Several Chinese provinces are pushing for state-owned undertakings to employ more college graduates to assist with tackling the recent rise in youth unemployment, according to a report by the South China Morning Post.

The Covid-19 pandemic’s effects on the nation’s economy are still being felt, as the unemployment rate for people between the ages of 16 and 24 keeps shattering records.

In June, which was the final month for which data was made available before the central government declared it would no longer issue monthly figures, the unemployment rate for young people hit 21 per cent.

The government mobilised resources in the expectation of generating more jobs for the new labour market as the job market in recent years, surpassing the 11 million mark this year.

Anhui and Guizhou authorities have instructed state-owned businesses to make sure that at least half of their new hires are recent graduates.

The annual performance appraisals for CEOs at state firms in the central province of Hunan have now also included graduate recruitment.

These businesses have been instructed to hire more graduates this year “by a certain extent” than they did last year, while state-owned businesses under the direct control of the provincial government are required to hire at least 4,700 graduates.

Companies will get a one-time payment, typically 1,000 yuan (US$138), from the State Council, the government’s cabinet, for each job they offer to graduates who have been unemployed for more than two years or young people who are officially unemployed.

Several provinces recently announced further incentives.

Guangdong, the economic hub of southern China, announced last week that it will award businesses that provide both jobs and internships in specific regions of the province subsidies ranging from 5,000 to 10,000 yuan.

Guizhou also gives state businesses that are able to hire more graduates this year than they can in 2022 priority consideration in areas like research financing and professional evaluations.

As a major stimulus of economic expansion, job creation, and innovation, the private sector has trailed behind the public sector in the post-pandemic recovery.

Compared to the same time in 2022, the industrial output of state-owned enterprises increased by 4.3 per cent in the first seven months of this year, according to official data, as opposed to just 2 per cent for the private sector.

In contrast, fixed asset investment in the public sector increased by 7.6 per cent in the first seven months, while it decreased by 0.5 per cent in the private sector.

Several Chinese provinces are pushing for state-owned undertakings to employ more college graduates to assist with tackling the recent rise in youth unemployment, according to a report by the South China Morning Post.

Several Chinese provinces are pushing for state-owned undertakings to employ more college graduates to assist with tackling the recent rise in youth unemployment, according to a report by the South China Morning Post. The Covid-19 pandemic’s effects on the nation’s economy are still being felt, as the unemployment rate for people between the ages of 16 and 24 keeps shattering records. In June, which was the final month for which data was made available before the central government declared it would no longer issue monthly figures, the unemployment rate for young people hit 21 per cent. The government mobilised resources in the expectation of generating more jobs for the new labour market as the job market in recent years, surpassing the 11 million mark this year. Anhui and Guizhou authorities have instructed state-owned businesses to make sure that at least half of their new hires are recent graduates. The annual performance appraisals for CEOs at state firms in the central province of Hunan have now also included graduate recruitment. These businesses have been instructed to hire more graduates this year “by a certain extent” than they did last year, while state-owned businesses under the direct control of the provincial government are required to hire at least 4,700 graduates. Companies will get a one-time payment, typically 1,000 yuan (US$138), from the State Council, the government’s cabinet, for each job they offer to graduates who have been unemployed for more than two years or young people who are officially unemployed. Several provinces recently announced further incentives. Guangdong, the economic hub of southern China, announced last week that it will award businesses that provide both jobs and internships in specific regions of the province subsidies ranging from 5,000 to 10,000 yuan. Guizhou also gives state businesses that are able to hire more graduates this year than they can in 2022 priority consideration in areas like research financing and professional evaluations. As a major stimulus of economic expansion, job creation, and innovation, the private sector has trailed behind the public sector in the post-pandemic recovery. Compared to the same time in 2022, the industrial output of state-owned enterprises increased by 4.3 per cent in the first seven months of this year, according to official data, as opposed to just 2 per cent for the private sector. In contrast, fixed asset investment in the public sector increased by 7.6 per cent in the first seven months, while it decreased by 0.5 per cent in the private sector.

Chinese provinces offer state-owned enterprise incentives to increase youth employment: Report

Vegetable prices in India have begun to fall and are projected to decline from September, Reuters quoted the Reserve Bank of India (RBI) Governor Shaktikanta Das as saying on Wednesday.

The skyrocketing prices of vegetables and grains have caused retail inflation to soar to 7.44 per cent in July, its highest level in 15 months.

“We expect to see an appreciable slowdown in vegetable inflation from September,” Das said.

Although the possibility that global tensions could negatively influence food prices, he said the forecast for grain prices is positive.

The gradual decrease in core inflation over the past few months, according to Das, is a sign of monetary policy transmission despite core inflation being elevated.

According to him, the central bank would be vigilant to prevent persistent inflation from spreading to other market segments.

“The frequent incidences of recurring food price shocks pose a risk to anchoring of inflation expectations, which has been underway since September 2022. We will remain watchful of this,” Das said.

Since May 2022, India has increased interest rates by a total of 250 basis points to control inflation. According to Das, the Monetary Policy Committee’s legislated medium-term aim of 4 per cent inflation is still the central bank’s primary goal.

He asserted that the foundation of sustained growth must be price stability and added that the circumstances are ideal for the growth to continue and the capex cycle to pick up steam in 2023–2024.

The RBI chief reaffirmed that there is no set aim for the rupee but that the RBI will keep increasing its foreign exchange reserves to help control any dollar outflows.

"The Reserve Bank has also made conscious efforts to improve systemic resilience and efficiency by maintaining external stability and building forex reserves," he said.

(With inputs from Reuters)

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Vegetable prices in India have begun to fall and are projected to decline from September, Reuters quoted the Reserve Bank of India (RBI) Governor Shaktikanta Das as saying on Wednesday.

Vegetable prices in India have begun to fall and are projected to decline from September, Reuters quoted the Reserve Bank of India (RBI) Governor Shaktikanta Das as saying on Wednesday. The skyrocketing prices of vegetables and grains have caused retail inflation to soar to 7.44 per cent in July, its highest level in 15 months. “We expect to see an appreciable slowdown in vegetable inflation from September,” Das said. Although the possibility that global tensions could negatively influence food prices, he said the forecast for grain prices is positive. The gradual decrease in core inflation over the past few months, according to Das, is a sign of monetary policy transmission despite core inflation being elevated. According to him, the central bank would be vigilant to prevent persistent inflation from spreading to other market segments. “The frequent incidences of recurring food price shocks pose a risk to anchoring of inflation expectations, which has been underway since September 2022. We will remain watchful of this,” Das said. Since May 2022, India has increased interest rates by a total of 250 basis points to control inflation. According to Das, the Monetary Policy Committee’s legislated medium-term aim of 4 per cent inflation is still the central bank’s primary goal. He asserted that the foundation of sustained growth must be price stability and added that the circumstances are ideal for the growth to continue and the capex cycle to pick up steam in 2023–2024. The RBI chief reaffirmed that there is no set aim for the rupee but that the RBI will keep increasing its foreign exchange reserves to help control any dollar outflows. "The Reserve Bank has also made conscious efforts to improve systemic resilience and efficiency by maintaining external stability and building forex reserves," he said. (With inputs from Reuters) WATCH WION LIVE HERE

Vegetable prices in India to fall from September: RBI governor

The Indian Finance Ministry stated on August 22 that although food price increases may be “transitory”, India’s inflationary pressures are still ongoing.&nbsp;

According to The Hindu report, the ministry attributed the most recent increase in headline inflation to global uncertainties brought on by the termination of the Black Sea Grain Initiative, which has disrupted supplies of wheat and edible oils as well as problems with domestic farm output.

The Ministry noted that the 11.5 per cent food inflation rate was “perhaps the third highest” since the current Consumer Price Index (CPI) series started in 2014 and that the impact of the worldwide disruptions was “clearly evident” in the sharp increase in retail inflation pace in July to a 15-month high of 7.44 per cent. It noted that core inflation, which excludes the cost of gasoline and food, was at a 39-month low of 4.9 per cent.

The ministry emphasised on the need to maintain macroeconomic stability by stating that the current level of inflationary pressures may continue to rise for the foreseeable future due to domestic and global disruptions. This would require more vigilance from the government and central bank.

“Cereals, pulses and vegetables exhibited double-digit growth… [but] only 48 per cent of food items have inflation of above 6 per cent, and this includes 14 food items with inflation in double digits. Items like tomato, green chilli, ginger and garlic witnessed inflation of more than 50 per cent,” The Hindu quoted the Finance Ministry as saying in its monthly economic review for July.

According to the review, significant food inflation last month was caused by these “abnormal” upticks in select commodities, but this is anticipated to be temporary.&nbsp;

“Tomato prices are likely to decline with the arrival of fresh stocks by the end of August or early September. Further enhanced imports of tur dal are expected to moderate pulses inflation,” it indicated, arguing that these and other government efforts can soon moderate the high food prices in the coming months.

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The Indian Finance Ministry stated on August 22 that although food price increases may be “transitory”, India’s inflationary pressures are still ongoing. According to The Hindu report, the ministry attributed the most recent increase in headline inflation to global uncertainties brought on by the termination of the Black Sea Grain Initiative, which has disrupted supplies of wheat and edible oils as well as problems with domestic farm output.

The Indian Finance Ministry stated on August 22 that although food price increases may be “transitory”, India’s inflationary pressures are still ongoing. According to The Hindu report, the ministry attributed the most recent increase in headline inflation to global uncertainties brought on by the termination of the Black Sea Grain Initiative, which has disrupted supplies of wheat and edible oils as well as problems with domestic farm output. The Ministry noted that the 11.5 per cent food inflation rate was “perhaps the third highest” since the current Consumer Price Index (CPI) series started in 2014 and that the impact of the worldwide disruptions was “clearly evident” in the sharp increase in retail inflation pace in July to a 15-month high of 7.44 per cent. It noted that core inflation, which excludes the cost of gasoline and food, was at a 39-month low of 4.9 per cent. The ministry emphasised on the need to maintain macroeconomic stability by stating that the current level of inflationary pressures may continue to rise for the foreseeable future due to domestic and global disruptions. This would require more vigilance from the government and central bank. “Cereals, pulses and vegetables exhibited double-digit growth… [but] only 48 per cent of food items have inflation of above 6 per cent, and this includes 14 food items with inflation in double digits. Items like tomato, green chilli, ginger and garlic witnessed inflation of more than 50 per cent,” The Hindu quoted the Finance Ministry as saying in its monthly economic review for July. According to the review, significant food inflation last month was caused by these “abnormal” upticks in select commodities, but this is anticipated to be temporary. “Tomato prices are likely to decline with the arrival of fresh stocks by the end of August or early September. Further enhanced imports of tur dal are expected to moderate pulses inflation,” it indicated, arguing that these and other government efforts can soon moderate the high food prices in the coming months. WATCH WION LIVE HERE

Inflationary pressures may persist but food prices to stabilise: Indian finance ministry 

On account of the G20 Summit, all public, private, and municipal offices and schools in Delhi would be closed from September 8 to September 10. Banks, financial institutions, and retail establishments will also be closed during this time, NDTV quoted Delhi Chief Minister Arvind Kejriwal as saying.&nbsp;

Kejriwal's statement came shortly after the Special Commissioner of the Delhi Police wrote to the city’s Chief Secretary recommending a government holiday from September 8 to September 10.

On September 9 and 10, the G20 summit—a gathering of the heads of the 20 largest economies in the world—will take place at Delhi’s Pragati Maidan’s state-of-the-art Bharat Mandapam convention hall, which was just inaugurated. India will be hosting the conference.

The recommendation is being given in an attempt to ease any potential traffic congestion and logistical issues.

“Since, most of the arrivals will take place September 8 and delegates will depart to their respective countries on September 10-11, there will be a massive movement of traffic which needs to be curtailed to ensure safe passage for the delegates from airport to hotels and to the other venues during the summit,” the letter read.

The Delhi Police are in the process of making special arrangements to ensure smooth vehicular movement during the time of the summit. The summit will see the arrival of several heads of state and diplomats, including US President Joe Biden, Chinese Premier Xi Jinping, Canadian Prime Minister Justin Trudeau, and French President Emmanuel Macron.

In order to examine the restriction and diversion measures, the Delhi traffic police performed a mock drill on important routes connecting Pragati Maidan, the summit’s main location, with a number of hotels on Monday.

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On account of the G20 Summit, all public, private, and municipal offices and schools in Delhi would be closed from September 8 to September 10. Banks, financial institutions, and retail establishments will also be closed during this time, NDTV quoted Delhi Chief Minister Arvind Kejriwal as saying.

On account of the G20 Summit, all public, private, and municipal offices and schools in Delhi would be closed from September 8 to September 10. Banks, financial institutions, and retail establishments will also be closed during this time, NDTV quoted Delhi Chief Minister Arvind Kejriwal as saying. Kejriwal's statement came shortly after the Special Commissioner of the Delhi Police wrote to the city’s Chief Secretary recommending a government holiday from September 8 to September 10. On September 9 and 10, the G20 summit—a gathering of the heads of the 20 largest economies in the world—will take place at Delhi’s Pragati Maidan’s state-of-the-art Bharat Mandapam convention hall, which was just inaugurated. India will be hosting the conference. The recommendation is being given in an attempt to ease any potential traffic congestion and logistical issues. “Since, most of the arrivals will take place September 8 and delegates will depart to their respective countries on September 10-11, there will be a massive movement of traffic which needs to be curtailed to ensure safe passage for the delegates from airport to hotels and to the other venues during the summit,” the letter read. The Delhi Police are in the process of making special arrangements to ensure smooth vehicular movement during the time of the summit. The summit will see the arrival of several heads of state and diplomats, including US President Joe Biden, Chinese Premier Xi Jinping, Canadian Prime Minister Justin Trudeau, and French President Emmanuel Macron. In order to examine the restriction and diversion measures, the Delhi traffic police performed a mock drill on important routes connecting Pragati Maidan, the summit’s main location, with a number of hotels on Monday. WATCH WION LIVE HERE

Delhi offices, schools, shops, banks to be shut on Sept 8-10 for G20 meet 

Trade negotiations between the UK and India are reportedly in its “final but trickier” stages, the BBC reported.

This week, G20 trade ministers are expected to gather in India under the leadership of Trade Secretary Kemi Badenoch.

Whether a trade agreement will be reached before Rishi Sunak’s travel to India in September has been the subject of rumours.

However, the BBC has been informed that the UK government does not anticipate that a complete deal will be reached by then.

The BBC report nevertheless highlights that there are still some “big nuts to crack” before an agreement could potentially be reached in the coming “months.”

The government has long viewed a trade agreement with India as one of the most advantageous bilateral agreements the UK could make after Brexit.

Former UK Prime Minister Boris Johnson had pledged last year that an agreement would be “done” by Diwali in 2022,&nbsp;but that target was missed.

The UK is eager to reach a deal that might lower import duties on UK exports like cars and whisky, which are currently subject to triple-figure import charges in India.

Because of these levies, UK goods are less affordable in India and less competitive.

Due to British officials' refusal to issue visas to Indian employees, trade negotiations have encountered obstacles in the past year.

The UK has been eager to persuade India to let more UK companies and service industries establish operations there.

The British Chambers of Commerce's William Bain, head of trade strategy, claimed that this would be a “big win” for British companies, particularly those offering travel, business, or financial services.

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Trade negotiations between the UK and India are reportedly in its “final but trickier” stages, the BBC reported. This week, G20 trade ministers are expected to gather in India under the leadership of Trade Secretary Kemi Badenoch.

Trade negotiations between the UK and India are reportedly in its “final but trickier” stages, the BBC reported. This week, G20 trade ministers are expected to gather in India under the leadership of Trade Secretary Kemi Badenoch. Whether a trade agreement will be reached before Rishi Sunak’s travel to India in September has been the subject of rumours. However, the BBC has been informed that the UK government does not anticipate that a complete deal will be reached by then. The BBC report nevertheless highlights that there are still some “big nuts to crack” before an agreement could potentially be reached in the coming “months.” The government has long viewed a trade agreement with India as one of the most advantageous bilateral agreements the UK could make after Brexit. Former UK Prime Minister Boris Johnson had pledged last year that an agreement would be “done” by Diwali in 2022, but that target was missed. The UK is eager to reach a deal that might lower import duties on UK exports like cars and whisky, which are currently subject to triple-figure import charges in India. Because of these levies, UK goods are less affordable in India and less competitive. Due to British officials' refusal to issue visas to Indian employees, trade negotiations have encountered obstacles in the past year. The UK has been eager to persuade India to let more UK companies and service industries establish operations there. The British Chambers of Commerce's William Bain, head of trade strategy, claimed that this would be a “big win” for British companies, particularly those offering travel, business, or financial services. WATCH WION LIVE HERE

UK-India trade deal negotiations in their “final, trickier” stage: Report  

China’s leader Xi Jinping through his minister informed the BRICS grouping that China’s economy is resilient and that the underlying principles for its long-term growth remain the same.

In a prepared statement read out at a business roundtable by Wang Wentao, China’s commerce minister, Xi said,&nbsp;"The Chinese economy has strong resilience, tremendous potential and great vitality."&nbsp;

Due to a deteriorating real estate slump, sluggish consumer spending, and falling credit growth, recovery in the world’s second-largest economy has lost momentum, strengthening the need for policy stimulus from the government.

However, according to Xi, China has several economic advantages, including a “super-sized market”, a fully developed industrial system, and a large pool of skilled workers.

“The giant ship of the Chinese economy will continue to ride the wind, cleave waves, and forge ahead,” Xi' statement read.

Meanwhile, the U.S. on Tuesday criticised China for decreasing the transparency of its reporting of fundamental economic statistics and for taking aggressive action against Chinese companies that had been supplying such data.

(With inputs from Reuters)

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China’s leader Xi Jinping through his minister informed the BRICS grouping that China’s economy is resilient and that the underlying principles for its long-term growth remain the same.

China’s leader Xi Jinping through his minister informed the BRICS grouping that China’s economy is resilient and that the underlying principles for its long-term growth remain the same. In a prepared statement read out at a business roundtable by Wang Wentao, China’s commerce minister, Xi said, "The Chinese economy has strong resilience, tremendous potential and great vitality." Due to a deteriorating real estate slump, sluggish consumer spending, and falling credit growth, recovery in the world’s second-largest economy has lost momentum, strengthening the need for policy stimulus from the government. However, according to Xi, China has several economic advantages, including a “super-sized market”, a fully developed industrial system, and a large pool of skilled workers. “The giant ship of the Chinese economy will continue to ride the wind, cleave waves, and forge ahead,” Xi' statement read. Meanwhile, the U.S. on Tuesday criticised China for decreasing the transparency of its reporting of fundamental economic statistics and for taking aggressive action against Chinese companies that had been supplying such data. (With inputs from Reuters) WATCH WION LIVE HERE

“Chinese economy resilient”: Xi Jinping assures BRICS grouping 

Despite a slowdown in global demand, India’s overall exports and imports of goods and services surpassed the $800 billion mark during the first half of 2023, attributed in large part to the country’s services sectors, according to a research released on Monday by think tank GTRI.

Data from the Global Trade Research Initiative (GTRI) showed&nbsp;that from January to June of this year, exports of goods and services increased by 1.5 per cent to $385.4 billion in comparison to $379.5 billion in January to June of 2022.

However, compared to the same period last year, imports decreased by 5.9 per cent to $415.5 billion, from $441.7 billion.

“India’s foreign trade (exports and imports of merchandise and services) reached $800.9 billion during January-June 2023, exhibiting a decline of 2.5 per cent over the same period last year (January-June 2022),” the report said.

Separately, exports of products fell by 8.1 per cent to $218.7 billion, while imports fell by 8.3 per cent to $325.7 billion.

In contrast, over the six-month period, exports of services increased by 17.7 per cent to $166.7 billion, while imports increased by 3.7 per cent to $89.8 billion.

“Data is showing modest decline due to weak global demand and losing competitiveness in labour intensive sectors. The decline in merchandise exports happened despite appreciating INR (Indian Rupee). INR/USD exchange rate appreciated from 76.16 in April 2022 to 82.18 in Apr 2023,” GTRI Co-founder Ajay Srivastava told PTI.

He noted that a number of issues, including as the ongoing conflict in Ukraine, high inflation, tighter monetary policy, and financial unpredictability, contribute to the poor forecast for global commerce in 2023.

But he also mentioned that these factors will soon be overshadowed by a spate of new subsidies and protectionist measures by the EU and USA. He cited an example saying that&nbsp;in the first seven months of 2023 alone, the EU has introduced five regulations on climate change and trade, each of these are essentially measures to curb imports.&nbsp;

He added that given that every major nation is shifting its attention inward, India should not give up its policy space, particularly when it comes to fresh concerns with FTAs (free trade agreements) and the Indo-Pacific Economic Framework for Prosperity (IPEF).

(With inputs from agencies)

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Despite a slowdown in global demand, India’s overall exports and imports of goods and services surpassed the $800 billion mark during the first half of 2023, attributed in large part to the country’s services sectors, according to a research released on Monday by think tank GTRI.

Despite a slowdown in global demand, India’s overall exports and imports of goods and services surpassed the $800 billion mark during the first half of 2023, attributed in large part to the country’s services sectors, according to a research released on Monday by think tank GTRI. Data from the Global Trade Research Initiative (GTRI) showed that from January to June of this year, exports of goods and services increased by 1.5 per cent to $385.4 billion in comparison to $379.5 billion in January to June of 2022. However, compared to the same period last year, imports decreased by 5.9 per cent to $415.5 billion, from $441.7 billion. “India’s foreign trade (exports and imports of merchandise and services) reached $800.9 billion during January-June 2023, exhibiting a decline of 2.5 per cent over the same period last year (January-June 2022),” the report said. Separately, exports of products fell by 8.1 per cent to $218.7 billion, while imports fell by 8.3 per cent to $325.7 billion. In contrast, over the six-month period, exports of services increased by 17.7 per cent to $166.7 billion, while imports increased by 3.7 per cent to $89.8 billion. “Data is showing modest decline due to weak global demand and losing competitiveness in labour intensive sectors. The decline in merchandise exports happened despite appreciating INR (Indian Rupee). INR/USD exchange rate appreciated from 76.16 in April 2022 to 82.18 in Apr 2023,” GTRI Co-founder Ajay Srivastava told PTI. He noted that a number of issues, including as the ongoing conflict in Ukraine, high inflation, tighter monetary policy, and financial unpredictability, contribute to the poor forecast for global commerce in 2023. But he also mentioned that these factors will soon be overshadowed by a spate of new subsidies and protectionist measures by the EU and USA. He cited an example saying that in the first seven months of 2023 alone, the EU has introduced five regulations on climate change and trade, each of these are essentially measures to curb imports. He added that given that every major nation is shifting its attention inward, India should not give up its policy space, particularly when it comes to fresh concerns with FTAs (free trade agreements) and the Indo-Pacific Economic Framework for Prosperity (IPEF). (With inputs from agencies) WATCH WION LIVE HERE

India’s foreign trade surpasses $800 billion: Think tank GTRI 

It is late August, meaning that the annual conference of the Kansas City Fed, which will be attended by leading central bankers from all around the world is to take place in Jackson Hole. As usual, everyone is particularly interested in hearing what Federal Reserve Chair Jerome Powell, who is scheduled to speak Friday morning, might have to say.

The minutes of the July policy meeting held by the US central bank were recently released, and it was clear from the records that most Federal Reserve members at the time viewed a large upside risk to inflation, which may have necessitated even further tightening. On the other hand, two also backed maintaining current rates, the first significant indication of disagreement over the course of action in a long time.

Key data points since that meeting have demonstrated that price and wage pressures are continuing to diminish, which should support the argument for stopping rate hikes. Although consumer expenditure and labor-market activity indices have continued to show improvement, authorities may nonetheless be concerned about the likelihood of an ongoing decline in inflation.

A crucial question is how Powell might be considering those developments. In addition, any hints as to how the central bank might be formulating a strategy for rate decreases in 2024 will also be closely watched. Otherwise, participants will take interest in active discussions regarding “Structural Shifts in the Global Economy,” the retreat’s main theme this year.

(With inputs from agencies)

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It is late August, meaning that the annual conference of the Kansas City Fed, which will be attended by leading central bankers from all around the world is to take place in Jackson Hole.

It is late August, meaning that the annual conference of the Kansas City Fed, which will be attended by leading central bankers from all around the world is to take place in Jackson Hole. As usual, everyone is particularly interested in hearing what Federal Reserve Chair Jerome Powell, who is scheduled to speak Friday morning, might have to say. The minutes of the July policy meeting held by the US central bank were recently released, and it was clear from the records that most Federal Reserve members at the time viewed a large upside risk to inflation, which may have necessitated even further tightening. On the other hand, two also backed maintaining current rates, the first significant indication of disagreement over the course of action in a long time. Key data points since that meeting have demonstrated that price and wage pressures are continuing to diminish, which should support the argument for stopping rate hikes. Although consumer expenditure and labor-market activity indices have continued to show improvement, authorities may nonetheless be concerned about the likelihood of an ongoing decline in inflation. A crucial question is how Powell might be considering those developments. In addition, any hints as to how the central bank might be formulating a strategy for rate decreases in 2024 will also be closely watched. Otherwise, participants will take interest in active discussions regarding “Structural Shifts in the Global Economy,” the retreat’s main theme this year. (With inputs from agencies) WATCH WION LIVE HERE

All eyes now on Federal Reserve Chief Powell in Jackson Hole: Report  

The Indian hotel industry is expected to directly contribute $ 1 trillion to the country’s GDP by 2047, attributed to an&nbsp;increase in domestic tourism and international arrivals, a report said. According to the Hotel Association of India (HAI) and Benori Knowledge report, “Vision 2047: Indian Hotel Industry", the direct GDP contribution of the hotel industry was $40 billion in 2022 and is predicted to increase to $68 billion by 2027.

It also stated that it could reach $1 trillion by 2047. The association for the hotel industry said that, in order for the sector to reach its goal, growth must expand outside of metro areas into second- and third-tier cities as well as rural areas.

The report noted that the total contribution does take into account aspects of services from related business verticals, such as food and beverage and salons and spas, but does not take into account the expansion of the services market, eliminating scenario-based contribution estimations. The report says that variables including GDP growth, rising income levels, a rise in both domestic and international visitor arrivals&nbsp;are attributed to&nbsp;the predicted gain.

Domestic tourist visits are anticipated to rise from 677 million in 2021 to 1.5 billion by 2030 and then further to 15 billion by 2047 in the long term (2037-2047), according to the report. The survey noted that there would be 1.5 million international visitors arriving in India in 2021, 15 million by 2024, 25 million by 2030, and "are further projected to grow attracting 100 million tourists by 2047."

As per the report, all of these variables have opened up new prospects in the tourist and hospitality sectors. Technology, environmental and social sustainability, assistance from policymakers, and macroeconomic variables will all be significant, HAI Secretary General M P Bezbaruah told PTI.&nbsp;

(With inputs from agencies)&nbsp;

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The Indian hotel industry is expected to directly contribute $ 1 trillion to the country’s GDP by 2047, attributed to an increase in domestic tourism and international arrivals, a report said.

The Indian hotel industry is expected to directly contribute $ 1 trillion to the country’s GDP by 2047, attributed to an increase in domestic tourism and international arrivals, a report said. According to the Hotel Association of India (HAI) and Benori Knowledge report, “Vision 2047: Indian Hotel Industry", the direct GDP contribution of the hotel industry was $40 billion in 2022 and is predicted to increase to $68 billion by 2027. It also stated that it could reach $1 trillion by 2047. The association for the hotel industry said that, in order for the sector to reach its goal, growth must expand outside of metro areas into second- and third-tier cities as well as rural areas. The report noted that the total contribution does take into account aspects of services from related business verticals, such as food and beverage and salons and spas, but does not take into account the expansion of the services market, eliminating scenario-based contribution estimations. The report says that variables including GDP growth, rising income levels, a rise in both domestic and international visitor arrivals are attributed to the predicted gain. Domestic tourist visits are anticipated to rise from 677 million in 2021 to 1.5 billion by 2030 and then further to 15 billion by 2047 in the long term (2037-2047), according to the report. The survey noted that there would be 1.5 million international visitors arriving in India in 2021, 15 million by 2024, 25 million by 2030, and "are further projected to grow attracting 100 million tourists by 2047." As per the report, all of these variables have opened up new prospects in the tourist and hospitality sectors. Technology, environmental and social sustainability, assistance from policymakers, and macroeconomic variables will all be significant, HAI Secretary General M P Bezbaruah told PTI. (With inputs from agencies) WATCH WION LIVE HERE

Hotel industry projected to contribute $1 trillion to India’s GDP by 2047: Report 

CaratLane employees are expected to&nbsp;receive Rs 340 crore to Rs 380 crore in employee stock ownership plan (ESOP) payouts as Titan is in course of acquiring the remaining stake in the jewellery start up, Moneycontrol reported.

In total, CaratLane has about 1,500 employees, the most of whom work in the manufacturing and retail segments, and do not hold stock in the company. Instead, they receive bonuses and promotions.

About 400 workers make up the startup’s corporate team, where providing ESOPs was a more common practice. 75 of the 400 employees own shares in CaratLane, which are currently valued between Rs 340 and Rs 380 crore, or roughly 1.72 per cent of the company.

Employees at CaratLane will have their shares purchased by Titan, which plans to acquire a 100 per cent stake in the enterprise. It has been raising its investment already. Titan now owns 71.09 per cent of CaratLane and is getting ready to pay Rs 4,621 crore to acquire the remaining 27.18 per cent from the company’s founder and CEO, Mithun Sanchetti and his family. This will bring Titan’s total ownership in the jewellery firm to 98.28 percent. The acquisition is expected to be complete by October 31, 2023, following regulatory approvals.

For Titan to acquire complete ownership of CaratLane, just the ESOP pool will be remaining.

“The ESOP component (of 1.72 percent in the company) will also be bought out at the same time by the end of October. A bunch of it will be done by then and whatever remains, Titan will buy as and when the vesting happens,” Moneycontrol quoted Sanchetti as saying.

The rationale behind the acquisition

The Tata group firm Titan Co Ltd had initially acquired 62 per cent stake in CaratLane for Rs 357.24 crore on July 14, 2023. Titan gave an explanation regarding its decision, saying: “We believe the synergies with the jewellery business of Titan Co is very high.”

It further stated that CaratLane is a well-known brand and company in the online jewelry market that serves a distinct clientele and has strong internal capacities in design, manufacturing, technology, and e-commerce.

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CaratLane employees are expected to receive Rs 340 crore to Rs 380 crore in employee stock ownership plan (ESOP) payouts as Titan is in course of acquiring the remaining stake in the jewellery start up, Moneycontrol reported.

CaratLane employees are expected to receive Rs 340 crore to Rs 380 crore in employee stock ownership plan (ESOP) payouts as Titan is in course of acquiring the remaining stake in the jewellery start up, Moneycontrol reported. In total, CaratLane has about 1,500 employees, the most of whom work in the manufacturing and retail segments, and do not hold stock in the company. Instead, they receive bonuses and promotions. About 400 workers make up the startup’s corporate team, where providing ESOPs was a more common practice. 75 of the 400 employees own shares in CaratLane, which are currently valued between Rs 340 and Rs 380 crore, or roughly 1.72 per cent of the company. Employees at CaratLane will have their shares purchased by Titan, which plans to acquire a 100 per cent stake in the enterprise. It has been raising its investment already. Titan now owns 71.09 per cent of CaratLane and is getting ready to pay Rs 4,621 crore to acquire the remaining 27.18 per cent from the company’s founder and CEO, Mithun Sanchetti and his family. This will bring Titan’s total ownership in the jewellery firm to 98.28 percent. The acquisition is expected to be complete by October 31, 2023, following regulatory approvals. For Titan to acquire complete ownership of CaratLane, just the ESOP pool will be remaining. “The ESOP component (of 1.72 percent in the company) will also be bought out at the same time by the end of October. A bunch of it will be done by then and whatever remains, Titan will buy as and when the vesting happens,” Moneycontrol quoted Sanchetti as saying. The rationale behind the acquisition The Tata group firm Titan Co Ltd had initially acquired 62 per cent stake in CaratLane for Rs 357.24 crore on July 14, 2023. Titan gave an explanation regarding its decision, saying: “We believe the synergies with the jewellery business of Titan Co is very high.” It further stated that CaratLane is a well-known brand and company in the online jewelry market that serves a distinct clientele and has strong internal capacities in design, manufacturing, technology, and e-commerce. WATCH WION LIVE HERE

CaratLane employees to receive Rs 340-380 crore from ESOPs, after sale to Titan

India has made a leap to the 11th position in the ranking of the top direct seller markets with retail sales of $3.23 billion in 2022, according to a report by the international industry association World Federation of Direct Selling Associations (WFDSA).

The report by the WFDSA said that Indian direct selling has seen growth of 5.4 per cent above 2021 retail sales. According to the report, the Indian market experienced the highest Compounded Annual Growth Rate (CAGR) of nearly 13.3 per cent during the previous three years, measured in constant dollars.

The global direct selling market reported a 1.5 per cent fall to $172.89 billion in 2022.

With an overall decline of five&nbsp;per cent from 2021, the US ranked first on the list with $40.52. It was followed by Korea, Germany, China, Japan, and Malaysia.

According to Rajat Banerji, chairman of the India Direct Selling Association (IDSA), “India’s direct selling market is growing steadily and has the potential to place itself in the top five global markets over the next decade.”

He also added that the Consumer Protection (Direct Selling) Rules 202 and its subsequent amendment should bring stability to the Indian direct selling market, which may gather the interest of major international direct selling organisations as well as investors.

“Only three among the top ten (sellers) are in India today and we would like to see all start their business in India,” Rajat added.

IDSA is a self-regulatory body for the direct selling industry in India.

(With inputs form agencies)

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India has made a leap to the 11th position in the ranking of the top direct seller markets with retail sales of $3.23 billion in 2022, according to a report by the international industry association World Federation of Direct Selling Associations (WFDSA).

India has made a leap to the 11th position in the ranking of the top direct seller markets with retail sales of $3.23 billion in 2022, according to a report by the international industry association World Federation of Direct Selling Associations (WFDSA). The report by the WFDSA said that Indian direct selling has seen growth of 5.4 per cent above 2021 retail sales. According to the report, the Indian market experienced the highest Compounded Annual Growth Rate (CAGR) of nearly 13.3 per cent during the previous three years, measured in constant dollars. The global direct selling market reported a 1.5 per cent fall to $172.89 billion in 2022. With an overall decline of five per cent from 2021, the US ranked first on the list with $40.52. It was followed by Korea, Germany, China, Japan, and Malaysia. According to Rajat Banerji, chairman of the India Direct Selling Association (IDSA), “India’s direct selling market is growing steadily and has the potential to place itself in the top five global markets over the next decade.” He also added that the Consumer Protection (Direct Selling) Rules 202 and its subsequent amendment should bring stability to the Indian direct selling market, which may gather the interest of major international direct selling organisations as well as investors. “Only three among the top ten (sellers) are in India today and we would like to see all start their business in India,” Rajat added. IDSA is a self-regulatory body for the direct selling industry in India. (With inputs form agencies) WATCH WION LIVE HERE

India moves up to 11th position in global direct selling ranking: Report

Presently, India hopes to win this week’s space race by being the first country to set foot on the moon’s south pole. The race is about science, politics of national pride, and a brand-new frontier: money.

India’s Chandrayaan-3 is scheduled to touch down on the lunar south pole on Wednesday. Analysts and businesspeople anticipate a quick boost for the nation’s fledgling space industry if it is successful.

Before the lander plummeted from orbit and likely took with it the financing for a replacement mission, observers say, Russia’s Luna-25, which was launched less than two weeks ago, had been on pace to arrive first.

The unexpected race to reach a previously undiscovered area of the moon brings to mind the space race between the US and the USSR in the 1960s.

But now that space travel is a lucrative industry, the moon’s south pole is prized for the water ice that scientists believe could one day support a lunar colony, mining operations, and eventually journeys to Mars.

With the help of Prime Minister Narendra Modi, India has privatised space launches and is attempting to attract international investment as it aims to grow its market share in the launch industry five-fold over the course of the next ten years.

Analysts predict that India’s space industry will benefit from its reputation for cost-effective engineering if Chandrayaan-3 is a success. Only about $74 million was allocated by the Indian Space Research Organisation (ISRO) for the project.

The inspector general of the US space agency has calculated that NASA is on schedule to spend nearly $93 billion on its Artemis lunar plan through 2025.

“The moment this mission is successful, it raises the profile of everyone associated with it,” said Ajey Lele, a consultant with the Manohar Parrikar Institute for Defence Studies and Analyses in New Delhi.

Russia’s setback &nbsp;

Russia was able to launch a moonshot despite sanctions from the West over its involvement in the Ukraine War and growing isolation. However, some authorities question its capacity to support a Luna-25 replacement. The amount Russia spent on the expedition is unknown.

According to Moscow-based author and independent space specialist Vadim Lukashevich, the exploration costs are consistently decreasing annually.

A replication of Luna-25 is “extremely unlikely” given Russia’s budget priorities, he continued.

Prior to 2021, when it said it would collaborate with China on its moon plan, Russia had been considering a position in NASA’s Artemis programme. Little data about the attempt has been made public.

2019 saw China’s first-ever soft landing on the moon’s far side, while the country has additional missions in progress. According to space research company Euroconsult, China will invest $12 billion in its space project in 2022.

NASA’s strategy guide&nbsp;

According to officials, NASA has provided the blueprint that India is using by opening up to private funding.

For instance, SpaceX, run by Elon Musk, is creating the Starship rocket to carry NASA’s astronauts to the moon’s surface as part of a $3 billion contract.

In addition to that contract, Musk has stated that SpaceX will invest about $2 billion in Starship this year.

By the end of the year, or in 2024, lunar landers being constructed by the American space companies Astrobotic and Intuitive Machines (LUNR.O) are anticipated to be sent to the moon’s south pole.

Additionally, privately funded alternatives to the International Space Station are being created by businesses like Axiom Space and Jeff Bezos’ Blue Origin. Axiom reported raising $350 million from Saudi and South Korean investors on Monday.

Space is still risky. India’s most recent moon mission failed in 2019, the same year an Israeli startup’s bid to make history by becoming the first privately funded moon mission also failed.

(With inputs from Reuters)

&nbsp;

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Presently, India hopes to win this week’s space race by being the first country to set foot on the moon’s south pole. The race is about science, politics of national pride, and a brand-new frontier: money.

Presently, India hopes to win this week’s space race by being the first country to set foot on the moon’s south pole. The race is about science, politics of national pride, and a brand-new frontier: money. India’s Chandrayaan-3 is scheduled to touch down on the lunar south pole on Wednesday. Analysts and businesspeople anticipate a quick boost for the nation’s fledgling space industry if it is successful. Before the lander plummeted from orbit and likely took with it the financing for a replacement mission, observers say, Russia’s Luna-25, which was launched less than two weeks ago, had been on pace to arrive first. The unexpected race to reach a previously undiscovered area of the moon brings to mind the space race between the US and the USSR in the 1960s. But now that space travel is a lucrative industry, the moon’s south pole is prized for the water ice that scientists believe could one day support a lunar colony, mining operations, and eventually journeys to Mars. With the help of Prime Minister Narendra Modi, India has privatised space launches and is attempting to attract international investment as it aims to grow its market share in the launch industry five-fold over the course of the next ten years. Analysts predict that India’s space industry will benefit from its reputation for cost-effective engineering if Chandrayaan-3 is a success. Only about $74 million was allocated by the Indian Space Research Organisation (ISRO) for the project. The inspector general of the US space agency has calculated that NASA is on schedule to spend nearly $93 billion on its Artemis lunar plan through 2025. “The moment this mission is successful, it raises the profile of everyone associated with it,” said Ajey Lele, a consultant with the Manohar Parrikar Institute for Defence Studies and Analyses in New Delhi. Russia’s setback Russia was able to launch a moonshot despite sanctions from the West over its involvement in the Ukraine War and growing isolation. However, some authorities question its capacity to support a Luna-25 replacement. The amount Russia spent on the expedition is unknown. According to Moscow-based author and independent space specialist Vadim Lukashevich, the exploration costs are consistently decreasing annually. A replication of Luna-25 is “extremely unlikely” given Russia’s budget priorities, he continued. Prior to 2021, when it said it would collaborate with China on its moon plan, Russia had been considering a position in NASA’s Artemis programme. Little data about the attempt has been made public. 2019 saw China’s first-ever soft landing on the moon’s far side, while the country has additional missions in progress. According to space research company Euroconsult, China will invest $12 billion in its space project in 2022. NASA’s strategy guide According to officials, NASA has provided the blueprint that India is using by opening up to private funding. For instance, SpaceX, run by Elon Musk, is creating the Starship rocket to carry NASA’s astronauts to the moon’s surface as part of a $3 billion contract. In addition to that contract, Musk has stated that SpaceX will invest about $2 billion in Starship this year. By the end of the year, or in 2024, lunar landers being constructed by the American space companies Astrobotic and Intuitive Machines (LUNR.O) are anticipated to be sent to the moon’s south pole. Additionally, privately funded alternatives to the International Space Station are being created by businesses like Axiom Space and Jeff Bezos’ Blue Origin. Axiom reported raising $350 million from Saudi and South Korean investors on Monday. Space is still risky. India’s most recent moon mission failed in 2019, the same year an Israeli startup’s bid to make history by becoming the first privately funded moon mission also failed. (With inputs from Reuters) WATCH WION LIVE HERE

How the money is influencing a new space race with India’s boom and Russia’s crunch 

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