Indian Economy: News and Discussion

SKC

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A little disappointed with GST collections for the month of November.

UPI payments surge seen in October also likely to see a dip.

Reaffirms what I heard from the main street folks.

Lets see what December holds for us.
This is the trend, GST collections dips in month of November.
This year November collection is higher than last year November collection.
 

another_armchair

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Sales of electric two-wheelers at just over 91,000 units in November were up nearly 20% compared with the same month last year, and 22% compared with October, suggesting that demand for the vehicles is growing at a brisk pace again, after lower subsidies took the sheen out in the middle of the year.


Interestingly, incumbents like Bajaj Auto and Hero MotoCorp are steadily gaining market share and asserting their presence in the segment, scaling up both production and distribution for their products, as well as launching new, revamped products.

The year-to-date registration figures for electric two-wheelers revealed an encouraging trend, with the average monthly run rate for November standing at 70,700 units, surpassing the FY23 average of 60,500 units.

Electric two-wheelers maintained a 5% penetration rate in November, consistent with the previous month, Jay Kale, senior vice president, Elara Capital, said.

Ola Electric continued to lead the pack, securing the top spot with 29,764 units registered in November, commanding a substantial 32.6% market share. TVS Motors followed with a 20.8% share, trailed by Bajaj Auto, Ather Energy, and Greaves Electric (formerly Ampere) at 12.8%, 10.1%, and 4.8%, respectively.

On a month-on-month basis, Hero MotoCorp emerged as a standout performer with a remarkable 57% growth, while Ola Electric and Bajaj Auto also posted impressive gains of 25% and 29%, respectively.

In contrast, some players like TVS Motors and Ather Energy witnessed a more modest month-on-month growth, reinforcing the dynamism of the sector at a time the market is still in a state of relative nascency.
 

another_armchair

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www.livemint.com/education/iit-bombay-roorkee-guwahati-report-modest-day-1-placements-11701439195880.html

Mumbai: Day Zero dawned at India’s top technology campuses on Friday with companies ranging from trading firms to tech firms and consultancies jostling for the brightest talent in the 2024 placement season. A dark horse at the Indian Institute of Technology (IIT) Bombay was Bhavish Aggarwal-led Ola, which aimed to hire for several key profiles in the ₹27–45 lakh range for the ride hailing and electric vehicle businesses.

Day Zero is the first day of placements starting in December for older IITs, and can continue till early next year. As usual, the day saw several crore-plus salary packages on offer.

An IIT student appearing for placements said Ola made offers for about 14 profiles, including program manager for founder’s office, business strategy manager for founder’s office, research engineer, software developer, data scientists, chemical engineers, and machine learning experts, without specifying if these were for the EV business or the ride hailing business.

On Thursday, Ola’s Aggarwal posted on social media platform X that he will be heading to his alma mater IIT Bombay for recruitments.

“We are a growing organization and are looking to hire more talent across verticals. As part of this, we are meeting students from IITs and Tier 1 engineering colleges and looking to hire around 150 top talent across engineering domains including Autonomous Technologies, AI, ML, Silicon Design, Vehicle Engineering, Cell R&D, and more," an Ola spokesperson said.

Ola is not the only one looking at students who will fit into the clean energy business. According to IIT placement teams, Reliance Industries Ltd is offering about ₹15 lakh to engineers for its new energy business.

IIT-Bombay saw 40 companies turn up, with about 80% of the regular recruiters participating compared to last year. Among the recruiters were Google India, Apple, Microsoft India, Procter and Gamble, Sony Japan, Texas Instruments, Qualcomm, and Tata group, the IIT said. While over 250 pre-placement offers were accepted, the engineering college expects more than 350 companies to participate in the placement season.

High-end trading firms and software firms offered salaries ranging from ₹80 lakh to ₹1.4 crore, according to placement executives across IIT Delhi, IIT Bombay, IIT Madras, IIT Kharagpur, and IIT Kanpur.

These companies, including Databricks, Quadeye, Graviton Research Capital, Maverick Derivatives, Da Vinci, Optiver, NK Securities, Cumberland-a DRW Company, Quantbox Research, and Squarepoint have offered roles that are both based out of India and, in some cases, the UK, the US, Singapore and Hong Kong.

“The offer includes joining bonus and, for some of the trading companies, the domestic salaries are at par with the global counterparts," said a placement team member at one of the top three IITs. On the first day of IIT placements, which started in the early hours of Friday, the trading companies offered salaries similar to last year, but the number of roles was fewer.

Compared with last year, the placement season this year is modest as the global economy remains sluggish and companies had over-hired from the batch of 2023. Among finance and consulting majors, Barclays, Goldman Sachs, McKinsey & Company, and Arthur D. Little offered roles for the graduates ranging from ₹17-35 lakh.

IIT Roorkee said that in less than half a day, it got three global and 358 domestic offers. IIT Guwahati got 164 offers from 59 firms by evening across core, software, and business analyst job profiles. It received 11 placement offers with more than ₹1 crore salary packages, compared with seven last year.

“More than 50 startups have also registered for recruitment in the ongoing academic year along with seven public sector undertakings," the statement said.

Some of the firms that visited these campuses include Flipkart, Google, Microsoft, Texas Instruments, Navi, Jaguar Land Rover, Plutus Research Pvt. Ltd, and Squarepoint.

The students across IITs told Mint that Google is offering ₹30-35 lakh for domestic roles, while Microsoft will pick up students for ₹40–45 lakh for roles based out of Bengaluru and Hyderabad. Data analytics and cloud software firm Axtria told Mint that it will hire for computer science, IT, maths, and industrial engineering from campuses.

While the older IITs started campus recruitments in December, the newer ones opened up placements in September to get a headstart. The colleges say pre-placement offers (PPOs), which are rolled out to selected students who have interned earlier, will see higher salaries. Last year, trading firm Jane Street broke records with PPOs of around ₹3.7-4.3 crore at IIT-Delhi, Kanpur and Bombay
 

Haldilal

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sauntheninja

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How is he spinning 7% growth as a negative when as a poor country all you can do is grow faster than your peers. I get political biases but shoving your head into the sand just because your favorite party isn't in power just shows he isn't a professional at all and shoudn't be given any position to influence the economy
 

MuffleParch

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How is he spinning 7% growth as a negative when as a poor country all you can do is grow faster than your peers. I get political biases but shoving your head into the sand just because your favorite party isn't in power just shows he isn't a professional at all and shoudn't be given any position to influence the economy
I would take an open and honest Owaisi over the traitor Rajan any day. Rajan's big ego would never let Modi get any credit even if it means hurting the country's image and fortune. That is a a new age traitor for you.
 

Azaad

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I would take an open and honest Owaisi over the traitor Rajan any day. Rajan's big ego would never let Modi get any credit even if it means hurting the country's image and fortune. That is a a new age traitor for you.
There's no ego only rank political ambition. I call it the Deve Gowda / MMS syndrome. Ever since these highly unlikely candidates came to occupy the highest political office in the land, everybody who was/is somebody started fancying their chances.

If you're seeing RR as an economist you're walking into his trap with your eyes wide open. That's also what he wants. See him as a politician & everything automatically falls into place. Added bonus - you don't take him seriously for now you know what he's trying his best to conceal.
 

angryIndian

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How is he spinning 7% growth as a negative when as a poor country all you can do is grow faster than your peers. I get political biases but shoving your head into the sand just because your favorite party isn't in power just shows he isn't a professional at all and shoudn't be given any position to influence the economy
When promoting an agenda becomes the sole aim, rational and logical thinking go down the drain. Have you kept up with the things that Subramanian Swamy is posting? It's hard to believe that this guy is a Harvard graduate.

Having said that India's economic growth is still quite problematic. It's still a jobless growth and the share of manufacturing almost flat.
 

MuffleParch

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There's no ego only rank political ambition. I call it the Deve Gowda / MMS syndrome. Ever since these highly unlikely candidates came to occupy the highest political office in the land, everybody who was/is somebody started fancying their chances.

If you're seeing RR as an economist you're walking into his trap with your eyes wide open. That's also what he wants. See him as a politician & everything automatically falls into place. Added bonus - you don't take him seriously for now you know what he's trying his best to conceal.
You think RR wants to be the PM? I think he believes he is the kingmaker not the King himself. But who knows, if the opposition does not agree with Pappu becoming the PM, they will look around for the puppet who will serve at the pleasure of the Gandhi family. RR is smart enough to know he is not a mass leader and he only be a puppet at best.
 

R1TTER

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On a month-on-month basis, Hero MotoCorp emerged as a standout performer with a remarkable 57% growth,
Hero had almost a month long sale on both FK & Amazon with up to 30-35k discount on Vida V1 pro, if they couldn't sell though even with those incentives they should've exited the EV space completely! Which is to say that the extended sale & massive discounts helped a lot, not bought that scooter but I was eyeing something similar for a long time. Hoping to see more reviews & maybe a repeat of that during Republic day sales.
ROI wrt cost per coolie is marginally bigger than anything in tech. No LOSSES in R&D and no RISKS. Make money from Day 1.
I'd argue owning the actual IP, patent/copyright et al, has the highest margins across any tech space. Of course your point about losses in R&D is a great one because that is where traditionally you need a lot of time & patience. None of the Indian companies, that I know of, have the stomach to keep funding such ventures over say 5-10-20 years which is really where you become trillion dollar firms!
 

FalconSlayers

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When promoting an agenda becomes the sole aim, rational and logical thinking go down the drain. Have you kept up with the things that Subramanian Swamy is posting? It's hard to believe that this guy is a Harvard graduate.

Having said that India's economic growth is still quite problematic. It's still a jobless growth and the share of manufacturing almost flat.
"Jobless growth" is what europe is facing. GDP growing in USD terms due to hard currency, but economy still in recession. You can't have jobless growth with 7.7% GDP growth rate, which itself apparently is underestimated.
 

Haldilal

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Ya'll Nibbiars even I am scared now by the sheer investment happening in the Pune.




 

angryIndian

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"Jobless growth" is what europe is facing. GDP growing in USD terms due to hard currency, but economy still in recession. You can't have jobless growth with 7.7% GDP growth rate, which itself apparently is underestimated.
Yes you can have a jobless economic growth even if the overall growth rate is high.

The whole of Manmohan era UPA rule which was posting a non stop 8-9% growth from 2004 to 2010 was a classic example of a jobless economic growth.

This happens when you prioritize too much on capital intensive industries, invest very little on human capital and skill development.
 

Atavistic

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Ya'll Nibbiars even I am scared now by the sheer investment happening in the Pune.




These companies should invest in other cities like Nashik , Nagpur etc. Pune is becoming congested like Bangalore. Alternate growth centres are required.
 

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