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From policymakers to the general public, everyone is hoping for a stable and growing economy in 2024.&nbsp;

The world has been in bad shape since 2020. To begin with, Covid-19 pandemic-related restrictions disrupted day-to-day economic activity. Later, the Ukraine war disrupted global supply chains and impacted commodity prices.

The twin blows contributed to a slowdown in 2023, with the world economy expected to grow by just three per cent.

Global economic projections for 2024, too, are not rosy. Global growth is expected to slow to 2.9 per cent, as per the International Monetary Fund.

"The global economy continues to recover from the pandemic, Ukraine war and the cost-of-living crisis. In retrospect, the resilience has been remarkable. Even so, growth remains slow and uneven, with widening divergences," writes academician Pierre-Olivier Gourinchas in an IMF blog.

A lot would depend on these five factors since they could make-or-break the world economy.

1) Rate cuts by the Fed &amp; other central banks

Everyone expects the US Fed to start cutting rates from April this year. The economy continues to grow, albeit at a slower pace, and inflation is closer to the Federal Reserve's 2 per cent target.

The US grew at 5.2 per cent in the July-September quarter - the fastest pace of expansion since the last three months of 2021. The annual inflation rate stood at 3.1 per cent at the end of November.

Many expect at least three rate cuts this year, with the monetary cycle likely to continue up to 2025-end. It is estimated that the Fed may go for at least a 2.5 per cent reduction in interest rates over the next 18-24 months.

The rate cuts are likely certain help the global economy, as spending and consumption will get a boost due to the easing monetary policy. This will also give thumbs up to other central banks to follow suit.

Apart from the US Fed, all eyes will be the actions taken by the European Central Bank, Bank of England, Bank of Japan and the Reserve Bank of India.

However, if inflation makes a comeback or tensions heighten in West Asia and East Asia, the US central bank may be forced to keep the rates steady or even raise them.&nbsp;&nbsp;&nbsp;

2) Geopolitical tensions

The Ukraine war, tensions in West Asia, and the growing rivalry between the US and China have had a significant impact on the global economy in recent years.

These geopolitical events have disrupted economic activities, threatening to fragment global trade into smaller blocks, hamper supply chains, and increase prices of essential commodities.

These tensions will spill over to 2024 too.

"The current conflicts (in Ukraine and West Asia) appear to be long term. At best, they could cause volatility in oil markets. At worst, they could fragment the economy and trade system further," a recent Deutsche Bank analysis reads.

The rivalry between the US and China will be closely watched. Already locked in a trade war since 2018, any further escalation between the two biggest economies could drag global growth and make the world a less integrated place — ‘de-globalised’ in other words.

Any drastic action across the Taiwan straits will have global ramifications, with a particular impact on the semiconductor industry and the ongoing artificial intelligence boom.

More so, a 'black swan' event like the Ukraine war will add to the uncertainties.

3) Recession in advanced countries

Slower economic growth raises the fear of a prolonged recession in 2024.

However, the US – the world’s largest economy – likely to skip recession this year, after defying the odds in 2023.

Though that’s the general consensus, but some outliers believe that unemployment may rise in 2024. This, they argue, will have a ripple effect on consumer spending, leading to a recession.

But the Euro Zone, struggling for a while now, is unlikely to get lucky. Factory output has been declining for over 18 months now. The 20-member currency union will not only enter 2024 in technical recession but there is also a high possibility of long-term trouble for the economy.

The IMF's anticipates a slight recovery in 2024. But a lot would depend on the fine balancing act of curbing inflation – still way above the central bank’s target – and fueling growth.

Any rise in inflation – largely energy-driven – will keep prices elevated and growth in the negative territory.

The worst hit will be the United Kingdom, whose economy is on the cusp of a recession after shrinking in 2023. In fact, the Bank of England has warned of recession around the time of elections, likely to be held in mid-2024. The country is likely to see zero growth this year, irrespective of recession.

4) Growing debt burden

The debt burden is likely to remain a big concern, especially in the developing world.

Debt servicing costs will rise by 39 per cent for the 24 poorest countries this year, as per The World Bank.

The poorest countries face a huge $3.5 trillion debt burden. In the absence of any resolution mechanism, they could default.

As per reports, these countries, often dubbed 'frontier markets', will have to repay about $200 billion of debt in 2024.

This, in the words of Indermit Gill, the World Bank Group’s Chief Economist, will force developing countries to choice between servicing their public debts and investing in public health, education, and infrastructure.

The focus will be on the World Bank, the International Monetary Fund &amp; China – the biggest lenders. Any resolution to the debt crisis in 2024 will depend on these key players.

5) Elections around the world

Over half of humanity will go to polls, covering at least 40 countries. They represent half of the world’s Gross Domestic Product, raising the stakes for businesses.

India, the United States and the United Kingdom are among the major countries set to go to polls this year.

India is on track to be the third-biggest economy in the world and the markets are betting on Prime Minister Narendra Modi's third consecutive&nbsp;term.

In the US, a possible re-election of Donald Trump could push global trade – especially with China – into a tailspin.

Across the Atlantic, all eyes will be on the Labour party, which is tipped to win the UK elections amid the economic crisis.

Any expected or unexpected political changes will have economic implications for the world.

<o:p></o:p>

From policymakers to the general public, everyone is hoping for a stable and growing economy in 2024. The world has been in bad shape since 2020. To begin with, Covid-19 pandemic-related restrictions disrupted day-to-day economic activity.

From policymakers to the general public, everyone is hoping for a stable and growing economy in 2024. The world has been in bad shape since 2020. To begin with, Covid-19 pandemic-related restrictions disrupted day-to-day economic activity. Later, the Ukraine war disrupted global supply chains and impacted commodity prices. The twin blows contributed to a slowdown in 2023, with the world economy expected to grow by just three per cent. Global economic projections for 2024, too, are not rosy. Global growth is expected to slow to 2.9 per cent, as per the International Monetary Fund. "The global economy continues to recover from the pandemic, Ukraine war and the cost-of-living crisis. In retrospect, the resilience has been remarkable. Even so, growth remains slow and uneven, with widening divergences," writes academician Pierre-Olivier Gourinchas in an IMF blog. A lot would depend on these five factors since they could make-or-break the world economy. 1) Rate cuts by the Fed & other central banks Everyone expects the US Fed to start cutting rates from April this year. The economy continues to grow, albeit at a slower pace, and inflation is closer to the Federal Reserve's 2 per cent target. The US grew at 5.2 per cent in the July-September quarter - the fastest pace of expansion since the last three months of 2021. The annual inflation rate stood at 3.1 per cent at the end of November. Many expect at least three rate cuts this year, with the monetary cycle likely to continue up to 2025-end. It is estimated that the Fed may go for at least a 2.5 per cent reduction in interest rates over the next 18-24 months. The rate cuts are likely certain help the global economy, as spending and consumption will get a boost due to the easing monetary policy. This will also give thumbs up to other central banks to follow suit. Apart from the US Fed, all eyes will be the actions taken by the European Central Bank, Bank of England, Bank of Japan and the Reserve Bank of India. However, if inflation makes a comeback or tensions heighten in West Asia and East Asia, the US central bank may be forced to keep the rates steady or even raise them. 2) Geopolitical tensions The Ukraine war, tensions in West Asia, and the growing rivalry between the US and China have had a significant impact on the global economy in recent years. These geopolitical events have disrupted economic activities, threatening to fragment global trade into smaller blocks, hamper supply chains, and increase prices of essential commodities. These tensions will spill over to 2024 too. "The current conflicts (in Ukraine and West Asia) appear to be long term. At best, they could cause volatility in oil markets. At worst, they could fragment the economy and trade system further," a recent Deutsche Bank analysis reads. The rivalry between the US and China will be closely watched. Already locked in a trade war since 2018, any further escalation between the two biggest economies could drag global growth and make the world a less integrated place — ‘de-globalised’ in other words. Any drastic action across the Taiwan straits will have global ramifications, with a particular impact on the semiconductor industry and the ongoing artificial intelligence boom. More so, a 'black swan' event like the Ukraine war will add to the uncertainties. 3) Recession in advanced countries Slower economic growth raises the fear of a prolonged recession in 2024. However, the US – the world’s largest economy – likely to skip recession this year, after defying the odds in 2023. Though that’s the general consensus, but some outliers believe that unemployment may rise in 2024. This, they argue, will have a ripple effect on consumer spending, leading to a recession. But the Euro Zone, struggling for a while now, is unlikely to get lucky. Factory output has been declining for over 18 months now. The 20-member currency union will not only enter 2024 in technical recession but there is also a high possibility of long-term trouble for the economy. The IMF's anticipates a slight recovery in 2024. But a lot would depend on the fine balancing act of curbing inflation – still way above the central bank’s target – and fueling growth. Any rise in inflation – largely energy-driven – will keep prices elevated and growth in the negative territory. The worst hit will be the United Kingdom, whose economy is on the cusp of a recession after shrinking in 2023. In fact, the Bank of England has warned of recession around the time of elections, likely to be held in mid-2024. The country is likely to see zero growth this year, irrespective of recession. 4) Growing debt burden The debt burden is likely to remain a big concern, especially in the developing world. Debt servicing costs will rise by 39 per cent for the 24 poorest countries this year, as per The World Bank. The poorest countries face a huge $3.5 trillion debt burden. In the absence of any resolution mechanism, they could default. As per reports, these countries, often dubbed 'frontier markets', will have to repay about $200 billion of debt in 2024. This, in the words of Indermit Gill, the World Bank Group’s Chief Economist, will force developing countries to choice between servicing their public debts and investing in public health, education, and infrastructure. The focus will be on the World Bank, the International Monetary Fund & China – the biggest lenders. Any resolution to the debt crisis in 2024 will depend on these key players. 5) Elections around the world Over half of humanity will go to polls, covering at least 40 countries. They represent half of the world’s Gross Domestic Product, raising the stakes for businesses. India, the United States and the United Kingdom are among the major countries set to go to polls this year. India is on track to be the third-biggest economy in the world and the markets are betting on Prime Minister Narendra Modi's third consecutive term. In the US, a possible re-election of Donald Trump could push global trade – especially with China – into a tailspin. Across the Atlantic, all eyes will be on the Labour party, which is tipped to win the UK elections amid the economic crisis. Any expected or unexpected political changes will have economic implications for the world.

2024 Economic Outlook: 5 key things to watch out this year

China's latest worry is smaller banks and the risks they face from the growing debt crisis. Reuters sources suggest that some top banks have increased scrutiny of the asset quality of smaller banks. They have also and tightened interbank lending standards for smaller banks.

China: Smaller banks come under scrutiny of some top banks, says report | World Business Watch

Wall street faces a semiconductor shakeup as chip stocks experience a sharp 7% decline from record highs. The semiconductor sector, known for its volatility, experienced a remarkable 2023. A 65% surge in the phlx index marked its strongest performance since 2009. However, the year-end stumble, with a decline of almost 7% since december 27, raises questions about the sustainability of the sector's growth.

Semiconductor index faces 7% decline since December peak | World Business Watch

China experienced an extraordinary surge in travel during the three-day new year holiday, with domestic tourist trips soaring by 155% compared to last year. The tourism revenue hit an impressive 79.73 billion Yuan, reflecting a nation on the move.

128 million passenger trips across China | World Business Watch

Tensions are escalating in the horn of africa as somalia rejects a landmark agreement between ethiopia and the breakaway region of Somaliland. The deal would grant ethiopia access to the Red Sea via the port of Berbera, but Somalia claims the pact has no legal force.

Diplomatic tensions rise over Berbera Port agreement | World Business Watch

The United States is now the largest exporter of liquefied natural gas. Record exports in December has helped the US. To overtake market leaders Qatar & Australia. A record 8.6 million metric tons of lng left US terminals in December.

Record exports in December help US overtake Qatar | World Business Watch

Elon Musk-owned social media platform X (formerly Twitter) has lost 71.5 per cent of its value since the platform's takeover by the billionaire, said a disclosure made by mutual fund Fidelity accessed by Axios. Fidelity owns stake in X Holdings and has reportedly estimated that its stake has lost 71.5 per cent of its value.

The proportional effect on the total value of the social media platform brings its worth to about USD 12.5 billion. Musk had acquired Twitter at a price of USD 44 billion in October 2022.

The platform has faced many upheavals since Musk's takeover. Within weeks of taking control, Musk fired top management of Twitter including the then CEO Parag Agrawal.

The company then carried out a huge job cut exercise during which nearly 50 per cent of its total staff was sacked. This had raised doubts about the stability of the platform.

Watch | Elon Musk has new content moderation rule for X, staff told not to remove problematic content

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Reported increase in hate speech on X has seen advertisers shunning the platform. Musk's own posts, including some which were were reported to be 'endorsing anti-Semitic theory' created outrage and did little to boost the image of the platform.

Under Musk, X reinstated controversial accounts including those of former US president Donald Trump and conspiracy theorist Alex Jones.

Also Read | <a href="https://www.wionews.com/india-news/elon-musks-tesla-to-set-up-first-indian-manufacturing-plant-in-gujarat-674748">Elon Musk's Tesla to set up first Indian manufacturing plant in Gujarat: Report</a>

Trump faces a barrage of legal cases which include civil fraud allegations and those connected to the attack on US Capitol building in January 2021. He also faces rape charges which have been held as substantial. During his time as US president, Trump was a prolific tweeter and many of his tweets caused controversies. Even when his supporters attacked the US Capitol building he was criticised for not making an appeal to calm down soon enough.&nbsp;

Also Read | <a href="https://www.wionews.com/technology/elon-musks-x-fails-in-its-bid-to-block-californias-content-moderation-law-674519">Elon Musk's X fails in its bid to block California's content moderation law</a>

His Twitter account was suspended after the capitol building attack. This was before Musk acquired the platform.

Musk, the world's richest man, had said that he was buying Twitter “to try to help humanity”.

Under him, X also reinstated account of Alex Jones, the right-wing conspiracy theorist and host of InfoWars. He got into trouble for saying that a 2012 shootout at a school was a hoax perpetrated just to bring gun control laws.

Jones was ordered by a court to pay USD 1.5 billion to families of the victims of one of the deadliest shootouts in US history.

(With inputs from agencies)

Elon Musk-owned social media platform X (formerly Twitter) has lost 71.5 per cent of its value since the platform's takeover by the billionaire, said a disclosure made by mutual fund Fidelity accessed by Axios.

Elon Musk-owned social media platform X (formerly Twitter) has lost 71.5 per cent of its value since the platform's takeover by the billionaire, said a disclosure made by mutual fund Fidelity accessed by Axios. Fidelity owns stake in X Holdings and has reportedly estimated that its stake has lost 71.5 per cent of its value. The proportional effect on the total value of the social media platform brings its worth to about USD 12.5 billion. Musk had acquired Twitter at a price of USD 44 billion in October 2022. The platform has faced many upheavals since Musk's takeover. Within weeks of taking control, Musk fired top management of Twitter including the then CEO Parag Agrawal. The company then carried out a huge job cut exercise during which nearly 50 per cent of its total staff was sacked. This had raised doubts about the stability of the platform. Watch | Elon Musk has new content moderation rule for X, staff told not to remove problematic content × Reported increase in hate speech on X has seen advertisers shunning the platform. Musk's own posts, including some which were were reported to be 'endorsing anti-Semitic theory' created outrage and did little to boost the image of the platform. Under Musk, X reinstated controversial accounts including those of former US president Donald Trump and conspiracy theorist Alex Jones. Also Read | Elon Musk's Tesla to set up first Indian manufacturing plant in Gujarat: Report Trump faces a barrage of legal cases which include civil fraud allegations and those connected to the attack on US Capitol building in January 2021. He also faces rape charges which have been held as substantial. During his time as US president, Trump was a prolific tweeter and many of his tweets caused controversies. Even when his supporters attacked the US Capitol building he was criticised for not making an appeal to calm down soon enough. Also Read | Elon Musk's X fails in its bid to block California's content moderation law His Twitter account was suspended after the capitol building attack. This was before Musk acquired the platform. Musk, the world's richest man, had said that he was buying Twitter “to try to help humanity”. Under him, X also reinstated account of Alex Jones, the right-wing conspiracy theorist and host of InfoWars. He got into trouble for saying that a 2012 shootout at a school was a hoax perpetrated just to bring gun control laws. Jones was ordered by a court to pay USD 1.5 billion to families of the victims of one of the deadliest shootouts in US history. (With inputs from agencies)

After Elon Musk’s takeover, X has lost 71 per cent of its value: Report

Chinese company BYD is poised to dethrone Tesla as the world's top-selling electric vehicle (EV) manufacturer, reporting stellar fourth-quarter sales, according to&nbsp; Financial Times report.&nbsp;BYD's record 526,000 battery-only vehicles sold in the quarter, especially a December surge, present a formidable challenge to Tesla's supremacy.

<h2>BYD's milestone quarter</h2>

BYD, emblematic of China's prowess in clean technology, achieved a historic milestone by selling 526,000 battery-only vehicles in Q4, marking a more than 70 per cent&nbsp;increase in December sales. The surge positions BYD as a formidable contender to overtake Tesla as the leading EV manufacturer.

Tesla must surpass analyst expectations and deliver a robust fourth quarter to maintain its status as the largest seller of pure electric vehicles. Estimates project Tesla's Q4 sales around 483,000 vehicles, with official production figures awaited on Tuesday (Jan 2).

<a href="https://www.wionews.com/india-news/elon-musks-tesla-to-set-up-first-indian-manufacturing-plant-in-gujarat-674748">Also read |&nbsp;Elon Musk's Tesla to set up first Indian manufacturing plant in Gujarat: Report</a>

At the end of Q3, BYD and Tesla each held a 17 per cent global market share for fully electric cars. While BYD outpaced Tesla in Q2 by including plug-in hybrid vehicles in the "new energy vehicles" category, it now presents a significant challenge to Tesla in the pure electric vehicle segment.

BYD has secured a 35 per cent market share in China's "new energy vehicles" segment, primarily on home turf. Despite expanding into international markets, the group's stronghold in China remains a key driver of its success.

Founded in the mid-1990s by Wang Chuanfu, BYD initially focused on rechargeable batteries before venturing into the automotive industry. With Warren Buffett's Berkshire Hathaway as a shareholder, BYD has evolved into a leader in EV technology, emphasising cost-efficiency and vertical integration.

Also watch |&nbsp;Tesla robot malfunctions, brutally attacks engineer

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/tesla-robot-malfunctions-brutally-attacks-engineer-674093/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

As BYD and Tesla engage in fierce competition, the broader industry shift towards cleaner vehicles has adversely affected traditional automakers slow to adapt. BYD's emphasis on innovation and cost-effective production processes positions it as a significant player in the evolving automotive landscape.

(With inputs from agencies)

Chinese company BYD is poised to dethrone Tesla as the world's top-selling electric vehicle (EV) manufacturer, reporting stellar fourth-quarter sales, according to Financial Times report.

Chinese company BYD is poised to dethrone Tesla as the world's top-selling electric vehicle (EV) manufacturer, reporting stellar fourth-quarter sales, according to Financial Times report. BYD's record 526,000 battery-only vehicles sold in the quarter, especially a December surge, present a formidable challenge to Tesla's supremacy. BYD's milestone quarter BYD, emblematic of China's prowess in clean technology, achieved a historic milestone by selling 526,000 battery-only vehicles in Q4, marking a more than 70 per cent increase in December sales. The surge positions BYD as a formidable contender to overtake Tesla as the leading EV manufacturer. Tesla must surpass analyst expectations and deliver a robust fourth quarter to maintain its status as the largest seller of pure electric vehicles. Estimates project Tesla's Q4 sales around 483,000 vehicles, with official production figures awaited on Tuesday (Jan 2). Also read | Elon Musk's Tesla to set up first Indian manufacturing plant in Gujarat: Report At the end of Q3, BYD and Tesla each held a 17 per cent global market share for fully electric cars. While BYD outpaced Tesla in Q2 by including plug-in hybrid vehicles in the "new energy vehicles" category, it now presents a significant challenge to Tesla in the pure electric vehicle segment. BYD has secured a 35 per cent market share in China's "new energy vehicles" segment, primarily on home turf. Despite expanding into international markets, the group's stronghold in China remains a key driver of its success. Founded in the mid-1990s by Wang Chuanfu, BYD initially focused on rechargeable batteries before venturing into the automotive industry. With Warren Buffett's Berkshire Hathaway as a shareholder, BYD has evolved into a leader in EV technology, emphasising cost-efficiency and vertical integration. Also watch | Tesla robot malfunctions, brutally attacks engineer As BYD and Tesla engage in fierce competition, the broader industry shift towards cleaner vehicles has adversely affected traditional automakers slow to adapt. BYD's emphasis on innovation and cost-effective production processes positions it as a significant player in the evolving automotive landscape. (With inputs from agencies)

Chinese firm BYD nears overtaking Tesla as world's leading electric vehicle manufacturer

Asia's manufacturing sector had a poor year-end to 2023 as demand for the goods produced in the region was depressed by a weak global economy. According to S&P Global's manufacturing PMI data released on Tuesdays, much of Asia experienced a slowdown in new orders and output as input costs increased.

Asia's manufacturing activity ended 2023 on a weak note

Pakistan's inflation surged for the second consecutive month in December. Price growth was fueled by a weak currency and the international monetary fund-backed increase in energy cost. That stands in stark contrast to an easing in inflation globally.

Pakistan's inflation rises for the second straight month

After lowering interest rates for the first time since the peak of the pandemic in 2020, the Israeli Central Bank issued a warning. The Central Bank said the government's fiscal response to the hamas war runs the danger of increasing national debt...And may obstruct further monetary easing.

Israel's Central Bank warns on fiscal response to Hamas war | World Business Watch

For the first time in 20 years, South Korea's exports to the US surpassed its shipments to China last month. This indicates a change in the country's relationship on concerns over supply chains for technology and economic security.

US-Korea trade leaps amid China's geopolitical tensions | World Business Watch

Chinese EV maker BYD is challenging tesla at the EV game. BYD posted record sales in the December quarter and sold about 3 million vehicles in 2023, an increase of 61.9%.

Tesla battles with BYD for the most popular EV-maker title

In an unprecedented move, Ideas2IT, an India-headquartered tech firm has announced that 33% of the $100 million company's ownership would be transferred to its employees. Of the 33% stake in the company, 5% would be given to 40 select employees who have been with the firm since its inception (in 2009) and the rest would be distributed to the remaining 700 personnel. In addition to this, the firm is also giving away 50 cars to 50 employees, who have served with them for more than five years.&nbsp;

"Having started off in 2009, we've grown to a $100 million firm and we wanted to share the fruits of this with our employees.&nbsp;This is part of our wealth-sharing initiative. We have a total of 750 employees spread across India, US and Mexico. Employees spend some 30-40 per cent of their waking hours for the company. We believe in Lofty goals and Happy journey. This idea is poised to transform the employees working experience and forge a strong collaborative corporate culture, emotional attachment with the company" Murali Vivekanandan, Founder, Ideas2IT told WION.&nbsp;

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Statement from Ideas2IT, announcing the unprecedented initiative of giving away 33% of their $100mn firm's ownership to employees.. 
 
Officials tell me- We don't hunt for <a href="https://twitter.com/hashtag/IIT?src=hash&amp;ref_src=twsrc%5Etfw">#IIT</a>, instead we hire <a href="https://twitter.com/hashtag/software?src=hash&amp;ref_src=twsrc%5Etfw">#software</a> <a href="https://twitter.com/hashtag/tech?src=hash&amp;ref_src=twsrc%5Etfw">#tech</a> <a href="https://twitter.com/hashtag/Engineering?src=hash&amp;ref_src=twsrc%5Etfw">#Engineering</a> grads from Tier-2&amp; 3 cities, modest backgrounds <a href="https://t.co/oiOglE7NJr">https://t.co/oiOglE7NJr</a> <a href="https://t.co/NbsTdQuZQ8">pic.twitter.com/NbsTdQuZQ8</a>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1742190864095674507?ref_src=twsrc%5Etfw">January 2, 2024</a></blockquote>
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According to the company, this 'Employee Ownership Programme' would make the employees valued stakeholders, thereby aligning their interests directly with the company's long-term success. "We are now valued at $100 million and we have a strategy to triple this in a span of four years" said Murali Vivekanandan, who calls himself a Bay Area techie, who has worked at Sun, Oracle, and Google, among others, before starting the custom software engineering firm Ideas2IT. Now based in the US, he shuttles between Chennai, India and Mexico.

Within the price range of Rs. 8-15 lakhs, we've allowed employees to pick vehicles of their choice from the Maruti Suzuki lineup and these vehicles would be completely registered in the employee's name, there's no strings attached whatsoever and there's no expenditure for the employees, say company officials.&nbsp;According to the firm, they've given away only 50 cars this time, as they had already&nbsp;given away 100 cars to employees who had then completed five years, as of 2022.&nbsp;

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Ideas2IT, <a href="https://twitter.com/hashtag/tech?src=hash&amp;ref_src=twsrc%5Etfw">#tech</a> firm valued at $100mn, announces transfer of 1/3rd of company ownership to its most-trusted employees 
 
They've just given away 50cars(₹8-15lakh range) to those that have served 5+yrs..In 2022, 100 staff got cars(regd in own name)<a href="https://twitter.com/hashtag/chennai?src=hash&amp;ref_src=twsrc%5Etfw">#chennai</a> <a href="https://twitter.com/hashtag/india?src=hash&amp;ref_src=twsrc%5Etfw">#india</a> <a href="https://twitter.com/hashtag/business?src=hash&amp;ref_src=twsrc%5Etfw">#business</a>… <a href="https://t.co/yYXA7Isddm">pic.twitter.com/yYXA7Isddm</a>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1742174388764708912?ref_src=twsrc%5Etfw">January 2, 2024</a></blockquote>
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"When we initially gave away as many cars, people doubted whether we could sustain this. However, now we've gone much beyond cars and given away 33 per cent of the firm's ownership to our staff," says Gayathri Vivekanandan, CEO, Ideas2IT.&nbsp;

Queried about how the company manages to carry out such initiatives, amid uncertain market conditions and fluctuations, Murali tells WION that their firm has many Fortune 500 clients who span across sectors, therefore, ensuring a steady growth. In recent years, we've been growing at 30 per cent and some sectors that we cater to have remained consistent or steady-growing.

He adds that his firm does not go after IITians or the best graduates from top-tier engineering colleges. Instead, they recruit those from modest backgrounds and lesser-known colleges. "90 per cent of our employees are from tier-2 or tier 3 Indian cities. We mainly look for freshers and those who are sharp and quick-to-grasp. We don't deeply analyze their programming ability or knowledge, we just want those who learn on the job and deliver,"&nbsp;he says.

However, getting into this firm is not easy, as their recruitment process is very stringent. Officials say that they screen more than 10,000 students and end up picking barely 50 of them.&nbsp;

In an unprecedented move, Ideas2IT, an India-headquartered tech firm has announced that 33% of the $100 million company's ownership would be transferred to its employees.

In an unprecedented move, Ideas2IT, an India-headquartered tech firm has announced that 33% of the $100 million company's ownership would be transferred to its employees. Of the 33% stake in the company, 5% would be given to 40 select employees who have been with the firm since its inception (in 2009) and the rest would be distributed to the remaining 700 personnel. In addition to this, the firm is also giving away 50 cars to 50 employees, who have served with them for more than five years. "Having started off in 2009, we've grown to a $100 million firm and we wanted to share the fruits of this with our employees. This is part of our wealth-sharing initiative. We have a total of 750 employees spread across India, US and Mexico. Employees spend some 30-40 per cent of their waking hours for the company. We believe in Lofty goals and Happy journey. This idea is poised to transform the employees working experience and forge a strong collaborative corporate culture, emotional attachment with the company" Murali Vivekanandan, Founder, Ideas2IT told WION. Statement from Ideas2IT, announcing the unprecedented initiative of giving away 33% of their $100mn firm's ownership to employees.. Officials tell me- We don't hunt for #IIT, instead we hire #software #tech #Engineering grads from Tier-2& 3 cities, modest backgrounds https://t.co/oiOglE7NJr pic.twitter.com/NbsTdQuZQ8 — Sidharth.M.P (@sdhrthmp) January 2, 2024 × According to the company, this 'Employee Ownership Programme' would make the employees valued stakeholders, thereby aligning their interests directly with the company's long-term success. "We are now valued at $100 million and we have a strategy to triple this in a span of four years" said Murali Vivekanandan, who calls himself a Bay Area techie, who has worked at Sun, Oracle, and Google, among others, before starting the custom software engineering firm Ideas2IT. Now based in the US, he shuttles between Chennai, India and Mexico. Within the price range of Rs. 8-15 lakhs, we've allowed employees to pick vehicles of their choice from the Maruti Suzuki lineup and these vehicles would be completely registered in the employee's name, there's no strings attached whatsoever and there's no expenditure for the employees, say company officials. According to the firm, they've given away only 50 cars this time, as they had already given away 100 cars to employees who had then completed five years, as of 2022. Ideas2IT, #tech firm valued at $100mn, announces transfer of 1/3rd of company ownership to its most-trusted employees They've just given away 50cars(₹8-15lakh range) to those that have served 5+yrs..In 2022, 100 staff got cars(regd in own name)#chennai #india #business… pic.twitter.com/yYXA7Isddm — Sidharth.M.P (@sdhrthmp) January 2, 2024 × "When we initially gave away as many cars, people doubted whether we could sustain this. However, now we've gone much beyond cars and given away 33 per cent of the firm's ownership to our staff," says Gayathri Vivekanandan, CEO, Ideas2IT. Queried about how the company manages to carry out such initiatives, amid uncertain market conditions and fluctuations, Murali tells WION that their firm has many Fortune 500 clients who span across sectors, therefore, ensuring a steady growth. In recent years, we've been growing at 30 per cent and some sectors that we cater to have remained consistent or steady-growing. He adds that his firm does not go after IITians or the best graduates from top-tier engineering colleges. Instead, they recruit those from modest backgrounds and lesser-known colleges. "90 per cent of our employees are from tier-2 or tier 3 Indian cities. We mainly look for freshers and those who are sharp and quick-to-grasp. We don't deeply analyze their programming ability or knowledge, we just want those who learn on the job and deliver," he says. However, getting into this firm is not easy, as their recruitment process is very stringent. Officials say that they screen more than 10,000 students and end up picking barely 50 of them.

India: Tech firm valued at $100 million gives away 33 per cent ownership to staff

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