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<ul class="summary-list"><li>Mortgage rates stayed high despite rate cuts, attracting cash-heavy investors to the housing market.</li><li>Despite values dropping in some areas, those selling are still raking in gains.</li></ul>Despite the central bank cutting interest rates, mortgage rates haven't followed suit. The average <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/mortgages/average-mortgage-interest-rate">30-year term remains near 6.21%</a>.Still, there was an uptick in buyers during the second quarter, specifically those who are <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/how-to-invest-in-real-estate-make-money">investors</a>, according to the latest data available from Redfin. The share of investors who purchased property rose 3.4% from a year earlier. They were likely attracted by an opportunity to meet the growing demand of renters who face barriers to homeownership that a lack of affordability and elevated mortgage rates have brought on, read the note by Lily Katz.Home prices nationwide, including those that were <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/mortgages/how-to-buy-a-foreclosed-home">distressed sales</a>, increased by 4.3% in July from a year ago, according to CoreLogic. An investor purchased one out of every six properties sold within the second quarter and one of every four low-priced homes for a whopping $43 billion worth of real estate, Katz wrote.Investors, which the real estate data firm defines as buyers whose ownership code on a purchasing deed includes either association, corporate trustee, company, joint venture, or corporate trust, are less reliant on debt and are not as rate-sensitive as the average buyer. Most, or 69%, pay in cash or make bigger down payments. It means they can take advantage of the lack of competition.Some of the cities that have seen a rise in investor interest include San Jose, CA, Portland, OR, and Denver, CO. Meanwhile, there has been a drop in purchases in areas like Oakland, CA, and Providence, RI, where median capital gains have plunged by 20% and 37% respectively.The chart below demonstrates the change in investor purchases over the last two decades. It shows upticks following the housing bubble crash and in the years that followed the pandemic.<div type="image" title="Chart demonstrates eb and flow of real estate investor activity." height="834" width="1626" msid="114377796" hostid="261" sizebytes="34338"></div>But whether they're buying or selling, investors have been doing quite well regarding capital gains, says Elijah de la Campa, a senior economist at Redfin. This was not the case in the years leading up to the housing crisis, where property owners were losing from selling."I still see the opportunity for making money on my investments and making a considerable amount of money with 30%, 40% price increases relative to the prior year," de la Campa said. "While things might be more challenging in certain places, overall it looks like there are still lots of opportunities to make money at buying and selling homes as an investor. "He added that even the cities seeing a retreat in their capital gains from a year ago are still profitable at their sale; they're just not going for as much as they would have last June.Below is a list of the 39 major metro areas in descending order of median capital gains over the past year into June. What stands out most to de la Campa is that many areas with the highest capital gains are affordable, particularly Philadelphia and Warren, MI.<table style="minWidth: 50px"></colgroup></colgroup><tbody><tr><td>Region</td><td>Median % Capital Gain YoY (pps)</td></tr><tr><td colspan="1" rowspan="1">Philadelphia, PA</td><td colspan="1" rowspan="1">37.70%</td></tr><tr><td colspan="1" rowspan="1">Warren, MI</td><td colspan="1" rowspan="1">36.80%</td></tr><tr><td colspan="1" rowspan="1">San Jose, CA</td><td colspan="1" rowspan="1">24.50%</td></tr><tr><td colspan="1" rowspan="1">Newark, NJ</td><td colspan="1" rowspan="1">20.80%</td></tr><tr><td colspan="1" rowspan="1">San Francisco, CA</td><td colspan="1" rowspan="1">15.70%</td></tr><tr><td colspan="1" rowspan="1">Detroit, MI</td><td colspan="1" rowspan="1">15.00%</td></tr><tr><td colspan="1" rowspan="1">Baltimore, MD</td><td colspan="1" rowspan="1">6.60%</td></tr><tr><td colspan="1" rowspan="1">Portland, OR</td><td colspan="1" rowspan="1">6.40%</td></tr><tr><td colspan="1" rowspan="1">Anaheim, CA</td><td colspan="1" rowspan="1">5.60%</td></tr><tr><td colspan="1" rowspan="1">Chicago, IL</td><td colspan="1" rowspan="1">4.70%</td></tr><tr><td colspan="1" rowspan="1">Fort Lauderdale, FL</td><td colspan="1" rowspan="1">4.40%</td></tr><tr><td colspan="1" rowspan="1">Los Angeles, CA</td><td colspan="1" rowspan="1">4.30%</td></tr><tr><td colspan="1" rowspan="1">Seattle, WA</td><td colspan="1" rowspan="1">3.70%</td></tr><tr><td colspan="1" rowspan="1">Phoenix, AZ</td><td colspan="1" rowspan="1">-0.30%</td></tr><tr><td colspan="1" rowspan="1">Columbus, OH</td><td colspan="1" rowspan="1">-0.40%</td></tr><tr><td colspan="1" rowspan="1">Milwaukee, WI</td><td colspan="1" rowspan="1">-1.50%</td></tr><tr><td colspan="1" rowspan="1">Las Vegas, NV</td><td colspan="1" rowspan="1">-2.20%</td></tr><tr><td colspan="1" rowspan="1">New Brunswick, NJ</td><td colspan="1" rowspan="1">-3.10%</td></tr><tr><td colspan="1" rowspan="1">Tampa, FL</td><td colspan="1" rowspan="1">-4.00%</td></tr><tr><td colspan="1" rowspan="1">Cleveland, OH</td><td colspan="1" rowspan="1">-5.50%</td></tr><tr><td colspan="1" rowspan="1">Cincinnati, OH</td><td colspan="1" rowspan="1">-6.10%</td></tr><tr><td colspan="1" rowspan="1">Minneapolis, MN</td><td colspan="1" rowspan="1">-6.60%</td></tr><tr><td colspan="1" rowspan="1">Miami, FL</td><td colspan="1" rowspan="1">-7.70%</td></tr><tr><td colspan="1" rowspan="1">Orlando, FL</td><td colspan="1" rowspan="1">-8.60%</td></tr><tr><td colspan="1" rowspan="1">San Diego, CA</td><td colspan="1" rowspan="1">-9.70%</td></tr><tr><td colspan="1" rowspan="1">Sacramento, CA</td><td colspan="1" rowspan="1">-11.50%</td></tr><tr><td colspan="1" rowspan="1">West Palm Beach, FL</td><td colspan="1" rowspan="1">-11.50%</td></tr><tr><td colspan="1" rowspan="1">Atlanta, GA</td><td colspan="1" rowspan="1">-14.80%</td></tr><tr><td colspan="1" rowspan="1">Washington, DC</td><td colspan="1" rowspan="1">-15.00%</td></tr><tr><td colspan="1" rowspan="1">Denver, CO</td><td colspan="1" rowspan="1">-15.30%</td></tr><tr><td colspan="1" rowspan="1">Charlotte, NC</td><td colspan="1" rowspan="1">-16.00%</td></tr><tr><td colspan="1" rowspan="1">Nashville, TN</td><td colspan="1" rowspan="1">-17.90%</td></tr><tr><td colspan="1" rowspan="1">Riverside, CA</td><td colspan="1" rowspan="1">-18.20%</td></tr><tr><td colspan="1" rowspan="1">Jacksonville, FL</td><td colspan="1" rowspan="1">-18.70%</td></tr><tr><td colspan="1" rowspan="1">Oakland, CA</td><td colspan="1" rowspan="1">-20.10%</td></tr><tr><td colspan="1" rowspan="1">Montgomery County, PA</td><td colspan="1" rowspan="1">-26.60%</td></tr><tr><td colspan="1" rowspan="1">Virginia Beach, VA</td><td colspan="1" rowspan="1">-28.40%</td></tr><tr><td colspan="1" rowspan="1">New York, NY</td><td colspan="1" rowspan="1">-29.10%</td></tr><tr><td colspan="1" rowspan="1">Providence, RI</td><td colspan="1" rowspan="1">-37.30%</td></tr></tbody></table>

Investors are piling into real estate as values skyrocket by up to 38%. 13 metros with the highest gains, and 25 that are plunging.

The financial capital of the country, <keyword id="19895282" type="General" weightage="20" keywordseo="Mumbai" source="keywords">Mumbai</keyword>, is set to get its first <keyword id="22447857" type="General" weightage="20" keywordseo="underground-metro" source="keywords">underground metro</keyword> (<keyword id="20470518" type="General" weightage="20" keywordseo="Aqua-Line" source="keywords">Aqua Line</keyword>) on July 24, <keyword id="19931558" type="General" weightage="20" keywordseo="Bharatiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharatiya Janata Party" meta.hostid="261" meta.entityid="Bharatiya Janata Party">Bharatiya Janata Party</keyword>'s general secretary Vinod Tawde said in a post on "X". BJP Leader Tawde said in a post on social media "X", "Prime Minister @NarendraModi ji had given a guarantee to make the life of Mumbaikars easier and this is going to be fulfilled. Mumbai's first underground metro (Aqua Line) is starting from July 24, which will give new impetus to the speed of the city." This new metro line will cover a distance of 33.5 kilometres. Mumbai's first underground metro line will run through Colaba, <keyword id="19907248" type="General" weightage="20" keywordseo="Bandra" source="keywords">Bandra</keyword>, and <keyword id="20170419" type="General" weightage="20" keywordseo="SEEPZ" source="keywords">SEEPZ</keyword> (Santacruz Electronics Export Processing Zone). Running a 33.5 km route from Aarey Colony to Cuffe Parade with 27 stops, it will transform urban transit, easing travel across Mumbai's streets and reducing traffic congestion. The new metro line will have stations at Cuffe Parade, Vidhan Bhavan, Churchgate, Hutatma Chowk, CST Metro, Kalbadevi, Girgaon, Grant Road, Mumbai Central Metro, Mahalaxmi, Science Museum, Acharya Atre Chowk, Worli, Siddhivinayak, Dadar, Shitladevi, Dharavi, BKC, Vidyanagari, Santacruz, Domestic Airport, Sahar Road, International Airport, Marol Naka, MIDC, SEEPs and Aarey Depot. Separately, in the last week of June this year, the government of Maharashtra decided to complete the <keyword id="21117856" type="General" weightage="100" keywordseo="Mumbai-Metro" source="keywords">Mumbai Metro</keyword> 3 project by the end of December 2024. The first phase of Mumbai Metro 3, will run between SEEPZ (Santacruz Electronics Export Processing Zone) and Bandra Kurla Complex. The project will be completed by the end of December 2024, which was initially scheduled to be completed by September 2024. During the cabinet meeting, Maharashtra's Chief Minister Eknath Shinde gave its nod to giving the state government's share of Rs 1,163 crore directly to the Mumbai Metro Rail Corporation, instead of the Mumbai Metropolitan Region Development Authority (MMRDA) for the completion of the project. According to the government, the project has achieved the completion of 98% and its revised cost is Rs 37,275.50 crore. As per the information available on the website of Mumbai Metro Rail Corporation, about 99.2% of civil works under the project have been completed. About 97% of the overall station construction has been completed. Under the project, tunnelling works have been fully completed, while 77.6% of overall systems work, depot civil works 99.8% and mainline track works have been completed almost 87% The introduction of the metro transportation system has witnessed a significant response in the city as the daily ridership of the Mumbai Metro has witnessed a significant increase. On July 24, 2023, the ridership reached 2,12,490, followed by 2,18,635 on July 25, 2023. The highest recorded ridership was on July 26, 2023, with 2,22,290 passengers. This surge in ridership has been observed specifically on the Metro 2A and 7 lines, Mumbai Metro Rail Corporation said in a release.

Mumbai's first underground metro line set to begin operations on July 24

<ul class="summary-list"><li>Uber and Lyft drivers in Florida saw gas shortages and obstructed roads before and after Milton.</li><li>Five drivers said these impediments prevented them from helping people and earning valuable income.</li></ul>Sergey, a Lyft driver in St. Petersburg, Florida, helped families load their suitcases into the trunk of his car before driving them to a nearby hurricane shelter on October 9. Many of his passengers were anxious about <a target="_blank" class="" href="https://www.businessinsider.com/family-weathered-hurricane-milton-at-disney-hotel-2024-10">Hurricane Milton's arrival</a> and racing to evacuate in the hours before it hit.Sergey completed 12 rides on October 9, according to screenshots shared with BI. He said several of his passengers faced flooding and destruction from <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-helene-milton-tampa-florida-desantis-clean-disaster-dangerous-2024-10">Hurricane Helene</a> two weeks prior and were scrambling to return to their routines. Many brought their pets with them. Some didn't know if their homes would be standing the next day.After making landfall in Florida, <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-landfall-florida-housing-market-insurance-fema-2024-10">Hurricane Milton</a> caused at least 14 deaths and left millions without power. In the days preceding the storm, some Uber and Lyft drivers went from transporting beachgoers to helping residents flee their communities — before eventually fleeing themselves. But after Milton passed, five drivers told BI that inaccessible roads, <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-evacuation-empty-gas-station-full-hotels-gridlock-traffic-2024-10">a lack of gas</a>, and a suspended ride-hailing app prevented them from helping people and earning valuable income."I drove for several hours right after the storm, and there was not a single gas station open anywhere in St. Petersburg," said Sergey, 54, who asked to use his first name for fear of professional repercussions.From his 12 rides, Sergey made $129 <a target="_blank" href="https://www.businessinsider.com/how-much-uber-lyft-drivers-make-per-ride-2023-10">before expenses</a> and received one tip. His home is without power, and driving is his only source of income. However, his car only has three miles of gas left, and each day without earnings is stressful, he said.Many of his rides over the last few days were headaches — one paid $5.36 for a 16-minute ride, which he said compares to the amount he'd expect to make for a similar journey, while another was elongated because of closed exits. He rejected a 113.5-mile ride from Clearwater to Orlando because the estimated payout was $84.31 with a bonus, far less than what's standard, he said. Some rides he accepted had no people waiting at the destination.<div type="image" title="Destruction outside an apartment complex in St Petersburg, Florida after Hurricane Milton." height="1080" width="1444" msid="114169712" hostid="261" sizebytes="90492"></div>During Hurricane Milton, Uber suspended service for several hours in three Florida cities that were in the storm's direct path: Fort Myers, Sarasota, and Tampa Bay, a spokesperson told BI. They added that service has been restored in these metro areas but remains suspended along the most heavily impacted barrier islands.Additionally, the spokesperson told Business Insider the company worked closely with state officials in Florida over the past few weeks to assess the situation posed by the hurricanes and partnered with the Florida Division of Emergency Management to <a target="_blank" href="https://www.mypanhandle.com/weather/hurricane-helene/uber-offers-free-rides-to-shelters-for-floridians/">provide</a> some people with free transportation to shelters.Lyft did not respond to Business Insider's request for comment or questions regarding whether the app also suspended service during the storm.<h2 id="928e9756-39a3-4d0c-ae87-72a989030640">The evacuation process was "stressful"</h2>Drivers across the state recalled panicked passengers, fallen trees blocking roads, and lengthy gas station lines on October 10 and 11.Trent T., 50, drives independently for his own transportation company and for Uber and Lyft in South Florida. He said the tornadoes from Milton were "absolutely insane," and one of his clients' homes was destroyed. He asked to use partial anonymity for fear of professional repercussions.On October 8, Trent said he went to six gas stations before he could find one with inventory and fill up his tank. On the day of the storm, Trent drove passengers fleeing the Tampa Bay area to hotels, noticing that many stores were out of essentials like water. He said hotels in South Florida were mobbed, and he offered his house to anyone evacuating, though no one accepted.Blaine, an Uber driver based in the Tampa area, left his home after learning he was in an evacuation zone. Hotels quickly booked up across the state, but he said he secured a room in Ocala — about a two-hour drive from Tampa.However, there was a mixup with the hotel regarding the night he booked, and his reservation was void. He drove to a hotel in Savannah, Georgia, to seek shelter. The typical five-and-a-half-hour drive from Tampa took eight hours due to traffic, he said."That was stressful," the 57-year-old told BI.<h2 id="f85e7843-407a-45c1-933d-6fe7144dfaae">Drivers are eager to return to their ride-hailing gigs for necessary income</h2>Trent said he can go a few days without consistent rides and their fares but feels for drivers who live paycheck to paycheck. He said the storm could be disastrous for some drivers relying on tourism this time of year, which isn't as high as the city's peak season but still draws crowds looking for warm weather in the fall."If you were in Tampa for instance, and your rent is due this week, and now all of a sudden the storm is coming, you're five days without work," Trent said.It's why some drivers are looking to get back on the road as soon as possible.Yvonne, a part-time <a target="_blank" class="" href="https://www.businessinsider.com/driving-uber-lyft-women-drivers-how-make-money-gig-economy-2023-12">Uber and Lyft driver</a> in the Tampa Bay area, uses the extra income from driving to help support her two grandchildren. When the hurricane approached, she said she decided not to leave her home because it wasn't in an evacuation zone. However, the roof of her patio suffered significant damage and she lost power.She hasn't driven for Uber or Lyft since the hurricane hit. Yvonne said the roads aren't conducive to driving because many are flooded or scattered with trees or power lines. However, if the conditions change, she plans to return to her ride-hailing gig by this weekend to start earning money again.Charles P., 44, who drives part-time around Titusville — a city about 40 miles east of Orlando — said there wasn't too much damage on the roads, but he stopped driving for a few days to avoid potentially damaging his vehicle. He's seen a drop in demand and worries that tourism may decline. When he drove on Thursday, he said getting rides was very slow."I usually try to do a certain amount of money per day, but I'm probably down about half of what I normally do in three days," Charles said. "I do foresee, as things get cleaned up, that our income will probably continue to rise or get back to normal."Are you an Uber or Lyft driver in a hurricane-impacted area who's willing to share your story? Reach out to these reporters at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a> and <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a>.

Flooded roads, worried passengers, and no income: Florida Uber and Lyft drivers share their experiences on the road before and after Hurricane Milton

<ul class="summary-list"><li>Families with young kids continue to flee major US cities, despite urban recovery post-pandemic.</li><li>The population of children under five in New York City fell 18% from April 2020 to July 2023.</li></ul>When the pandemic hit, young families fled cities across the US in droves. They moved to suburbs, exurbs, and rural areas in search of a more affordable, convenient life, driven in large part by housing costs.As major US cities have rebounded from pandemic lockdowns, that trend has slowed, but families with young kids are still fleeing, <a target="_blank" href="https://eig.org/families-exodus/">a new report</a> from the Economic Innovation Group found.The report found that the population of children under five years old in New York City fell 18% between April 2020 and July 2023, while the number of young children fell by 15% in Chicago's Cook County, 15% in San Francisco, and 14% in Los Angeles County in that same period.On average, large urban counties had a 3.9% in the number of kids under five between 2020 and 2021, 2.2% between 2021 and 2022, and 1.5% between 2022 and 2023.Big cities like New York have begun growing again since the pandemic, but those population gains are primarily due to a rise in immigrant residents and declining death rates, according to the report, which is based on US Census data published this month. Overall, domestic out-migration from big cities is still double the rate it was pre-pandemic."This stuck out as a big surprise to me," EIG policy analyst Connor O'Brien, who authored the report, told Business Insider. "This data is three years out from the start of the pandemic, cities have started to recover robustly on a bunch of different measures." But, he added, "Young families are just not coming back."This comes amid a general aging of the US population. The US birthrate <a target="_blank" href="https://www.wsj.com/us-news/america-birth-rate-decline-a111d21b">is falling,</a> and the population of young children nationwide has dropped 4.6% since the pandemic, the EIG report noted. The population of young kids fell in two-thirds of the nation's counties since April 2020. In 2023 alone, the number of young kids fell in 58% of all counties.But large urban counties have lost young kids at almost double the national average rate. Birth rates in big cities have also fallen at about double the rate of rural birth rates over the last ten years, EIG found.All of this is pretty bad news for big cities, many of which are still struggling to fend off the so-called "<a target="_blank" href="https://www.businessinsider.com/midwest-america-cities-downtown-crisis-office-apocalypse-urban-doom-loop-2023-6">urban doom loop</a>" in downtowns emptied of workers and facing shrinking tax bases. "Parents are opting out of living in big cities or deciding to still live there but have no kids," O'Brien said. "I think that sends a pretty depressing message about the growth prospects of those cities going forward because at the end of the day, people vote with their feet."EIG's analysis echoes other recent reports. Families with kids under six years old are more than twice as likely to leave New York City than families without young kids, <a target="_blank" href="https://www.businessinsider.com/parents-children-fleeing-nyc-high-housing-daycare-costs-2024-6">the Fiscal Policy Institute found</a>. Families with kids six or older moved out of the city at the same rates as childless families, suggesting that the costs "uniquely associated with young children — childcare and the need for more space" are pushing families to leave, FPI, a left-leaning think tank, argued.O'Brien blames the exodus on a slew of factors, ranging from the popularity of remote and hybrid work to the <a target="_blank" href="https://eig.org/left-behind-places/?campaign_id=9&amp;emc=edit_nn_20240708&amp;instance_id=128185&amp;nl=the-morning&amp;regi_id=58846835&amp;segment_id=171563&amp;te=1&amp;user_id=33847c70fb45b38628c8b13c348dde58">surprisingly strong recent economic recovery</a> of many exurban and rural areas.The result? Some exurbs — particularly in the pro-development Sunbelt — are seeing young families flood in. Exurban counties like Polk County, Florida, which sits between Orlando and Tampa, and Montgomery County, Texas, which is outside Houston, are booming.As Business Insider has <a target="_blank" href="https://www.businessinsider.com/millennials-priced-out-of-cities-into-suburbs-housing-crisis-2024-1">previously reported</a>, millennials aren't just leaving the urban core — they're moving to the farthest reaches of the suburbs. This phenomenon is perhaps a predictable result of the back-to-the-city movement they led over the last two decades. That surge in demand for housing and amenities has made many urban cores some of the most expensive places to live in the country.For years, rising housing costs in cities have pushed even the most devoted young city dwellers to move to the exurbs and suburbs, where housing has generally been more abundant and affordable. And the pandemic only deepened that trend.Have you moved your family out of a major US city? Reach out to this reporter at <a target="_blank" href="mailto:erelman@businessinsider.com">erelman@businessinsider.com</a> to share your story.

Young families are still fleeing major cities in huge numbers, a 'big surprise' for metros trying to escape the urban doom loop

<ul><li>The rise in popularity of casualwear amongst office-goers is pushing demand for sneakers.</li><li>Increasing incomes and love for an active lifestyle are also driving sales of sporting shoes.</li><li>Demand for sports shoe sales is a multi-decadal opportunity for Indian companies, say brokerages. </li></ul>The era of ‘sensible shoes’ might be behind us, as sports shoes are picking up pace. As per brokerage reports, sports and athleisure sales can grow anywhere between 13-15% compounded annual growth rate for the next 8-11 years — as dressing styles evolve. Sports and athleisure (S&amp;A) footwear growth is structural, says <keyword id="19906485" type="General" weightage="20" keywordseo="goldman-sachs" source="keywords">Goldman Sachs</keyword>. “Demand for the athleisure footwear segment is being driven by the rising acceptance for casual clothing at workplaces, a trend that started post-Covid,” says the Goldman Sachs report. Moreover, sports shoes are designed with comfort like no other – and that’s what seems to be on the top of the minds of new-age consumers. “The shift from formal shoes to sport shoes for day-to-day use is a trend that has gained traction in recent years. Sports shoes often feature cushioning, ergonomic designs, and materials that provide support and reduce fatigue. As people prioritize comfort in their daily lives, sports shoes have become a preferred choice over formal shoes,” says a report by SMIFS. Another growth driver for these shoes is young Indians preferring a healthy and active lifestyle. “The trend of adopting an active lifestyle, especially among youth and middle-aged consumers engaged in activities like running, <keyword id="21121125" type="General" weightage="20" keywordseo="gym-workouts" source="keywords">gym workouts</keyword>, tennis, cricket, badminton, football, trekking, etc., is contributing to the growth,” adds <keyword id="21121127" type="General" weightage="20" keywordseo="simifs" source="keywords">SIMIFS</keyword>. Building a sporting footwear zone Indian as well as international players are getting ready for this ‘multi-decadal, double-digit’ growth opportunity. ‘Campus’ is currently the leader in the mass S&amp;A segment, but there is rapid expansion amongst other players too. Relaxo set-up capacity dedicated to sports shoes, and age-old footwear brand Bata launched Sneaker Studio at its stores and expanded its sports shoes collection. <keyword id="20243950" type="General" weightage="20" keywordseo="metro-brands" source="keywords">Metro Brands</keyword> also acquired two leading global brands, FILA as well as <keyword id="21121126" type="General" weightage="20" keywordseo="footlocker" source="keywords">Footlocker</keyword>. Yet another trend that aids the growth of these brands is that the market in general is gravitating towards ‘brands’. In the last ten years, the market share of unbranded as well as small brands in the footwear segment went down to 75% from 85% earlier. “Rising per capita discretionary incomes are helping the S&amp;A footwear category more than other footwear categories as more first-time consumers are coming into the category,” opines Goldman Sachs. Apart from aiding higher unit sales, S&amp;A has other reasons that make it a juicy opportunity. “The average selling price (ASP) of sports footwear is 75-150% higher than casual footwear which is creating significant growth potential for the overall footwear industry,” explains SMIFS.

As back-to-office avatars turn casual, comfy sneaker sales pick up pace

<ul class="summary-list"><li>New graduates in Austin, Atlanta, and Houston earn the highest cost-of-living-adjusted starting salaries, per Gusto.</li><li>New York City attracts the largest share of new grad hires despite offering a smaller adjusted salary.</li></ul>Recent college graduates are flocking to New York City for their first jobs, but their degrees may go the furthest in Texas or Georgia.New data from small business payment platform Gusto reveals new grads in Austin, Atlanta, and Houston have the highest cost-of-living-adjusted starting salaries when factoring in housing and other expenses. Though New York City accounts for nearly 10% of new grad hires — the largest share of all the major cities — its adjusted starting salary gives a new grad half of what they'd earn in Austin.The report used real-time data from over 300,000 businesses that use Gusto and defined "new grads" as full-time salaried employees aged 20 to 24.Between April 2023 and March 2024, new graduates in Austin earned an average of over $58,000 in cost-of-living-adjusted dollars, given the city's slightly below-average cost of living compared to the national average. New grads in Atlanta earned an adjusted $57,500, while Houston grads earned $56,250.New York City, comparatively, came in at less than $28,500, well below the next-highest city on the list, Washington, DC, at $40,800. New York City's cost of living is over 125% more than the national average, meaning a salary of over $61,100 gets reduced by over half. Boston and Los Angeles were also at the bottom of the list, given living costs nearly 50% higher than the national average.While recent graduates were most likely to flock to cities like New York City, Los Angeles, and San Francisco to start their careers, cost-of-living challenges may eventually push them South, to cities like Austin and Atlanta, where the Gusto report found salaries go the furthest. It's a decision many Americans have made in recent years.Between July 2022 and 2023, Florida, Texas, and South Carolina were the <a target="_blank" href="https://www.businessinsider.com/map-states-population-growth-decline-largest-increases-decreases-census-data-2022-12">three fastest-growing states</a> by population in the nation, per the Census Bureau. Over the past year, BI has spoken with several people who've <a target="_blank" href="https://www.businessinsider.com/population-boom-south-texas-georgia-dallas-houston-atlanta-movers-homebuyers-2024-3">moved to the South</a> — better weather, <a target="_blank" href="https://www.businessinsider.com/moving-from-california-to-tennessee-pros-cons-san-diego-murfreesboro-2023-11">lower cost of living</a>, and ample <a target="_blank" href="https://www.businessinsider.com/moving-texas-jobs-houston-dallas-income-taxes-weather-food-state-2023-12">job opportunities</a> were among the reasons they said they did so.The Gusto report also found that new grads are also less likely to be remote workers compared to millennials — 21.5% of those aged 20-24 compared to 29.6% of those 30-39. Many recent grads are choosing to work full-time at the office for additional networking and mentorship opportunities. That tracks how different generations view in-office time: Younger and older workers tend to go into the office, while the workers in the middle — <a target="_blank" href="https://www.businessinsider.com/work-from-home-boom-millennials-not-gen-z-boomers-2023-11">millennials</a> — are pushing the <a target="_blank" href="https://www.businessinsider.com/meet-the-typical-hybrid-worker-income-profession-age-2023-10">continued remote work boom</a>.But even as younger workers may find themselves stuck in cities with a higher cost-of-living, those jobs represent opportunities that have become harder to come by in the last few years.It comes as <a target="_blank" href="https://www.businessinsider.com/hiring-slump-professional-white-collar-jobs-recession-high-salary-2024-4">higher-wage, white-collar workers see their own brutal job market</a>. Gusto said that hiring was "frantic" in 2021 and 2022, the peak years of the <a target="_blank" href="https://www.businessinsider.com/great-resignation-pay-gap-new-hires-earning-more-2022-5">Great Resignation </a>and firms beefing up headcounts; last year, though, hiring fell "sharply." Now, that new grad hiring rate has stabilized — which isn't necessarily all bad news, but simply just shows how trends have changed from the frenzied firms trying to staff up, no matter what it took, to being a bit more measured.Are you a new grad trying to stretch your paycheck in any of these cities? Contact these reporters at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>, <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a>, and <a target="_blank" href="mailto:jkaplan@businessinsider.com">jkaplan@businessinsider.com</a>.

New York offers the worst cost-of-living tradeoff of any major city for new college grads. Starting salaries go further in these 14 metros.

<ul><li>Shares of <keyword id="9095636" type="General" weightage="20" keywordseo="metro-brands" source="Orion">Metro Brands</keyword> list at ₹436 while the shares were allotted at ₹485 per share.</li><li>The IPO was subscribed 3.64 times on the last day of the bidding.</li><li>The market capitalisation of the company stood at ₹11,837 crore.</li></ul>Marquee investor Rakesh Jhunjhunwala-backed Metro Brands, which is one of the largest Indian footwear specialty retailers in India, made a weak listing on the National Stock Exchange (NSE) and BSE at a 12.8% discount on the issue price of ₹485 apiece. Metro Brands issue was expected to open at a discounted price due to weak grey market premium and analyst commentary on the company’s finances. The company’s financial performance in FY21 was not very great due to COVID-19 restrictions in the country that affected the entire footwear retailing segment. Its revenue from operations declined by 37.75% in FY21. In the meantime, it permanently closed 24 stores, due to significant decline in footfalls on account of COVID-19. Post-listing, the market capitalisation of the company stood at ₹11,837 crore, according to BSE data. The shares of Metro Brands were trading at ₹446.70, lower by 10.66% at 10.01 a.m., on December 22. The grey market had also indicated a discounted listing for Metro Brands a day prior to the listing. The IPO was open between December 10 and December 14 ⁠and was oversubscribed 3.64 times by investors. The company intended to raise ₹1,367 crore through this public issue. Started in 1955 as a footwear specialty retailer in India, Metro Brands now caters to footwear needs of men, women, unisex and kids. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/metro-brands-indian-oil-india-cements-and-other-hot-stocks-on-december-22/slidelist/88423034.cms">Metro Brands, Indian Oil, India Cements and other hot stocks on December 22</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">Here’s why Axis Bank may be willing to pay $2 billion to buy Citi’s India ops</a>

Metro Brands debuts on a negative note with a 12.8% discount

<ul><li>Today is the third day to subscribe to footwear retailer <keyword id="6356415" type="General" weightage="20" keywordseo="metro" source="Orion">Metro</keyword> Brands.</li><li>The issue has received bidding for 50% of the shares up for sale.</li><li>The Rakesh Jhunjhunwala-backed company is looking to raise ₹1,367 crore.</li></ul>The initial public offering (IPO) of Rakesh Jhunjhunwala-backed Metro Brands has been subscribed 50% on the first two days of issue. The company’s shares will open for subscription today, December 14, for the last time. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Category </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;">Subscription (Times) </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;">Qualified Institutional Buyers (QIB) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.16 </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;">Non Institutional Investors (NII) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.17 </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;">Retail Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.87 </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;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.52 </td></tr></tbody></table> Metro Brand — which is one of the largest Indian footwear specialty retailers in India — has set the price band of its shares at ₹485 to ₹500. The lot size has been set at 30 shares, costing ₹15,000 at upper price issue. Retail investors can buy upto 390 shares, 13 lots, for ₹1.95 lakh. The grey market premium (GMP), premium at which investors are comfortable buying the shares before it gets listed on a stock exchange, was at ₹34 on December 13. The company intends to raise ₹1,367 crore through this public issue, nearly ₹5 will be raised through fresh issue and the remaining ₹1,072 crore will be raised through offer for sale. The allotment status of Metro Brands’ IPO will be<a href="https://www.businessinsider.in/stock-market/news/metro-brands-ipo-opens-today-and-here-are-all-the-important-details-you-need-to-know/articleshow/88194908.cms"> announced on December 17</a> and the company is likely to list on the stock exchange on December 22. Metro Brands started in 1955 as a footwear specialty retailer in India. It operates 586 stores across 134 cities spread across 29 states and union territories in India. Some of Metro’s brands include Mochi, Walkway, Davinchi and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/after-giving-up-on-90-minute-delivery-five-years-ago-due-to-lack-of-profitability-grofers-is-now-chasing-10-minute-delivery/articleshow/88253221.cms" data-type="tilCustomLink">After giving up on 90-minute delivery five years ago due to lack of profitability, Grofers is now chasing 10-minute delivery</a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a>

Today is the last day to subscribe to Metro Brands’ IPO — issue subscribed 50%

<ul><li>Access new <keyword id="6380337" type="General" weightage="20" keywordseo="expenses" source="Orion">expenses</keyword> under different heads, say experts. </li><li>Prioritise essential expenses while reducing discretionary spending. </li><li>One can use <keyword id="124303" type="General" weightage="20" keywordseo="budgeting" source="Orion">budgeting</keyword> apps or spreadsheets to track expenses meticulously. </li></ul>When Tuhin Bora (name changed), 25 initially joined his current company, he enjoyed the luxury of working from home, which translated to minimal financial responsibilities. However, everything changed when he had to relocate from Guwahati to Mumbai as the cost of living in the two cities is chalk and cheese. Unsurprisingly, expenses like rent, groceries, and <keyword id="34991" type="General" weightage="20" keywordseo="transportation" source="Orion">transportation</keyword> saw a sharp increase. Meanwhile, Shankar Rhad, an IT employee, who shifted temporarily with his parents in Hyderabad from Mumbai during the lockdown when he was offered permanent <keyword id="123591" type="General" weightage="20" keywordseo="work-from-home" source="Orion">work from home</keyword>. Being asked to go back to the office has meant that he is looking out for another job as the rent and other expenses are bothering him. More companies asking people to come back to the office has meant that employees, especially those who started their career during the pandemic, have to move to a bigger city from their hometown. Like Bora, it has meant a sharp increase in living expenses. For Bora, several areas witnessed substantial increases in expenses. The cost of food, accommodation (which includes a monthly payment of ₹15,000 rupees for his paying guest (PG) accomodation, along with additional electricity and maintenance bills, and travel expenses all surged significantly. Plus, the upfront payment he had to make was substantial. Bora had to pay approximately ₹45,000, which includes ₹15,000 for the broker + ₹15,000 for rent + 15,000 for the security deposit). <cmsannotation type="cmsannotation" annotationid="Things to do to minimise the hit" comment="Subhead" text="Things to do to minimise the hit">Things to do to minimise the hit</cmsannotation> Tax Implications: “Be aware of any tax differences that might affect your income in the new city. HRA rules may be different for metro cities that are not your hometown,” says Bhuvanaa Shreeram, co-founder and head of financial planning, House of Alpha, a financial planning firm. <cmsannotation type="cmsannotation" annotationid="Prioritise essential spends" comment="Subhead" text="Prioritise essential spends">Prioritise essential spends</cmsannotation>: Prioritise essential expenses like food on the table, roof over the head and travel to work while reducing discretionary spending on other expenses. “Reluctant to rely on my parents for financial support, I adopted a more frugal lifestyle, limiting my purchases to necessities and cutting down on certain indulgences, such as cigarettes. With a monthly income of only ₹35,000 rupees, sustaining myself in the expensive city of Mumbai proved to be a big challenge,” says Bora. <cmsannotation type="cmsannotation" annotationid="Subhead" text="Negotiate salary">Negotiate salary</cmsannotation>: If you're moving to a high-cost city, consider negotiating a higher salary with your employer to offset the increased living expenses. If your employer allows it, and time permits, consider taking up short term projects to earn an extra income. <cmsannotation type="cmsannotation" annotationid="Housing considerations" comment="Subhead" text="Housing considerations"><keyword id="35061" type="General" weightage="20" keywordseo="housing" source="Orion">Housing</keyword> considerations</cmsannotation>: Explore different housing options, such as roommates, smaller apartments, or living in a nearby, more affordable suburb and commuting into the city. Bora decided to move into a shared PG even if it meant compromising on privacy. <cmsannotation type="cmsannotation" annotationid="Transportation choices" comment="Subhead" text="Transportation choices">Transportation choices</cmsannotation>: Opt for public transportation, carpooling, biking, or walking to reduce transportation costs. Avoid owning a car if possible, as this can increase, parking and other expenses in larger cities. For Bora it meant using the Mumbai local and giving up the earlier habit of Uber rides. <cmsannotation type="cmsannotation" annotationid="Budgeting and saving techniques" comment="Subhead" text="Budgeting and saving techniques">Budgeting and saving techniques</cmsannotation> Once you have settled in, you need to be careful with your finances. Here are some ways to do that. <cmsannotation type="cmsannotation" annotationid="Track your spending" comment="Subhead" text="Track your spending">Track your spending</cmsannotation>: Use budgeting apps or spreadsheets to track your expenses meticulously. “This will help you identify areas where you can cut costs,” says Shreeram. <cmsannotation type="cmsannotation" annotationid="Subhead" text="Automate savings">Automate savings</cmsannotation>: Set up automated transfers to your savings account each month. This ensures that you consistently save a portion of your income, even before you have the chance to spend it. The idea is simple, invest first and then spend. <cmsannotation type="cmsannotation" annotationid="Prioritise repaying high cost debt" text="Prioritise repaying high cost debt">Prioritise repaying high cost debt</cmsannotation>: If you have high-interest debt, focus on paying them. Reducing debt can free up more of your cash flows for living expenses. “In no case your monthly emi should be more than 50% of your monthly earnings,” says Ananth Ladha, founder, Invest Aaj for Kal, a financial planning firm. <cmsannotation type="cmsannotation" annotationid="Don’t skip long term investments for retirement" comment="Subhead" text="Don’t skip long term investments for retirement">Don’t skip long term investments for retirement</cmsannotation>: Ideally, you should keep putting money into your retirement savings. “If you stop or lower your contributions, it might be tough to achieve your long-term financial goals. Instead, work on making your budget work for both your daily expenses and saving for the future,” says Shreeram. “However, if you are finding it difficult, for a short term, for a maximum of six to nine months, you can decrease your investments, but eventually in the long term you should increase it,” says Ladha. <cmsannotation type="cmsannotation" annotationid="Build a foundation for the future" comment="Subhead" text="Build a foundation for the future">Build a foundation for the future</cmsannotation> It is important to remember that while going back to office may be a temporary setback financially, it can be a good time to pave the way for a financially secure future. <cmsannotation type="cmsannotation" annotationid="Networking" comment="Subhead" text="Networking">Networking</cmsannotation>: Moving to a big city brings with it a set of advantages too and one should make the best of such opportunities, Network extensively , leverage connections for learning and seeking opportunities. <cmsannotation type="cmsannotation" annotationid="Healthcare and insurance" comment="Subhead" text="Healthcare and insurance">Healthcare and insurance</cmsannotation>: Review your health insurance. Healthcare in a city like Mumbai or Bangalore will be more expensive than in a small town or city so you need to increase your sum assured. <cmsannotation type="cmsannotation" annotationid="Continued education" text="Continued education">Continued education</cmsannotation>: Consider further education or certifications that can boost your income and career prospects. <cmsannotation type="cmsannotation" annotationid="Long-term planning" text="Long-term planning">Long-term planning</cmsannotation>: Keep an eye on your long-term financial goals and adjust your strategy accordingly. Remember that living in a larger city may provide more career opportunities, which can impact your financial future positively.

Relocating to a metro as WFH has ended? Financial strategies to keep in mind

India will spend nearly Rs 143 lakh crore on infrastructure between fiscals 2024 and 2030, more than twice the Rs 67 lakh crore spent in the past seven financial years starting 2017, rating agency Crisil said on Tuesday. Of the total, Rs 36.6 lakh crore will be green investments, marking a five times rise compared with the amount spent during fiscals 2017-2023, it added. "India's infrastructure spending will double to Rs 143 lakh crore between fiscals 2024 and 2030, compared with 2017-2023," Crisil said in its Infrastructure Yearbook 2023. Crisil Ltd managing director and CEO Amish Mehta said the agency expects India's gross domestic product to grow at an average 6.7% through fiscal 2031 to be the fastest-expanding large economy. "Per capita income is seen rising from USD 2,500 now to USD 4,500 by fiscal 2031, creating a middle-income country," he said, adding that this growth will be underpinned by massive all-round infrastructure development, with sharp focus on integrating sustainability." While releasing '<keyword id="19169539" type="General" weightage="20" keywordseo="crisil-infrastructure-yearbook-2023" source="Orion">CRISIL Infrastructure Yearbook 2023</keyword>', which includes a unique national index CRISIL InfraInvex, Mehta said policy interventions and a conducive investment climate have aided the uptrend in the CRISIL InfraInvex scores across sectors. "Four of these -- roads and highways, power transmission, renewable energy and ports -- have an overall score of 7-plus (out of 10), which underscores the pace of reforms and developments of the past few years," he added. The rating agency noted that the next phase of infrastructure development will be marked by growth in the average ticket size of projects and a significant number of mega-scale projects. Appropriate and consistent policy and regulatory interventions and focus on timely execution build an attractive case for various stakeholders to accelerate investments across infrastructure sectors, Crisil said. The renewable push The rating agency predicted that prominent sectors such as roads and power are expected to remain major contributors, while relatively nascent ones such as <keyword id="312660" type="General" weightage="20" keywordseo="EVs" source="Orion">EVs</keyword>, solar, wind, and hydrogen will pick up pace. "The share of EVs in India's overall automobile sales is likely to reach 30% by 2030. "Two-wheeler EV sales are expected to outpace other segments up to 2028, while demand for EV buses will be driven by state transport undertakings," it said. According to Crisil, favourable total cost of ownership and total cost of acquisition, as well as model availability for two- and three-wheelers will support EV offtake in coming years. It said the share of renewable energy in total capacity is estimated to grow 4x between fiscals 2023 and 2030. While solar will account for half of the incremental non-fossil generation, Crisil said there is a growing need to leverage emerging technologies such as 'floatovoltaics' (floating solar), offshore wind technology and green hydrogen. Noting that the hydrogen sector is poised to attract substantial investments, estimated at Rs 1.5 lakh crore between fiscals 2024 and 2030, the rating agency said mandates for green hydrogen use and incentive schemes will be important here considering the cost of production of green hydrogen is twice that of fossil-based hydrogen. Crisil said India's first sovereign green bond issuance will pave the way for the development of the domestic bond market for green issuances. Over the past few years, global experience has shown increasing appetite for green assets among investors, leading to Indian companies seeking funds in global markets, it added.

India's infra spending to ride EV, solar, wind and hydrogen push

Metro Brands, Indian Oil, India Cements and other hot stocks on December 22

<ul><li>Average salary paid to freshers is the highest in Bangalore at ₹5.06 lakh per annum and is followed by Delhi NCR at ₹4.48 lakh and Mumbai at ₹4.25 lakh. </li><li>92% freshers are required to work out of office, as demand wanes for those looking to work from home. </li><li>The top 5 industries that account for the maximum <keyword id="-780" type="General" weightage="20" keywordseo="jobs-for-freshers" source="Orion">jobs for freshers</keyword> include IT-software, software services (19% share), BPO/ITES (10% share), education (5% share), and healthcare (4% share). </li></ul>Bengaluru is not just good for its temperate climate, but it is also the best city when it comes to fresher salaries. As demand for freshers continues to be strong across cities in 2023, data shows that the garden city is the best paying at ₹5.06 lakh, followed by Delhi NCR at ₹4.48 lakh and Mumbai at ₹4.25 lakh. Bengaluru is also the top location for fresher hiring with the highest salary packages. The city’s share is the highest at 12.4% in job postings for freshers, followed by Mumbai (12.1% share). Notably, fresher hiring was highest in metropolitan cities in India – Delhi/NCR (9% share), Pune (8% share), Chennai (7% share), and Hyderabad (7% share) were among the top locations hiring freshers. Across segments, the recruitment/staffing industry (22% share) held the highest demand share for entry-level professionals. The top 5 industries that account for the maximum jobs for freshers include IT-software, software services (19% share), BPO/ITES (10% share), education (5% share), and healthcare (4% share). Recruiters in Indian IT are particularly on the hunt for tech talent adept in skills related to cloud computing, data science, artificial intelligence, and cybersecurity. However, soft skills, communication, problem-solving abilities, and critical thinking abilities are also considered important. According to talent platform foundit, demand for freshers has increased by 4% over the last six months and the highest share of job postings for freshers came from recruitment/staffing industry. Interestingly, 92% of the fresher roles posted on the platform required them to be in office. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">City </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;">Entry-level salary </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;">Bangalore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5.06 lakh </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;">Delhi/NCR </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4.48 lakh </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;">Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4.25 lakh </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;">Kolkata </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3.98 lakh </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;">Chennai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4.43 lakh </td></tr></tbody></table> Back to the pre-Covid normal Companies have been struggling to bring back employees to offices, after allowing their workforces to work from home in the last three years. Financial services behemoths revoked policies on WFH some time last year as the regulator cracked the whip. However, other companies have found it hard to convince employees to return to work all five days of the week. While some industries continue to embrace remote and hybrid work models, there is a growing trend of more companies getting back to the office, embracing a pre-Covid normal. The remaining job postings were for hybrid (4.2% share) and work-from-home (3.8%) job roles. Companies are looking at entry level employees now more so because several options of reskilling are available today that help graduates prepare for industry jobs. India Inc’s initiatives to upskill freshers have helped improve the market for this category of talent. Speaking on the need for skilling, Sekhar Garisa, CEO, foundit said, “Improved initiatives for skill development in the educational system can close the employability gap in the Indian market. The initiatives of India Inc have also been crucial in bridging the skill gap among freshers. To provide career development support and offer skill-based certifications to entry-level professionals in India, we at foundit are launching the second edition of Aspire — our virtual career fair for freshers and young professionals from 31 May to 2 June 2023. The career fair will connect job seekers with top employers in India and bring together credentialed candidates for these employers.”

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