India’s tech startup landscape underwent a dramatic change after the Covid-19 pandemic, the Economic Survey noted. This and more in today’s ETtech Top 5.
India's Economic Survey has projected a conservative growth of 6.5-7 per cent for the current fiscal year due to global uncertainties and domestic challenges. This is lower than the 8.2% growth rate estimated in 2023-24 and a bit lower than the Reserve Bank's forecast of 7.2% for the current financial year. The survey has proposed a compact between central and state governments, corporate sector, and academia to overcome the unprecedented economic scenario.
Traders remained on the sidelines in the run up to Budget 2024. The S&P BSE Sensex fell over 100 points while Nifty50 closed above 24,500 levels. Sectorally, auto, power, PSU and utilities saw buying action, while some selling was seen in oil & gas, bank and realty stocks.
The pre-budget Economic Survey highlights the need for a liquid Non-Performing Assets (NPA) market to facilitate bank acquisitions and asset turnarounds. The survey highlights steps taken by the government, such as setting up a bad bank and improving the insolvency ecosystem, which have helped bring NPAs to a multi-year low.
Economic survey: PM Narendra Modi reviewed the Economic Survey by Finance Minister Nirmala Sitharaman, emphasizing economic strengths, reforms, and future growth areas. India's projected growth is 6.5% to 7% for 2023-24, revised by economists. The document, tabled with a statistical appendix, discusses private investment risks. Last year had 8.2% growth, with the central bank estimating 7.2% this year, ending March 2025.
The Economic Survey by Finance Minister Sitharaman highlights the private sector's harmful habits affecting health and productivity, undermining India's economic potential. It discusses job creation, demand visibility, weak employment growth, and capital-labor balance amid record corporate profitability in FY24. Businesses are urged to adopt traditional lifestyles for sustainable growth, social stability, and environmental sustainability in a global market.
According to the Civil Aviation Ministry, domestic airlines cancelled 7,030 flights this year till May 31, with 4,56,919 departures in 2024. In Mohol's reply to the Rajya Sabha, 2022 and 2023 cancellations were noted. Digi Yatra, using Facial Recognition Technology, served 2.5 crore passengers; data in smartphone wallets, purged after 24 hours, shared with origin airport for ID validation.
The rupee on Monday touched a record low intraday level versus the US dollar as a weaker Chinese yuan dragged Asian units lower, with likely interventions by the Reserve Bank of India reining in weakness in the local currency, whose valuation has become pricier, dealers said.
Joe Biden shocked the entire world, especially the United States, after choosing to drop out as the US Presidential election candidate. This move leaves Donald Trump as the most viable candidate as the election is just round the corner. Will the Democrats bounce back with a suitable candidate like Barack Obama?
US President Joe Biden has decided to end his election campaign. This came after many days of political turmoil which was reflected through survey numbers, growing dissent against his leadership and donors refusing to support him. Many described Biden to be isolated, frustrated and angry. He is disappointed that many long-term supporters refused to stand by him during this difficult period. He has endorsed VP Kamala Harris.
Favorable announcements in the housing sector could boost stocks of realty, cement, and housing finance companies. Credit ratings agency CareEdge predicts the government will increase funding for affordable housing schemes, driving construction and employment.
Economic Survey highlighted, startups recognised by the government - more than 1.17 lakh as of December 2023 - have created over 12.42 lakh direct jobs in the country. Finance minister Nirmala Sitharaman tabled the Economic Survey 2023-24 in parliament on Monday. The top sectors for startups in 2023 were edtech (16%), enterprise tech (12%), BFSI (10%) among others.
The Tatas have raised the authorized equity capital of Tata Electronics to Rs 10,000 crore in FY24, indicating they may make fresh equity infusion of over Rs 6,000 crore since the paid up capital till now is Rs 3961 crore.
Since 2018, NTA postponed 16 exams, including JEE-Main, NEET-UG, and UGC-NET, largely due to COVID-19. Conducting 240 exams involving 5.4 crore students, delays in 2020-2024 also affected DUET and CMAT. IGNOU PhD Entrance and National Common Entrance Test were deferred due to technical and logistical issues, Minister Sukanta Majumdar shared in Lok Sabha, responding to DMK MP Karunanidhi.
NCLT initiated insolvency for Supertech Township Projects over a Rs 216.92 crore default. The Rs 1,500 crore Greater Noida project had Rs 340 crore term loan and Rs 706.93 crore advance booking. Overseen by Umesh Singhal, it became non-performing in June 2018.
India's Economic Survey 2023-24 has emphasized the need to address its dependence on China for critical minerals and the implications of phasing down coal on bank balance sheets as it accelerates its green transition. The survey argues that India needs to develop or acquire storage technology at affordable costs for renewable energy in power generation and increase the opportunity cost of land and capital being used for such energy.
The Economic Survey 2023-24 highlighted India's need to create 78.5 lakh non-farm jobs by 2030, focusing on existing schemes like PLI and MITRA Textile to generate employment. It noted AI as a double-edged sword, with potential job losses in sectors like BPO due to automation. The survey emphasised proactive government and industry interventions to leverage India's tech-savvy population for AI-driven growth. The gig economy is expanding rapidly, projected to form a significant portion of India's workforce by 2029-30. Читать дальше...
Air India will operate Airbus A350 on ultra-long haul routes to the US, starting with Delhi-New York flight from November 1. Premium economy class to be introduced along with business and economy classes. CEO Campbell Wilson highlights the importance of this upgrade.
YouTube faced widespread issues with the app, website, and uploading, peaking at 3:15 PM after starting at 1:30 PM, linked to Microsoft's Friday outage due to a Crowdstrike update. Reports: 43% app issues, 33% uploading, and 23% website issues. Outages spanned New Delhi, Kolkata, Mumbai, Bengaluru, Australia, UK, and US. An investigation is ongoing, likely minor bug fix soon.
Despite economic growth, the needs of individuals with disabilities in India are still unmet.
Pralhad Joshi announced Rs 4,950 crore for Discoms under PM-Surya Ghar to boost rooftop solar. Criteria: achieving baseline levels and added capacity beyond 10% and 15%. Effective July 18, the scheme runs till FY 2026-27 and involves net meter availability. It subsumes GCRT Phase II and is part of a Rs 75,021 crore outlay by MNRE.
A total of 300 passengers have been placed on the no-fly list in the last five years, including 51 people this year till July 1, according to data provided by Minister of State for Civil Aviation Murlidhar Mohol to the Rajya Sabha. In 2023, as many as 110 passengers were placed on the no-fly list while the count stood at 63 and 66 in 2022 and 2021, respectively.
Tax policies will play a crucial role in addressing income inequality as technology, such as AI, threatens employment and income, according to the Economic Survey. Global disparities are a key challenge for policymakers, with India's top 1% earning 6-7% of total income and the top 10% earning one-third. The government is focusing on job creation, formal-informal sector integration, and female labor force expansion to combat inequality, emphasizing the need for effective tax policies to address the impact of technology on income and employment.
Jairam Ramesh of Congress criticized the Economic Survey 2023-24 by Nirmala Sitharaman, highlighting inflation, China imports, trade issues, housing struggles, and private investment lags. He also noted high unemployment, corporate tax cuts, and the need for policies on gig workers, minimum wages, and ending tax terrorism. He advocated for Nyay Patra 2024 and called out Make in India.
