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<ul><li><keyword id="20940216" type="General" weightage="20" keywordseo="Synology" source="keywords" meta.keywordsubtype="org" meta.entityname="Synology" meta.hostid="261" meta.entityid="Synology">Synology</keyword> has showcased its upcoming enterprise solutions in India.</li><li>The Taiwanese <keyword id="20653112" type="General" weightage="20" keywordseo="storage-solutions" source="keywords">storage solutions</keyword> provider has revealed its enterprise-level solution blueprint for India.</li><li>The company has announced new GenAI-powered features for its Office Suite.</li></ul> Taiwanese storage solutions provider Synology has launched its new enterprise-level solution blueprint in India at its Synology Solution showcase held in India. The announcement comes as the first enterprise application blueprint in India and is a significant part of the company’s expansion plans in India. Since 2021, the company has recorded a 600% growth in business sector revenue in India, contributing to a total revenue growth of 350%. The company showcased its latest offerings in data protection, storage, and surveillance, emphasizing solutions designed to address the growing demands of modern enterprises. <h2>Synology showcases new products</h2>The company showcased its upcoming products, including the ActiveProtect appliances, which were first<a href="https://www.businessinsider.in/tech/news/synology-introduces-new-products-aimed-at-data-protection-and-scalability/articleshow/110711086.cms"> announced</a> during the company’s Synology Solution Exhibition 2024. The ActiveProtect lineup includes dedicated backup systems that are optimised for rapid deployment and scalability. This backup solution is aimed at simplifying deployment and it can manage up to 2,500 multi-server environments across multiple sites. <div type="Article" hostid="261" msid="111748677" title="Synology bets big on the Indian market amid strong growth, growing demand" mstype="2" mssubtype="0"></div> “The ActiveProtect series focuses on data recovery and immutability, making it a reliable tool for IT professionals to ensure data security. Its multi-site friendly design aligns perfectly with India's business structure,” said Russell Chen, country manager, SAARC Region, Synology. The company also showcased its scale-out storage solutions and advanced surveillance solutions at the event. “Driven by the demand of technology trends, such as AI, IoT, digital transformation, and so on, Synology has performed exceptionally well in the Indian enterprise market, especially in sectors like government, manufacturing, and media and entertainment. Moving forward, we will continue to dedicate ourselves to meeting the modern storage needs of growing enterprises,” said Michael Chang, APAC sales head, Synology. The developing scale-out solution delivers scale-out storage, supporting both file and object storage and performance growth when adding additional storage servers. Synology also introduced its C2 Surveillance Station, which is a cloud-based video surveillance solution with edge AI and multi-layer encryption. The company is enhancing its <keyword id="19999884" type="General" weightage="20" keywordseo="AI-capabilities" source="keywords">AI capabilities</keyword> with the Synology AI Console, integrating GenAI into the Office Suite. According to the company, this will allow organisations to use the latest large language models (LLMs) while maintaining strict control over data privacy and security. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/diwali-gift-zomato-platform-fee-increased-to-rs-10-ahead-of-the-festive-season/articleshow/114493617.cms">Diwali gift from Zomato – Platform fee increased to ₹10 ahead of the festive season</a> <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/snapdragon-8-elite-announced-to-power-iqoo-13-oneplus-13-xiaomi-15-series-and-more/articleshow/114463844.cms">Snapdragon 8 Elite announced, to power iQOO 13, OnePlus 13, Xiaomi 15 series and more</a>

Synology introduces new enterprise solutions, reports significant growth in India

<ul class="summary-list"><li>Walmart-owned Sam's Club is raising its starting wage to $16 and offering faster increases to workers.</li><li>The warehouse club has boosted average wages by nearly 30% over the past five years.</li></ul>Frontline workers at Sam's Club are slated to get a raise ahead of the holidays.The Walmart-owned warehouse club said Tuesday it is bumping its starting wage from $15 to $16, as well as offering faster pay increases to workers based on their years with the company. The changes take effect on November 2."Our new approach is one step in a series of investments we've made in our people over the last several years, all designed to provide more meaningful jobs and build successful teams," CEO Chris Nicholas <a target="_blank" class="" href="https://www.linkedin.com/feed/update/urn:li:activity:7241795380370104322/">said</a> in a statement.In addition to a post on LinkedIn, Nicholas shared the news with club managers at the company's annual holiday meeting, as well as employees tuned into the livestream, a spokesperson told BI. Managers will address more detailed questions when they return to their clubs, the spokesperson added.While the current general pay increase for hourly workers is 3%, the new plan will introduce a range of 3% to 6% that progresses the longer a worker is employed with the company, a spokesperson told Business Insider.The new plan would allow employees to reach their maximum pay rate for their role in eight years, versus 12 under the current structure, the company said.Sam's Club says the changes will bring the average hourly wage to more than $19, up nearly 30% over the past five years.The company also highlighted other improvements, including more predictable schedules, increases from part-time to full-time hours, as well as stock grants and bonuses.Even after the increase, the average wage at Sam's Club will still lag behind Costco, where a recent hike brought the <a target="_blank" href="https://www.businessinsider.com/costco-hourly-workers-get-pay-raise-increase-ceo-memo-2024-7">starting wage for most hourly positions to $19.50 an hour</a>.Still, an entry-level job at a wholesale club pays more than one at a Supercenter, where the <a target="_blank" href="https://www.businessinsider.com/walmart-increase-minimum-wage-for-employees-to-14-an-hour-2023-1">starting wage is $14,</a> and the average hourly wage is <a target="_blank" href="https://corporate.walmart.com/askwalmart/how-much-do-walmart-associates-make">$17.50</a>."A stubborn stigma persists around retail work: that it's both temporary and transactional – roles defined by dollar-per-hour rates," Nicholas said in an article on LinkedIn. "It's a tired narrative we're eager to rewrite at Sam's Club."There is "a clear relationship" between good jobs and business performance, MIT professor and president of The Good Jobs Institute Zeynep Ton said in a statement."Sam's Club's strategic investments in employees and their work have already fueled productivity, increased sales, and built record membership rates," she said.If you are a Sam's Club worker who wants to share your perspective, please <a target="_blank" href="mailto:dreuter@businessinsider.com">contact Dominick via email</a> or text/call/Signal at 646.768.4750. Responses will be kept confidential, and Business Insider strongly recommends using a personal email and a non-work device when reaching out.

Sam's Club is boosting its starting wage to $16 and speeding up raises for nearly 100,000 workers

No one's going to sound an alarm, blast out a text message, or shoot you an email about it, but the US economy is undergoing a historic shift. We are leaving one long period of expansion — what economists refer to as a "supercycle" — and entering a very different one.Over the past 15 years, the economy has been characterized by weak demand and low interest rates — a decade-and-a-half hangover from the Great Recession. Now, experts tell me, that is coming to an end. The world has changed, and we are entering an era of higher growth, creeping inflation, and geopolitical instability that will reroute the flow of money around the world. A new era has arrived, but it's going to be bumpy.The good news is that this new era looks as if it will be unencumbered by some of the problems that put a ceiling on growth during the previous era. The most salient feature of the old period, economists say, was the risk of deflation — the possibility that a lack of demand would cause wages and prices to spiral downward, a trap that is <a target="_blank" href="https://www.businessinsider.com/inflation-economy-deflation-unemployment-job-market-recession-outlook-paul-krugman-2024-7">extremely difficult to escape</a>. In an effort to avoid that fate, policymakers in Washington pushed interest rates down to zero and encouraged <a target="_blank" href="https://www.businessinsider.com/softbank-crashing-investments-uber-wework-monopoly-failure-2019-11">all kinds</a> of <a target="_blank" href="https://www.businessinsider.com/charlatans-show-up-when-wall-street-stock-market-gets-weird-2021-3">risky</a> <a target="_blank" href="https://www.businessinsider.com/twilight-of-tech-gods-recession-stock-market-crash-silicon-valley-2022-5">behavior</a> <a target="_blank" href="https://www.businessinsider.com/bill-ackmans-big-pharma-trade-is-making-wall-street-a-super-awkward-place-2014-10">among</a> investors, businesses, and everyday consumers. Investors trying to reach their benchmarks "had to creep out on the risk spectrum," Josh Hirt, a senior economist at Vanguard, tells me. "Supercheap debt," he says, made it easy for businesses to "overexpand and overhire."The pro-risk environment had some earth-shifting consequences. Silicon Valley put the internet on our phones, China blew a massive bubble in its property market, and the world started investing in renewable energy. But low interest rates did little to boost demand, and the economy consistently grew slower than it did before the crash, never notching above 3% GDP growth. It was only after the massive government stimulus, spurred by the pandemic, that the economy reached escape velocity, pushing up wages and starting to grow at a healthy clip.Now, economists say, we're entering a supercycle that will be characterized by three sweeping forces. First, higher interest rates will reward savers, making it more expensive to take risks. Second, geopolitical and economic volatility will generate inflationary effects, reintroducing the specter of soaring prices. And third, industrial planning will be increasingly influenced by national-security concerns, altering supply chains across industries. How low interest rates wind up settling will establish a new gravitational pull in global markets, recalibrating the forces that determine where the economy is most likely to grow — and where investment is most likely to flow.The new supercycle "puts the economy in a completely new era," says Silas Myers, the CEO of Mar Vista Investments, which oversees $4 billion in assets. He warns that an entire generation of investors, lenders, and entrepreneurs have failed to embrace the "profound impact" that the new economic era will have on their businesses."We were in a time that was less demanding and more forgiving," Myers says. "But that time is ending."One of the clearest signs that a new economic supercycle has arrived is when the financial rules go topsy-turvy. The previous supercycle was ushered in when the Federal Reserve, in response to the destruction caused by the financial crisis, cut its benchmark interest rate to 0% — the first time the central bank went all the way to the bottom.The structural shift sent shockwaves throughout the world. Yields on Treasury bonds tanked, meaning investors had to start taking some serious risks if they wanted to make money. This new adventurism pushed stocks higher and higher. Capital went flying into China and other emerging markets in record amounts — some $1 trillion in 2010 alone. Venture capitalists sank billions into companies like Juicero and <a target="_blank" href="https://www.businessinsider.com/wework-adam-neumann-apartment-startup-investment-silicon-valley-vc-apocalypse-2022-8">WeWork</a> that had no viable plan to turn a profit. And with interest rates so low, companies could suddenly load up on debt: From 2007 to 2017, global nonfinancial corporate debt doubled, to $66 trillion. Until the pandemic hit, inflation and wage growth both remained below 3.9%. The world had changed. Now, with the arrival of a new supercycle, money managers are once again being forced to adapt to a changing set of economic realities. Normally, when the Fed hikes interest rates rapidly, the stock market tanks. But that's no longer true. From 2022 to 2024, as the benchmark federal funds rate shot up to 5.5% from 0.5%, the Nasdaq 100 and the S&amp;P 500 soared by 23% and 22%. Higher interest rates also failed to spur widespread layoffs or crater the economy. <a target="_blank" href="https://www.businessinsider.com/jobs-report-labor-market-hiring-layoffs-quits-recession-sahm-rule-2024-8">Unemployment has stayed below 4.3%</a>, and GDP growth has remained solid, <a target="_blank" href="https://www.businessinsider.com/gdp-gross-domestic-product-second-quarter-2024-us-economy-2024-7">defying fears of a recession</a>. In short, something has scrambled the natural interactions of the marketplace. It's as if you put your hand over a hot stove and your fingers turned ice cold.One explanation for the economy's topsy-turvy behavior is a change in what economists call the neutral interest rate — the optimal point for encouraging growth without triggering inflation. After the financial crisis in 2008, the economy was so weak that the neutral rate went to zero to encourage money to flow more freely. But now the market's weird nature may be signaling that the neutral rate has risen above the Fed's ideal target of 2%. That would explain why the Fed's higher rates are no longer putting the brakes on growth. Fueled by the post-pandemic government stimulus, the economy's baseline has shifted. Over at Vanguard, Hirt and his colleagues predict that the neutral rate will stay higher for the foreseeable future, eventually settling at about 3.5%."Even if we do dip below 3.5%, the Fed will be anchored at that higher rate," Hirt says. "If the economy were to experience weakness and we have to cut rates, we still don't think that means taking rates back to zero."Unless you're a boomer, you've probably never experienced a world with this high a neutral rate. It changes the nature of risk, which changes what people decide to do with money on micro and macro levels. If you can get a decent return parking your money in ultrasafe government debt, why risk investing it in a startup or stomach the stock market's volatility? This isn't to say no one will be out here taking risks with their cash — it will just flow in different directions. That's because consumers are in a better place now than they were in the era that emerged after the Great Recession.The economy is "an extraordinarily diverse and dynamic animal," Joe Quinlan, the chief market strategist at Bank of America, assured clients in a recent note. It's "a $28 trillion hydra-headed behemoth that beats to the tune of many different sectors." As the Fed's higher rates were putting a strain on rate-sensitive sectors like housing — which makes up 16% of the economy — Big Tech and travel-starved households were spending money fast and loose. The experience showed that overall consumption can continue to rise even when significant swaths of the economy are struggling.So what can we expect from the new economic supercycle? Like every cycle, it will have its upsides and downsides. Rising interest rates will make loans more expensive, forcing businesses to make more-thoughtful decisions about debt. But they'll also boost savings accounts and interest income. In addition, a faster-growing economy will tighten the labor market, empowering workers to continue to fight for a larger slice of the pie. Since 2019, the bottom 10% of earners have seen a wage increase of 13%.Shifting away from the "grow at all costs" mindset of the previous supercycle has also incentivized governments — especially in the developed world — to do more to police markets and protect consumers. Whether it's capping the price of drugs or enforcing antitrust rules more aggressively, polls suggest Americans want to see <a target="_blank" href="https://prospect.org/economy/2024-08-27-polling-voters-action-corporate-power/">more limits</a> on <a target="_blank" href="https://today.yougov.com/economy/articles/47798-most-americans-oppose-monopolies-and-support-antitrust-laws">corporate power</a> and <a target="_blank" href="https://www.pewresearch.org/short-reads/2021/07/20/56-of-americans-support-more-regulation-of-major-technology-companies/">more regulation</a> to safeguard citizens. For the first time in years, the Federal Trade Commission has begun going after pharmaceutical middlemen, opposing mergers between grocery giants, and taking big swings at Big Tech.The new supercycle will also have profound consequences worldwide, upending how and where money is most likely to flow. In China, the debt bubble that formed in the property sector during the previous cycle is sucking cash away from <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-stimulus-plan-wall-street-stock-market-economy-2024-9">businesses and households</a>, undermining China's bid to become the world's leading economic superpower. And with Europe growing more slowly than the US, foreign investors are steering more of their money to America. In the second quarter of this year, foreign investors owned $8.2 trillion worth of US Treasury bonds, up by 7.3% from a year earlier. Foreign investment is also soaring in US corporate bonds (up by 9.8%) and US equities (up by 23%). Quinlan says he expects the US economy to continue outperforming the rest of the world, given the fiscal and demographic challenges facing the European Union, Japan, and China. In an era of increasing instability, when former sources of growth are flailing, the United States is widely viewed as the safest place to find returns."Not lost on investors is the fact that the US economy remains among the most competitive, innovative, and resilient in the world," Quinlan wrote in a recent note to investors. "Aerospace or agriculture, energy or entertainment, transportation or technology, goods or services — pick any sector or activity, and there's a good chance the US leads the rest of the world. All of this has helped fuel demand among foreign investors for US securities of all stripes." America's economic diversification is also expected to give it a leg up in one of the most volatile features of the new era: trade conflict. The US and China are already battling for control over critical industries like <a target="_blank" href="https://www.businessinsider.com/china-xi-jiinping-future-tech-global-economy-semiconductors-military-failing-2022-9">semiconductors</a>, <a target="_blank" href="https://www.businessinsider.com/china-crushing-us-america-battle-energy-evs-batteries-tech-war-2023-5">batteries</a>, and <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">electric cars</a> — and the tit for tat will be especially costly for less diversified economies. Germany's dependence on manufacturing, for example, places its most essential industries on a collision course with China's ambitions. And while the United States is well positioned to weather the storm, that doesn't mean it won't be rough. The world has never faced a challenge like the skyrocketing flow of exports from China up and down the value chain. It's a dynamic that threatens to imbalance international trade by flooding the market with cheap goods of all kinds. <a target="_blank" href="https://www.businessinsider.com/china-shock-explainer-us-economy-trade-dumping-supply-glut-yellen-2024-4">China Shock 2.0</a> "will not go down easily," Quinlan tells me.For over a decade we have become accustomed to the economy working a certain way — if this, then that. As a new supercycle emerges, investors, businesses, and governments that structured themselves around the old model may experience acute shocks. To succeed in this unfamiliar new world, they'll have to adjust their expectations and find ways to harness the supercycle's opportunities. It's the economic equivalent of natural selection: As the economy evolves, those who adapt will be most likely to survive. The days of economic growth are back. The future belongs to those who can grow with it.<a target="_blank" rel="" href="https://www.businessinsider.com/author/linette-lopez">Linette Lopez</a> is a senior correspondent at Business Insider.

America is entering a new 'economic supercycle'

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

Air India pilots' union withdraws opposition to new wage agreement

As many as 290 cases of <keyword id="21545939" type="General" weightage="20" keywordseo="KP-2" source="keywords">KP.2</keyword> and 34 cases of <keyword id="21748081" type="General" weightage="20" keywordseo="KP-1" source="keywords">KP.1</keyword>, both sub-lineages of COVID-19 that are responsible for surge in cases in Singapore, have been found in India, according to official data. However, a source in the Union health ministry told PTI that they are all sub variants of <keyword id="20115417" type="General" weightage="20" keywordseo="JN1" source="keywords">JN1</keyword> and there is no associated increase in hospitalisation and severe cases. "So there is no reason for concern or panic. The mutations will keep happening at a rapid pace and this is the natural behaviour of viruses like SARS-CoV2," the source said. The source further said that the INSACOG surveillance is sensitive and is able to pick up the emergence of any new variant and samples are also picked from hospitals in a structured manner to detect any change in the severity of disease due to virus. Data compiled by the Indian SARS-CoV-2 Genomics Consortium (INSACOG) showed that 34 cases of KP.1 have been found across seven states and UTs with 23 cases registered from West Bengal. The other states are Goa (1), Gujarat (2), Haryana (1), Maharashtra (4) Rajasthan (2) and Uttarakhand (1). As many as 290 cases of KP.2 have been registered with Maharashtra reporting the highest number at 148, according to the data. The other states and Union territories are Delhi (1), Goa (12), Gujarat (23), Haryana (3), Karnataka (4), Madhya Pradesh (1), Odisha (17), Rajasthan (21), Uttar Pradesh (8), Uttarakhand (16) and West Bengal (36). Singapore is seeing a new COVID-19 wave as the authorities recorded more than 25,900 cases from May 5 to 11 with KP.1 and KP.2 accounting for over two-thirds of cases in Singapore. Globally, the predominant COVID-19 variants are still JN.1 and its sub-lineages, including KP.1 and KP.2. KP.1 and KP.2 belong to a group of COVID-19 variants scientists have nicknamed 'FLiRT', after the technical names of their mutations. The strains in FLiRT are all descendants of the JN.1 variant, an offshoot of the Omicron variant. KP.2 was classified by the World Health Organization as a Variant Under Monitoring.

290 cases of COVID-19 variant KP.2, 34 cases of KP.1 detected in India: INSACOG data

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

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

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