News Nook: Oct 17, 2024

Indian Sector Specific News:

A) Indian IT:

1) FY25 Fresher Hiring in IT Sector Set to Surge

• Fresher hiring in the IT sector is expected to rise by 20-25% for FY25, driven by a focus on specialized skills in AI, machine learning (ML), data analytics, and cloud computing.
• Companies like TCS and HCLTech are emphasizing hiring skilled candidates, with fresher salaries in specialized roles being 2-4 times higher than standard offers.
• Mid-to-senior-level roles, especially in project management, data science, and cloud engineering, continue to see stable demand, with salaries increasing up to 10.8%.
• Source: Business Standard

B) Indian Telecommunication:

1) New Rules for Temporarily Suspending Telecom Services

• The Temporary Suspension of Telecom Services Rules, 2024 allows the government to stop telecom services during emergencies or for national safety, with limits of 15 days and defined areas.
• Only high-ranking officials like the Union or State Home Secretary can issue suspension orders, and they must be transparent and published publicly.
• A review committee ensures that any suspension follows legal guidelines.
• Source: mondaq

2) Record Attendance and Innovations at WTSA-24

• 3,300 delegates from over 160 countries attended the WTSA-24, marking the highest participation in the assembly's history.
• Indian telecom expert R.R. Mittar was unanimously elected as the Chair for WTSA-24, focusing on advanced technologies like 6G, AI, and quantum tech.
• Union Minister Jyotiraditya M. Scindia launched several Make in India telecom products, including a 6G wireless link and AI-driven optical solutions, showcasing India's advancements in the telecom sector.
• Source: PIB Delhi

C) Indian Pharma:

1) India and Uzbekistan Collaborate on Pharma Safety

• A delegation from Uzbekistan met with India's Central Drugs Standard Control Organisation to enhance cooperation in the pharmaceutical sector, focusing on developing a pharmacovigilance system and minimizing adverse effects of drugs.
• Alisher Temirov, Uzbekistan's Director for Pharmaceutical Safety, highlighted the need for measures to prevent low-quality and counterfeit drugs in Uzbekistan's market.
• The discussions stressed the importance of international collaboration for public health and improving internal controls to ensure only quality-assured pharmaceutical products enter Uzbekistan.

D) Indian Agriculture:

1) Government Approves ₹35,000 Crore for PM AASHA Scheme

• The government has approved ₹35,000 crore for the PM Annadata Aay Sanrakshan Abhiyan (PM-AASHA) to ensure fair prices for farmers and stabilize market prices for consumers.
• This initiative aims to protect farmers from distress sales during peak harvesting times and promote self-sufficiency in the production of pulses, oilseeds, and other essential agricultural commodities.
• The scheme is expected to increase farmers' income while also safeguarding consumer interests.
• Source: Business Standard

2) ICAR's Mid-Campaign Progress for Swachhata Special Campaign 4.0

• The Indian Council of Agricultural Research (ICAR) has made significant strides in the Swachhata Special Campaign 4.0, focusing on the disposal of pending VIP references and public grievances since October 1, 2024.
• Rapid progress is being made in reviewing and weeding out physical and electronic files, with minimal pending issues related to VIP references and grievances.
• The campaign has successfully created more space and generated revenue through cleanliness initiatives, showcasing substantial improvements in identified areas.
• Source: PIB Delhi

E) Indian Energy:

1) Impact of Electric Vehicles on Global Oil Market

• The shift to electric vehicles (EVs), especially in China, could cut global oil demand by 6 million barrels per day by 2030.
• By 2030, 50% of all new cars sold worldwide are expected to be electric, with 70% of new car sales in China being EVs.
• Meanwhile, India's oil demand is projected to increase by nearly 2 million barrels per day by 2035, offering oil producers a new market opportunity.
• Source: Economic Times

2) IndianOil and EverEnviro Form Joint Venture for Biofuel Development

• IndianOil has partnered with EverEnviro Resource Management to create a 50:50 joint venture aimed at promoting Compressed Biogas (CBG) across India.
• The initiative will establish CBG plants nationwide, supporting India’s Net Zero goals and reducing greenhouse gas emissions by converting organic waste into renewable energy.
• This venture enhances energy security, decreases reliance on imported fossil fuels, and aims to create local employment opportunities in rural areas.
• Source: ET Energy World

F) Indian Infrastructure:

1) Godrej Properties Acquires Six Land Parcels in Q2

• Godrej Properties has purchased six land parcels during the July-September quarter to develop housing projects.
• These projects are estimated to be worth ₹9,650 crore, reflecting strong demand in the real estate market.
• This acquisition reinforces Godrej's position as one of India's leading real estate developers.
• Source: Construction World

2) Private Equity Investment in Indian Real Estate Dips

• Private equity investments in Indian real estate fell by 4%, totaling $2.3 billion in the first half of FY25.
• This decline is attributed to reduced investment activity in the sector.
• The decrease indicates a shift in market dynamics within the Indian real estate landscape.
• Source: Construction World

Indian Economy and Government Initiatives

1) Census Delay Risks India’s Future

• India’s census, scheduled for 2021, has been delayed for over three years, creating significant gaps in vital demographic data necessary for effective governance and resource allocation.
• Relying on outdated 2011 census data affects social welfare programs, healthcare, and education, potentially leaving millions underserved and exacerbating regional inequalities.
• The delay also hampers political representation, financial governance, and India’s ability to meet international commitments, making an updated census essential for informed policymaking and social justice.
• Source: Policy Circle Bureau

2) Government Scrutinizes Quick Commerce Product Disclosures

• The Indian government is investigating whether quick commerce firms comply with the Legal Metrology Act, which requires essential product disclosures, including price, expiration date, and manufacturer details.
• Consumer Affairs Secretary Nidhi Khare indicated that regulatory action could be taken against companies failing to meet these requirements as quick commerce services grow in popularity.
• The scrutiny aims to ensure that all packaged goods sold online and offline display mandatory information to protect consumer rights.
• Source: Economic Times

Bonus Briefs

• Europe's largest tech company, ASML, reported disappointing earnings and warned of lower sales in 2025, causing global chip stocks to drop sharply.
• The downturn was compounded by LVMH’s weak performance, signaling reduced luxury spending in China, a key market for high-end brands.
• With U.S. elections approaching and central bank decisions on the horizon, investors are becoming increasingly cautious about market movements.
• Expectations of a possible modest interest rate cut by the Federal Reserve boosted the U.S. dollar, influencing markets worldwide.
• Chinese stocks also fell as investors await details on potential government stimulus aimed at revitalizing the struggling property sector.
• Global market sentiment is wary, with many watching closely for central bank announcements and geopolitical developments that could affect oil prices.