Experts sees a strong consumer spending this festive season.

Coming out of the pandemic, consumers in India have expressed a strong desire to buy more discretionary products during the festive season, according to Deloitte’s Global State of Consumer Tracker.

Deloitte’s latest analysis indicates that consumers are willing to increase spend on both travel and hotel stays. They also intend to buy either a new or used vehicle within the next six months.

Consumers’ intent to purchase clothing, electronic and home furnishing, and recreation, entertainment and leisure, indicates a positive spending pattern triggered by the upcoming festive season.

“The survey findings clearly indicate that consumers plan to increase their discretionary spend by 30 per cent (on items such as recreation and entertainment, restaurants, and leisure travel) in August 2022, compared with April 2022,” it said.

The current wave indicates consumers surveyed were willing to travel to domestic and international destinations. With ‘mask-lift’ announcements and easing out of other COVID-related restrictions in some countries, about 88 per cent Indian consumers plan to spend on leisure travel in the next four weeks.

Clearly online purchases remain strong, albeit to a lesser extent than during the peak of the pandemic. Relevant sectors, such as consumer products and retail, automotive, and travel and hospitality, look to benefit from the buoyant mind set of the consumers covered in the survey.

Home grown alternative to GPS, know all about India's "NavIC".

Navigation with Indian Constellation (NavIC), also called the Indian Regional Navigation Satellite System (IRNSS), is considered on par with US-based GPS, Russia’s Glonass and Galileo developed by Europe.

Making innovative applications to the entire community in the ocean-based services, especially for the underserved and unserved, the NavIC constellation is really going to create history, according to ISRO Chairman K Sivan.

By using receivers on the ground, IRNSS-1I will help in determining position and time accurately through signals in a space covering India.

Standard Positioning Service (SPS) and Restricted Service (RS), which are provided to all and authorised users respectively, are the services associated with IRNSS.

Indian Prime Minister Narendra Modi named the independent regional navigation satellite system developed by India as “NavIC” which offers services like terrestrial and marine navigation, disaster management, vehicle tracking and fleet management, a navigation aid for hikers and travellers, visual and voice navigation for drivers.

Built at a cost of $174 million, NavIC was originally approved in 2006 and became operational in 2018. 

Consisting of eight satellites,  NavIC is currently being used for providing emergency warning alerts to fishermen venturing into the deep sea where there is no terrestrial network connectivity and in public vehicle tracking in India.

In order to ensure the availability of NavIC signal in any part of the world, India’s satellite navigation draft policy in 2021 stated the government will work towards “expanding the coverage from regional to global.”

With the aim of removing dependence on foreign satellite systems for navigation service requirements, NavIC is conceived particularly for “strategic sectors.”

IT employees are rewarded with double digit salary hike before the festive season.

As per a report by brokerage and research firm Elara Capital, companies like Coforge, L&T Infotech (LTI) and Persistent Systems (PSYS) hiked salaries in double-digits in FY22. Reportedly, this is the maximum hike that they have given in 4 years.

The same hike trend is been observed among employees of all major IT companies such as Infosys, HCL, TCS and other big IT corporations, and it was seen as a good move considering the pandemic hit stagnant income of the employees and much more relief from the dark clouds of spiking inflation all around.

In FY22, the median wage rise was 2.4x five-year average wage increase for midcap Indian IT companies as acute supply-side strain necessitated roll-out of substantial salary hikes.

As compared to the previous four years, the employee growth has exceeded the median salary growth which implies faster fresher addition (pyramid flattening).

As demand for services such as cloud-computing, digital payment infrastructure, cybersecurity and cryptocurrency transactions surged, employers paid top compensation to lure skilled workers.

Further, Double digit salary hikes are here to stay for at least another year. The Salary Increase Survey report by AON says that Indian companies are expected to boost average salaries by at least 10.4% in 2023, a tad lower than the 10.6% given in 2022 so far.

The average salary hikes in percentage terms for 2022 is highest in India as compared with other big countries, including the USA, the UK and Japan, the report said.

India's Foreign Direct Investment(FDI) to be accumulated to whopping $100 billion by the end of this fiscal year.

India is on track to attract $100 billion in foreign direct investment (FDI) in the current fiscal on account of economic reforms and ease of doing business, the government said on September 24, 2022.

In 2021-22, the country received the “highest ever” foreign inflows of $83.6 billion.

“This FDI has come from 101 countries, and invested across 31 union territories and states and 57 sectors in the country. On the back of economic reforms and Ease of Doing Business in recent years, India is on track to attract $100 billion FDI in the current FY (financial year),” the commerce and industry ministry said in a statement.

The statement also mentions that the government has installed a liberal and transparent policy to attract foreign investment. Currently, most sectors of the Indian economy are open to FDI under an automatic route.

The Foreign Direct Investment (FDI) in India can be made under two routes- automatic and government routes. Under the automatic route, the investor requires no or very less permissions from the Reserve Bank of India (RBI) or from the Government of India to invest.

Under the government rules, permissions from the appropriate authorities of the government or the RBI are required to invest in the country.

The reform measures include liberalization of guidelines and regulations, in order to reduce unnecessary compliance burdens, bring down costs and enhance the ease of doing business in India, the statement added.

Make in India initiative is an open invitation to potential investors and partners across the globe to participate in the growth story of ‘New India’. Make In India has substantial accomplishments across 27 sectors. These include strategic sectors of manufacturing and services as well. Production Linked Incentive (PLI) scheme across 14 key manufacturing sectors, was launched in 2020-21 as a big boost to Make in India initiative.

Depreciating Rupee.

The Indian rupee on 22 September fell to all-time low of 81.20 against US dollar in early trade on the back of US Treasury yields climbing to fresh multi-year highs and dollar demand from importers. Currently the rupee had suffered its biggest single session percentage decline since February, due to lack of aggressive intervention by the Reserve Bank of India (RBI) and a very U.S. hawkish Federal Reserve rate outlook, traders said.

One of the reasons that RBI couldn’t rescue the fall in the currency was inadequate liquidity in the banking system which is currently in deficit. RBI’s intervention in the spot market could make the case worst for the banking system liquidity amid short-term interest rates going higher.

The Central bank in a an attempt to handle the depreciating rate of rupee, frequently burnout forex. In just eight months between mid-January and mid-September this year, forex reserves have depleted by almost $90 billion, or approximately an average of $11 billion a month. For the week-ended September 16, India’s forex reserves stood at $545.65 billion compared with $634.97 billion in the week-ended January 14.

However, faced with dwindling forex reserves, the Reserve Bank of India (RBI) may not be aggressive in defending the Indian currency and allow it to catch up with other emerging market (EM) currencies that have dropped more.

National Logistics Policy.

National logistics policy was initially mentioned in 2020 by Finance Minister Nirmala Sitharaman in her address regarding the budget. The government claims that there are efforts on to implement an integrated and technologically enabled approach to logistics operations, which will be effective throughout the entire process and be useful in lowering logistics costs in the nation from the current levels of 13–14% of GDP.

The Union Cabinet headed by Prime Minister Narendra Modi approved the National Logistics Policy which seeks to cut transportation costs by promoting seamless movement of goods across the country.

An umbrella policy for the logistics sector has been in the works for around three-four years. It was felt that the logistics cost in India is high compared to other developed economies. India’s logistics cost as a proportion of the Gross Domestic Product (GDP) is believed to be around 13-14 per cent. The government now aims to bring it down to single digits as soon as possible.

The primary areas of this National logistics policy 2022 will be process re-engineering, digitization, and multi-modal transportation. It is a key decision since excessive logistical costs affect how competitive domestic products are on the global market.

The National logistics policy 2022 was deemed necessary because India has higher logistics costs than other industrialised nations. India must drastically cut its logistics costs if it wants to increase the competitiveness of its exports and domestic products.

The goal of lower logistics costs is to increase economy-wide efficiency, allowing for value addition and business. The policy lays out an extensive interdisciplinary, cross-sectoral, and multijurisdictional framework for the growth of the entire logistics ecosystem in an effort to solve concerns of high cost and inefficiency.

How UPI is a financial revolution.

United Payment Interface (UPI), a term unheard or unbelieved until April 2016, but in Modern India, UPI is the flag-bearer of the ongoing Financial Revolution.

From a tea vendor selling a Rs 10 Cutting Chai to a showroom with a pricey product range, a large section of our society has adapted to UPI. It actively utilises the mechanism for seamless payments. In the early stages, a year after the launch of UPI, the total number of payments was 6% compared to 36% of Card payments. However, in FY 2021, UPI’s share expanded to 63%, while the percentage of Card payments shrunk to 9%. The progressive advancement of UPI has not just constructed an efficient payment instrument, but it has connected millions on an inclusive and well-structured Digital platform.

It must be noted that the underlying infrastructure of Immediate Payment Service (IMPS) has been paramount for UPI’s grand success. Adopting a UPI ID rather than entering bank account numbers and IFSC codes has made transactions effortless. Integration with Bharat Bill Payment System (BBPS) for recurring Bill Payments has been crucial in creating an innovative platform.

The Indian real-time payments market is well developed when directly compared with other markets like the US, the UK, Canada and Australia, according to a report published by ACI Worldwide. The report also forecast that the share of all transactions occurring via real time instrument was expected to increase to 70.7 per cent in 2026 from the present 31.3 per cent. The report predicted that in 2026, business and consumer level benefits due to India’s real time instant payment was expected to reach $92.4 billion, adding, that it will have an impact of $54.9 billion or 1.12 per cent in India’s GDP.

Reducing India's Forex reserves.

India’s forex reserves are at an alarmingly low stage and have dropped with the aid of 23 months of use. For the week ending September , India’s overseas foreign exchange (forex) reserves fell to $553. The lowest level in over a year, consistent with figures from the Reserve Bank of India (RBI).

The Reserve Bank of India saved its currency and intervened to save the rupee from falling beyond eighty to the greenback at some point every week whilst the greenback surged to over-decade highs, inflicting India’s forex reserves to plummet to their lowest stage in more than a decade and staining the third consecutive week of decline.

The rupee has fallen from around seventy-four to close to eighty against the greenback, a trend that experts say the RBI has maintained vehemently, echoing a drop in FX reserves of slightly more than sixty-seven billion since the Ukraine disaster and more than eighty billion from all-time highs last year. The effect of the appreciation or depreciation of non-greenback currencies like the Euro, British Pound Sterling, and Japanese Yen held in forex reserves is blanketed within the overseas forex belongings expressed in US dollars.

Experts say that the forex reserves have witnessed a fall as a result of the Reserve Bank of India’s (RBI) intervention to rein the currency volatility. In 2022, the rupee has declined by about 7 per cent, which has also made imports costlier.  Even though India’s forex reserves have seen a decline in the past few months, experts say the situation is not at all alarming. Experts say the country has a significant amount of forex reserves.

Role of 'MSME' sector in Indian Economy.

MSME has introduced in the year 2006 in India. There are still some service sector that was not yet included in this sector was included in the definition of the Micro, Small and Medium-sized Enterprises making a historic change to this Act. 

The MSME sector in India gave a major boost to the economy. Over 63 million MSMEs spread across the country contributed 30.5% to India’s GDP in FY19 and 30% in FY20. It also created many employment opportunities. Based on a study conducted by the Ministry of Statistics & PI between July 2015 and June 2016, the MSME sector employed 111 million workers. Compared with large-scale companies, MSMEs aided in the industrialisation of rural areas at minimal capital cost. The sector has made significant contributions to the country’s socio-economic growth and complemented major industries as well. MSMEs account for approximately 40% of India’s total exports, 6.11% of GDP from the manufacturing sector and 24.63% of GDP from the services sector.

The significance of the MSMEs sector can be noted from the fact that it is the second-largest employment provider, after agriculture in India. This sector has proven the instrumental in the growth of the nation, leverage exports, creating huge employment opportunities for the unskilled, fresh graduates, and the underemployed. It also extended the opportunities to banks for giving more credit to enterprises to MSME Sector. The government should take the special care by addressing the importance of MSME in terms of providing more and more MSME Registration advantages by implementing better regulations and enable financial institutions to lend more credit at less interest rate for sustainability of this sector.

To ensure that MSMEs continue to lead the country towards economic growth, the Government of India has from time to time announced various schemes to support the development of this sector. Recently, in view of the economic hardship caused by covid 19, the government has announced few schemes under ‘Aatmanirbhar Bharat’ i.e. Self-reliant India initiative. Accordingly, the criterion for classifying MSME has also been revised. Under the revised criterion, the combined factors of ‘Investment in plant and machinery’ and ‘Turnover’ are required to be considered to determine whether a business should be classified as a micro, small or a medium enterprise. In contrast, earlier the classification of an MSME unit was based only its investment in plant and machinery; and also depending on whether the enterprise was in the manufacturing sector or in the services sector.

Hindi Diwas

 Hindi originated as a word for the people
who lived on the banks of the Indus River in ancient times. It is located in
India’s northwestern region. It is also one of Asia’s longest river systems..
Later in time, the word Indus was heard as the people called Hindus, and the
language they spoke was known as Hindi. Hindi also has its roots in Sanskrit.
Initially, there was only Sanskrit, but over time it underwent various changes
in the time frame of 1500 BC – 800 BC. There is a main dialect that flows into
other languages ​​called Khari Boli. It was this dialect that laid the foundation
for classical Hindustani popularity. Today’s Urdu and Hindi arose from Khari
Boli.

As such, India is a diverse, multilingual
country with its own culture, politics and historical significance. Hindi is
the most widely spoken language in our country. This is why Mahatma Gandhi said
that Hindi is our public language.


Bihar, which followed Urdu as its official
later in 1881, became the first state to declare Hindi as its official
language. Finally, on September 14, 1949, Hindi was accepted as the official
language of India.

This day is also declared as Hindi Diwas as
it is an attempt to pay homage to Beohar Rajendra Simha. He is recognized for
his efforts to make Hindi an official language of India.

No one has decided on the way to celebrate
Hindi Diwas. Many literary events and cultural programs are organized on this
important day. Themes of wearing Indian dress are decided and events are
organized in schools, colleges etc. Schools also hold various competitions such
as debates, essays and exhibitions. Various awards are also distributed for the
promotion of Hindi like Rajbhasha Kirti Puraskar and Rajbhasha Gaurav Puraskar
are distributed under public units, ministries, nationalized banks and also
among citizens.

Facts about Hindi, our mother tongue:

It is the fourth most widely spoken
language after Mandarin, Spanish and English.

It is written in the Devanagari script,
which originated in the 11th century.

Oxford dictionary has various Hindi words
like Kebab, Papad, Bada Din, Bacha, Surya Namaskar, Bapu, Dadagiri and many
more.

Other Hindi speaking countries are
Pakistan, Nepal, United Arab Emirates, Mauritius, Suriname, Tobago, Fiji,
Guyana and Trinidad.

Hindi is our mother tongue and it is also a
symbol of freedom which was won for all of us by our freedom fighters after a
long legendary struggle. It is time for us to wake up and realize that our
language and our identity are being unconsciously eliminated due to our
carelessness and the growing influence of westernization. We are nothing
without our cultural identity, hence Hindi Diwas is an attempt to rekindle the
essence of Hindi in our lives. It is time we value our own culture and
language. Celebrate Hindi Diwas with your loved ones and spread knowledge about
our mother tongue.

 

India's position in Human Development Index(HDI) report.

The Human Development Index 2022 is part of the Human Development Report 2021-2022 released by the United Nations Development Programme. In HDI 2022, 191 countries have been ranked based on their HDI value measured on the basis of 4 indices- life expectancy at birth, mean years of schooling, expected years of schooling, and the Gross National Income (GNI) per capita.

India ranks 132 out of 191 countries in the Human Development Index (HDI) 2021. This shows a decline in its score over two consecutive years for the first time in three decades. In 2020, India ranked 130 with an HDI value of 0.642. Before the COVID-19 outbreak, the HDI value of India was 0.645 in 2018.
This drop in HDI score is consistent with the global trend which shows countries have fallen backward in human development since the outbreak of the COVID-19 pandemic.

With a rank of 132, India is now placed below its south Asian neighbours of Bangladesh (129th), Bhutan (127th), Sri Lanka (73rd) and China (79th). India registered a decline in its HDI score for two consecutive years for the first time in three decades. India’s HDI score of 0.633 placed it in the medium human development category. However, India has improved slightly in the Gender Inequality Index.

However, UNDP says the ranking cannot be comparable as in 2020, the HDI was measured for 189 countries, and this year, the value has been calculated for 191 countries. It also said India’s latest rank reflects global trend as 9 out of 10 countries have fallen backward in human development in the face of multiple crises like Covid-19, the war in Ukraine and dangerous planetary changes.

First step by India to become a major semi-conductor manufacturing hub, Vedanta-Foxconn project .

Semiconductors are materials that have electrical conductivity between conductors generally metals and non-conductors or insulators. Due to their role in the fabrication of electronic devices, semiconductors are an important part of our lives. Anything that’s computerized or uses radio waves depends on semiconductors. Semiconductors are an essential component of electronic devices, enabling advances in communications, computing, healthcare, military systems, transportation, clean energy, and countless other applications.

The country responsible for the most semiconductors in the world is China, Taiwan, South Korea, and Japan. The Indian semiconductor market was valued at USD 27.2 billion in 2021 and is expected to grow at a healthy CAGR of nearly 19 percent to reach $64 billion in 2026. But none of these chips is manufactured in India so far.

A joint venture of the Indian conglomerate Vedanta and Taiwanese electronics manufacturing giant Foxconn signed a Memorandum of Understanding on September 14 2022 with the Gujarat government to set up a semiconductor and display manufacturing unit in the state. The project is worth around 20 billion USD. This upcoming facility will mark the beginning of chip manufacturing in India. This is also strategically important for India because it will reduce our dependence on other countries.

Out of the total investment of Rs 1,54,000 crore, Rs 94,000 crore will go into setting up the display manufacturing unit while Rs 60,000 crore will be invested for the semiconductor manufacturing facility, the official said in event of MoU. The FAB (fabrication facility) manufacturing unit in the state facility in Gujarat would create one lakh job opportunities.

As per the MoUs signed by both parties, the Gujarat government will facilitate the investor in obtaining necessary permissions and clearances from the state departments concerned. Among the subsidies and assistance under the state policy, Gujarat will provide additional capital assistance at 40 percent of the capital expenditure assistance extended by the Centre for the projects approved under the India Semiconductor Mission. One-time reimbursement of 100 percent stamp duty and registration fees paid to the government, fixed water tariff at Rs 12 per cubic meter for five years, and a capital subsidy of 50 percent for a desalination plant are the financial benefits under the new policy.

A massive shortage in the semiconductor supply chain last year affected many industries, including electronics and automotive. To cut dependence on imports from nations like Taiwan and China, the government brought a financial incentive scheme for manufacturing semiconductors in the country. Vedanata-Foxconn is one of the successful applicants for the Production Linked Incentive (PLI) scheme for semiconductors and is also a step towards achieving self-reliance in the semiconductor field for the country.

Google planning to shift phone manufacturing unit from China to India.

Google is eyeing moving some production of its Pixel smartphone lineup to India, according to a report, the latest in a series of phonemakers with growing ambitions to locally assemble their handsets in the world’s second largest market.

Like Apple, Google has also been moving some of its manufacturing efforts outside of China. Nikkei Asia reported that Google was also planning to move some Pixel manufacturing to Vietnam.

Google is considering moving some production of Pixel phones to India. This move comes following disruptions in China from COVID-19 lockdown and the country’s rising tensions with the United States. Parent company Alphabet Inc has reportedly invited bids from manufacturers to make between 500,000 and 1 million Pixel smartphones.

According to a report by The Information, Google is aiming to produce 10-20 per cent of the estimated annual production for Pixel. Chief Executive Officer Sundar Pichai reportedly considered a plan for manufacturing in India earlier this year but the final decision is yet to be made, the report said. However, if the approval follows through, India will need to import components from China. Alphabet is also considering Vietnam as an alternative.

The move away from China comes as the Biden administration plans to broaden the curbs on US shipments of semiconductors to China. US companies like KLA Corp, Lam Research Corp and Applied Materials Inc have been forbidden from exporting chipmaking equipment to Chinese factories.

Cheetahs to make a comeback in India.

Cheetahs that went extinct in India back in 1952 are now set to make a come back to the country. The Centre has launched an action plan under which 50 cheetahs will be introduced in India in the next five years.

As a part of an ambitious project to reintroduce the extinct spotted cat species in the country, the first batch of 12 cheetahs from South Africa is expected to reach India in October this year, said officials as quoted by news agency PTI.

The wildlife experts team from South Africa visited India to inspect the holding facility where the cheetahs will be released 

For the first time, the animals are being sent to India where its population has become extinct in the early 1950s, Fraser said, adding that the last confirmed was seen in 1953.

During the flight to India, the cheetahs will be fully awake in their transport crates and would be tranquilized to keep them calm.

After reaching India, the cheetahs would be released from their transport crates into a holding facility for the Indian team to monitor their health and to ensure that they are hunting again before releasing them into the reserve which will be their final destination.

Self-Improvement Month

If you’re reading this, then chances are that you are looking for some way to improve your life. Maybe you need help with personal development or maybe you’ve been thinking about starting a new job or volunteering at an organization. Whatever your reason for wanting to make changes in your life, it’s important that we keep our eyes open and try new things so we can be successful in achieving our goals.

Without encouragement, it is difficult to change.

Without encouragement, it is difficult to change. You need to believe in yourself and think that you can improve your life by making positive changes. The first step is believing that you can improve for the better—that’s because it will make all the difference. If you do not believe that things can get better, then no one else will either.

If someone says they are going through hard times or struggling with something difficult right now, try giving them some words of encouragement as a way of showing them how much strength there is inside themselves despite their circumstances (or lack thereof). This could mean saying something like “I know what it’s like when things keep getting worse instead of better.” Or maybe even just “I’m sorry about everything happening right now.” These small gestures go a long way towards helping those around us feel supported during times when we feel isolated from others’ understanding due to our own struggles.

You are most likely to succeed if you focus on one change at a time.

The key to success is to focus on one change at a time. This can be as easy as focusing on improving your diet, or it may be more complex—it depends on what you’re trying to accomplish and how long it will take for you to reach your goal.

For example: If you want to lose weight, then focus on eating healthier food and making more exercise a part of your daily routine. Once that’s accomplished and needs adjusting (such as adding more fruits or vegetables), move onto the next step by increasing the amount of exercise in your schedule again until all of these changes have been completed successfully.

Changing your life takes time and daily effort.

Changing your life takes time and daily effort. You can’t change a habit overnight, nor can you expect to change your lifestyle or attitude overnight.

You have to commit to making positive changes in the way you think and act for them to stick. This includes changing negative beliefs about yourself and others, as well as changing other people’s perceptions of you—for example, by doing something nice for someone else instead of taking advantage of them.

The changes you make will have an impact on other people, so talk to them about what you are doing.

Make sure you have a support network:

You can’t do it alone! You need people who believe in you and want to help support your goals.

Be honest with yourself:

Don’t let yourself get discouraged by results because they won’t always be immediate or easy to achieve; this is just another step in the process of self-improvement.

You are more likely to change your behavior if you write down your goals and track your progress toward them.

If you want to make changes in the way that you live your life, it’s important to write down your goals. The more specific and detailed they are, the easier it will be for you to stay focused on achieving them.

You can use a notebook or spreadsheet as a place where you put down all of the things that matter most to you—including what motivates each goal and any additional details about how long until completion or other deadlines associated with achieving each goal (if applicable). Then once per month or so (depending on how often progress is made toward those goals), go back through this list of ideas and see where there are still opportunities for improvement or new additions which may help bring about change faster than otherwise would be possible otherwise.”

Sometimes people need a second or third try before they can achieve their goals.

Change is a process that can happen gradually if we give ourselves permission to not be perfect.

It’s okay to fail. You don’t have to make every mistake in the world, but you do need to take risks and learn from them. If you’re going through a difficult time, it may feel like everything is stacked against you, but remember: You’re stronger than that! Don’t let anyone else dictate what your limits are; set boundaries for yourself so that everyone around you knows where they stand with respect toward how much weight/pressure/stressors they bring into your life (and vice versa).

You can’t change everything at once! Change takes time and effort—you might not see results right away on day one of starting something new at work; sometimes there are things we need practice doing before learning how good our new skills actually feel like coming out of our mouths (or fingers). Make sure whatever goal(s) this month has been focused on has been well-thought out beforehand so as not waste valuable resources unnecessarily trying out half-baked ideas prematurely – because even though change doesn’t happen overnight…it does happen eventually 

Conclusion

If you are ready to start changing your life and make some changes in your life, then this is the right time. Start now.