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<ul><li>Parle is considering laying off 10,000 employees, thanks to the significant slump in sales, according to an ET report. </li><li>The auto industry has already laid off nearly 350,000 employees in the last four months. </li><li>Rural wages hit the lowest level in the last three years in May 2018. </li></ul>Every economic slowdown hurts the poorer people the most. It’s no different this time. The cash crunch rising out of a slowing economy and rising unemployment is biting budget households in India so bad that they are cutting back on biscuits and that is leading to more job losses at manufacturing plants. India’s largest biscuit maker, Parle is considering laying off 10,000 employees, thanks to the significant slump in sales, <a href="https://economictimes.indiatimes.com/jobs/drop-in-demand-may-force-parle-to-lay-off-up-to-10000-employees/articleshow/70763132.cms?from=mdr">according to</a> an ET report. Parle’s products are mostly consumed by people in the lower rungs of India’s economic pyramid, people in smaller towns and villages. Parle, which makes Parle-G, Monaco and Marie biscuits records an average sale of over ₹10,000 crore annually with over 100,000 employees. “The number of shops stocking these products is the same, but the number of products being sold from these shops is going down due to weakening consumer demand,” Mayank Shah, category heads at <keyword id="235733" type="COMPANY" weightage="20" keywordseo="Parle-Products">Parle Products</keyword> <a href="https://www.nationalheraldindia.com/india/after-britannia-now-parle-hit-by-slowdown-says-gst-responsible-for-it">told </a>National Herald. Higher tax and lower incomes It doesn’t help that biscuits are taxed at 12-18% in the goods and services tax regime. ““These biscuits were taxed at only 12-14 per cent under the previous excise and value added tax regime. Under GST, they are priced at 18%. This forces companies to increase prices, impacting sales,” Shah had added. The slowdown is getting increasingly visible in consumption. It started with trucks followed <a href="https://www.business-standard.com/article/companies/hul-volume-growth-slowest-in-7-quarters-q1-profit-in-line-with-estimates-119072400067_1.html">by car sales</a> and then two wheelers and now it has hit even products <a href="https://www.business-standard.com/article/companies/hul-volume-growth-slowest-in-7-quarters-q1-profit-in-line-with-estimates-119072400067_1.html">of daily consumption</a>. The auto industry has already <a href="https://www.businessinsider.in/indian-auto-manufacturers-have-laid-off-350000-jobs-in-four-months/articleshow/70563890.cms">laid off nearly 350,000 employees </a>in the last four months. Job cuts in companies like Parle will only make the situation worse. People are increasingly worried about the prospects in the coming as signalled by the Reserve Bank of India’s co<a href="https://www.livemint.com/news/india/consumer-confidence-for-the-month-of-june-drops-thomson-reuters-ipsos-survey-1563012458113.html">nsumer confidence index </a>that fell sharply in June 2019 and has stayed near that level since then. The falling biscuit sales only confirm that the country’s rural distress is far from abating. Rural wages hit the lowest level in the last three years in May 2018. “The turmoil is in rural, the turmoil is related to agriculture, so because of that the issues are happening in the value segment, right. So obviously it's affecting every segment but the biggest issue is happening in the value segment because that's what sells in those markets,” Varun Berry, the MD of Brittania said adding that people are shying away from buying <a href="https://www.businessinsider.in/Forget-cars-Indian-consumers-are-wary-of-buying-a-5-biscuit-packet/articleshow/70638256.cms">biscuits packs that are worth a mere ₹5</a>. Richer the better However, the richer Indians may be shelving plans for a new car but they aren’t cutting down on biscuits yet. So, the more expensive packs of biscuits are still selling well and that’s where <keyword id="6359432" type="DOMAIN" weightage="20" keywordseo="britannia">Britannia</keyword> has not had to resort to job cuts yet but Parle has. “With around 65-70% of the portfolio in the premium space, the company plans to introduce variants with protein, gluten free, whole wheat, seed, nuts, etc., and also a niche offering catering to modern trade and e-commerce channels,” said report on consumer sentiment by SBI Caps. See also: <a href="https://www.businessinsider.in/britannia-md-says-consumers-think-twice-before-buying-a-5-biscuit-raises-concerns-about-indian-economy/articleshow/70638256.cms">Forget cars, Indian consumers are wary of buying a ₹5 biscuit packet</a> <a href="https://www.businessinsider.in/kishore-biyanis-big-bazaar-wants-to-take-hindustan-unilever-and-procter-gamble-to-the-cleaners-with-its-own-laundry-brands/articleshow/70173836.cms">Kishore Biyani’s Big Bazaar wants to take Hindustan Unilever and Procter &amp; Gamble to the cleaners, with its own laundry brands</a>

India’s biscuit crisis shows slowdown is hurting the poor more — and job losses are making it worse

<ul><li>The use of technology has hit the roof as most people turn to digital services to meet their day-to-day requirements amid the coronavirus pandemic.</li><li>NASSCOM President Debjani Ghosh believes that the lockdown has people — consumers and business owners alike — saying, “technology bacha le (save us)”.</li><li>However, the uptake of technology has also highlighted the digital divide that exists in our society. </li><li>Most of the services available online can only be accessed using smartphones, and people need to speak English or be literate in order to use them effectively.</li></ul>Digital technology has been a saviour for many during the coronavirus pandemic and its accompanying lockdown in India. “They’re saying technology bacha le (save us),” NASSCOM President Debjani Ghosh said during the Big Reset panel with Business Insider India in collaboration with the Observer Research Foundation (ORF). Technology may certainly have been a boon for the 4.35 million people employed in the IT industry, it’s not the same story across the board. Nearly 67.8 million migrant workers — 83.5% of whom are employed in blue-collar jobs, the informal sector — had to “<a href="https://www.orfonline.org/expert-speak/what-indias-digital-divide-means-for-migrant-workers-in-a-covid19-world-and-beyond-65900/">be allowed to move</a>” back home once the lockdown hit amid the coronavirus pandemic. “India needs a completely different playbook from the west when it comes to technology,” said Ghosh. Technology adoption has become faster — but cutting costs can’t be the only priority The coronavirus pandemic has eroded business opportunities and along the way, it’s been eating away at revenue as well. Needless to say, entrepreneurs and business owners are more cost-conscious as they focus on ensuring that their business survives to thrive in the post-COVID world. <div type="image" title="tech_work_edited" msid="76317033" hostid="261" caption="&amp;lt;p&amp;gt;Women who were returning home after the work wait for bus maintaining social distancing at a waiting shed near Infopark, in Kochi on May 29&amp;lt;/p&amp;gt;"></div> One of the aspects of being cost-conscious is focusing on how technology can be a way for them to reduce costs. In the west, technology has, and threatens to, reduced cost by replacing workers via automation so far — in part, due to the ageing population. But that is not something that India can afford given that the median age lies between 23 to 25 years, and around 90 million young people will be flooding in, looking for jobs in another five years. “It’s not a machine versus man story, it’s a machine and human story,” said Ghosh. Essentially, businesses have to find new revenue sources by leveraging technology to increase productivity — not just cut costs. <div type="image" title="tech_work2_edited" msid="76317138" hostid="261" caption="&amp;lt;p&amp;gt;After reaching at Kalyan the migrants wait to board the train from Kalyan to Guntur in Andhra Pradesh. With no work and their savings depleting fast, the workers who either lived or worked in Dongri were provided meals by the police and BMC during the lockdown period. &amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div> Other countries may need technology to replace the loss that they’re facing, but India needs a way to increase productivity and ensure that employment opportunities don’t shrink any faster than they already are. As of May, more than one-fifth of India’s demographic dividend — 23.48% — was unemployed, according to the Centre for Monitoring Indian Economy (<a href="https://unemploymentinindia.cmie.com/">CMIE</a>). The massive young population of job seekers is not the only problem “I have always said that Indians take to technology like fish take to water,” said Ghosh during the panel discussion. A lot of middle-class people who did not order groceries online have learnt how to. The same goes for renting houses, booking airline and railway tickets, and even acquiring liquor tokens. But even having access to these facilities is limited to less than half of the Indian population. According to market research firm techARC, India had 502.2 million smartphone users as of December 2019 — which is less than half of the 1.3 billion population of the country. <div type="image" title="tech_rickshaw_edited" msid="76316900" hostid="261" caption="&amp;lt;p&amp;gt;Ritlal Sahani speaks over cell phone from his rickshaw stand at Padmapukur to his family in Muzzafarpur Bihar on 10 June&amp;lt;/p&amp;gt;"></div> Among them are 22% of people who are below the poverty line (BPL) grappling against the average wage of around ₹247 per day, according to the International Labour Organisation. “This is a great time for digital thinking, this great time for pulling into digital manufacturing, work from home is a great idea. But COVID-19 also shows us that there are problems in the way our societies have been organized,” said Sunjoy Joshi, chairman of ORF. <div type="image" title="tech_rickshaw2_edited" msid="76316936" hostid="261" caption="&amp;lt;p&amp;gt;A passenger sits back side of a share auto rickshaw along with huge luggage and using the mobile phone unmindful of risk in Vijayawada on May 28&amp;lt;/p&amp;gt;"></div> Despite the government’s attempts to bring in digitisation measures to overcome the challenges of physical access to public goods — many were seen starving, squabbling over a packet of Parle G biscuits, the cheapest among biscuit brands, and struggling to survive as most of India was shut down. <div type="twitter" handle="Benarasiyaa" handlename="Piyush Rai" image="http://pbs.twimg.com/profile_images/1219264195021029377/fC6-ctxh_normal.jpg" favoritecount="997" retweetcount="625" status="Passengers of a Shramik train loot water bottles kept at platforms at Mughalsarai railway station in UP's Chandauli… https://t.co/NmtFqs5U70" createdat="1590223944000" id="1264116960503246848"></div> Most of the services are in English Even though global conglomerates like Google and Microsoft have been working on localising the web, most of these online services are available in English. It’s the first language for only 256,000 people and a second language for 83 million. That doesn’t even scratch the surface of India's 1.3 billion large demographic. Even without the English language becoming a barrier, India’s literacy rate is 74.04% — leaving one-fourth of the population out of its fold. <div type="Article" hostid="261" msid="76133893" title="BevQ, Kerala’s liquor home delivery app, is ‘on the rocks’ with a 2.1 rating on the Google Play Store" mstype="2" mssubtype="0"></div> For them, digital innovation is far from adequate. “This is not going to something just gonna happen in the next two, three years, four years of ideas and there are going to be conflicts — managing those conflicts is going to be key for that reset,” said Joshi, citing the example of how the Black Lives Matter movement is currently happening in the US. “COVID has struck different sections of society differently no matter where it came from, no matter the origins,” he added. “But the fact is that the marginalized have been struck the hardest and they are the ones who are going to be most feeling the impact,” he added. Technology may be a short-cut to cutting costs, but for the long haul — it may do more harm than good for Indian society at large without a ‘people-centric’ approach. SEE ALSO: <a href="https://www.businessinsider.in/india/news/bcci-wants-indian-premier-league-to-happen-even-if-that-means-playing-in-empty-stadiums/articleshow/76313974.cms">BCCI wants Indian Premier League to happen — even if that means playing in empty stadiums</a> <a href="https://www.businessinsider.in/policy/economy/what-is-capitalism-without-capital-and-why-is-the-ceo-of-bombay-stock-exchange-recommending-it-for-india/articleshow/76315962.cms">What is ‘Capitalism without Capital’ and why is the CEO of Bombay Stock Exchange recommending it for India</a> <a href="https://www.businessinsider.in/policy/economy/news/six-indian-ceos-list-out-the-policy-changes-that-should-be-prioritised/slidelist/76313181.cms">Six Indian CEOs list out the policy changes that should be prioritised</a>

'Technology bacha le' is not an option for everyone in India

<ul><li><keyword id="6365619" type="COMPANY" weightage="20" keywordseo="hindustan-unilever">Hindustan Unilever</keyword> Limited has cut prices for <keyword id="6616182" type="UNKNOWN" weightage="20" keywordseo="Lifebuoy">Lifebuoy</keyword>, <keyword id="119472" type="ENTERTAINMENT" weightage="20" keywordseo="Lux">Lux</keyword> and Dove in lieu of low demand. </li><li>The Indian economic slowdown has hit FMCG companies.</li><li>Biscuit manufacturers Parle G and Brittania too have a worried outlook for the <keyword id="34412" type="ORGANIZATION" weightage="20" keywordseo="economy">economy</keyword>. </li></ul>One of the biggest FMCG companies in India – Hindustan Unilever Limited – has cut prices for some of its most popular <a href="https://www.livemint.com/industry/retail/hul-reduces-lifebuoy-lux-prices-in-latest-sign-of-weak-demand-1566928904118.html">soaps </a>– Lifebuoy, Lux and Dove. While demand is one reason for it, tapering commodity prices also allowed them to take a call and pass on the benefits, the company told <a href="https://www.livemint.com/industry/retail/hul-reduces-lifebuoy-lux-prices-in-latest-sign-of-weak-demand-1566928904118.html">Mint.</a> While the price of Lux range will go down by 4%, that of Lifebuoy will go down by 6%. The Indian economic slowdown has impacted all major companies in the FMCG sector. Parle G, a leading biscuit manufacturer said it is planning to slash 10,000 jobs due to weak demand. Even though <a href="https://www.hindustantimes.com/india-news/fair-tax-gst-and-big-job-cut-parle-clears-air-on-layoffs/story-G2N4IYsC5aQ0x9rINe8EHN.html">Parle G</a> has denied the same, it has also said it is “an eventuality if our demand for lesser tax rates is not met.” In the <a href="https://www.dnaindia.com/business/report-consumers-thinking-twice-before-buying-a-rs-5-pack-britannia-2781047">latest earnings conference call</a> of Britannia, the company’s MD Varun Berry raised some serious concerns about the Indian economy. "We've grown only 6% and the market is growing slower than that. And that's a little bit of a worry, because even for a ₹5 product if the consumer is thinking twice before buying it, then there is some serious issue in the economy,” he said. See Also: <a href="https://www.businessinsider.in/indian-villagers-are-not-buying-clothes-and-cutting-back-on-hair-oil/articleshow/70856804.cms">After biscuits, Indian villagers are cutting down on clothes and hair oil too</a>

Lifebuoy and Lux get cheaper as HUL reduces prices because of low demand

<ul><li>Finance Minister of India Nirmala Sitharaman presented the Union Budget on February 1, 2022.</li><li>Struggling with high inflation and tepid rural demand, FMCG companies were hopeful for some positive news, steps and reforms that would help boost consumption in the economy.</li><li>However, with no changes in personal tax, there isn’t for hope for a drastic change in consumption and demand.</li><li>At the same time, there are enough subsidies to support the rural areas of the country.</li><li>Here’s what leading FMCG companies have to say about the Union Budget 2022-2023.</li></ul>The Union Finance and Corporate Affairs Minister Nirmala Sitaraman presented the Union Budget for 2022-2023 on February 01, 2022. The government announced that 5% of the annual collections under the Universal Service Obligation Fund will be allocated to improve broadband and mobile service penetration in rural India. This move will allow Fast Moving Consumer Goods (FMCG) brands and all businesses to cast their net a little wider in rural areas via mobile services. The government’s plan to expand the National Highway network by 25,000 KM, the Gati Shakti plan to strengthen seven engines of infrastructure, the launch of 100 new cargo terminals, will further open up new roads for brands and improve logistics efficiency. It will also create new job opportunities in rural areas, improving consumption and demand. The finance minister also mentioned that the government intends to pay ₹2.7 lakh crore worth of minimum support price (MSP) direct payments to wheat and paddy farmers. The government is also looking to deploy drones for agriculture monitoring, crop assessment, digitisation of land records and spraying of insect pesticides. These initiatives will help boost rural incomes and aid the growth of FMCG companies. The Union Budget aims to facilitate ease of doing business and give a push to consumption by providing employment opportunities, improving infrastructure, focusing on technological advancement and accessibility. Here’s how these subsidies for rural India will pave the way for FMCG growth: Mayank Shah, Senior Category Head, Parle Products: First of all, putting money in the hands of consumers really helps, so they go out and buy products. So that was more on the front of ensuring that the demand remained robust given that we have gone through two years of pandemic. That was something that industry expected, either by tax cut, or by increasing the slabs tax brackets or by probably increasing the standard deduction limit. Those were the things that we expected but not much has been done there. However, on the second front of job creation, the government has done a lot. The budget talks about seven engines driven by PM GatiShakti that will definitely boost employment and increase the number of jobs. The budget also talked about 60 new jobs to be created in the next five years. That is relatively a longer process compared to the first expectation which was putting money in the hands of consumers, which would have yielded immediate results. A 20,000 crore boost in transportation infrastructure will definitely help in terms of job creation going forward. Another thing the government would have ensured on the rural front was increased allocation to MGNREGA or direct benefit transfer. In Fact they chose the other way. In terms of rural demand, when you're talking about putting money in the hands of rural consumers by increased MSP and increased MSP allocation, it is also going to have an impact on the inflation because if you increase the MSP, that eventually is going to increase the cost of agri products, primary inputs in food processing. So procurement is going to be increased. The current challenge ahead of most FMCG companies, which is managing inflation, probably would be aggravated, so I consider it to be neutral. Probably placing this money in the hands of consumers through MGNREGA or DBT would have ensured demand to remain robust. Ahmed ElSheikh, President, PepsiCo India: Reviving economic growth, increasing consumption, and fostering investment to fuel post-pandemic growth have been key objectives for the government, and the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">Union Budget 2022</keyword> reflects this very intent. This year's Union Budget lays forth a vision for India at 100 years. The Government is leading from the front by raising public sector spending to keep the economic recovery on track. Digitization combined with infrastructural creation will accelerate economic development, stimulate innovation and entrepreneurship enhance living standards while keeping sustainability at its core. The increased outlay for PM Gati Shakti projects for multi-modal connectivity including 100 new railways logistics hubs coupled with steps like enhancing local oilseed production, extending the last date for starting production for new manufacturing units, encouraging alternate cropping will aid growth of the FMCG sector and further strengthen Govt’s vision of an Atmanirbhar Bharat. Saugata Gupta, MD and CEO, Marico Limited: With this Union Budget, the government has laid out a growth oriented, future focused blueprint for India. By prioritising job creation, infrastructure growth and strengthening digital capabilities while making ‘inclusive development’ and ‘financing of investments’ two of the key focal points of the Budget, the government is successfully laying the groundwork for faster financial inclusion and expansion of the credit ecosystem. It has undertaken some key initiatives targeted towards credit growth, farmer welfare, improving the health and education infrastructure, digital currencies and start-ups which will benefit young aspirational Indians. If executed well, the budget will trigger the virtuous cycle of economic growth and employment creation, leading to momentum in growth. I believe that the budget has several inclusive measures and policies that balance consumer needs with industry requirements. It encapsulates the spirit of an Atmanirbhar Bharat and takes strong steps towards fulfilling that vision. Venkatesh Vijaraghavan, Director &amp; CEO - FMCG, CavinKare: We welcome the futuristic, investment-led, growth-oriented Budget with a strong impetus to infrastructure and capability building, which would boost GDP, Atmanirbartha, economic stability and job creation, thereby reaping demographic dividend. Ghanshyam Khandelwal, Chairman, BL Agro: The budget was as expected. We didn't anticipate the industry to take centre stage because several schemes for the FMCG sector have already been implemented in recent years. However, the mention of a rationalised strategy to improve domestic oilseed production and minimise reliance on imports was welcomed. A more promising statement was the package that centers on farmers adopting appropriate fruits and vegetables, as well as proper harvesting practices. The move will go a long way towards uplifting the food processing sector. Harsha V. Agarwal, Director, Emami: A very forward-looking budget with focus on capital expenditure which should drive growth. The ease of business in India has also been prioritised. So over all the budget pulls no surprises and focuses on growth of the Indian economy. Amrinder Singh, Director, Bonn Group of Industries: As the social security benefit of state and central government employees has been enhanced in this Union budget 2022, we are expecting that it will spur the consumption. The government has put money in consumer’s hands and ensured that the demand is not getting affected by increasing the tax deduction limit by 14 percent of the state government employees. Vikram Agarwal, Managing Director, Cornitos: The Union Budget 2022-23 is a progressive budget, our Government is concentrating on infrastructure, employment generation, and future developments. This appears to be a growth-oriented budget as efforts are being made to reduce compliance burdens and improve ease of doing business. The Budget has given an extension of the ECLGS Scheme which would provide much-needed help to the MSME sector especially the hospitality and related food processing segments. The past few years have been tumultuous for the hospitality segment and I am hopeful that this initiative gives the industry a much-needed boost.

Union Budget 2022-2023: Here’s how FMCG brands reacted to the budget

Mumbai, May 20 () Mumbai's popular street snacks like 'bhel puri', 'paani puri' and 'vada pav', which used to be relished by people cutting across community and class barriers, have no takers now during the lockdown, throwing street food vendors and roadside stalls out of business. Till some time back, street food was a thriving business in Mumbai, but since the coronavirus outbreak, many vendors have returned to their native places while others are staring at an uncertain future. Kanhaiya, who ran a paani puri stall at Bhuleshwar in Zaveri Bazaar of south Mumbai, returned to his native village near Ayodhya in Uttar Pradesh after his business dried up. "In mid-March, when some coronavirus cases were detected in the state and the government ordered closure of malls, swimming pools, gyms, I realised that I should leave for my native place. When malls are shut, what value will I have," he told over phone from his village. He is now busy working at his family farm land, growing wheat, sugarcane and paddy. Asked if he willcome back, Kanhaiya said, "Let's see how the situation unfolds. Even though I have a farm in the village and a house of my own, agriculture is unreliable. Never know what you have sown will remain, it depends on rain. At my shop in Mumbai, I could at least make some savings." He has been missing his stall at Bhuleshwar, which was the hub of wholesale and retail cloth, gold, diamond, steel, plastic and readymade garments. Taxi drivers and low wage workers frequently visited the area, where 'puri bhaji', 'bhel puri', 'vada pav' and 'dosa' were available at prices ranging from Rs 10 to Rs 200. Three khau gullies in Bhuleshwar, streets near the Churchgate station, Flora Fountain in Fort, Bombay Stock Exchange and other areas in south Mumbai used to be packed with food stalls and canteens selling snacks at cheap prices on normal days, but now these areas wear a deserted look. Pappu Singh, another 'paani puri' vendor from Vile Parle area, also left for his native village Khedlakhurd in Dausa district of Rajasthan amid the lockdown. "I used to earn Rs 10,000 to Rs 12,000 every month and lived at a rented room in Vile Parle with my sons. I came back when business started suffering," he told over phone. "I am penniless since the last two months. There is no water or work in my village. I have been surviving on roti- mirchi (flat bread and chilly)," he said. "There is nothing in my farm. I will sow bajra (pearl millet) if there is good rain. I am waiting for the situation to normalise so that I can resume work," he added. His son Narender singh, who works at a 'bhel puri' shop in Vile Parle, however, did not leave Mumbai as he felt the lockdown will not prolong. "I and seven workers are staying at the 'bhel puri' shop and we are getting food. The owner hails from our village," Narender said. His employer Sandeep Sharma, owner of the 'Sharma Bhelpuri' outlet in Vile Parle, said his business is affected by this unprecedented crisis. "My 16 employees were mostly from my native place in Rajasthan and Uttar Pradesh. Some from UP have left and those who stayed back are living in my shop and godown. They are my family, so it is my duty to look after them in such harsh times," Sharma said. He also feels it is time to reinvent the business model once the COVID-19 crisis ends. "We are thinking of starting 'sev puri' and 'paani puri' takeaways and supply our 'chutneys' hygienically packed to general stores which are open," Sharma said. "Business is anyways low during monsoon. I don't think people will prefer eating'bhel puri' and 'paani puri' when normalcy returns. They will be scared to eat outside and would rather spend on more important things in life," he added. Santosh Sawant, a 'vada pav' stall owner in suburban Santacruz, said business owners like him are now confused about their future. "When my business shut two months ago, I looked after my staff members who were staying in two rooms that I own. I gave them moneyand food. But, on May 15, they left for their native places without informing me. They were my employees for last 15 to 20 years and I can't start my business again without them," he said. But, Sawant is hopeful that his employees will return as he used to acknowledge their hard work. "My focus has always been on quality food and my customers know it. I am sure when things normalise, my business will resume. But I am working on how to take it forward. I am thinking of taking home delivery orders right now," he said. Sagar, whose mother used to supply tiffins to staff at the Vidhan Bhavan, secretariat and the Shipping Corporation of India in south Mumbai, said his business was already down after his father died last year and mother became ill. Since the lockdown, their tiffin service has completely shut down. Sagar said his mother used to sit on the footpath opposite the secretariat in the afternoon to get more customers who would stop by for a quick lunch of Malvani food. "Since our business closed, I even tried taking up other jobs, but didn't have much luck after everything came to a standstill due to the lockdown," he said. Franchise broker Pravin Jagtap said nearly five lakh people worked in the micro-business sector of fast food and takeaway joints, which has been badly hit by the lockdown. A lot of youngsters had joined the business before the COVID-19 crisis took it all away. "Those who have paid the one-time franchise fees and have taken loan will not be able to pay the shop rent and bank dues due to business losses. After the situation normalises, these shops will have to be careful about health and hygiene issues to get customers back," he said. Rents will also be unaffordable in future and prices will go up due to inflation, he claimed. "Mumbaikars have already forgotten the habit of eating out," Jagtap said. Writer and culinary expert Ajit Joshi said," The street food of Mumbai, that found a place in Bollywood films, international documentariesand food shows, is going to be missed." A large number of office-goers used to depend on the street food, he added. MR GK GK

Mumbai's street food business in jeopardy due to lockdown

The COVID-19 era presents a radically transformed real estate market, with preferences changing to accommodate new market realities. With work-from-home a viable option even after the lockdown, many future homebuyers will shift to the <keyword id="9273365" type="UNKNOWN" weightage="20" keywordseo="peripheral-areas">peripheral areas</keyword> for bigger homes and a better lifestyle - at more affordable prices, say reports. <div type="Article" hostid="261" msid="76198588" title="‘Home prices have to fall’⁠— Indian government’s stern message to realtors has other backers too" mstype="2" mssubtype="0"></div> With the rise of Work-From-Home (WFH), the 'walk-to-work' concept may lose some sheen prospective homebuyers will see sense in shifting to city peripheries, among many trends. The previous 'gold standard' of Indian housing - the walk-to-work/ short drive to work, by definition only in and around central corporate workplace hubs - may shed some of its popularity for the middle class. "The work-from-home concept may become the next fulcrum for home buying decisions, where the walk-to-work option had held the longest sway," says Anuj Puri, Chairman - ANAROCK Property Consultants. "This, and millennials' new-found preference for buying rather than renting homes, are among the most prominent new residential real estate trends of the COVID-19 era. With the rise of the WFH culture, many may now prefer to live in more spacious and cost-effective homes in less central areas. While sufficient supply currently exists in most of the peripheries, this new demand will eventually also dictate fresh supply. Bigger homes, affordable prices and more generous open spaces in the peripheral areas will draw demand from tenants and buyers alike," Puri adds. Affordability and Price Quotient Apart from changing real estate consumer preferences in a strengthening WFH environment, affordability is an enduring concern especially to the backdrop of an ailing economy and job loss/uncertainty. The peripheral areas are more affordable both from a rental and purchase perspective. The cost analysis of real estate difference for the country's three largest economic dynamos - MMR, NCR and Bengaluru are as follows: In NCR, the average price for a standard 1,000 sq. ft. property in areas within city limits is approx. Rs 88.20 lakh, against Rs 37.50 lakh in the peripheral areas  a 57 percent cost difference. Micro-markets within city limits considered include Vaishali, Vasundhara, Indirapuram, Noida, Golf Course Ext. Road, Sushant Lok, <keyword id="6385900" type="PERSON" weightage="20" keywordseo="Dwarka-expressway">Dwarka Expressway</keyword>, New Gurgaon, Dwarka, etc. Peripheral areas include Ghaziabad-Rajnagar Extension, Faridabad, Greater Noida, Sohna, Bhiwadi, Bahadurgarh, etc. Average monthly rent for a standard 2BHK home in areas within city limits is approx. Rs 22,000, against Rs 9,500 in the peripheries. In MMR (Mumbai Metropolitan Region), the average price for a standard 1,000 sq. ft. property in areas within city limits is approx. Rs 1.85 crore, against Rs 55.35 lakh in the peripheral areas a 70 percent cost difference. Micro-markets within city limits included Andheri, Vile Parle, Goregaon, Malad, Kandivali, Chembur, Wadala, Ghatkopar, Vikhroli, Powai, Mulund, etc. Peripheral areas include Kalyan, Bhiwandi, Dombivli, Mira Road, Vasai, Virar, Thane beyond Kasarvadavali and Owale Panvel, Ulwe, Taloja, etc. Average monthly rent for a standard 2BHK home in areas within city limits is approx. Rs 45,800, against Rs 12,500 in the peripheries. In Bengaluru, the average price for a standard 1,000 sq. ft. property in areas within city limits is approx. Rs 69.80 lakh, against Rs 43.50 lakh in the peripheral areas  a 38 percent cost difference. Micro-markets within city limits considered include Sarjapur Road, HSR Layout, Kudlu Gate, Singasandra, Hebbal, Jakkur, Yeswanthpur, Jalahalli, Whitefield, Marathahalli, KR Puram, J P Nagar, BTM, Jayanagar, Banashankari, <keyword id="230372" type="PERSON" weightage="20" keywordseo="Kodigehalli">Kodigehalli</keyword>, etc. Peripheral areas include Attibele, Electronic City, Yelahanka, Doddaballapura Road, Varthur, Budigere Cross, Kanakapura Road, Tumkur Road, <keyword id="27934" type="LOCATION" weightage="20" keywordseo="Mysore">Mysore</keyword> Road, Kogilu Cross and International Airport Road (Bellary Road). Average monthly rental for a standard 2BHK home in areas within city limits is approx. Rs 18,500, against Rs 9,500 in the peripheries. Rent vs Buy The rent vs buy debate involves many highly subjective factors. However, since millennials are increasingly interested in homeownership post-COVID-19, it is worthcalculating what works better for most in the current circumstances. Data reveals that the 5-year rental outgo for tenants living within city limits is equivalent to 27-52 percent of the total property cost in the peripheries of the top 3 cities (MMR, NCR and Bengaluru). Therefore, there is a strong rationale for homeownership in the peripheries. Also, the current home loan interest rates are at an all-time low, averaging around 7.15-7.8 percent - with the possibility of more reduction as the RBI recently cut repo rates even further to 4 per cent. In NCR, the average monthly rental outgo in city-limit areas is Rs 22,000. For five years, this equals nearly INR 13.77 lakh (including standard rental escalation for this period). This is almost 37 percent of the total average cost of a property in NCR's peripheral areas. In MMR, the average monthly rental outgo in city-limit areas is INR 45,800. For five years, this equals nearly INR 28.66 lakh (including standard rental escalation for this period). This is almost 52 percent of the total average cost of a property in MMR's peripheral areas. In Bengaluru, the average monthly rental outgo in city-limit areas is INR 18,500. For five years, this equals nearly INR 11.57 lakh (including standard rental escalation for this period). This is almost 27percent of the total average cost of a property in the peripheral areas. SEE ALSO: <a href="https://www.businessinsider.in/india/news/data-of-coronavirus-patients-state-wise-in-india/articleshow/74669748.cms">Coronavirus cases in India state wise</a> <a href="https://www.businessinsider.in/topic/coronavirus">Coronavirus News and Updates</a>

Work from home impacts real estate and housing choices

<ul><li>While the ad industry has a lot of womentoday, many drop out by the time they reach mid-management levels, primarily due to the lack of flexible hours, or the flexibility to work from home.</li><li>The women leaders we spoke to believe organizations need to prioritize training more women, to prepare them for leadership roles, and this should be a part of the company’s culture.</li><li>There is also a need to relook at the way employee’s performances are evaluated, coming up with newer ways of assessing talent in a time where the way of doing business has seen a complete overhaul.</li></ul> In late 2019, a report by Credit Suisse stated that women’s representation in boardrooms in India increased only by 4.3% between 2014 and 2019. The report further stated that the current female representation on boards is only 15.2% which invariably led to dialogues around the conspicuous lack of women leaders in the upper rungs of the corporate world. Having said that, the world of advertising, marketing and media is one industry that has seen a lot of women in roles of leadership. While we are still far from an equal man-woman ratio in the industry, it is heartening to see more and more women take the top spots. Conversations with most women leaders from the industry led us to believe that this is an industry that welcomes women to be a part of the workforce. However, it is during their mid-career levels that a lot of women drop out of the workforce, leading to a dip in women who take up higher positions. We reached out to some of the most influential women in the industry currently, to gauge what are the reasons for these drop-outs, and what needs to be done, as an industry as well at individual organizational levels, to ensure that women are retained, and even if they drop-out, are encouraged to rejoin the workforce. We received an overwhelming response to our queries from across the sector from women who made some really compelling points. These women who feel passionately about the subject laid their hearts bare, telling us ways they think the industry can evolve, to become more inclusive. Here are some of the most prominent voices. Building a culture of inclusivity It is often noticed that while a lot of women are joining the workforce, many of them take the decision of quitting once they decide to get married or decide to have children. Many find it difficult to come back, due to the lack of flexible working hours at their workplaces, or even due to a certain amount of judgment where people look at them a little differently after they come back from a long break. Most of the women leaders we spoke to believe that the work culture needs to evolve a little, to make way for such women, giving them the flexibility that many of them need, once they start a family. <keyword id="4356726" type="PERSON" weightage="20" keywordseo="srija-chatterjee">Srija Chatterjee</keyword>, Managing Director, Publicis Worldwide, India shared that while a few corporates have started giving some assistance to women, the ad industry hasn’t yet started doing that actively. “As an industry, we have woken up to women leaders and we are trying to make things happen for women, to make sure that they don't jump off from the workforce. However, there's still a long way to go. The biggest reason women stop working is when they get into that life stage of having children. A lot of corporates are today providing strong support, through office crèches or flexi-timing options. That has not yet happened in our industry. From a business perspective, the size of our agencies might not be that big, which makes implementing this a bit of a challenge. But the more and more we get into a group structure, and offices become more centralized, it will enable organizations to look at shared resources to help women pursue their passion. This is something that could be done, but has not been done yet.” A lot of times, there is also a lot of judgement involved when women come back to work after a long break. Delving deeper into the need for a change in attitude, Pallavi Chakravarti, Executive Creative Director, Taproot Dentsu said, “You’ve been out of the scene way too long - you can’t expect the salary that you do after the kind of leave you’ve taken - but won’t your attention be divided now?” These are just some of the things women hear when they are seeking to make their way back into the workforce, post a long gap. Of course, this is not a blanket statement - times are changing, mindsets are changing, as are corporate policies. But if companies truly want to be gender-neutral then statements and questions like the ones I’ve cited above would never be heard again. Additionally, flexible working hours, working from home, working on time-bound projects are all steps that more and more organisations can adopt to ensure equal opportunities. And when I say equal, I mean that these options should be made available to both men and women. Shedding some light on how OLX is working on retaining some of its women, Sapna Arora, Chief Marketing Officer, OLX India said, “Setting the right example of favourable work culture much suited to women, not just in terms of facilities and infrastructure, but also in terms of broadening our thinking within an organization across various levels, is the key to inspire women working population to join the workforce and perform better. OLX, as an organization, is working on taking baby steps in creating empowering workplace for women. A couple of years ago, we at OLX embarked on a journey to evaluate the gender diversity ratio and actively worked to encourage more women in roles such as data scientists, engineers, front line sales and more. This is a conscious choice we have made under our global diversity and inclusion programme which seeks to improve the gender ratio across STEM and leadership roles.” Talking about the need to prioritize diversity in leadership, Emrana Sheikh, Enterprise HR Head for India and South Asia – Johnson &amp; Johnson said, “Today, companies are increasingly equating their C-suite diversity to competitive advantage for their businesses – and rightly so, it leads to robust dialogue, richer decisions and the empathy to design good, and human-centered solutions. For organizations looking for a paradigm shift in their work cultures, C-suite diversity sets an example for the rest of the team. At the basic level, it can be a source of inspiration that resonates down to the front-line staff. This is only possible when diversity in the leadership is prioritized and its long-term implementation is ensured at all levels through intentionality and focused talent management. Internal platforms such as Diversity &amp; Inclusion Council and Employee Resource Groups further drive culture strategies from a variety of lenses, championing inclusivity as a collective goal across levels. An inclusive culture transcends barriers, bias and bureaucracy, and makes the employees truly feel that they belong. All around, women are a critical mass of consumers, influencers, stakeholders and communities. Hence, reflection of the same in organizations is a business imperative.” Sharing a similar sentiment, Neena Dasgupta, CEO and Director, Zirca Digital Solutions added, “Organizations need to ensure that women in the workplace are respected and recognized.For women to thrive in the workplace, organizations need to ensure an environment that is rooted in equal opportunity and a culture that is geared to assist women achieve their goals.” Sharing some tips on a few things that can be done at the organization level to help women continue to be a part of an organization, Ayesha Ghosh, General Manager, Taproot Dentsu added, “Younger women need to see older women in positions of influence. Flexible working hours and working from home might be a challenge in an industry that’s made a virtue of unreasonable working hours but we ought to be non-negotiable about starting early, cutting idle chatter, short lunch breaks and everything else that helps finish work early so that parents (and everyone else, really!) get to spend some time with their families. Ingraining fundamental values will go a much longer way than making token gestures. Enforcing paternity leave, for instance, so that the onus of child-rearing is not on the mother alone. When a parent, regardless of gender is expected to manage time such that they are responsible for their work as well as for their families, everyone will automatically spend less time on idle chatter and work a lot more efficiently.” An organization's culture also needs to have empathy at its foundation, shared Oindrila Roy, Head of Strategy, India, Essence, to make a difference. "As with any type of workforce integration, empathy should be the edifice on which workplaces are designed to integrate and retain both women and men more seamlessly. For women, it starts with stepping into her shoes, evaluating challenges from her point of view and arriving at solutions which are conducive. For example, an online survey conducted by JobsForHer found that 38% of women do not return to the workforce after giving birth, due to the lack of good day care for children. If that is the challenge, companies need to think of solving this problem innovatively - can the organisation collaborate with a nanny service provider to avail reliable childcare options to its employees? Reassured and empowered parents are likely to stay in the workforce longer." Modifying existing performance benchmarks Rubeena Singh, CEO, iProspect India believes that there is a need to relook at the performance benchmarks on which employees are evaluated. “In the middle years, I often see that we are trying to evaluate people on certain benchmarks. The criteria for these performance indicators have been put in place years ago when it was a largely male-dominated workforce. Things like 8 hours of work, or work in office, or if you want a senior position, you should have worked in different geographies etc. But sometimes, for women, it becomes very difficult to be mobile and move to different parts of the country, especially once they get married. As an industry, we really need to re-evaluate the criteria. We should look for quality now, if people are curious, if they are team-players, how innovative and out-of-the-box can they think. If these changes are brought about, a lot of women will find it easier to catch up from where they left, even if they are coming back after a long break.” Treating both men and women as equals at the workplace A lot of women leaders feel that there is an immediate need to start looking at both men and women as equals in the workspace and not differentiate on the basis of gender. Lara Balsara Wajifdar, Executive Director at Madison World said, “We need to look at women leaders as leaders first and not as women leaders. Don’t differentiate us on the basis of our gender, but differentiate us on the basis of our work! Our industry is always hungry for good talent and if the talent is good, the agency will always accommodate personal requests as long as the work is not affected.” Many also feel the starting point is to start a conversation, where both the genders are treated as equal participants. “<keyword id="6372584" type="UNKNOWN" weightage="20" keywordseo="gender-equality">Gender equality</keyword> is not just a women’s issue, it’s a human rights issue – that extends to all realms, including the workplace. To encourage equality across all lines of command in the workplace and have more women leaders, we need more men to be equal participants in the conversation around gender equality. Having the male workforce as partners can bring empowerment and equal respect among all genders. Global change-making initiatives like the UN’s ‘He for She’ Movement, of which I am a strong advocate, have been setting strong examples for people of all genders to take bold steps in solidarity and are working towards a gender-equal world,” said <keyword id="235731" type="PERSON" weightage="20" keywordseo="Nadia-Chauhan">Nadia Chauhan</keyword>, JMD &amp; CMO, Parle Agro. Pointing out to some things that need to be done at an organizational level, Rishika Lulla Singh, CEO Eros Digital at Eros International said, “There needs to be a cultural shift and change at workplaces to eradicate gender inequality and retain women employees. It is about time that companies consider deserving women for higher level positions and evaluate their performance sans bias. If there are more women leaders out there at the top positions, it gives a sense of confidence to the global sisterhood with strong role models. It is essential that companies organize mentorship programs to break the stereotype of what a man and a woman can or should do. There are several ways to retain a woman employee at work, but we also need to encourage more women to join the workforce. Equal pay, ensuring all voices are heard and feeling valued, creating safe work environment, etc. are all the least we can do.” Pooja Jauhari, CEO, The Glitch put it rather succinctly in her three-point recommendation on how to retain women. She said, “Firstly, treat your entire talent base with gender blindness. Best person for the job. Without over-thinking their family, marital, ‘emotional’ status. Just get the right person for the job. Secondly, allow your talent to align personal and professional goals and build a support system for them to come back to the same position at work after a break (marriage| child birth) and lastly, stop saying a certain gender matters more, prove by example by showing gender balance across functions.” Training young employees to think of themselves as leaders There is also a need for seniors to build an environment of motivating young women while also making them aware of their potential as future managers, shared Sujata Dwibedy, Group Trading Director, Ampilifi India. She said, “This question is asked to mostly senior women but ideally, both senior men, women and the entire team should be equally responsible to motivate the young, efficient women. The entire organisation gains if they can train and then retain competent women leading up to a management role. It is critical to show them advancement opportunities and their growth path. Policies might have to be tweaked but if it benefits all, it should not matter. Building an inclusive workplace, an organisational environment that values diversity not just for the sake of appearances but for the competitive edge that comes with access to multiple perspectives would make a difference.” There are a lot of internal barriers that women have to cross and training them to believe in themselves could help in ensuring they make it to the top. <keyword id="346168" type="PERSON" weightage="20" keywordseo="Lulu-Raghavan">Lulu Raghavan</keyword>, Managing Director, Landor Associates said, “Even before thinking of getting more women leaders, we have to think of how we can create a better working place holistically. Secondly, you have to ensure that women at the top, doing good work get the visibility. It starts with the leadership, company philosophy and culture. You’ve got to find them and put them on the top because deserving women do exist. You can’t give us an excuse that there aren’t any women relevant for the top positions. A lot of training has to be done with women themselves; there are a few external barriers such as company policies, work environment, how other people behave towards you, and there are internal factors, which we women have set up through the years. It is the lack of self-confidence, self-doubt and imposter syndrome. We women have to be trained to be leaders. It should be different from the overall management chain because it is decades of social conditioning that companies have to break when women join them. “ Anita Kotwani, Senior Vice President, New Business, Mindshare added, “The industry needs to first acknowledge that Woman leaders can deliver as well as their male counterparts for senior-level roles. The grooming required should be done for the role and not the gender. If that happens you will see the necessary shift with more woman leaders leading the mantle.” Sharing her optimism about the future where she envisions more and more women to be on the top, Kranti Gada, COO Shemaroo Entertainment said, “A few years ago, I participated in a program called ‘Tanmatra’ organized by IIM Bangalore, to help develop and groom fellow women counterparts for about 9 months and the stories I heard about the differences in opportunities shocked me a little. I was happy to be at Shemaroo, where we have seen women in key roles leading from the front and managing the core business with ease and expertise. While the ratio of women is a little skewed in the industry, the gender gap is narrowing, and we will see more women taking charge in future in every field.”

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