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Ahmedabad and Jaipur: The Superheroes of Hiring Trends in a Sluggish Job Market

Slowdown in hiring by 7% witnessed in May 2023

Saturday, June 10th 2023

Good Morning ☕

Well, it seems like 'reverse migration' isn't just a trend for birds anymore. Even as the overall hiring cools off like a leftover Sunday roast, cities like Ahmedabad and Jaipur are heating up their job markets like a summer barbecue! Meanwhile, the US economy is just casually smashing job growth estimates like they're swatting flies at a picnic. Despite this, a slight increase in the unemployment rate still managed to crash the party. Talk about a roller-coaster ride in the job market!

1. SBI board approves fundraising of ₹50000 cr in FY24

The State Bank of India (SBI) has announced that it plans to raise up to INR 50,000 crore ($6.7 billion) this financial year (FY24) by issuing debt instruments, as lenders look to meet rising demand for credit. The instruments could be long-term bonds, Basel-III compliant additional tier-1 bonds, or Basel-III compliant tier-2 bonds. The bank has received approval to issue bonds through the private placement mode to Indian and/or overseas investors during FY24, subject to government approval, whenever required. SBI's loan growth outpaces the industry average, and the bank is looking to expand its lending portfolio.

2. Hiring activity sees slowdown in May as recruitment falls 7% YoY: Report

According to the foundit Insights Tracker, hiring activity in May 2023 declined by 7% YoY. However, tier-2 cities like Ahmedabad and Jaipur showed resilience with positive hiring trends. This slowdown in hiring has been ongoing for 11 straight months, according to LinkedIn. Despite this, the US economy added 339,000 jobs in May 2023, smashing estimates of 190,000, according to the JournalNow. The unemployment rate ticked up to 3.7%.

3. India FY23 growth figure likely to be revised up: CEA

The Chief Economic Advisor (CEA) of India, Krishnamurthy Subramanian, has said that the country's economic growth figure for the fiscal year 2022-23 is likely to be revised upwards. The CEA said that the growth rate is expected to be higher than the 10.5% estimated earlier. The government had earlier estimated a growth rate of 10.5% for the current fiscal year, while the International Monetary Fund (IMF) had projected a growth rate of 5.9%. The Asian Development Bank (ADB) had projected a growth rate of 6.4% for the fiscal year 2023. The pace of vaccination will determine India's economic prospects this year and beyond.

4. ‘We welcome all collaborations’: PM Modi after meeting ChatGPT's Sam Altman

Prime Minister Narendra Modi met with Sam Altman, the CEO of OpenAI, on June 9, 2023, in New Delhi. After the meeting, Modi expressed his belief in the immense potential of artificial intelligence (AI) to enrich India's technology ecosystem, especially among the country's youth. He welcomed all collaborations that can accelerate India's digital transformation for empowering its citizens. Altman is on a six-nation tour this week, including Israel, Jordan, Qatar, the UAE, and South Korea. The potential of AI in enhancing India's tech ecosystem is indeed vast, particularly among the youth, Modi said in a tweet.

5. India has much higher burden of non-communicable diseases: ICMR study

A new study by the Indian Council of Medical Research (ICMR) has revealed that India has a high burden of diabetes and non-communicable diseases (NCDs), with 101 million people affected by diabetes in 2021. The study was conducted across all 28 states of India and covered adults of either sex aged 20 years and above. The overall weighted prevalence of diabetes was 11.4%, with a higher prevalence in urban areas than rural areas. The study highlights the need for early detection and management of diabetes and NCDs in India.

6. 20% TCS on foreign remittances under LRS to roll out from July 1

Starting from July 1, 2023, a 20% Tax Collected at Source (TCS) will be applied to all foreign remittances under the Liberalised Remittance Scheme (LRS), except for those concerning education or medical treatment. The new TCS rate was introduced in the 2023 Union Budget and will apply to foreign trips, sending money abroad, and other remittances. The TCS limit for foreign remittances in India is currently set at 5% for all foreign remittances exceeding ₹7 lakhs in a financial year. The new rule will come into effect from July 1, 2023, and will make foreign travel more expensive.

7. HPCL launches pilot study on E27 and ethanol-blended diesel

Hindustan Petroleum Corporation Limited (HPCL) has launched a pilot study on vehicles using E27 fuel and ethanol-blended diesel. The center's team is evaluating the effects and performance of different blends of ethanol-gasoline, ranging from 10% to 27%, as well. The roadmap outlines a phased rollout plan for achieving 20% Ethanol Blended Petrol (EBP) by 2025 and 10% Ethanol Blended Diesel (EBD) by 2030. The pilot study is part of HPCL's efforts to usher in a greener and more sustainable future.

8. RuPay cards cash withdrawal, purchase transactions limits by banks

RuPay is a payment card issued to customers in India that enables them to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts plus other agreed charges. RuPay debit cards have daily cash withdrawal limits ranging from Rs. 10,000 to Rs. 40,000 and daily purchase limits ranging from Rs. 10,000 to Rs. 1 lakh, depending on the bank that issues the card. The limits for cash withdrawal and purchase transactions are defined by the bank that issues the RuPay card.

9. Amazon Signs Pact With ICAR To Empower Farmers

Amazon Kisan, the e-commerce giant's program for farmers, has signed a memorandum of understanding (MoU) with the Indian Council of Agricultural Research (ICAR) to empower farmers enrolled under the Kisan store. The partnership will help ensure access to high-quality fresh produce for consumers across India, improve farmers' livelihood, and boost crop yield. The MoU will guide farmers on the adoption of best practices, provide training, and help them get better prices for their produce. The agreement is part of the government's efforts to promote digital agriculture and improve farmers' income.

10. Kathmandu Mayor counters ‘Akhand Bharat’ mural in Delhi with ‘Greater Nepal’ map

Kathmandu Mayor Balendra Shah has installed a map of "Greater Nepal" in his office as a counter move against the "Akhand Bharat" mural in India's new parliament building. The mural depicts a map of India that includes Pakistan, Bangladesh, Afghanistan, and parts of Nepal. The move by the Kathmandu Mayor is seen as a symbolic counter to India's mural. The mural has sparked controversy in Nepal, with many people calling it an attempt to redraw Nepal's borders. Indian Minister for External Affairs, S Jaishankar, has clarified that the mural is not meant to depict a territorial claim.

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