All posts by Rabindra

Anuj Puri, Chairman – ANAROCK Group

The government’s revised budget announcement allows taxpayers to pick between a 12.5% Long-Term Capital Gains (LTCG) tax rate without indexation and a 20% rate with indexation, for properties purchased before July 23, 2024. This will have a very profound impact on both homeowners and aspiring homebuyers.

Homeowners: This change gives homeowners flexibility in their tax liabilities when they sell their property. For properties held over a long period, where inflation has majorly raised the property’s value, opting for the 20% tax rate with indexation would be beneficial. Indexation adjusts the purchase price for inflation, potentially reducing the taxable gain and overall tax liability. For properties held for shorter periods or in low-inflation periods, the 12.5% rate sans indexation could be more beneficial and result in a lower tax burden.

Homebuyers: This revision can potentially stimulate the residential property market because it provides clarity and implies potential tax burden reduction. Homebuyers’ sentiment will improve as they have flexible options for addressing their future capital gains tax burden. This will result in higher demand, particularly in markets where property values have been seen to rise significantly.

Also, the anticipation of these changes can potentially cause some homeowners to sell properties sooner to benefit from the new tax regime. This will raise the overall supply of housing units available on the market, helping to keep prices in check.

As per ANAROCK Research, H1 2024 saw total sales of nearly 2.51 lakh units across the top 7 cities, 9% more than the same period last year (H1 2023). Given that Q2 2024 saw sales tapering due to the election heat and the increased prices across cities, the new tax imposed by the government in the budget was considered a dealbreaker for many. Now, with the government giving these options to the homebuyers, housing sales momentum will continue unimpeded.

Mumbai, 7th August, 2024 – In the wake of severe floods and heavy rains across various regions in India, Škoda Auto India have implemented a proactive Škoda Flood Relief Support programme. Support is extended to every flood-affected Škoda car across the country and to customers who have not opted for Road Side Assistance (RSA).

Support

The Škoda Flood Relief Support is a programme offering proactive RSA support to all Škoda cars and customers affected by floods anywhere in India. Customers who have not opted for RSA will also be provided this service till 15th September, 2024, ensuring they have access to mobility and are not stranded during the monsoon season. The company has set up two toll-free numbers — 1800 209 4646 or 1800 102 6464 – to ensure customers have 24-hour access and more than one option to reach out to assistance. Škoda Auto India has also issued Expert Guidelines for Vehicle Floor Repair to all its dealers.

Service

Škoda Auto India has always offered a 4-year/100,000 km warranty as standard for all its new cars with an option to extend it to the 5th and 6th year with upto 150,000 kms. In addition, the company’s fleet consists entirely of 5-star rated, safety-tested cars for both adults and children. The latest Flood Relief Support is yet another endeavour by the manufacturer to provide a hassle-free ownership and maintenance experience to its customers.

Bangalore, 07 August 2024 – The Institution of Engineering and Technology (IET) is issuing a final call for nominations for the prestigious IET India Awards 2024. With just one week remaining, we urge all innovators and leaders in engineering to submit their nominations by 14 August 2024. These awards honour Indian engineers and organisations that exemplify innovation, engineering excellence, and impactful contributions across various industries.

The IET India Awards 2024 aim to celebrate significant achievements in the following categories: Youth Engineering Icon of the Year, IET India Young Woman Engineer Award, IET India Volunteering Award, IET India Future Tech Awards, IET India Mobility Awards, and the IET India Future of Work Award. These categories are open to individual engineers, teams, and organisations from industry, academia, not-for-profit organisations, and the government.

Mr Shekhar Sanyal, Country Head and Director of IET India, emphasised the importance of these awards: “India has emerged as a global powerhouse for digital innovation and technology R&D. The next decade promises transformative opportunities for technologists, engineers, researchers, and academia to shape the nation’s future. The IET India Awards recognise and celebrate impactful innovation, inspiring a new generation of engineers and technologists to create solutions that benefit society at large.

Previous winners have made significant progress and served as role models for the country’s emerging technology talent. I am confident that this year’s applicants will showcase innovative solutions and research advancements, further inspiring the next generation of technology enthusiasts in the country.”

Instituted in 2021 to commemorate 150 years of the IET’s legacy, the IET India Awards have celebrated outstanding individuals and organisations who have brought transformative changes through their technical expertise and inventive solutions. Distinguished past winners include Nandan Nilekani (Co-Founder and Non-Executive Chairman, Infosys), Tarun Mehta (Founder, ather Energy), Praneet Dutta (Research Engineering Tech Lead, Google Deepmind), Kris Gopalakrishnan (Co-founder of Infosys), ElectricPe, TeamLease, and Zoho Corp, among others.

August 7th, 2024: Avalara, Inc., a leading provider of tax compliance automation software for businesses of all sizes has recently published a new survey report titled – “Cross-Border Commerce and Compliance Survey” that analyzes global consumer behavior in the cross-border industry. The findings reveal that India is increasingly engaging in cross border shopping, with over 67% of respondents having made purchases from international businesses, highlighting a strong shift towards global consumerism within the country. This trend is in contrast to established markets like the US, where only 37% of consumers have made international purchases in the past year.

The report indicates that a key factor behind this trend is that over 76% of Indian consumers perceive the quality of items from international sellers as superior, driving their cross-border shopping significantly more than their consumer counterparts in the UK (27%) and the USA (35%). The report also attributed the availability of unique products not found in India as a factor as well as better quality and competitive pricing as significant reasons for their preference for cross-border shopping.

Established e-commerce platforms lead the way in shopping preferences in India with over 61% choosing platforms such as Amazon, eBay, and Etsy for their overseas shopping needs, with strong demands for international fashion, followed by technology. This is the third highest among the surveyed countries, indicating a strong reliance on these established marketplaces. Additionally, despite the potential of direct cross-border purchases enabled through social media platforms like Facebook and Instagram, only 4.8% of Indian consumers choose this route.

However, despite India’s enthusiastic embrace of cross-border shopping, Indian consumers reported the highest incidence of customs duties coming as a surprise, with 45% describing them as “shocking”. This is a stark contrast to Australian consumers, wherein 57% of Australian shoppers reported being well-informed about customs fees, thus avoiding unpleasant surprises.

Commenting on the insights, Avalara spokesperson Dulles Krishnan, VP, Go To Market said – As global cross-border commerce continues to expand, we conducted this survey to help businesses understand cross-border buying habits of consumers, identify factors impacting cart abandonment, as well as assess the role compliance plays in cross-border commerce.”

This report was conducted across India, the US, the UK, Denmark, Australia, Canada, Brazil, and Mexico with over 8,200 respondents, and aims to understand the pain points of consumers in the cross-border industry. The insights provided focus on helping businesses address these concerns, particularly in the Indian market, by emphasizing the importance of transparent cost structures and competitive pricing to maintain their appeal and effectively capture this growing segment.

Experience a touch of opulence this festive season with Misree, the premium sweet house from the esteemed legacy of Haldiram’s. Established on August 10, 2021, Misree brings a luxurious fusion of global influences and Indian traditions through its sophisticated packaging, premium ingredients, and exceptional craftsmanship. Perfect for all your celebrations, Misree’s high-quality confections are synonymous with joy and indulgence.

Whether you’re celebrating Rakhi, Teej, or any other special occasion, Misree invites you to elevate your festivities with a hint of luxury. Umesh Madhu Agarwal, Whole Time Director at MISREE, shares, “Our vision is to redefine luxury sweets by blending global inspirations with traditional Indian craftsmanship. Our festive collection reflects our commitment to quality and innovation in every sweet we create”

Indulge in our luxurious assortment of sweets, which is perfect for those with discerning tastes. Each piece is freshly crafted with imported ingredients for an unparalleled gourmet experience.

Hyderabad, August 7, 2024 – The 13th edition of the NMDC Hyderabad Marathon is all set to take place on August 24th and 25th, 2024. Presented by the Hyderabad Runners Society, sponsored by NMDC, and powered by IDFC First Bank, this event marks the exciting beginning of the marathon season in India.

As the second city marathon in the country to receive the prestigious World Athletics label after Mumbai, Hyderabad proudly hosts the nation’s second-largest marathon. With over 25,200 runners registered, including participants from across the country and abroad, the NMDC Hyderabad Marathon promises a spectacular showcase of athleticism and community spirit.

The total Prize Money is INR 44,00,000(forty-four lakhs).

As a run-up to the main event, a dry run was organised.

NMDC Hyderabad Marathon marks the beginning of the marathon season in the country. NMDC Hyderabad Marathon is the country’s second-largest marathon after Mumbai.

The route of the marathon will be a picturesque path covering Hussain Sagar Lake, Raj Bhavan Road, KBR Park, Jubilee Hills Road No. 45, Durgam Cheruvu Cable Bridge, Bio-diversity Junction, University of Hyderabad, and finishing at Gachibowli Stadium

The marathon route will provide runners with an extraordinary experience, showcasing the beauty and cultural heritage of Hyderabad while promoting a healthy lifestyle. The NMDC Hyderabad Marathon is not just a race; it is a celebration that unites people from all walks of life.

Rajesh Vetcha, the race director, shares, “We want the people of Hyderabad to own the Marathon. Come out, support, and cheer the runners. Play music, and encourage them. This marathon is for everyone—from elite athletes to those running for fun or charity. Let’s showcase the incredible energy and hospitality of our city.”

Your enthusiasm and support will inspire and motivate them every step of the way. Let’s transform the marathon into a city-wide celebration filled with music, joy, and encouragement

The NMDC Hyderabad Marathon is more than a sporting event; it is a movement that embodies the spirit of our city. Whether you’re running, volunteering, or cheering from the sidelines, your participation makes a significant impact. Together, let’s create an unforgettable experience and set the stage for many more successful editions in the future.

Mumbai, 7^th August, 2024: foundit (formerly Monster APAC & ME), India’s leading talent platform, has released the foundit Insights Tracker (fit), presenting the latest hiring trends for July 2024.

  According to the tracker, there has been an 11% uptick in hiring activity on a year-on-year basis (July 2023 vs July 2024), with the index rising from 268 to 298, despite a slight month-on-month (MoM) decline of 1%, the overall job market shows a positive momentum.

Offering a hiring overview for July 2024, Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company, said, “The strong focus of the recent Union Budget on productivity and job creation is an encouraging sign for the recruitment industry. We have also noticed that the salaries of employees have consistently risen driven by higher demand for fresh talent and competitive salary offerings. This growth is likely fueled by high-growth sectors such as technology, digital marketing, and e-commerce.”

Salary trends: Industries show consistent growth; IT leads in salary packages. Retail, Telecommunications show highest year-on-year growth

The salary growth across most sectors has been positive and consistent over the past year. The IT-Software & Services sector leads with the highest salary packages, followed by Retail, Advertising, Market Research & PR.

A few sectors such as Automotive, BFSI, and Travel & Tourism witnessed a decline in salary packages, reflecting the market challenges and industry adjustments.

Fresh graduates in the Retail and Telecommunications sectors have seen the most significant growth, with a 15% and 14% increase in salaries, respectively.

Freshers in the Retail industry receive an average minimum salary of ₹ 3.3 LPA and an average maximum salary of ₹ 5.2 LPA.

Year-on-year salary trends (2024 vs 2023)

Experienced professionals with 7+ years of work experience in the Advertising, Market Research & PR industry witnessed a 15% growth in salaries over the past year (2024 vs 2023), highlighting the industry’s focus on attracting top talent. Experienced professionals in the Advertising, Market Research, & PR sector have salaries ranging from ₹ 11 LPA to ₹ 33 LPA.

IT-Software & Services industry continues to lead with the highest salary packages across different experience levels. Freshers in the IT sector have highest salaries ₹ 4.1 LPA to ₹ 7.5 LPA, indicating a strong demand and value placed on IT skills right from the entry-level.

Consumer Electronics industry boom drives the ongoing growth in India’s Production & Manufacturing sector

The tracker reveals that the Consumer Electronics sector experienced remarkable year-on-year growth in hiring, with a 45% increase. This surge is driven by technological advancements, AI developments, and innovative designs in consumer electronics devices such as smartphones, TVs, gadgets, smartwatches, etc.  The Manufacturing industry also saw a 43% yearly growth in hiring, reflecting the ripple effect of this boom.

Even the Automotive industry saw an 18% yearly growth in hiring driven by investments and sustainability initiatives by the government.

The Real Estate and Construction & Engineering sector has also showed an impressive 32% and 29% increase respectively in hiring over the past year, spurred by budget reforms, sustainability, and green initiatives. On the other hand, the Import/Export sector faced multiple hiring challenges over the past year, with a significant 32% drop in July 2024 compared to last year.

However, the recent Union budget developments suggest potential for gradual recovery in the coming months. Other sectors that witnessed a dip in hiring include Shipping/Marine (-31%), and Agriculture (-17%).

Hospitality sector emerges as employment hub

Roles in Hospitality and Travel continue to experience a remarkable surge in hiring by 28% (July 2024 vs July 2023) This growth highlights the dynamic environment, diverse roles, and promising career trajectories that the hospitality sector offers. This gradual uptick mirrors the complete recovery of the travel industry since the pandemic and underscores the government’s push towards sector’s growth. And the boost in travel during the summer holidays has further fueled the demand and highlighted the sector’s resurgence.

Similarly, roles in Marketing and Communications witnessed a notable 24% year-on-year increase, reflecting a heightened focus on brands establishing a strong digital presence and connecting with their audiences online. Additionally, hiring for medical job roles has seen a spike, with a 22% yearly increase in hiring in the healthcare sector.

Conversely, certain job roles witnessed a decline in hiring. Customer service roles experienced a sharp downturn (-25%), suggesting a potential slowdown in demand or shift in hiring needs driven by the rise of automation and AI technologies.  Similarly, Sales and Business Development job roles also saw a notable decrease, with an 8% drop this year. Other sectors that have experienced a sharper decline in hiring include Engineering/Production (-7%) and Finance and Accounting (-6%).

 Coimbatore leads job growth in India tier 2 cities

Coimbatore has emerged as the leader in job growth among India’s tier-2 cities, with a remarkable 24% increase in hiring, followed closely by Jaipur with a 23% rise. Other cities showing strong growth include Delhi-NCR (18%), Chennai (14%), and Pune (12%).  Month-on-month, Chennai and Kochi maintained a stable hiring environment with a 5% increase, respectively. Bengaluru is also witnessing a surge in hiring, driven by the tech sector’s growth and urban development, now expanding into Tier-2 cities. However, some cities like Mumbai (-4%), Chandigarh (-4%), and Baroda (-4%) saw a slight decline in hiring.

Hiring of freshers and senior-level professionals sees moderate growth

According to the tracker, demand for freshers with 0 to 3 years of experience increased by 13% year-on-year, The demand for senior professionals with over 15 years of experience saw a moderate growth of 6% year-on-year, indicating a balanced demand across different experience levels in the job market.

Mumbai, 7th August 2024: FINQY®️, known for revolutionizing the distribution of financial products, celebrated a significant milestone by securing $2 million in funding. This achievement reiterates FINQY®️’s unwavering commitment to advancing financial services distribution in India through state-of-the-art technology and strategic growth initiatives.

Founded in 2019 by Manish Aggarwal, a seasoned entrepreneur with over 25 years of BFSI sales experience, FINQY®️ stands out with its unique approach of utilizing technology to empower sales professionals in the insurance, credit card, and loan sectors through its innovative B2B2C business model.

With the support of over 100 financial and banking partners, it equips financial distributors as an advanced AI-powered tool, FINQY®️ and its other variations helps streamline complex financial decisions across credit cards, insurance, and loans but also significantly enhance customer engagement and facilitate informed decision-making, marking a significant industry shift.

FINQY®️ achieved a revenue milestone of $9.8 million in FY24. With ambitious plans to expand its customer base, and other sister product offerings, FINQY®️ aims to consolidate its position as a leader in the Indian fintech ecosystem.

Manish Aggarwal, Founder, and CEO of FINQY®️, expressed his enthusiasm, stating, “The confidence shown by investors and customers reaffirms our belief that we are on the right path to address key challenges in the financial market. In today’s information-rich environment, customers seek clarity amidst overwhelming and often inaccurate data. Our mission is to demystify financial services, making them accessible to everyone.

I am excited that our efforts are making a positive impact, facilitated by technology that simplifies decision-making despite the myriad options available. Our vision is to revolutionize financial services distribution through cutting-edge technology and strategic partnerships. Looking ahead, we are committed to introducing additional tools that empower a wide spectrum of financial distributors and customers, aiming to simplify financial decisions and enhance accessibility.”

Over the next 3-5 years, FINQY®️ aims to achieve unicorn status and solidify its position as India’s foremost aggregation platform for financial intermediaries. Central to this vision is the continuous product & offering enhancement and expansion of domestic and international market presence. FINQY®️ is dedicated to transforming the BFSI landscape by integrating advanced technologies such as AI, machine learning, and data analytics into its platform.

FINQY®️’s forthcoming initiatives include developing Q™, a personal finance manager app and Test My Card – a credit card focused product. The company is also exploring getting into investment and wealth management solutions, reinforcing its commitment to innovation and comprehensive financial services.

Gurugram, 07 August 2024: Euronics, India’s pioneering brand in public and commercial washroom automation, has inaugurated cutting-edge Experience Centres across four tier-1 cities: Gurugram, Hyderabad, Mumbai, and Bangalore. These centres are strategically located in key business hubs such as Udyog Vihar in Gurugram, Hi-Tech City in Hyderabad, Saki Naka in Mumbai, and 1st Stage Road in Bangalore to enhance visitors’ interaction and engagement with Euronics’ latest sustainable washroom solutions.

Euronics’ Experience Centres are designed to immerse visitors in a world of sustainability and innovation. These dynamic spaces allow architects, interior designers, project managers of public infrastructures, and their procurement heads to engage directly with the latest eco-friendly products and technologies. Each centre features interactive displays, hands-on demonstrations by expert staff, and personalised consultations, all aimed at enabling the adoption of washroom accessories that significantly reduce environmental impact, while also enhancing hygiene through touchless solutions.

“We are thrilled to open these Experience Centres as part of our commitment to promoting sustainability and innovation in the hygiene sector,” said Viknesh Jain, MD & CEO of Euronics. “Our centres provide a unique opportunity for visitors to experience our green building certified products firsthand and understand their contribution to reducing carbon footprints.”

Euronics’ product lineup at the Experience Centres includes energy-efficient hand dryers, sensor taps that reduce water consumption by 80%, and other sustainable washroom accessories. These products not only enhance hygiene but also support corporate social responsibility (CSR) initiatives and compliance frameworks for businesses and institutions aiming to integrate sustainability more deeply into their operations.

Euronics is also exploring opportunities to expand its Experience Centres to tier-2 and tier-3 cities in the months to come. This potential expansion aims to reach a broader audience and promote sustainable washroom solutions across India through immersive experiences.

In line with its unparalleled dedication to eco-friendly washroom solutions for India’s ambitious public infrastructure goals, recently, Euronics also launched India’s largest manufacturing plant in Gurugram. Through domestic production, the company is aiming to integrate environment-friendly washrooms in Smart City projects, MICE infrastructure development, and upcoming airport projects PAN India.

Founded by T4 Education and HP, the new award will be given to an outstanding individual who has demonstrated impact, leadership, and advocacy in the field of education

New Delhi, August 07, 2024: India’s Ashish Dhawan, Founder and Chairperson of the Central Square Foundation, and Pranav Kothari, CEO of Educational Initiatives (Ei), have been named among the ten Finalists for the inaugural Asia Education Medal. Founded this year by T4 Education and HP, the new award will be given to an outstanding individual who has demonstrated impact, leadership, and advocacy in the field of education.

The Asia Education Medal recognises the tireless work of those who are transforming education across the continent – celebrating the stories of those who have lit the spark of change so others will be inspired to take up the torch. It is given to an outstanding individual who has demonstrated impact, leadership, and advocacy in the field of education.

The winner of the Asia Education Medal will be invited to attend the World Schools Summit in Dubai on 23-24 November and, in recognition of the urgent need to solve the teacher recruitment and retention crisis to tackle learning gaps, the winner will be entitled to nominate a school of their choice to receive membership of T4 Education’s Best School to Work programme – an independent, evidence-based mechanism to certify schools for their culture and help them transform their working environment to attract and retain the best teachers.

Mayank Dhingra, Senior Education Business Leader at HP, said:

“Congratulations to India’s Ashish Dhawan and Pranav Kothari on being named Finalists for the Asia Education Medal 2024. Their passion and dedication to transforming education will inspire countless others to follow in their footsteps in building a world where quality education is enjoyed by all.

“HP has a bold goal to accelerate digital equity for 150 million people globally by 2030. Only by joining forces and aligning with NGOs, government, educators and businesses can we truly improve the education environment. The Asia Education Medal brings together all those who are changing the face of Asian education, whose work we must all learn from if the world is to meet the Sustainable Development Goals by 2030.”

Vikas Pota, Founder and CEO of T4 Education, said:

“The Asia Education Medal honours changemakers where change is needed most. Where learning gaps remain stubbornly persistent and where deep inequalities remain.

“If we are to tackle these colossal challenges, and unlock the continent’s future, we must build a community of leaders from every sphere of society committed to educational transformation. Leaders like Ashish Dhawan and Pranav Kothari. Asia, and the world, has so much to learn from your inspirational stories and your vital contribution to the next generation.”

Ashish Dhawan is the Founder and Chairperson of the Central Square Foundation (CSF), one of the most important contemporary education philanthropies in India. His work to successfully champion Foundational Literacy and Numeracy (FLN) has made him one of the most influential education philanthropists in India in the last decade. Founded in 2012, CSF played a catalytic role in centring FLN as the primary objective of the K-12 education ecosystem in India, which serves 250 million children.

Pranav Kothari is CEO of Educational Initiatives (Ei) in India, an organisation that employs the twin levers of cutting-edge pedagogical research and technology-based solutions to help students across different socio-economic backgrounds learn with understanding. Through his work, Kothari has sought to address the challenge that while school enrollment has expanded in India with the broadening of the country’s education infrastructure, schooling has not translated into learning.

The Finalists for the Asia Education Medal 2024 are:

• Ashish Dhawan, Founder and Chairperson, Central Square Foundation, India
•  Baela Jamil, CEO, Idara-e-Taleem-o-Aagahi (ITA) – Centre for Education and Consciousness, Pakistan
•  Duriya Aziz Singapore Wala, Senior Vice President (Education, International), Scholastic Inc, Singapore
• Ethel Agnes Pascua-Valenzuela, Commissioner, Commission on Higher Education, Philippines
• Korvi Rakshand, Founder & Executive Director, JAAGO Foundation, Bangladesh
• Nargish Khambatta, Principal & CEO GEMS Modern Academy, UAE
• Pranav Kothari , CEO, Educational Initiatives, India
• Shahnaz Al-Sadat, Chairperson, LeapEd Services Sdn Bhd, Malaysia
• Shinichi Yamanaka, President, KADOKAWA DWANGO Education Institute, Japan
• Yuhyun Park, Founder & CEO, DQ Institute, Singapore

Nominations for the Asia Education Medal opened in February 2024 for individuals working to improve pre-kindergarten, K-12, vocational and university education who are either educators or school leaders, civil society leaders, public servants, government officials, political leaders, entrepreneurs, business leaders, or technologists.

The Asia Education Medal is one of the three World Education Medals established by T4 Education and HP. It joins the Africa Education Medal, which was founded in 2022 and has grown to be Africa’s most prestigious education accolade, as well as the new Latin America Education Medal which was also launched this year.