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Mumbai: India is on track to becoming the <keyword id="20432305" type="General" weightage="20" keywordseo="third-largest-economy" source="keywords">third-largest economy</keyword> by 2030-31, driven by a projected annual growth rate of 6.7 per cent this fiscal, <keyword id="19990557" type="General" weightage="20" keywordseo="SP-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P Global" meta.hostid="153" meta.entityid="S&amp;P Global">S&amp;P Global</keyword> said in a report on Thursday. The report also said that with 8.2 per cent growth rate in FY2024, continued reforms are crucial to improving business transactions and logistics, boosting <keyword id="20423043" type="General" weightage="20" keywordseo="private-sector-investment" source="keywords">private sector investment</keyword>, and reducing reliance on public capital. It said equity markets are expected to stay dynamic and competitive due to strong growth prospects and better regulation, and foreign inflows into Indian government bonds have surged since the country joined major emerging market indexes, with further growth anticipated. To maximize trade benefits, India must develop infrastructure and geopolitical strategies, particularly regarding its extensive coastline, said the first edition of 'India Forward: Emerging Perspectives' report. Nearly 90 per cent of India's trade is seaborne, necessitating robust port infrastructure to manage increasing exports and bulk commodity imports, it added. Noting that India faces rising domestic energy demands and can look to sustainable technologies, including renewables and low-emission fuels, balancing energy security with its energy transition plans, the report stated that agriculture will rely on advanced technologies and new policies to improve infrastructure and productivity. The need is to address critical infrastructure issues such as irrigation, storage, and supply distribution to ensure food security and economic stability, it added. The <keyword id="23234467" type="General" weightage="20" keywordseo="sp-global-india-research" source="keywords">S&amp;P Global India Research</keyword> Chapter's inaugural study was launched here on Thursday.

India on track to becoming third-largest economy by FY31: S&P Global report

The pre-budget <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> highlights the need for measures to boost <keyword id="19973896" type="General" weightage="20" keywordseo="talent" source="keywords">talent</keyword> and <keyword id="19959621" type="General" weightage="20" keywordseo="productivity" source="keywords">productivity</keyword> through <keyword id="19974189" type="General" weightage="20" keywordseo="private-sector" source="keywords">private sector</keyword> investment, experts said on Monday. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> tabled the Economic Survey for 2023-24 in Parliament. Rumki Majumdar, Economist, <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword> said the Survey has highlighted measures to boost talent and productivity through private sector investment in <keyword id="20077463" type="General" weightage="20" keywordseo="skills" source="keywords">skills</keyword> (in addition to what the government is initiating), physical and digital connectivity and building state capacity and capabilities. She said <keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword>, agriculture, education and <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, and upskilling as key pillars for uplifting the masses through jobs, income and skills. Aditi Nayar, Chief Economist and Head - Research &amp; Outreach, ICRA said the Survey stresses that in the medium term, growth needs to be supported by the private corporate sector as well as the state governments. On inflation, she said that "managing inflation is not just the prerogative of the RBI and its MPC, and would require active intervention by the Centre, especially in the arena of food price management. The realisation of both these paradigms is crucial to ensure an optimal growth-inflation mix over the medium term."

Survey highlights need for private investments to boost talent, productivity: Experts

<ul><li>The <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 was tabled by the <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Minister" meta.hostid="261" meta.entityid="Finance Minister">Finance Minister</keyword> in the Lok Sabha.</li><li>The report was tabled a day before FM Nirmala Sitharaman is slated to present the budget.</li><li>The report has highlighted the need for private investments in infrastructure.</li></ul>Finance Minister Nirmala Sitharaman on Monday tabled the <a href="https://www.businessinsider.in/budget/news/budget-2024-live-news-top-things-every-indian-should-know-about-the-economic-survey-2023-24/articleshow/111918064.cms">Economic Survey</a> 2023-2024 in the Lok Sabha, a day ahead of the Budget being tabled. According to the report, India’s real gross domestic product (GDP) grew by 8.2% in FY24. The report has revealed that large-scale infrastructure projects in the country have largely been funded by <keyword id="22504538" type="General" weightage="20" keywordseo="public-sector-investment" source="keywords">public sector investment</keyword> in recent years. The government has highlighted a need for private sector investment in infrastructure building. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div> In the five years between 2019 and 2023, the central and state Governments contributed 49% and 29% of the total investments in infrastructure, while, the private sector's contribution was just 22%. “There is significant scope for boosting India’s <keyword id="20018651" type="General" weightage="20" keywordseo="private-investment" source="keywords">private investment</keyword>, especially in the context of investment requirements facing the Indian economy in the areas of infrastructure, green transition, etc,” as per the Economic Survey 2024. <h2>National highways triple, railways receive a boost</h2>In the last decade, the pace of construction of national highways has reportedly tripled. According to the Economic Survey 2024, the pace of construction of national highways has increased from 11.7 km per day in FY14 to around 34 km per day by FY24. The capital expenditure in railways has increased by 77% in the last five years, with significant investments directed at the construction of new lines, gauge conversion and doubling. The passenger handling capacity at airports in the country has increased by 62 million passengers per annum in FY24 with new terminal buildings being opened at 21 airports. There is now a need to add more airports and expand the existing airports. The clean energy sector in India saw new investment of ₹8.5 lakh crore between 2014 and 2023. <h2>Metro and rapid train connectivity to soon double</h2>At present, 945 km of metro rail or RRTS lines are operational, out of which 86 km was added in FY24. This is set to soon double as 993 km of metro and RRTS lines are under construction in 27 cities across the country. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2024-live-news-top-things-every-indian-should-know-about-the-economic-survey-2023-24/articleshow/111918064.cms">Economic Survey highlights: Top 10 things every Indian should know from the Economic Survey 2023-24</a> <a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms">Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%</a> <a href="https://www.businessinsider.in/budget/article/economic-survey-2023-2024-highlights-emerging-job-trends-in-ai-cybersecurity-3d-printing-and-web-development/articleshow/111923746.cms">Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development</a>

Economic Survey highlights public sector investment's role in driving infra growth; Underlines need for private sector to step up

Indian companies across multiple sectors have reported disappointing results in the second quarter of fiscal year 2025, notes a new JM Financials report. Consequently, their poor performance has triggered stock price corrections for affected companies. The brunt of this weaker than expected earnings was largely borne by consumer centric sectors like FMCG (fast moving consumer goods), retail, and auto, which slacked largely due to dampened urban demand. For instance, India's largest automaker, Maruti Suzuki, reported a 5% YoY decline in its total domestic passenger vehicle wholesales, largely on the back of pent-up inventory. Similarly, Honda reported a staggering 23% YoY dip in its total sales during October 2024. A recent report by Bernstein noted that around 48% of the companies listed on the NSE100 index missed their earnings estimate for Q2FY25, the highest since March 2020. Most companies have mentioned deteriorated domestic demand, urban slowing, macroeconomic risk, and margin pressures as the main reasons behind the dip. "The quarter's earnings have made investors nervous," noted the JM Financials report. The challenging environment stems from multiple factors: softening consumer demand, rising input costs, and companies' limited ability to increase prices. Moreover, this is not limited to just one quarter. Companies have been reporting weak, single-digit earnings growth for the last six consecutive quarters. Data from India Data Hub also suggests that corporate profits of listed companies plunged by as much as 3.4% during the quarter ended September 30, 2024. This is in stark contrast to the year-ago period, where they had shot up by over 40% The oil and gas sector had a difficult quarter, with refiners hit by weak margins and city gas distributors struggling with higher input costs. Financial institutions showed mixed results. While government-owned banks reported strong numbers, microfinance institutions and some private lenders faced massive difficulties with their unsecured loans. Most notable amongst this was the case of IndusInd Bank, which saw its net profits dip by 40% amidst burgeoning provisions, which climbed 87% to Rs 1,820 crore in Q2, as against Rs 974 crore reported in the year-ago period. <h2>Markets head southwards</h2>The selling trend by FPIs has dragged down the major Indian indices, the Nifty 50 and Sensex, both of which have dropped by around 8% since the beginning of this selling spree in October. According to National Securities Depository Ltd. (NSDL) data, FPIs offloaded equities worth a significant Rs 19,994 crore in just the first five trading sessions of November last week. The impact is clearly visible on Indian stock markets. Data suggests that while every sector in October closed the month in red, auto, oil and gas, and consumer durables were the most badly hit, each declining by as much as 10% during the month. Another indicator underlining the inherent weakness of the market was that the month saw only 242 stocks hit their 52-week high, significantly below the usual monthly average of 310.

India Inc. stares at an earnings dearth in Q2, FMCG, auto, and consumer durables falter

The <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> presented by <keyword id="20426375" type="General" weightage="20" keywordseo="Union-Finance-Minister-Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister Nirmala Sitharaman" meta.hostid="83" meta.entityid="Union Finance Minister Nirmala Sitharaman">Union Finance Minister Nirmala Sitharaman</keyword> has projected a <keyword id="19997196" type="General" weightage="20" keywordseo="growth-rate" source="keywords">growth rate</keyword> of 6.5 per cent and 7 per cent further solidifying <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s strong <keyword id="20018805" type="General" weightage="20" keywordseo="macroeconomic-fundamentals" source="keywords">macroeconomic fundamentals</keyword>, <keyword id="20060150" type="General" weightage="20" keywordseo="CBRE" source="keywords" meta.keywordsubtype="org" meta.entityname="CBRE" meta.hostid="83" meta.entityid="CBRE">CBRE</keyword> Chairman and CEO-India, South-East Asia, Middle East and Africa, <keyword id="20177586" type="General" weightage="20" keywordseo="Anshuman-Magazine" source="keywords" meta.keywordsubtype="org" meta.entityname="Anshuman Magazine" meta.hostid="83" meta.entityid="Anshuman Magazine">Anshuman Magazine</keyword> said on Monday. The country's economic performance in FY'24 surpassed expectations, registering a robust growth rate of 8.2 per cent. "This momentum is noteworthy considering three out of the past four quarters exceeded the 8 per cent growth mark," he said in his reaction to the Economic Survey. <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">Inflation</keyword> is anticipated to moderate around 4.5 per cent and it reflects a 'well-balanced' economic environment, he said. "The survey acknowledges the <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword>, particularly the residential segment, as a significant driver of <keyword id="20018651" type="General" weightage="20" keywordseo="private-investment" source="keywords">private investment</keyword>. The survey emphasizes the importance of continued collaboration between central and state governments, along with the private sector, to sustain this momentum," Magazine said in a statement. India's post-pandemic recovery has been orderly and expansive and it is testament to the underlying resilience of the economy, he said. "Looking ahead to FY'25, several indicators such as robust private consumption, increased bank lending activity and improved corporate capital expenditure indicate towards a good year ahead," he added.

Economic Survey pegs growth at 6.5-7%; solidifying India's strong macroeconomic fundamentals: CBRE

The parents were right, folks; we should have been looking out for a government job, especially if you reside in the startup capital of India. In a move that has left <keyword id="19974189" type="General" weightage="20" keywordseo="private-sector" source="keywords">private sector</keyword> employees green with envy, the <keyword id="19896017" type="General" weightage="20" keywordseo="karnataka" source="keywords">Karnataka</keyword> cabinet on Monday decided to implement the recommendations of the <keyword id="20985744" type="General" weightage="20" keywordseo="Seventh-Pay-Commission" source="keywords" meta.keywordsubtype="org" meta.entityname="Seventh Pay Commission" meta.hostid="261" meta.entityid="Seventh Pay Commission">Seventh Pay Commission</keyword>, resulting in an impressive 27.5% hike in the basic salary of state government employees. <h2><keyword id="20727223" type="General" weightage="20" keywordseo="pay-hike" source="keywords">Pay hike</keyword> like few others</h2>The Chief Minister is expected to make the official announcement in the Legislative Assembly, detailing how over seven lakh state government employees will benefit from this substantial increase starting August 1, as per sources. The Seventh Pay Commission, chaired by former chief secretary K Sudhakar Rao, has recommended this hefty pay rise, which will cost the state exchequer an additional Rs 17,440.15 crore annually. This move comes on the heels of the interim 17% salary hike given by the former Chief Minister Basavaraj Bommai in March 2023, to which the current administration is adding another 10.5%, making the total hike 27.5%. <div type="Article" hostid="261" msid="111663090" title="The latest trick companies could be using to pay workers less" mstype="2" mssubtype="0"></div>The decision for this remarkable pay raise wasn't just an act of benevolence, however. The Karnataka State Government Employees Association had announced plans to go on an indefinite strike starting August, pressuring the Siddaramaiah government to act decisively. With this hike, the state administration aims to not only meet the demands of its employees but also to bolster morale and productivity within its workforce. <h2>Miles above the average</h2>To put this in perspective, let's compare the raise to the private sector. HR research firm Aon's latest survey indicates that while India Inc. is set to offer an average hike of 9.5% in 2024, the manufacturing sector is expected to be the most generous with a 10.1% increase. Financial institutions come close with a 9.9% hike, and Global Capability Centres (GCCs) of multinational firms are likely to offer 9.8%. Even tech product companies, known for their competitive salaries, are projected to give an average hike of 9.5%. Yet, all these figures pale in comparison to the Karnataka government's increment. <h2><keyword id="21315567" type="General" weightage="20" keywordseo="employee-retention" source="keywords">Employee retention</keyword></h2>As private companies grapple with attrition rates that have almost reached pre-pandemic levels, the Karnataka government's move could be seen as a strategic effort to attract and retain talent. Aon's study shows that attrition in 2023 was 18.7%, a decrease from over 21% in 2021 and 2022. By offering a significant pay hike, the Karnataka government is positioning itself as an attractive employer in a competitive <keyword id="19916569" type="General" weightage="20" keywordseo="job-market" source="keywords">job market</keyword>. <div type="Article" hostid="261" msid="111115782" title="Flexibility, salary key jobseeker parameters for new roles in India: Report" mstype="2" mssubtype="0"></div>However, even if you look at salary increments across Asia Pacific countries, India's expected average hike of 9.5% is significantly higher than its neighbours. Bangladesh follows at 7.3%, China at 5.7%, and Japan at a modest 3.6%. Karnataka's 27.5% hike, therefore, is not just a national highlight but an extraordinary figure in the broader regional context. In an era where private sector employees are often seen as the beneficiaries of generous pay hikes, Karnataka's state government has flipped the script. With this 27.5% salary hike, the allure of a government job in Karnataka has never been stronger.

Time for a govt job? Karnataka announces impressive 27% pay hike for state employees

<ul class="summary-list"><li>Sen. Kyrsten Sinema said she wants to work in the private sector once she leaves the Senate.</li><li>She described herself as "fairly libertarian" and agreed that Democrats are "anti-capitalist."</li></ul>Sen. Kyrsten Sinema, the Democratic-turned-independent senator from Arizona, says she's looking forward to a career in the private sector after she <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-retiring-arizona-senate-ruben-gallego-kari-lake-2024-3">leaves the Senate</a> in a few months.During a panel at "The All In Summit" earlier this month, a <a target="_blank" class="" href="https://www.youtube.com/watch?v=WSKMg5yWFdg">recording</a> of which was released on Tuesday, Sinema described the private sector as a source of innovation and progress at a time when Washington is increasingly faced with partisan gridlock."I'm really excited about what's happening in the private sector right now," Sinema said. "I mean, we've got industries in this country that are really pushing the edge on what's going to ensure that we're globally competitive and innovative for the future, and I'm really excited about it."She said that will remain the case "regardless of what's happening in government" and that lawmakers are "not interested in solving problems, they're just interested in TikTok.""There's a real opportunity to move our country forward, despite the gridlock in government, through private industry, and that's where I want to work," she said. Jason Calacanis, one of the cohosts of the "All-In" podcast, then asked Sinema why Democrats are "so anti-capitalist."" I don't understand because that's where the money comes from," she said. "I'm fairly libertarian, you know, just at my base. Most Arizonans are.""I struggle with the idea of wanting to eliminate the private industry, because that is where the ideas come from," Sinema said. "That's where the innovation comes from, and that's where the money comes from to fund the social programs that are important to protect the vulnerable in our country."During Sinema's tenure in the Senate, she has confounded Democrats with her refusal to support aspects of President Joe Biden's agenda, including the original "Build Back Better" social spending and climate bill that the party tried to pass in 2021.She also opposed the weakening of the "filibuster," a Senate rule that requires 60 votes to advance most legislation — thus requiring GOP support. At the same time, the Arizona senator played a pivotal role in the passage of the Bipartisan Infrastructure Law and the Respect for Marriage Act.Sinema <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-independent-2024-primary-democrats-senate-control-2022-12">left the Democratic Party</a> in December 2022 ahead of what seemed to be a likely reelection campaign. But over a year later, she <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-retiring-arizona-senate-ruben-gallego-kari-lake-2024-3">opted to retire</a> from the Senate amid what was shaping up to be a difficult three-way race between her, Democratic Rep. Ruben Gallego, and Republican candidate Kari Lake.This isn't the first time Sinema's made allusions to a <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-arizona-retiring-do-anything-revolving-door-2024-3">cushier post-Senate career</a>.According to a <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-reelection-serve-any-board-mitt-romney-book-2023-10">biography of Sen. Mitt Romney</a>, the Arizona senator once mused that she could "go on any board I want to" or "be a college president" after she leaves the Senate, arguing that she "saved the Senate" by opposing the weakening of the filibuster.

Kyrsten Sinema says she's 'fairly libertarian' and wants to work in the private sector after leaving the Senate: 'That's where the money comes from'

<ul class="summary-list"><li>Russia will resume public sector layoffs, affecting up to at least 40,000 workers, per Kommersant.</li><li>Layoffs were paused due to COVID-19 and Russia's invasion of Ukraine.</li></ul>Russia is expected to lay off at least 40,000 government officials next year, according to a report by the Russian <a target="_blank" class="" href="https://www.kommersant.ru/doc/7296193?tg">Kommersant</a> newspaper.Russian President Vladimir Putin last month<a target="_blank" class="" href="http://publication.pravo.gov.ru/document/0001202410290050?index=1"> ordered regional branches of federal government agencies to cut staff by 10%</a> by July, per the publication.The layoffs were believed to be planned for much earlier but were put on hold for several years due to Russia's invasion of Ukraine and the COVID-19 pandemic.According to Kommersant, the cuts are designed to make the civil service more efficient and raise the salaries of existing staff.Russia's official wage statistics, published in January, showed wages in the private sector rose by 8% to 20% last year.The cuts would also allow more people to enter Russia's labor market which is experiencing a widespread shortage of workers amid Russia's invasion of Ukraine.According to an estimate from the Russian Academy of Science's Institute of Economics, Russia was short a record 5 million workers at the end of 2023.Workers have been <a target="_blank" href="https://www.businessinsider.com/russia-raises-mobilization-age-some-reservists-can-be-called-70-2023-7">pulled into the </a>Ukraine war or <a target="_blank" href="https://www.businessinsider.com/number-of-russians-fleeing-draft-bigger-1st-invasion-force-uk-2022-9">forced to flee</a> after Putin enacted a major mobilization to increase wartime recruitment.Russia has turned to <a target="_blank" href="https://www.businessinsider.com/russia-making-labor-crisis-worse-sending-workers-to-war-ukraine-2023-11">migrant</a> and <a target="_blank" href="https://www.businessinsider.com/russian-economy-worker-shortage-prison-labor-ukraine-war-putin-kremlin-2023-10">prison labor</a> to supplement its workforce, but those aren't sustainable solutions to its population problem, according to a <a target="_blank" href="https://www.businessinsider.com/russia-economy-population-decline-worker-shortage-growth-outlook-ukraine-war-2024-8">report</a> by Harley Balzer, a professor emeritus at Georgetown University.Last year, Russian Central Bank Governor Elvira Nabiullina warned that continued <a target="_blank" href="https://www.reuters.com/markets/europe/russias-depleted-workforce-threatening-economic-growth-says-central-bank-2023-11-09/">workforce depletion</a> would threaten Russian economic growth.However, so far, Russia's economy has <a target="_blank" href="https://www.businessinsider.com/russia-economy-outlook-defense-budget-spending-ukraine-war-putin-sanctions-2024-10">held up</a><a target="_blank" href="https://www.businessinsider.com/russia-economy-ukraine-war-moscow-military-spending-inflation-worker-shortage-2024-2"> partly because of its war spending</a>, which has boosted growth despite soaring <a target="_blank" href="https://www.businessinsider.com/russia-economy-outlook-stagflation-recession-inflation-gdp-growth-ukraine-war-2024-9">inflation</a> and <a target="_blank" href="https://www.businessinsider.com/russian-central-bank-raises-key-interest-rate-to-21-2024-10">high interest rates</a>.Inflation<a target="_blank" href="https://www.cbr.ru/eng/press/keypr/"> hit 9.8%</a> in September, and potatoes, which are a staple of Russian diets, saw a<a target="_blank" href="https://rosstat.gov.ru/storage/mediabank/172_08-11-2024.html"> 64% increase in price</a> this year.Russia is expected to spend <a target="_blank" href="https://www.businessinsider.com/russias-defense-sector-on-overdrive-but-firms-warn-of-collapse-2024-11">$140 billion on its defense industry in 2024</a> and up to $145 billion in 2025, or 6.3% of its GDP.

Under strain from war, Russia plans a massive layoff in its public sector: report

<ul class="summary-list"><li>Apollo Global Management has been investing big in non-bank loans.</li><li>Helping fund that growth has been growing demand for retirement products, said CEO Marc Rowan.</li></ul>There's been a lot of attention on Apollo Global Management's <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/apollo-ceo-marc-rowan-defends-private-credit-from-jamie-dimon-2024-5">burgeoning lending business</a>, which the firm projects will double in size to <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/apollo-global-management-investor-day-presentation-one-trillion-private-lending-2024-10">$1.2 trillion in five years</a>.Helping to fund those loans is Apollo's retirement business, which <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/apollo-ceo-marc-rowan-management-tactics-430-am-wakeup-call-2024-10">Apollo CEO and cofounder Marc Rowan</a> sees as the investment firm's "single biggest opportunity" for future growth.In a conference call to discuss third-quarter earnings, Rowan said Apollo's insurance affiliate Athene had become an industry leader in annuities, or insurance products used in retirement, to generate regular income. Athene saw $20 billion in inflows during the third quarter and $77 billion over the last year, which helped drive a 16% year-over-year growth in assets under management to $733 billion.<div type="image" title="Apollo chart showing capital inflows." height="884" width="1597" msid="114993225" hostid="261" sizebytes="75180"></div>Rowan said he sees continued growth in that sector, aided by the company's efforts to provide new and improved retirement products, including tools to guarantee income for life."The notion of simplification and getting to guaranteed lifetime income, I believe, to be the North Star for where we would like to go," Rowan said on the call. "But this notion of rethinking the product set, I believe to be the single biggest opportunity in front of us, and that is what is baked into our five-year plan over the next few years."The opportunity stands to become even bigger, Rowan said, if regulators open up 401(k)s and other tax-deferred retirement accounts to investments led by alternative asset managers like Apollo."Should we get access to 401(k) through broad-based reform or regulatory change or regulatory encouragement, I believe that would be upside not just for us, but for the entire industry," he said.Rowan has been a major proponent of Australia's retirement model, which was opened up to private assets around forty years ago in a <a target="_blank" href="https://www.businessinsider.com/how-make-us-retirement-system-better-australia-superannuation-benefits-2024-4">process called superannuation</a>. Rowan said that plans with private assets, which can access the compounding effects of private equity, have 40% to 60% better outcomes than those just with public assets."I do envision a day when we will be talking about 60-40 portfolios that are comprised of public and private," Rowan said.This would be a huge shift from the current regime, where much of American retirement savings are in the public stocks or bonds. But to Rowan, a retirement system where between $12 trillion to $13 trillion of American's wealth is in 401(k)s that are largely invested in the <a target="_blank" href="https://www.businessinsider.com/stock-market-whiplash-shows-dont-worry-too-much-about-401k-2024-8">S&amp;P 500 </a>makes little sense."I jokingly say sometimes, we levered the entire retirement of America to <a target="_blank" href="https://www.businessinsider.com/nvidia-stock-price-blackwell-ai-market-value-costco-jensen-huang-2024-10">Nvidia's performance</a>," Rowan said last month. "It just doesn't seem smart."The Trump Administration opened some 401(k) investing to private equity <a target="_blank" href="https://www.bloomberg.com/news/articles/2020-06-03/private-equity-firms-get-trump-administration-s-nod-to-tap-401ks">in 2020</a>, suggesting that a Trump victory could help fuel the alternative industry's expansion efforts. Rowan hasn't endorsed a US presidential candidate.

Your nest egg is private-equity giant Apollo's 'single biggest opportunity' for growth

New Delhi: As the earnings season for the second quarter of FY25 unfolds, <keyword id="19959986" type="General" weightage="20" keywordseo="public-sector-banks" source="keywords">public sector banks</keyword> (PSBs) are expected to see a slight dip in profits compared to the previous quarter, according to a report by <keyword id="19896146" type="General" weightage="100" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="153" meta.entityid="Motilal Oswal">Motilal Oswal</keyword>. The report estimates that PSBs' Profit After Tax (PAT) will decline by 0.6 per cent quarter-on-quarter (QoQ), while showing a stronger year-on-year (YoY) growth of 17.2 per cent. "We estimate PSBs to report moderate <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword> of 17.2 pc YoY/ a decline of 0.6 pc QoQ in 2QFY25," the report stated. The slower pace of growth can be attributed to flat net interest margins (NIMs) and a slight increase in loan loss provisions (LLP). The <keyword id="20171160" type="General" weightage="20" keywordseo="Net-Interest-Income" source="keywords">Net Interest Income</keyword> (NII) for PSBs is expected to grow by around 6 per cent YoY, although interest margins are likely to remain under pressure. Despite these near-term challenges, the report suggests that public sector banks are on track to post a compound annual growth rate (CAGR) of 15 per cent between FY24 and FY26, pointing to sustained long-term growth. In the private sector banking space, the report forecasts mixed results for the same quarter. For private banks under the coverage, Pre-Provision Operating Profit (PPoP) is expected to grow by 12 per cent YoY and 1 per cent QoQ. However, PAT growth is predicted to be more modest, increasing by 5 per cent YoY and 0.6 per cent QoQ. "For our private bank coverage universe, we estimate a PPoP growth of 12 pc YoY/1 pc QoQ and a PAT growth of 5 pc YoY/0.6 pc QoQ in 2QFY25," the report added. Looking ahead, private sector banks are expected to experience steady profitability growth, with earnings projected to grow at a CAGR of 12.4 per cent over FY24-FY26. Overall, while both public and private sector banks may face moderate growth in the second quarter due to margin pressures and higher provisions, their long-term earnings prospects remain positive. (ANI)

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