Traditional jobs such as farmworkers and delivery drivers are expected to grow the most in numbers, while tech jobs, particularly in AI and machine learning, will see the highest demand in skills. Economic and technological changes could result in displacement of 8% of the workforce, but also create 14% new jobs.
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Zara's only independent store in Mumbai has closed due to economic unfeasibility after its rent exceeded Rs 30 crore per year. The store, situated in the heritage Ismail building, opened in 2017. Zara will continue to operate its other three Mumbai outlets located in shopping malls, as well as strengthening its online presence.
FICCI has revised India's GDP growth forecast to 6.4% for FY 2024-25, down from 7.0%. Consumer spending is expected to rise, driven by positive developments in agriculture and rural areas. Industrial and services sectors will see modest growth. Inflation is anticipated to ease, and foreign investment opportunities are emerging.
India's industrial output hit a six-month high in November driven by manufacturing, capital goods, and consumer durables. The index of industrial production rose 5.2% with significant contributions from a 9% rise in capital goods and a 13.1% rise in consumer durables, indicating strong festive demand.
Wholesale price inflation accelerated in December to 2.4% annually due to rising prices of some manufactured products and non-food items. Food articles inflation eased slightly to 8.5%, with vegetables at 28.7%. Potato inflation surged to 93.2%. Manufactured product prices increased by 2.1%.
The stock market is expected to undergo a significant shift with potential recovery soon, as highlighted by Morgan Stanley. Despite recent declines and low trading volumes, growth is anticipated to return, supported by government spending and positive retail investor participation.
TCS and Infosys added twelve $100 million+ clients each post-pandemic, outpacing Wipro and HCLTech's seven. While TCS and Infosys boasted 62 and 40 such clients respectively by 2023-24, Wipro and HCLTech had 22 each. Large deal wins slowed across the industry due to reduced spending and global uncertainties.
The Reserve Bank of India has lifted the restrictions on Asirvad Micro Finance and DMI Finance, effective immediately, following their corrective measures and compliance with regulatory guidelines. The restrictions had been placed on 21 October last year, preventing them from sanctioning and disbursing loans.
The sensex saw a strong rally driven by local buying, closing 610 points higher, above the 74K mark. Over the last two sessions, it gained 1,350 points or 1.9%. Despite foreign funds selling, domestic net buying helped boost market capitalization by Rs 4.5 lakh crore.
Joann Inc, the fabric and crafts retailer, is shutting down all stores after 80 years of operation. Despite efforts to keep the company afloat, financial struggles and weak consumer demand led to its decision to close following a recent acquisition by GA Group.
Bank depositors are covered by the DICGC's insurance scheme up to Rs 5 lakh per account. Strategically distributing deposits across various banks can enhance coverage, as personal accounts, business accounts, and different joint arrangements are treated separately.