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Small and medium enterprises (<keyword id="20086849" type="General" weightage="20" keywordseo="SMEs" source="keywords">SMEs</keyword>) are driving a major surge in <keyword id="21881529" type="General" weightage="100" keywordseo="job-applications" source="keywords">job applications</keyword> across key sectors, with more than 35 million job applications recorded in the first eight months of 2024, according to a report by jobs and professional networking platform apna.co. The growth is fueled by rising demand in sectors like BFSI (Banking, Financial Services, and Insurance), BPO (Business Process Outsourcing), and hospitality. The report highlights that the surge in job applications is largely for roles such as Sales &amp; Marketing Managers, Accounting Technicians, Telecallers, Back Office Executives, and Business Development Associates. These positions are critical for the expansion of businesses in these sectors, and the growing demand reflects a strong upward trend in hiring. "SMBs and MSMEs employ more than 110 million people, making them the backbone of our economy. Their success is crucial for our nation's journey towards achieving a USD 5 trillion economy," said Nirmit Parikh, Founder &amp; CEO of apna.co. Parikh emphasised that the demand for skilled workers in these sectors is expected to continue growing, creating vast opportunities for <keyword id="20019820" type="General" weightage="20" keywordseo="job-seekers" source="keywords">job seekers</keyword> across India. <h2>Major growth in Tier-2 and Tier-3 cities</h2>An interesting trend noted in the report is that over 55% of the total job applications for SMB roles came from tier-2 and tier-3 cities, including Jaipur, Indore, Ahmedabad, Lucknow, Kochi, and Bhubaneswar. As businesses expand into these cities, the talent pool is evolving to meet the growing demand, fostering a symbiotic relationship between employers and job seekers. Out of the 35 million job applications received, 14 million came from women, marking a 30% year-on-year increase in female participation. Women are increasingly taking on roles across diverse fields like finance, accounts, marketing, and graphic design, reflecting their rising involvement in the workforce. As SMEs and MSMEs continue to grow, the <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword> they generate are set to further contribute to India’s economic goals, fueling progress toward the USD 5 trillion economy target. (With inputs from PTI)

Small businesses generated 35 million job applications till Aug 2024, 14 million were from women: Report

Domestic firms will <keyword id="6356112" type="General" weightage="100" keywordseo="lease" source="Orion">lease</keyword> an estimated 60-65 million square feet of <keyword id="181150" type="General" weightage="20" keywordseo="office-space" source="Orion">office space</keyword> between 2024 and 2025, according to <keyword id="20060150" type="General" weightage="20" keywordseo="cbre" source="keywords">CBRE</keyword> South Asia's report, '<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Inc's Ascension - The Rise of Domestic Firms as an Office Demand Driver'. Domestic companies have been responsible for nearly 47 per cent of office leasing activity from 2022 to H1 2024, marking a departure from the traditional dominance of global corporations, particularly American firms. During 2022-2023, domestic firms experienced a 60 per cent surge in office space absorption compared to the pre-pandemic period of 2018-2019. Key occupier groups have secured significant spaces in prime locations across major cities, with <keyword id="19913115" type="General" weightage="20" keywordseo="delhi-ncr" source="keywords">Delhi-NCR</keyword> leading, followed by <keyword id="6354321" type="General" weightage="20" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> and Mumbai. E-commerce and life sciences companies have driven occupancy in Bengaluru and Hyderabad, respectively, while Mumbai has captured a substantial 43 per cent share of domestic <keyword id="19910880" type="General" weightage="20" keywordseo="bfsi" source="keywords">BFSI</keyword> leasing, with strong contributions from Delhi-NCR and Chennai. The report attributes the robust growth of India's office market to several factors, including government initiatives like Make in India and the <keyword id="19952889" type="General" weightage="20" keywordseo="production-linked-incentive" source="keywords">Production Linked Incentive</keyword> (PLI) Scheme. These programs, along with increased domestic manufacturing, employment generation, and a well-capitalized banking sector, have created a supportive environment for business expansion. Other contributing factors include low corporate leverage ratios and improved access to capital, which have enhanced the investment capacity of Indian companies. India's talent pool, with approximately 2.5 million STEM graduates and a thriving start-up ecosystem featuring over 100 unicorns, has also been a major driver of growth. With over 38 sector skill councils, the government's focus on bridging the skill gap is preparing domestic firms for future demands, further bolstering the office leasing sector. Flexible space operators, technology, and BFSI sectors have emerged as the primary drivers of office leasing, collectively accounting for two-thirds of all domestic activity. The RCA sector, which includes legal, taxation, HR, and media services, is also playing a significant role in boosting domestic leasing. Additionally, Indian engineering and manufacturing firms, which currently represent 7-8 per cent of domestic office leasing, are expected to expand into <keyword id="20270212" type="General" weightage="20" keywordseo="tier-ii" source="keywords">Tier-II</keyword> and Tier-III cities, which are emerging as manufacturing hubs. Anshuman Magazine, Chairman and CEO, India, Southeast Asia, Middle East &amp; Africa, CBRE, said, "India's rapidly expanding start-up ecosystem and talent abundance are major drivers of this demand. As India's major urban centers continue to grow and diversify, the demand for premium office spaces will shape the future of the commercial real estate market, setting new standards for innovation and excellence. He added, "India's top nine cities are poised to see an impressive addition of ~185 million sq. ft. of premium office space by 2026. This dramatic increase in office space is a testament to several key factors driving the transformation of the commercial real estate landscape". Ram Chandnani, Managing Director, Advisory and Transaction Services, CBRE India, said, "Advances in technology, especially artificial intelligence (AI), are poised to further transform the office sector. While AI may cause job displacement in some areas, it will also create new opportunities and necessitate comprehensive workforce reskilling. The surge in workforce needs, driven by digitalization, evolving workplace strategies, and enhanced business confidence, has substantially boosted leasing activity."

Domestic firms to lease 60-65 million sq ft office space by 2025: CBRE report

<ul class="summary-list"><li>Starbucks' comparable sales in China are slumping, with a 14% drop in the most recent quarter.</li><li>Its then-CEO put it down to weak consumer spending and a coffee store "price war" in a July investor call.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/starbucks-traffic-sales-comparable-us-china-visitors-transactions-brian-niccol-2024-8">Starbucks</a> has been struggling in China.Comparable store sales, a key measure for the restaurant industry, were down 14% in its most recent quarter.China, the world's second-biggest country by population, is a crucial market for Starbucks. The coffee giant has <a target="_blank" rel=" nofollow" class="" href="https://s203.q4cdn.com/326826266/files/doc_financials/2024/q3/3Q24-Earnings-Release-Final-7-30-24.pdf">more than 7,300 stores</a> there, nearly 20% of its total footprint — making China its second-biggest market after only the US. It's targeting <a target="_blank" class="" href="https://stories.starbucks.com/asia/stories/2023/starbucks-enhances-innovation-to-support-growth-in-china/">9,000 stores</a> by 2025.Starbucks opened its first store in mainland China in Beijing <a target="_blank" class="" href="https://www.starbucks.com.cn/en/about/history/">in 1999</a>.<a target="_blank" class="" href="https://www.businessinsider.com/starbucks-reserve-roastery-shanghai-china-is-worlds-biggest-2018-4">Shanghai</a> was also chosen as the location of the <a target="_blank" class="" href="https://www.starbucksreserve.com/stories/hello-shanghai">second Starbucks Reserve Roastery</a>, after Seattle.In mid-August, Starbucks named <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-steps-down-replaced-by-chipotle-chief-2024-8">Chipotle CEO Brian Niccol</a> as its new boss in an abrupt management shake-up. One of his key priorities could be turning around its Chinese business.<h2 id="5529d4ab-9d0b-4d20-9223-34655e83b33d">Sales slump</h2>Starbucks' comparable store sales in China have been incredibly volatile over the past five years.Comparable sales are determined by two components: The number of orders placed and the average order size.In previous years, sales were massively affected by <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-protests-covid-lockdown-explainer-stakes-2022-11">China's strict zero-COVID policy</a>. But in recent months, they've been hit by cautious consumer spending and increased competition, then-CEO Laxman Narasimhan told investors in July."Unprecedented store expansion and a mass segment price war at the expense of comp and profitability have also caused significant disruptions to the operating environment," he said.Comparable store sales have been negative for the last two quarters. In the most recent quarter, to June 30, both the comparable transaction count and average ticket size were down 7% year-over-year. The average ticket size has been steadily declining over the past two years.In particular, fewer occasional customers have been visiting in the afternoons and evenings, Narasimhan told investors in April.<h2 id="060c4243-77d8-4369-88a7-38a9fadab9f0">Increased competition</h2>The rapid growth of the coffee-shop sector in China means there's simply "too much competition," Sherri He, who leads the China unit of consulting firm Kearney, told Business Insider.She said it was Starbucks' "number one challenge" in China.Narasimhan told investors in April that there was "fierce competition among value players" in China.<a target="_blank" class="" href="https://www.businessinsider.com/luckin-coffee-chinese-chain-making-starbucks-nervous-singapore-2023-11">Luckin Coffee</a>, Starbucks' biggest rival in China, has nearly three times as many stores as Starbucks in the country after monumental unit growth. Luckin was only founded in 2017 but it has <a target="_blank" class="" href="https://investor.lkcoffee.com/news-releases/news-release-details/luckin-coffee-opens-its-landmark-20000th-store-beijing">more than 20,000 coffee shops</a>, the vast majority of which are in China.Luckin has a much broader presence across China than Starbucks, including in smaller cities, the analysts said. Nearly a quarter of Starbucks' Chinese stores are in Beijing and Shanghai, and the vast majority of its other stores are in tier one, new tier one, and tier two cities, according to a Bank of America report from April.Other major competitors in China include Cotti Coffee, McDonald's McCafe, and KFC's KCoffee.<h2 id="7f36829d-72cf-4485-bc9e-7582b527c3ed">Not all Chinese consumers want the Starbucks experience</h2>Coffee is "still a growing habit" in China, Dave Xie, a partner at Oliver Wyman focusing on consumer goods and retail, said. "Lots of consumers just drink tea."And when they do go to a coffee shop, they generally care much more about the product than the experience, Xie said."Starbucks is a consumer-centric company, but for Luckin it's really product-centric," Xie said. Luckin has a "very rapid product innovation cycle" with much more frequent launches than Starbucks, he said.The Chinese coffee chains are much more "agile" at adapting to trends and cater more closely to the flavors favored by Chinese consumers, He, the Kearney partner, said. This includes Luckin's focus on sweet and milky beverages, with a brown sugar boba latte and a hugely popular coconut latte that accounts for 70% of sales at some stores, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-06-06/china-s-luckin-coffee-lkncy-is-back-and-beating-starbucks-sbux">Bloomberg</a> reported.Xie said that Starbucks' <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-embracing-drive-thrus-and-mobile-over-traditional-mode-2022-8">"third place" model</a> — the idea that it's an alternative space to work and home for people to spend time — had worked in 2017 and 2018, when people were more willing to pay for premium products, but that this was no longer the case. Luckin, in comparison, has smaller-format stores with less seating and a focus on automation and standardization, he said.<div type="image" title="Customers line up at a Luckin coffee shop in Yanbian, Jilin province, China, July 16, 2024. On July 19, 2024," height="3024" width="4031" msid="112739533" hostid="261" sizebytes="406810"></div>Starbucks executives have repeatedly told investors that its premium positioning in China is a crucial part of its strategy. But because of this, Starbucks is limiting its potential customer base.Starbucks is "not targeting the mass but the middle class," in particular white-collar professionals, He said.Starbucks typically charges between 30 and 40 yuan ($4.20 to $5.60) for a 16-ounce drink, including Americanos, flat whites, flavored lattes, teas, and Frappuccinos, according to its <a target="_blank" class="" href="https://www.starbucks.com.cn/en/menu/">website</a>. In contrast, Luckin often has promotions that discount it down to 10 yuan a cup ($1.40), He said."We're not interested in entering the price war," Starbucks China CEO Belinda Wong <a target="_blank" class="" href="https://s203.q4cdn.com/326826266/files/doc_events/2024/01/1/SBUX-Q1-2024-Earnings-Call.pdf">told investors</a> in January. "It is our aim to be the best and lead in the premium market."But <a target="_blank" class="" href="https://www.reuters.com/business/retail-consumer/china-starbucks-tries-avoid-price-war-gets-dragged-into-discounting-2024-05-27/">Reuters</a> reported in May that Starbucks had significantly increased its use of discounting in China to compete with local rivals. Wong <a target="_blank" class="" href="https://s203.q4cdn.com/326826266/files/doc_events/2024/01/1/SBUX-Q1-2024-Earnings-Call.pdf">acknowledged</a> in January that Starbucks' use of promotional offers in China had led to lower average check sizes.<h2 id="b005dbb0-5953-4baa-b378-4adbe7fe5594">Economic growth is slowing, and consumer spending is growing more cautious</h2><a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-economy-second-quarter-gdp-growth-weak-demand-consumption-exports-2024-7">China's economic growth</a> has slowed. It grew just 4.7% year-over-year in the second quarter of 2024, missing forecasts."China's obviously a tough market, and it's not just Starbucks," Brian Yarbrough, a restaurant analyst at Edward Jones, told BI.Luckin's same-store sales were down more than <a target="_blank" rel=" nofollow" class="" href="https://investor.lkcoffee.com/static-files/ec2bafa0-1543-4d62-811d-7115a4349c5c">20%</a> in its two most recent quarters.Consumers are "increasingly rational and pragmatic," Xie said. This makes the price gap between coffee chains an even "bigger challenge" for Starbucks, He said.<div type="image" title="Staff members work at a Starbucks store in downtown Shanghai, east China, Sept. 27, 2022" height="2591" width="3768" msid="112739530" hostid="261" sizebytes="445164"></div><h2 id="d2465509-1a5e-4882-8ccd-74af5a947267">Starbucks remains optimistic</h2>Starbucks executives say the chain is focused on its long-term plan in China.Narasimhan <a target="_blank" class="" href="https://s203.q4cdn.com/326826266/files/doc_events/2024/01/1/SBUX-Q1-2024-Earnings-Call.pdf">said</a> in January that Starbucks was focused on offering more coffee-forward, locally-relevant products in China and opening stores in smaller cities "where we see meaningfully stronger new store economics." He noted that the company was "well on track" to meet its 2025 target of 9,000 stores in China.Starbucks added <a target="_blank" rel=" nofollow" class="" href="https://investor.starbucks.com/news/financial-releases/news-details/2024/Starbucks-Reports-Q3-Fiscal-2024-Results/default.aspx">more than 800</a> new Chinese stores in the year to June 30. The chain has continued to grow in China "in the hope that there's some market shakeout," but in the short term, "it's a pretty tough road that they're going through right now," Andy Barish, an analyst at Jefferies, <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-traffic-sales-comparable-us-china-visitors-transactions-brian-niccol-2024-8">said</a>.

China is Starbucks' 2nd biggest market, but sales are slumping. Here's why.

New Delhi: <keyword id="19904868" type="General" weightage="100" keywordseo="Ecom-Express" source="keywords">Ecom Express</keyword> Ltd has filed draft papers with capital markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> to garner Rs 2,600 crore through an initial share-sale. The company's <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) comprises a fresh issue of equity shares worth Rs 1,284.50 crore and an Offer for Sale (OFS) of shares valued Rs 1,315.50 crore by promoters and other shareholders, according to the draft red herring prospectus (DRHP). Proceeds from the fresh capital to the tune of Rs 387.44 crore will be used for setting up new processing centres with automation and new fulfilment centres, Rs 73.71 crore for computers and IT equipment, Rs 239.23 crore for enhancing technology, data science capabilities, and cloud infrastructure, and Rs 87.92 crore for payment of debt. Also, the remaining funds will be used for general corporate purposes and potential acquisitions, according to the draft papers filed on Wednesday. The company may consider raising Rs 257 crore through a pre-IPO placement. If such placement is undertaken, the amount raised will be deducted from the total fresh issue size. Ecom Express operates a pan-India express logistics network that handles first-mile pick-up, mid-mile transportation, last-mile delivery, returns, and warehousing services. By offering essential logistics infrastructure and using technology, the company connect digital retailers and <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> platforms with consumers across the country. According to RedSeer report, the <keyword id="22803827" type="General" weightage="20" keywordseo="Indian-e-commerce-market" source="keywords">Indian e-commerce market</keyword> is projected to grow significantly, with a compound annual growth rate (CAGR) of 21 per cent over the next five years. It is expected to increase from Rs 5.1 lakh crore in 2024 to Rs 12.5-13.5 lakh crore by 2029. Growth is notably strong in Tier 2+ regions, which are expected to account for 70-80 per cent of B2C e-commerce shipments by 2029, up from 62 per cent in 2024, the report added. Axis Capital Ltd, IIFL Securities Ltd, Kotak Mahindra Capital Company Ltd and UBS Securities India Private Ltd are the book running lead managers to the company's public issue.

Ecom Express files papers with Sebi for Rs 2,600-crore IPO

The state of the job market has been worrisome for people across the country ever since companies started carrying out large scale layoffs. In 2022, Twitter (now called X) laid off thousands of employees and eventually, companies like Meta, Google, Amazon, Microsoft and so on also began handing the pink slip to employees. Thousands of people took to social media platforms to share their ordeals. While some have successfully moved on to new roles now, many are still searching for opportunities, elevating competition in the job market. However, the situation isn't so grim everywhere. <keyword id="78512" type="General" weightage="100" keywordseo="iim-calcutta" source="Orion">IIM Calcutta</keyword> students bagged offers worth nearly 2 lakh per month for their summer internship programme. Curious? Read on to know more. The 61st batch of IIM Calcutta's flagship MBA programme saw all 475 students secure internships during the recent placement season. The numbers also speak volumes: a staggering median stipend of ₹2 lakh per month, a record-breaking achievement, and an average of ₹1.89 lakh that closely follows. And it doesn’t stop there—the highest domestic offer came in at ₹3.67 lakh, while international placements soared with top offers of ₹6.75 lakh per month. For many, this success story from IIM Calcutta is a reminder that when it comes to premium talent, there’s always a demand, even when the world feels uncertain. Professor Ritu Mehta, Chairperson of Placement Activities at IIM Calcutta, said as per a report in ET, "The outcome of the <keyword id="23806452" type="General" weightage="20" keywordseo="summer-internship-offers" source="keywords">summer internship offers</keyword> has yet again demonstrated the future readiness of our students in a highly competitive landscape. Globally, there is an ongoing recalibration of managerial jobs and pullback of job postings, hence we are very grateful to our recruiters to repose their trust in our students and our academic processes." Meanwhile, IIM Calcutta said, "The cluster-cohort placement process that involved various policies such as ‘dream offer’ enabled recruiters to find a better student-recruiter fit, making the overall process a win-win for both recruiters and students." For the unversed, IIM Calcutta, established in 1961 as the first Indian Institute of Management, is one of the most prestigious business schools in India and is globally renowned for its academic excellence. Known for its rigorous MBA programme, it has built a reputation for producing leaders equipped with strong analytical and strategic thinking skills. The institute has consistently attracted top-tier recruiters across various industries, and people across the industry keep a close eye during its placement season.

₹1.89 lakh per month for summer internship! Freshers at this institute bag bumper monthly stipend

As India gears up for its vibrant festive season, a notable surge in <keyword id="23052492" type="General" weightage="20" keywordseo="seasonal-hiring" source="keywords">seasonal hiring</keyword> is taking place across various industries, with gig roles leading the charge. According to data from job site Indeed, seasonal hiring is projected to rise by 20% this year compared to last, driven primarily by <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword>, logistics, and retail sectors, as companies prepare for heightened consumer demand. Sashi Kumar, Head of Sales at Indeed India, emphasised, "The festive season is a crucial period for businesses across India, and we're seeing a significant uptick in hiring for seasonal roles as companies prepare to meet heightened consumer demand." <h3 style="line-height:1.2;margin-top:14.0pt;margin-bottom:4.0pt;">What is gig work?</h3>Gig work refers to flexible, short-term, or freelance employment often facilitated by digital platforms. Unlike traditional full-time jobs, gig workers are hired on a project basis, allowing them to work for multiple employers or companies as needed. These roles are popular in industries like food delivery, transportation, and logistics. During India's <keyword id="21015356" type="General" weightage="20" keywordseo="festival-season" source="keywords">festival season</keyword>, when businesses experience a spike in demand, gig workers play an essential role in ensuring smooth operations across sectors like retail and e-commerce. <h3>Gig labour during festival season</h3>The festive season in India, spanning from September to December, is one of the busiest times of the year for businesses. As a result, companies ramp up hiring to cope with increased sales and customer demand. Seasonal roles in delivery, logistics, warehouse operations, and customer support see the highest demand, as businesses focus on timely deliveries, inventory management, and customer satisfaction. Indeed's data reveals that the top gig roles witnessing a rise in hiring this season include <keyword id="21462485" type="General" weightage="20" keywordseo="delivery-executives" source="keywords">delivery executives</keyword>, <keyword id="22103182" type="General" weightage="20" keywordseo="warehouse-workers" source="keywords">warehouse workers</keyword>, <keyword id="23052493" type="General" weightage="20" keywordseo="logistics-coordinators" source="keywords">logistics coordinators</keyword>, <keyword id="23052494" type="General" weightage="20" keywordseo="in-store-sales-executives" source="keywords">in-store sales executives</keyword>, and customer care executives. While major cities like Mumbai, Bengaluru, and Delhi see a steady increase in demand for gig workers (18-20%), tier-2 and tier-3 cities like Nagpur, Jaipur, and Vadodara are emerging as key contributors, witnessing a hiring surge of 22-25%. <div type="Article" hostid="261" msid="112999246" title="As fast as some jobs are growing, others are losing steam" mstype="2" mssubtype="0"></div><h3><keyword id="3480589" type="General" weightage="20" keywordseo="meesho" source="Orion">Meesho</keyword> major contributor</h3>One of the standout examples this festive season is Meesho, a leading e-commerce marketplace in India. According to sources, the platform has enabled around 8.5 lakh seasonal job opportunities, representing a 70% increase from last year. Of these, 5 lakh jobs were created within Meesho's seller network, while another 3.5 lakh jobs emerged in the logistics sector. Sourabh Pandey, CXO of Fulfilment and Experience at Meesho, shared, "This festive season, we are particularly thrilled to have enabled 8.5 lakh seasonal jobs, especially in tier-3 and beyond cities. Empowering SMBs, local manufacturers, and logistics providers to scale their business is resulting in meaningful economic opportunities that are driving financial inclusion in these regions." Meesho has reportedly also partnered with prominent third-party logistics providers such as Delhivery, Ecom Express, and Shadowfax to meet the increased demands of the festive season. These collaborations have not only expanded logistics capacity but also helped generate gig opportunities in first-mile, middle-mile, and delivery associate roles. Abhishek Bansal, CEO &amp; Co-founder of Shadowfax, commented, "We are particularly excited to nearly double our capacity across several value-added services, such as Reverse Quality Check-Based Pickups and Hand-to-Hand Doorstep Exchange. These efforts ensure smooth deliveries and returns during the festive rush." <div type="Article" hostid="261" msid="112720685" title="If you want to find a job, it&amp;#39;s time to specialize" mstype="2" mssubtype="0"></div><h3 style="line-height:1.2;margin-top:14.0pt;margin-bottom:4.0pt;">The future of gig work in India</h3>The rapid rise in <keyword id="23052491" type="General" weightage="100" keywordseo="gig-hiring" source="keywords">gig hiring</keyword> reflects the evolving needs of today's consumers, particularly during high-demand periods like the festive season. The e-commerce industry, which saw a 35% rise in demand for seasonal workers, is expected to continue driving this trend, with logistics and retail sectors close behind. "The industries that are growing — e-commerce, logistics, quick commerce — are doing so because they're aligned with the needs and behaviours of today's consumers,” Sashi Kumar explains. “This is where the future of India's <keyword id="19916569" type="General" weightage="20" keywordseo="job-market" source="keywords">job market</keyword> could be heading". With a flurry of companies contributing significantly to job creation, particularly in tier-3 and tier-4 cities, gig work is becoming a vital source of employment across the country. As India's job market evolves, gig work is likely to play an even larger role in shaping the future of work, offering flexibility and economic opportunity to millions of workers. (With inputs from agencies)

E-commerce is expected to help seasonal hiring for gig roles surge by 20% this festival season: reports

<ul class="summary-list"><li>Starter home sales in July reached their highest since October 2022, a report from Redfin shows.</li></ul>The housing market has remained in low gear this year, but there's one area of the market that's mounting a comeback. Pending sales of starter homes — houses priced in roughly the bottom third of home values — rose 10.2% year-over-year in July to the highest level since October 2022, according to a <a target="_blank" href="https://www.redfin.com/news/starter-homes-july-2024/">report</a> from Redfin.The uptick in starter home sales comes as first-time home buyers take advantage of lower mortgage rates and an influx of homes coming to market."The overall market remains sluggish, but we are beginning to see first-time homebuyers come off the sidelines, buoyed by falling mortgage rates and an increased number of homes hitting the market," said Redfin economist Sheharyar Bokhari.Mortgage rates have fallen in recent weeks, with the 30-year mortgage rate tumbling to its <a target="_blank" href="https://www.businessinsider.com/mortgage-rates-30-year-refinance-applications-real-estate-housing-market-2024-8">lowest in over a year</a> earlier this month.That's been enough to entice many first-time buyers, who are less likely to have large down payments ready for a purchase, and thus see greater impacts on their monthly payments with changes to mortgage rates.Starter home prices— <a target="_blank" href="https://www.businessinsider.com/housing-market-prices-starter-home-million-dollar-cities-home-costs-2024-7">while still high</a>—are rising slower than middle- and upper-price homes. The average starter home sold for a record high of $250,000 in July, up 4.2% compared to last year. Home prices in the middle- and upper-price tiers, however, increased 4.6% and 5%, respectively."Not only do you have young families and investors looking at starter homes, you also have buyers who have been forced to consider less-expensive options due to near-record home prices," Bokhari said.But even with increased demand for starter homes, prices haven't skyrocketed because inventory is steadily rising at the same time, Bokhari said.The number of starter homes on the market is up 18.9% compared to last year, the largest inventory of such homes since October 2022.That growth outpaces the broader US housing supply, which saw a <a target="_blank" class="" href="https://www.businessinsider.com/houses-for-sale-supply-inventory-costs-mortgage-rates-prices-fed-2024-8">record 14% uptick</a> in July.

The starter home is making a comeback as the housing market thaws for first-time buyers

<keyword id="19955368" type="General" weightage="100" keywordseo="budget-2024" source="keywords">Budget 2024</keyword>, which is set to be presented on July 22nd, is set to accelerate the growth of <keyword id="20459350" type="General" weightage="20" keywordseo="Indian-stock-markets" source="keywords">Indian stock markets</keyword> by as much as 20%, a recent survey by <keyword id="19897999" type="General" weightage="20" keywordseo="Bloomberg" source="keywords" meta.keywordsubtype="org" meta.entityname="Bloomberg" meta.hostid="261" meta.entityid="Bloomberg">Bloomberg</keyword> noted. While some respondents hope that the <keyword id="20983733" type="General" weightage="20" keywordseo="NSE-Nifty50" source="keywords">NSE Nifty50</keyword>, which is currently trading at 24,273.35 points, might reach 26,000 points by the end of this year, others estimate the index to inch up even higher. The budget is likely to boost consumer spending, accelerate consumption, and support infrastructure development, noted half of the 24 experts Bloomberg surveyed. Data by Bloomberg Intelligence predicted that the estimated earnings per share (EPS) of companies on the MSCI India Index is set to rise by 15.6% on year basis, for the calendar year 2024. In contrast, Chinese firms are expected to grow at about 10%. One-fourth of surveyed analysts noted that pushing capital expenditure would be the government's top priority, while the other half thought the focus would be on boosting consumer demand. Naturally, analysts see potential growth in consumer discretionary stocks in the months to come, followed by financial services. <h2>Focus on Women, Capex</h2>Many are expecting the government to raise the standard deduction threshold from the current Rs 50,000 to Rs 1,00,000. The government is also thinking of raising the limits of the <keyword id="19930663" type="General" weightage="20" keywordseo="Public-Provident-Fund" source="keywords">Public Provident Fund</keyword> (PPF) from Rs 15,000 to Rs 25,000. As per Ashwajit Singh, Founder and Managing Director of IPE Global, "the budget is expected to be tilted towards adopting a strategy for the underprivileged, youth, farmers, and women. The budget is expected to reflect the government’s tried and tested formula of ‘guarantees’ by opting for income transfer policies and spending more on welfare schemes in government campaigns in India. Allocations for existing schemes such as 'Housing for All’, MGNREGA, and health insurance for these sections of society are likely to increase while new schemes may be introduced". According to Badal Yagnik, CEO of Colliers India, the real estate segment is optimistic regarding this budget: "Housing, infrastructure development, sustainability, and digitization will remain at the core of the budget, which will go a long way in supporting real estate growth across segments in the long term. EV infrastructure, renewable energy, and green financing will continue to remain in focus, creating a strong base for a sustainable future. Incentivization of green buildings through minimum alternate tax or tax breaks similar to the infrastructure sector will be particularly beneficial. Meanwhile, retail investors are calling for additional rationalizing of the capital gains tax structure. The Union Budget 2024–25 should explore initiatives to boost greater retail engagement in REITs and InvITs". Anooshka Soham Bathwal, founder of Dhanvesttor, a financial management platform, expects that the government's focus is likely to keep driving the increased participation of women in the workforce in the upcoming full budget, where it can attain the same by incentivising higher education for women. "To promote entrepreneurship, the government can introduce special benefits for the businesses started by women. Further steps towards a stable policy environment and ease of doing business are also desirable. Incentives on tax, funding, and growth for women-centric organizations can help to further attain the inclusive growth objective of government". Bathwal also emphasized that the budget should promote entrepreneurs and the country's startup system. "Entrepreneurs are advocating for additional tax breaks for investors and promoters to attract more domestic capital. As India progresses towards becoming a global hub for entrepreneurship and innovation, fostering both technological and process innovations is crucial. Significant improvements in ongoing training and skill upgrades are vital, particularly given the rapid growth in Tier 2 and Tier 3 markets. Additionally, the government needs to address the credit challenges faced by SMEs", she continued Also read <a href="https://www.businessinsider.in/budget/budget-2024-heres-what-indias-elderlies-want/articleshow/111486023.cms" data-type="tilCustomLink">Budget 2024: FM might delight India's senior citizens this time around</a> <a href="https://www.businessinsider.in/finance/union-budget-2024-25-when-will-it-be-presented-what-to-expect-and-more/articleshow/111014203.cms" data-type="tilCustomLink">Union budget 2024-25 : When will it be presented, what to expect and more</a>

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