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New Delhi, Mar 31 () Ride-hailing platform Ola on Tuesday said it will offer interest-free credit of up to Rs 3,600 to driver-partners to help them meet immediate household expenses amid the coronavirus pandemic. Under its 'Sahyog' programme, Ola will offer pre-approved credit of up to Rs 3,600 to be disbursed over three weeks using the microfinance lending platform, Avail Finance, a statement said. The amount will be offered interest-free to drivers operating auto-rickshaws, cabs, kaali-peelis and taxis on the Ola platform, it added. "The programme is expected to impact over one lakh families who are in need of liquidity for immediate household expenses. The loan will aim to supplant the incomes of hundreds of thousands of driver-partners who haven't had a steady source of income due to the nationwide lockdown," it said. The credit shall be set off against earnings on the platform over a period upon return of normalcy in business, it added. "'Sahyog' enables them to access micro-credit instantly, in their registered bank accounts, allowing drivers and their families to tide through these difficult times with much needed liquidity. "We are committed to doing everything we can to reduce the economic burden and safeguard the interests of our driver-partners and their families through these unprecedented times," Ola spokesperson said. Ankush Aggarwal, founder and CEO of Avail Finance said the company's platform will help Ola identify eligible driver partners as well as to manage disbursement of credit in real-time. With the implementation of the lockdown, the government has allowed only people in essential services like healthcare, banking and media to commute. Restricted mobility has left driver-partners of cab services like Ola and Uber with no source of income. SR SHWSHW

COVID-19: Ola offers interest-free micro credit to driver-partners

New Delhi, Mar 27 () Ride-hailing major Ola on Friday launched a fund to support auto-rickshaw, cab, Kaali-Peeli and taxi drivers across India amid the ongoing 21-day lockdown. Besides, Ola co-founder Bhavish Aggarwal will forgo salary for one year that will go towards the fund. Launched under Ola Foundation, the 'Drive the Driver Fund' will support the drivers through contributions from the Ola group, investors and via a crowdfunding platform for citizens and other institutions, a statement said. "The proceeds of the fund will help towards the welfare and upliftment of drivers and their families who have been affected by the restrictions due to the COVID-19 pandemic," it added. Ola Group and employees are contributing an initial capital of Rs 20 crore to the fund and through the crowdfunding campaign, the intent is to raise up to Rs 50 crore. "The mobility industry has been brought to a grinding standstill during these stressed times, and the driver community has been finding it hard to pay for their family expenses without a source of income," the statement said. Ola's initiative aims to bring together multiple stakeholders in the ecosystem such as customers, investors and partner organisations to participate in supporting millions of drivers and their families across India, it added. This initiative will focus on key areas such as emergency support and essential supplies. In due course, Ola Foundation will also take up initiatives to support drivers in areas such as aid for children's education, among others. "Millions of drivers and their families have been affected, and even a humble contribution can have a lasting impact on their wellbeing. We invite all the stakeholders of the mobility industry to join us in every way you can, and support the people who move us in this difficult phase," an Ola spokesperson said. Ola has undertaken a number of measures, including launching a special COVID-19 insurance cover exclusive for their driver partners and their spouses. These steps are aimed at helping driver-partners and customers through the coronavirus outbreak. The number of positive coronavirus case in India has touched 724 till date. SR HRS

COVID-19: Ola launches fund to help drivers, CEO to forego a year salary

<ul><li>Online ticket booking platform BookMyShow has laid off or furloughed 270 employees as it expects its revenue to be "greatly reduced" in the coming months, hit by the <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">COVID-19 pandemic</keyword> and lockdown. </li><li>This includes those who will be put on furloughs, along with those who we will have to part ways with, at least, as of now. </li><li>Amid the COVID-19 pandemic and the lockdown, multiplexes, theatres and stadiums were closed and people stayed indoors, which impacted these businesses as well as those in ancillary services.</li></ul>Online ticket booking platform BookMyShow has laid off or furloughed 270 employees as it expects its revenue to be "greatly reduced" in the coming months, hit by the COVID-19 pandemic and lockdown. Several tech-led businesses including Ola, Uber, Zomato and Swiggy have laid off hundreds of employees in the past few weeks as they struggle against reduced earnings and uncertain business environment. "...we have had to resort to the task of reducing our costs to align them with what we believe will be greatly reduced revenues in the months to come...Out of 1,450 employees at BookMyShow in India and globally, about 270 employees across various functions and teams, will be impacted through this exercise," BookMyShow <keyword id="9308716" type="UNKNOWN" weightage="20" keywordseo="chief-executive-ashish-hemrajani">chief executive Ashish Hemrajani</keyword> said in an email to employees. This includes those who will be put on furloughs, along with those who we will have to part ways with, at least, as of now, he added. He said the company has tried to do it best to offer financial support, continued health insurance cover and outplacement support for those impacted by the downsizing exercise. Hemrajani said the teams that are staying back have voluntarily taken salary cuts ranging from 10 per cent to 50 per cent at the leadership level, given up their bonuses and all salary raises. The company has cut all other expenses and renegotiated with vendors, partners and landlords and after exhausting all other cost-saving measures, it took the decision as a "last resort", he said, adding that the layoffs are "not a reflection" of the individual's performance or ability. Amid the COVID-19 pandemic and the lockdown, multiplexes, theatres and stadiums were closed and people stayed indoors, which impacted these businesses as well as those in ancillary services.

BookMyShow lays off, furloughs 270 employees

<ul><li>According to the <keyword id="122232" type="ORGANIZATION" weightage="20" keywordseo="Centre-for-Monitoring-Indian-Economy">Centre for Monitoring Indian Economy</keyword> (CMIE), the unemployment rate stood at 24.3% during the week ending May 24. </li><li>In fact, the urban unemployment rate stood at nearly 27% during the week ending May 17 — higher than the rural unemployment rate. </li><li>This comes in the backdrop of the ongoing job and <keyword id="55815" type="PERSON" weightage="20" keywordseo="salary-cuts">salary cuts</keyword>. </li><li>This has directly impacted the labour participation rate (LPR), which dropped to 38.7% during the same week. </li><li>According to Dun &amp; Bradstreet (D&amp;B), the <keyword id="6369865" type="UNKNOWN" weightage="20" keywordseo="job-loss">job loss</keyword> and salary cuts will slow down the economic recovery even after the pandemic. </li></ul>Since March 24, the unemployment rate in India remained high at over 20% during the nationwide lockdown, thanks to the economic impact of the coronavirus pandemic. According to the Centre for Monitoring Indian Economy (CMIE), the unemployment rate stood at <a href="http://v">24.3%</a> during the week ending May 24. <div type="image" title="CMIE" msid="75993722" hostid="261"></div> This indicates that the relaxations in the lockdown since April 20 have not shown any positive impact on the unemployment rate as of now. In fact, the urban unemployment rate stood at nearly 27% during the week ending May 17 — higher than the rural unemployment rate. This means, <a href="https://www.cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=2020-05-19%2008:41:03&amp;msec=086">less than 25%</a> of the urban working age population is employed. This comes in the backdrop of the ongoing job crisis due to the lockdown. Companies are aggressively downsizing employees and implementing salary cuts to keep up with the running costs. Recently, apparel major <a href="https://www.businessinsider.in/business/corporates/news/raymond-layoffs-salary-cuts-and-complaints-of-pending-severance-pay/articleshow/75945502.cms">Raymond fired hundreds of employees</a> to overcome mounting losses. With this, it joined startups like Ola, Uber, Zomato and Swiggy, which cited COVID-19 crisis to lay off employees and cut salaries. Ola and Swiggy fired 1,1100 and 1,400 employees, owing to the fall in revenues. While Zomato laid off 13% of the workforce. In addition to this, many companies like Uber, Gartner and energy major Schlumberger have even <a href="https://www.businessinsider.in/careers/news/uber-has-revoked-job-offers-made-to-graduates-from-iims-mdi-spjimr/articleshow/75740158.cms">revoked job offers</a> extended to the fresh graduates at premier institutions like Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs). This has directly impacted the labour participation rate (LPR), which dropped to 38.7% during the same week. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies that laid off employees during lockdown </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Estimated job losses </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Raymond </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,100 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Livspace </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">450 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Swiggy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,100 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ola </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,400 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wework </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uber </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">600 </td></tr></tbody></table>*Source: Media reports The impact of the pandemic is such that experts believe that the economy is likely to slip into recession in the third quarter of 2020-21. According to Dun &amp; Bradstreet (D&amp;B), the job loss and salary cuts will slow down the recovery even after the pandemic. “The D&amp;B India Chief Economist Arun Singh stated that the multiplier effect of the stimulus measures on the economy will depend on three key aspects, the time taken for effecting the withdrawal of the lockdown, the efficacy of implementation and duration of execution of the measures announced,” the<a href="https://www.cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=2020-05-25%2016:54:15&amp;msec=326"> CMIE report </a>says. See also: <a href="https://www.businessinsider.in/business/startups/news/hiring-now-check-out-these-job-openings-at-indian-startups-during-the-covid-19-pandemic/articleshow/75963395.cms">Hiring now! Check out these job openings at Indian startups during the COVID-19 pandemic</a> <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-india-hiring-50000-jobs-available-for-delivery-guys/articleshow/75888254.cms">Amazon India has opened up 50,000 ‘seasonal’ jobs for the post-lockdown surge in e-commerce demand</a>

One in four Indians in the working age is unemployed as corporate layoffs continue⁠— making crisis worse and delaying economic recovery

<ul><li>E-commerce comes under the <keyword id="6835803" type="UNKNOWN" weightage="20" keywordseo="essential-services">essential services</keyword> umbrella, this means that delivery agents from Amazon, Flipkart, Zomato, Swiggy, Bigbasket, Grofers and others would be able to continue with work. </li><li>Amazon and Flipkart have both seen their order numbers increasing as people stay indoors.</li><li>However, a delay in services is also possible.</li></ul>With a lockdown in place in 75 districts due to <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword>, only essential services will be plying on the roads. And that includes your orders from Amazon. According to an order from the government, e-commerce comes under the essential services umbrella, this means that delivery agents from Amazon, Flipkart, Zomato, Swiggy, Bigbasket, Grofers and others would be able to continue with work. More so, as people are stuck in their homes, the number of online orders are actually going up. Many have also noticed that a number of items are unavailable, while deliveries are taking longer than usual. “We are watching this situation closely with a focus on the safety of our teams and ensuring we can meet customer promises. We are closely following guidance from local authority and international organizations as this situation progresses,” an Amazon spokesperson told Business Insider. Globally, Amazon set up a $25 million fund to help its delivery partners during the time of crisis. However, in the light of the Coronavirus spread, Amazon had earlier said that there might be a delay in services. “As COVID-19 has spread, we've recently seen an increase in people shopping online. In the short term, this is having an impact on how we serve our customers. In particular, you will notice that we are currently out of stock on some popular brands and items, especially in household staples categories. You will also notice that some of our delivery promises are longer than usual. We are working around the clock with our selling partners to ensure availability on all of our products, and bring on additional capacity to deliver all of your orders,” Amazon said in a statement on March 14. Amazon’s rival in India Flipkart too is readying itself in a similar manner. Both the companies have offered insurance as well as leave with full pay and benefits if an employee is affected by coronavirus. "We see demand in some categories increase and our teams are working relentlessly in partnership with our sellers to meet customer demand as people are increasingly following social distancing and are not stepping out of their homes," Flipkart said in a statement. Flipkart also said that it is keeping a thorough and regular track of the affected areas through its centralized security team to avoid exposure of its employees in those regions. See Also: <a href="https://www.businessinsider.in/business/startups/news/ola-swiggy-paytm-dole-out-benefits-for-drivers-delivery-agents-and-employees-in-the-testing-times-of-coronavirus/articleshow/74768050.cms">Ola, Swiggy, Paytm dole out benefits for drivers, delivery agents and employees in the testing times of Coronavirus</a>

Your Amazon and Flipkart deliveries will continue during the lockdown, though there might be delays

<ul><li>Many individuals were seen asking for a ‘pause’ on equated monthly installment (EMI) payments after being forced to take leave without pay.</li><li>Not just salaried employees, but those who drive auto-rickshaws or Uber and Ola cabs, as well as small business owners, may need more time to pay their loans after the lockdown has brought their business to a standstill.</li><li>However, Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> has so far focussed on the poorest of the poor, farmers, women, and self-help groups with the latest ₹1.7 lakh crore relief package.</li><li><a href="https://www.businessinsider.in/searchresult.cms?query=coronavirus&amp;sortorder=effectivedate">Follow the comprehensive coverage of the Coronavirus pandemic and its impact, and other useful resources that can help you in the fight on Business Insider India.</a></li></ul>India’s middle class was clamouring for a break from paying their loans after the 21-day lockdown came into effect to contain the spread of the novel Coronavirus. However, Nirmala Sitharaman’s <a href="https://www.businessinsider.in/india/news/fm-nirmala-sitharaman-26th-march-speech-highlights-and-updates/articleshow/74825011.cms">financial action plan</a> of ₹1.7 lakh crore ($22 billion) did not offer any relief on equated monthly installment (EMI) payments. The Press Information Bureau’s YouTube feed was flooded with requests with people asking the government to pause 
 <div type="image" title="pauseemi_edited" msid="74827616" hostid="261" caption="&amp;lt;p&amp;gt;PIB&amp;#39;s YouTube feed during Nirmala Sitharaman&amp;#39;s press conference today, March 26&amp;lt;/p&amp;gt;"></div>



 In the last press conference on March 24, Sitharaman had addressed a question on EMIs and said that the Department of Financial Services (within the Ministry of Finance that she heads) may take an appropriate decision. This stoked hope that thousands of people whose jobs, salaries, and appraisals are at stake ⁠— even businesses which have to pay monthly instalments on loans ⁠— may get some reprieve as part of the relief package. However, that hope came undone today. The need for EMI relief The lock down has forced many businesses to shut down and factories have had to close their doors. As a result, a few people have been forced to take unpaid leave— like in the case of <a href="https://www.businessinsider.in/business/news/coronavirus-goair-says-all-employees-will-have-pay-cut-in-march/articleshow/74806501.cms">GoAir</a>, Indigo, and <a href="https://www.businessinsider.in/business/news/coronavirus-goair-says-all-employees-will-have-pay-cut-in-march/articleshow/74806501.cms">AIESL</a> with hyperlink to the story — with the uncertainty around when the Coronavirus crisis will finally end. 
 <div type="image" title="airline_edited" msid="74827631" hostid="261" caption="&amp;lt;p&amp;gt;Airlines struggle has India puts a half on all domestic and international air travel&amp;lt;/p&amp;gt;"></div>



 Not just on YouTube, but also on Twitter, many individuals are pleading with the government to provide some relaxation. Infosys co-founder TV Mohandas Pai joined in asking the government to provide at least 6 months of deferment on EMI and loan interests. 
	<div type="twitter" handle="TVMohandasPai" handlename="Mohandas Pai" image="http://pbs.twimg.com/profile_images/563397282020618240/BsxVmVtk_normal.jpeg" favoritecount="336" retweetcount="117" status="@PMOIndia @narendramodi @nsitharaman Sir very good Economic stimulus for majority of Indians! Pl consider one for t… https://t.co/6Es9BulRwi" createdat="1585211483000" id="1243093178183385089"></div>



 In addition to salaried employees, individuals who drive auto-rickshaws or those who drive Uber and Ola cabs also need more time to pay their loans since they won’t be able to ferry passengers during the lock down. See also: <a href="https://www.businessinsider.in/india/news/fm-nirmala-sitharaman-26th-march-speech-highlights-and-updates/articleshow/74825011.cms">India announces a $22 billion package including cash transfers to feed and serve the poor during the Coronavirus lockdown</a> <a href="https://www.businessinsider.in/india/news/coranavirus-cases-in-kerala-news-and-updates/articleshow/74775194.cms">Coronavirus cases in Kerala news and updates</a> <a href="https://www.businessinsider.in/india/news/coranavirus-cases-in-tamil-nadu-news-and-updates/articleshow/74785909.cms">Coronavirus cases in Tamil Nadu news and updates</a> <a href="https://www.businessinsider.in/india/news/coronavirus-cases-in-haryana-news-and-updates/articleshow/74771116.cms">Coronavirus cases in Haryana news and updates</a>

India’s anxious middle class is left waiting for EMI relief after the $22 billion Coronavirus lockdown package

<ul><li><keyword id="15491" type="COMPANY" weightage="20" keywordseo="Airtel">Airtel</keyword> has partnered with Vahan to help migrants and workers get food, shelter, healthcare and jobs.</li><li>Airtel will send an SMS to reach out to the workers impacted by the Coronavirus lockdown and direct them to Vahan’s platform.</li><li>This service is currently available only in Delhi and Bengaluru.</li></ul>Telecom company Airtel partnered with Bengaluru-based startup Vahan to provide relief to migrants and workers affected by the nationwide Coronavirus lockdown. Vahan is a tech startup that uses artificial intelligence to match job seekers with employers through messaging apps such as WhatsApp. Airtel and Vahan will now use their resources to provide migrants and workers access to relief services such as food, shelter, healthcare and jobs. What Airtel and Vahan are doing to help migrants and workers Airtel will launch an SMS campaign to reach out to the impacted workers on its network in Delhi and Bengaluru. The SMS, which will be sent in English, Hindi and Kannada will include a link that will direct users to Vahan’s website. Vahan will then use its AI solutions to connect the user with the nearest relief provider. As per the company, it created a resource pool of over 1,000 NGOs that are involved in helping the citizens. "We at Vahan, in close partnership with Airtel, are really proud to be able to leverage the power of our technology to touch millions of the most needy when they require our help the most. We are also excited about our ability to help these people get jobs as we all work towards returning to normalcy,” said Madhav Krishna, CEO of Vahan. Airtel had earlier launched a Coronavirus risk assessment tool in partnership with Apollo Hospitals Group. It allows users to mention information such as their age, symptoms, existing medical condition to assess the risk of Coronavirus. See also: <a href="https://www.businessinsider.in/india/news/heres-how-companies-like-airtel-and-ola-are-joining-hands-with-hospitals-to-offer-special-services-during-covid-19-pandemic/articleshow/75125297.cms">Here's how companies like Airtel and Ola are joining hands with hospitals to offer special services during Covid-19 pandemic</a> <a href="https://www.businessinsider.in/tech/apps/how-to/how-to-use-airtel-coronavirus-risk-assessment-tool/articleshow/75123253.cms">Airtel launches Coronavirus risk assessment tool, here’s how to use it</a> <a href="https://www.businessinsider.in/tech/news/jiofiber-airtel-offers-to-help-you-work-from-home-during-the-coronavirus-pandemic/articleshow/74810444.cms">JioFiber, Airtel offers to help you work from home during the Coronavirus pandemic</a>

Airtel partners with tech startup Vahan to help people find jobs, food, shelter and healthcare

The sale of residential <keyword id="-460" type="General" weightage="20" keywordseo="real-estate-in-mumbai" source="Orion">real estate in Mumbai</keyword> is not only higher than pre-covid levels but stands at its highest in the last 10-years in July 2021. Going by the recent trends, a substantial push came from the millennials. It demonstrates yet another behavioural change induced by the COVID-19 pandemic as these millennial cohorts were once perceived to be more inclined to rent a home as opposed to buying one. According to <a href="https://www.morganstanley.com/ideas/India-millennials-growth-sectors">reports</a>, there are over 400 million millennials in India, which is higher than the entire population of the US. Now aged between 25-40 years, millennials in India comprise one-third of its total population and 46 % of the country’s total workforce, with a spending capacity of $3.6 billion. The millennial generation is generally defined as people born between the mid-1990s to early 2000s, more specifically within the 1981 to 1996 period. In India, the millennials are considered profligate spenders and a generation that seeks instant gratification, not worrying or planning much about the future. As proponents of the sharing economy, they would rather use ride-share apps like Ola and Uber than buy a car, look after its repair, fuel, and pay EMIs. The same logic applied to owning a house too. They would prefer to rent a house than buy one, pay maintenance and EMIs. This behaviour by the millennials held true till early-2020 before the arrival of the COVID-19 pandemic. The same millennials have shown a marked change in their habits. <a href="https://www.thehindubusinessline.com/news/real-estate/millennial-prefer-home-ownership-over-renting-survey/article33861200.ece">Reports</a> indicate that this largest spending cohort of people is now turning serious in their spending. Two factors could be playing a part in this behavioural pattern change, one is the coming of age of the millennials and in many cases, they are the sole providers of their families. Experts <a href="https://www.architecturaldigest.in/story/expert-speak-why-millennials-wont-settle-for-small-cramped-city-homes-anymore/">believe</a> that the second reason for the change in spending priorities is the pandemic induced lockdown that revealed the handwriting on the wall - the non-sustainability of the ‘reckless’ spending and the advent of WFH with its wide acceptance. <cmsannotation type="cmsannotation" annotationid="What’s driving this change in sentiment?" comment="subhead" text="What’s driving this change in sentiment?">What’s driving this change in sentiment?</cmsannotation> A recent news <a href="https://www.livemint.com/money/personal-finance/millennials-borrowed-for-health-and-credit-refinancing-in-2020-survey-11614249892908.html">report</a> highlights this shift in the spending pattern of millennials from borrowing for lifestyle and recreational purposes to serious priorities like home repairs and medical emergencies in the family. Another study by Standard Chartered Bank discloses that as a cohort the millennials are the most inclined to conscientiously strive for their far-sighted monetary objectives. The study specifically shows that 48% of the Indian millennials who are saving for a substantial buy like a car or a house whereas only 28% of the 45+ generation. This matured approach to financial matters also reflects in a recent study by 360 Realtors, a renowned name in <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> advisory services, wherein 3/4th of millennials expressed their desire to purchase a residential property in the next three years. A similar report by Anarock Property Consultants echoes the same intent mentioning that 55% of total buyers looking to buy their own homes are from the millennial age group. This number stood at 42% last year. 68% of the millennials polled by Anarock indicated that these home purchases were for their own end-use. Nobroker.com, a leading real-estate platform, says that millennials as a group constituted 63% of all its buyers amongst its entire user base, up from 49% from the pre-covid period. For the city of Mumbai, the millennials buyers were 74% of all the buyers across all the age groups. <cmsannotation type="cmsannotation" annotationid="The COVID-19 impact &amp; rising need to own a home among millennials" comment="subhead" text="The COVID-19 impact &amp; rising need to own a home among millennials">The COVID-19 impact &amp; rising need to own a home among millennials</cmsannotation> While the pandemic has largely been instrumental in the shift in millennials’ mindsets towards buying homes, other significant factors are influencing this decision. The success of the WFH model means both employers and the millennial employees view a hybrid model of work wherein one does not have to go to an office every day as a sustainable framework of the future of work culture. This also means that the idea of career mobility and city-hopping for jobs is not at the forefront and a hybrid model of work. The major constituent, which is fulfilling the millennial aspiration of buying a house of their own in Mumbai into a real possibility is the lowest ever interest regime prevailing in the current times. The easy availability of credit and having experienced the flexibility and commute-less remote work means that the millennial buyer can now fulfil his bigger home dreams away from the island city to accommodate his/her remote WFH and their children’s online schooling in extended suburbs of MMR. The combination of record-low interest rates that have limited scope to reduce further and incentives by government augur well for both the millennial buyers of first-time home as an end-user and ones looking at a second home for investment. Disclaimer: This is a sponsored article in partnership with Lodha Group SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/enterprise/enterprise-software/news/saas-company-icertis-is-looking-to-hit-the-public-market-next-year/articleshow/85786657.cms">After Freshworks, Icertis is looking for an IPO for next year in the US</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-wants-to-become-debt-free-post-the-ipo/articleshow/85781458.cms">Ami Organics wants to become debt-free post the IPO, to cut dependence on China in the coming years</a>

Changing landscape of real estate in India — millennials are driving the demand

Good morning! This is the tech news you need to know this Wednesday.<ol><li><a href="https://www.businessinsider.com/twitter-fact-checks-false-trump-tweets-mail-in-voting-2020-5?op=1">Twitter has for the first time added fact-checking links to Trump's false tweets about voting by mail</a>. Trump falsely claimed on Tuesday that mail-in ballots cast in California will be "substantially fraudulent" and result in a "Rigged Election."</li><li><a href="https://www.businessinsider.com/facebook-mark-zuckerberg-dismisses-changes-algorithm-encourages-polarization-extremism-2020-5">Mark Zuckerberg reportedly brushed aside internal research that showed Facebook exposed users to more and more extreme views</a>. Though Facebook's experts found that the platform contributed to divisive rhetoric, senior executives dismissed proposed changes, some which would adversely affect user engagement. </li><li><a href="https://www.businessinsider.com/youtube-deleting-comments-china-government-sponsored-hacker-army-2020-5">YouTube has been auto-deleting comments about China's government-sponsored hacker army, but says it is 'an error in our enforcement systems.'</a> The video platform has been deleting comments that contain two phrases that are directly tied to criticism of the Chinese government.</li><li><a href="https://www.businessinsider.com/local-news-outlets-amazon-provided-content-without-telling-viewers-2020-5">11 local news stations praised Amazon's health and safety practices but didn't tell viewers the company had provided the content</a>. The script and footage used in the nearly identical segments were part of a package pre-produced by Amazon spokesperson Todd Walker and distributed to news stations in a press release.</li><li><a href="https://www.wsj.com/articles/amazon-in-advanced-talks-to-buy-self-driving-car-tech-company-zoox-11590538611?mod=djemalertNEWS">Amazon is in advanced talks to buy self driving car company Zoox in a move that would expand the e-commerce giant's reach in autonomous-vehicle technology</a>. The companies are discussing a deal that would value Zoox at less than the $3.2 billion it achieved in its last private funding round in 2018, The Wall Street Journal reported.</li><li><a href="https://www.wsj.com/articles/advertisers-seek-to-revise-deal-terms-with-streamer-quibi-11590519825?mod=djemalertNEWS">Major advertisers are seeking to revise the terms of their deals with streaming service Quibi after its lackluster launch last month</a>. Companies including PepsiCo, Taco Bell, and Walmart, have asked for the changes because of concerns about the service's low viewership or the impact of the coronavirus pandemic on their businesses, the Wall Street Journal reported.</li><li><a href="https://www.businessinsider.com/google-will-reopen-offices-on-july-6-2020-5">Google will reopen offices starting July 6 for a small number of employees, but warns that things will 'look and feel different' than when they left</a>. Employees who do return will be met with a very different office, CEO Sundar Pichai said, promising that there will be "rigorous health and safety measures in place."</li><li><a href="https://www.cnbc.com/2020/05/26/apple-to-open-about-100-more-stores-in-us-focus-on-curbside-service.html">Apple plans to open approximately 100 more stores in 21 states this week</a>. When the stores re-open, about 130 Apple stores will be operational in the United States with most focusing on curbside services.</li><li><a href="https://www.businessinsider.com/uber-india-cuts-600-jobs-amid-coronavirus-outbreak-2020-5">Uber cut 600 jobs from its India offices as the ride-hailing giant's wave of layoffs go global</a>. India's countrywide lockdown to contain the spread of the coronavirus has hit both Uber and its South Asia ride-hailing competitor Ola hard.</li><li><a href="https://www.engadget.com/switzerland-swisscovid-coronavirus-contact-tracing-app-pilot-153813626.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cudGVjaG1lbWUuY29tLw&amp;guce_referrer_sig=AQAAAEWfUy71dsZAcpUqxvqw7ksyum_CAs5kMAPi38RO83OnvDUXnPhcVGChHUKc8XRViHXsCST2zy1oi-5WobkshjDrZ4hwES_MOZWeyjVdKpf9t8wu6BUbWHKwk1grLDPw09gbplZY-tGPqh-BsLdPRhcdb50MmJv8U5G8yaDTDwTQyaDTDwTQ">Switzerland has piloted a contact tracing app using Apple and Google's tech, becoming the first country to do so</a>. SwissCovid will alert users if someone who has been in close proximity to them has tested positive for Covid-19.</li></ol>Have an Amazon Alexa device? Now you can hear <keyword id="9070519" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech">10 Things in Tech</keyword> each morning. Just search for "Business Insider" in your Alexa's flash briefing settings.You can also <a href="https://newsletter.businessinsider.com/join/free">subscribe to this newsletter</a> here — just tick "10 Things in Tech You Need to Know."Read the original article on <a href="https://www.businessinsider.com/10-things-in-tech-you-need-to-know-today-may-27-2020-5">Business Insider</a>

You Searched For "lockdown impact on ola" and got 9 results

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