticipated layoffs include the need to reduce costs, the anticipation of an upcoming recession, the desire to increase profits, and the integration of AI, which is replacing some job functions,” he adds. According to a spokesperson of Adecco, a provider of human resource solutions, while some tech and <keyword id="44477" type="General" weightage="20" keywordseo="financial" source="Orion">financial</keyword> sectors may still adjust, overall expectations are much calmer. Some tech sub-sectors like venture-backed startups and non-essential financial services like wealth management might see targeted layoffs. In such a situation, it is important to have one’s financial house in order, especially for the <keyword id="4550079" type="General" weightage="20" keywordseo="genz" source="Orion">GenZ</keyword> who are most likely in their first jobs and have never seen layoffs before. Building an emergency fund As the same suggests, an emergency fund comes in handy during an emergency, like a job loss. GenZ folks would not have home loan EMIs or expenses related to kid’s education, but they would have student loans or loans on gadgets. An emergency fund will help one tide over such expenses. The thumb rule is to build an emergency fund of six months’s monthly expenses. “Before Covid we were looking at six months of your expenses as an emergency fund, now we are looking at 12 months,” says B. Srinivasan, director and founder, Shree Sidvin Investment Advisors. Even if they have taken a phone on EMI, that should be included in one’s expenses. “So the rule is to divide the salary into one third and two-thirds. One third of income should be compulsorily saved and it should go towards building an emergency fund, it should not go towards long term savings. Till 50% of the corpus is achieved, one should not do any long term investments,” says Srinivasan. Also, 50% of any incentives or bonus they might be getting should be earmarked for emergency funds. Where to park your emergency funds: One may keep the emergency funds in their savings account. However, it is recommended to park it in liquid funds for a slightly higher return. Srinivasan suggests that one keeps two months of one’s expenses in a savings bank account and post that invest it in conservative hybrid mutual funds which invests primarily in FD like instruments, with some exposure to stocks. Starting investments Financial planners generally advise that once the goal of 50% of emergency funds is achieved, one should divide the one third of income into two parts. One should go towards emergency funds and the rest should be invested. “Start mutual fund sips for your goals. Investing directly in stocks or trading is absolutely fine but always have your goals sorted with mutual funds or index funds,” says Ananth Ladha, founder, Invest Aaj for Kal, a financial planning firm. Getting insured Getting insured is also a requirement of the times. The employer would provide health insurance coverage, but that will not be there in case of a job loss. “Take term and health insurance in time. Term plan is needed only up to 60-65 years, buying a whole life policy won’t make sense in financial terms,” says Ananth Ladha. A term plan would be available at a very reasonable premium at this age. We live in uncertain times and layoffs are not going to go away. However, maintaining financial discipline is important to be prepared for a rainy day.

GenZ and finance: Layoffs to continue in 2024 – Here’s how to be financially prepared

<ul class="summary-list"><li>India wants to unseat China as the new factory of the world.</li><li>Modi is set to stay in power for another five years, but the results of the election are going to make it harder to beat China.</li></ul>India's economy is on a roll, chalking up <a target="_blank" href="https://www.mospi.gov.in/sites/default/files/press_release/PressNoteGDP31052024.pdf">8.2% GDP growth</a> in the last fiscal year and a boom in <a target="_blank" href="https://www.reuters.com/business/finance/india-eyes-100-bln-annual-foreign-direct-investment-coming-years-it-minister-2024-01-17/">foreign investments.</a>The growth is in part thanks to a <a target="_blank" href="https://www.businessinsider.com/china-india-supply-chain-covid-sanctions-manufacturers-relocating-tariffs-options-2022-12">shift in supply chains</a> and investment flows as companies try to stop relying solely on China.This has boosted Indian Prime Minister Narendra Modi's appeal, sending him to a historic third term as the country's prime minister in the country's general election.But Modi's win this time around also <a target="_blank" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6?mrfhud=true">comes with a huge loss</a>.While Modi is still hugely popular in India, his party — <a target="_blank" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6">Bharatiya Janata Party, or BJP</a> — lost its majority in Parliament, reflecting resentment among voters amid rising <a target="_blank" href="https://www.reuters.com/world/india/indias-richest-1-has-highest-concentration-wealth-decades-study-shows-2024-03-20/">inequality.</a>"The problem is most Indians have not adequately participated in the fruits of an economy with gaudy headline numbers," wrote Atman Trivedi, a senior fellow with the Atlantic Council's South Asia Center in a <a target="_blank" href="https://www.atlanticcouncil.org/blogs/new-atlanticist/experts-react-modi-loses-ground-electoral-surprise/">Tuesday note.</a> "Growth is unequal, and jobs are few and far between."India's unemployment rate rose to 8.1% in April from 7.4% in March, according to the <a target="_blank" href="https://cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=20240502160006&amp;msec=476">Centre for Monitoring Indian Economy,</a> a private think tank. The country has a <a target="_blank" class="" href="https://affiliate.insider.com?h=881bbd696b99c4065e343b97a60624443ddd9aabed87bc59213e9c4e53b5de60&amp;postID=665fc5bbe01a10ede1be40ec&amp;postSlug=india-election-results-complicates-plans-unseat-china-modi-bjp-2024-6&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fd41586-023-03915-5">longstanding brain drain issue.</a><h2 id="2c7371a5-8197-477c-a8db-86744aed6de4">India wants to unseat China as the factory of the world</h2>BJP's likely loss of its majority is a testament to India's political system — but it will also make the dream of becoming the next China harder to achieve.<a target="_blank" href="https://www.businessinsider.com/india-business-market-entry-barriers-tariffs-supply-chain-china-2023-6">Decision-making and policy changes</a> in the world's largest democracy, after all, can take far longer than they do in Communist China — a one-party state."Coalition governments require compromises. That reality could complicate any plans for ambitious structural reforms on land, labor, or opening India's markets to unfinished and intermediate inputs," wrote the Atlantic Council's Trivedi, who is also a partner at Albright Stonebridge Group.India's stock markets tanked on the shock election results, with the benchmark <a target="_blank" href="https://markets.businessinsider.com/index/sensex">Sensex</a> index crashing over 5% in one day on Tuesday following the news. It rebounded on Wednesday.Despite the knee-jerk reaction, most analysts are optimistic about India's economic outlook given that Modi is still in charge."Modi's broader economic reform agenda is likely to remain intact. And so, fears of India's key economic reforms unraveling are overdone," wrote Vishnu Varathan, the chief economist of Asia excluding Japan at Mizuho Bank.<h2 id="d51e0b52-c0b2-432c-977a-5640abaef074">India needs to get rich before it gets old</h2>But India has a longer-term problem: aging.India is the world's <a target="_blank" href="https://www.businessinsider.com/india-overtake-china-worlds-most-populous-nation-2023-un-2022-7">most populous country</a>. With a 1.4 billion population, it has a huge pool of young people; <a target="_blank" href="https://www.spglobal.com/en/research-insights/special-reports/look-forward/india-s-demographic-dividend-the-key-to-unlocking-its-global-ambitions">65% of its population</a> is under the age of 35.But aging is "rapidly progressing," according to the <a target="_blank" href="https://india.unfpa.org/en/news/indias-ageing-population-why-it-matters-more-ever">United Nations Population Fund.</a> By 2050, one in every five persons in India will be 60 years old or above, the fund wrote in a <a target="_blank" href="https://india.unfpa.org/sites/default/files/pub-pdf/20230926_india_ageing_report_2023_web_version_.pdf">report last year.</a>So, even though India has grown rapidly in recent years, it will need to grow much faster to get rich before it gets old, Raghuram Rajan, a professor at the University of Chicago Booth School of Business, told <a target="_blank" href="https://www.npr.org/sections/planet-money/2024/06/04/g-s1-2226/india-election-democracy-china-economy-manufacturing">NPR's "Planet Money"</a> in a podcast.It's not enough to power up India's manufacturing sector in the wake of China's breakneck growth — because so many other countries are doing the same thing, added Rajan, who is a former head of the Central Bank of India and a former chief economist of the International Monetary Fund.He said India will do better to capitalize on its services industry, especially since so many Indians are English speakers.Despite its challenges, India is still expected to post healthy growth in the near future. The IMF <a target="_blank" rel="noreferrer noopener" href="https://www.imf.org/en/Countries/IND">forecasts</a> India's economy will grow by 6.8% this fiscal year and 6.5% next fiscal year.

India wants to be the new China. Modi's shock election result shows it won't be easy.

<ul><li>Telecom sector’s aggregate gross revenues (AGR) are expected to grow at 11-12% CAGR over FY23-26.</li><li>Like in Q1, AGR growth in the next three years will be driven by data monetization and premiumisation.</li><li>During the same period, <keyword id="15491" type="General" weightage="20" keywordseo="airtel" source="Orion">Airtel</keyword> is expected to gain AGR market share due to its ‘sticky and premium’ subscribers. </li></ul>After suffering through years of disruptions and consolidations, the telecom sector is showing good signs of growth in aggregate gross revenues (AGR) driven by ‘premiumisation’ – higher 4G conversions and more post-paid subscriptions. The telecom sector’s AGR is expected to grow at a compounded annual growth rate (CAGR) at 12% between FY23-FY26. And, Bharti Airtel is expected to add more market share, say analysts. “Bharti’s AGR market share is likely to jump 125 basis points in the same period (FY23-FY26) to 37.5%, and RJio’s by 110 basis points to 42.5%,” said a research report by ICICI Securities. The signs are already visible from Q1FY24 performance of Airtel, as its AGR market share went up by 80 basis points. “Bharti's strong market share gains in B and C circles indicates traction on its rural expansion strategy,” said Jefferies as it expects sector revenues to grow at 11% CAGR over FY23-26 with market share gains for Bharti/Jio. Vodafone Idea’s market share has already declined to an all-time low in Q1, and market share losses could accelerate further, says Jefferies as 5G becomes mainstream. The company has been unable to start rolling out 5G due to its heavy debt, unlike its peers who have aggressively rolling it out. The era of tariff hikes The industry AGR recorded an 8% growth in Q1 even as the sector has not seen any tariff hikes in the last 12 months. This was driven by subscriber additions, data monetisation and premiumisation – conversion from 2G to 4G and from prepaid to postpaid. Going ahead, this trend will only add to AGR as well as ARPU growth. The average revenue per user (ARPU) is also expected to grow at a healthy pace of 10% over the next three years, estimates ICICI Securities. Moreover, there are tariff hikes to come. “We believe India wireless business tariff hikes are likely to be more frequent, going forward, given the consolidated industry structure and higher ARPU requirement to justify significant capex for 5G rollout,” said a report by J M Financial. In the last three years, the sector took two tariff hikes in December 2019 by around 25%, and another in December 2021 by around 15%. The companies were affected by the first tariff hike due to SIM consolidation, but the second hike smoothly flew into the AGR. ICICI Securities too expects another tariff hike in FY25 which is expected to be at around 10%. But this is not the only factor that can contribute to ARPU growth. Over 6% CAGR growth is expected to come from premiumisation and data monetisation. “Nonetheless, industry AGR performance in the past few quarters has shown organic growth (defined as AGR growth without tariff hike) can potentially sustain at much higher levels if operators execute better data monetisation,” ICICI Securities said. And when tariff hikes happen, it will only add to market share gains to Airtel. “Bharti is the biggest beneficiary of higher tariffs given the sticky and premium quality of its subscribers, ensuring that tariff hikes flow through to ARPU,” says J M Financial. In the near future, as 5G becomes mainstream, Airtel and Jio have more to gain, as 5G users are expected to consume more data — driving the sector towards more premiumisation. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div>

You Searched For "job losses in India" and got 12 results

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