In 2023-24, 58% of manufacturing establishments were led by women, a rise from the previous year. Women made up 28.1% of the overall workforce, with significant contributions in OAEs and proprietary businesses. Notably, West Bengal and Maharashtra employ significant numbers of female workers in rural and urban sectors, respectively.
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In November, the RBI sold $20 billion from its forex reserves to stabilize the rupee. Nomura observes that the central bank has sold $89.4 billion since October 2024, yet India's forex reserves remain adequate with a 236% adequacy ratio as of January 3, 2025. Despite a dip from a peak of 266%, the reserves remain robust.
Magma General Insurance’s board has approved an agreement for Patanjali Ayurved and foundations to acquire a controlling stake, valued at Rs 4,500 crore, pending regulatory approvals. Patanjali, led by Baba Ramdev, and DS Group aim to inject capital to expand operations. Adar Poonawalla expressed confidence in the continued growth under the new ownership.
Union home minister Amit Shah commended Prime Minister Narendra Modi and finance minister Nirmala Sitharaman for presenting a comprehensive and visionary Union Budget 2025. Key features of the budget include a significant tax exemption for income up to Rs 12 lakh, aimed at enhancing the financial well-being of the middle class.
Economic forecasters anticipate slower growth, higher unemployment, and faster inflation in the US, with increased chances of a recession. Indications of a slowdown emerge from business and consumer sentiment, although actual activity remains solid. President Trump remains firm on implementing tariffs despite market responses, raising concerns about the potential economic impact and possible effects on his approval ratings.
Wipro's revenue dropped 0.7% year-on-year in the Dec quarter but met its guidance, with a forecasted growth of -2% to 0% for the next quarter. The company reported a positive outlook with increasing AI spending, a good pipeline, and improved operational efficiency. Wipro's headcount reduced by 1,157 employees.
Microsoft CEO Satya Nadella, after pledging $3 billion investments in India for AI and cloud, emphasized the importance of security, privacy, and trust in tech platforms. Speaking at the ‘Microsoft AI Tour’ in New Delhi, he highlighted the need for robust safety protocols alongside technological advancements, ensuring systems remain secure and trusted as AI becomes more integrated into society.
A rally in tech stocks powered Wall Street gains in a quiet pre-Christmas session. Tesla led the megacaps, with Broadcom and AMD rising as Biden's team probed Chinese chips. Investors hope for the 'Santa Claus Rally' to boost year-end stocks further. The S&P 500 climbed 1.1%, Nasdaq 100 up 1.4%, and Dow Jones increased 0.9%.
Three major IPOs—Vishal Mega Mart, Sai Life Sciences, and One Mobikwik—concluded on Friday, amassing a staggering Rs 2.2 lakh crore in investor interest. One Mobikwik led the pack with a 120-fold oversubscription, becoming 2024's most sought-after IPO exceeding Rs 500 crore. Vishal Mega Mart and Sai Life Sciences also saw substantial demand, subscribed 27 and 10.3 times respectively.
Economic Survey recommends sustained increase in infrastructure investment over the next two decades to support high growth, given private sector contributions have fallen short. Report highlights need for accelerated private participation in various stages of infrastructure projects, while noting improved capital expenditure post-general election and monsoon constraints.
Following the RBI's rate cut, SBI has reduced its deposit rates by 10 basis points across select tenors, while keeping MCLR-linked lending rates unchanged. The EBLR, linked to the repo rate, has been reduced by 25 basis points, lowering home and personal loan interest rates. Other banks are expected to follow suit, with HDFC Bank already cutting savings account rates.