Archive: February 24, 2024

The India story in advancing UN Sustainability Development Goals is better than global average

Shri Hardeep Singh Puri re-affirms dedication to sustainable and collaborative development through the coveted platform

Bengaluru | February 23, 2024

“The India story in advancing UN Sustainability Development Goals is better than the global average. This is because efforts in India are bottom-up, they are driven by people who need the social changes”, said Shri Hardeep Singh Puri, while delivering his inaugural address at the 18th National Convention of United Nations Global Compact Network India (UN GCNI) held today in New Delhi. With the theme ‘Advancing Sustainable India: Driving Change with Forward Faster 2030’, the convention by the Indian local network of the Global Compact, New York is aimed to catalyze positive transformations towards sustainability.

The event was graced by the esteemed presence of Shri Hardeep Singh Puri, Hon’ble Minister of Petroleum and Natural Gas, Ministry of Housing and Urban Affairs, as the Chief Guest for the convention alongside Arun Kumar Singh, Chairman & CEO, ONGC and President, UN GCNI, and other senior dignitaries.

Shri Hardeep Singh Puri delivered the inaugural address during the session. Arun Kumar Singh emphasized collaborative efforts in his welcome address. Ms. Isabelle Tschan, Resident Representative a.i. of UNDP India, highlighted the role of partnerships in sustainable development in her special address.

ONGC, UN GCNI’s key founding member and India’s largest oil & gas PSU demonstrated its continuous commitment by actively participating in and supporting the convention.

In his inaugural address, Shri Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas, and Ministry of Housing and Urban Affairs, stated, “The industry leaders are driving the 2030 SGD agenda through impactful CSR initiatives. ONGC’s efforts are appreciated in this direction. ONGC is exemplifying comprehensive operational reform, achieving a remarkable 17% reduction in SCOPE-1 and SCOPE-2 emissions over the last 5 years. This, coupled with 82% of C-SUITE expressing intent to hire green skills, signifies a positive shift. The move towards a Viksit Bharat is committed to global agreements like the Lima Climate Change Conference 2050, the Paris Agreement, and the Pancharmit Scheme, which will guide the journey aligned towards UN SGD Goals. Collaboration, Cooperation, and Collective action are paramount for success. With initiatives like FasterForward 2030, the UNDP serves as a valuable ally. Let’s harness innovation, collaboration, and leadership to create a better world for ourselves and future generations.”

“We are delighted to see the tremendous enthusiasm and engagement at this year’s 18th National Convention, which underscores the importance of collaborative efforts in advancing sustainability in India. In pursuit of a sustainable and prosperous India, let us heed the call for collaborative action, championed by the late Mr. Subir Raha’s enduring legacy. As we gather under the visionary leadership of Shri Hardeep Singh Puri and the guidance of UN GCNI, let our commitment to sustainability be a beacon for impactful change. Through dialogue, dedication, and tangible actions, we embark on a journey towards a responsible and inclusive corporate landscape, shaping a future that aligns with global goals and our collective vision for a sustainable tomorrow,” said Arun Kumar Singh, Chairman & CEO, ONGC and President, UN GCNI.

The convention provided a platform for meaningful discussions, knowledge-sharing, and networking opportunities, fostering partnerships and collaborations essential for driving sustainable change in India. Key topics addressed included climate action, responsible water resilience, sustainable finance and investment, economic empowerment, and innovation for sustainable development.

SATTE 2024 second day witnessed record participation from buyers and exhibitors

Mumbai / Greater Noida, 24 February 2024: South Asia’s leading travel show SATTE 2024, organized by Informa Markets in India (IMI), commenced at the India Expo Mart, Greater Noida, Delhi NCR. The three-day event is being held from 22nd to 24th February 2024 and will spotlight the theme of ‘Inclusive and Sustainable Tourism’, marking its 31st edition as a pivotal milestone in the global tourism industry.

On the second day, SATTE Awards was organised which is a unique initiative intended to recognize industry stakeholders from across the travel, tourism, and hospitality industry along with National and State Tourism Boards (NTOs and STOs).

From the top players to fledgling start-ups, industry professionals strive to provide breathtaking innovative products & solutions. There is a need to recognise & reward such initiatives, that will further drive the evolution of the market, contributing to the vision of Incredible India. Part of the awards comprised ‘Shakti – Honouring Women Achievers,’ underscoring SATTE’s commitment to recognizing the invaluable contributions of women entrepreneurs, business owners, and corporate professionals in the field.

With all its engagements, SATTE provides the ultimate platform to propel the industry.

Speaking on the opportunities of the sector, Mr Yogesh Mudras, Managing Director of Informa Markets – India stated, “In the light of India’s remarkable GDP growth of 7.9%, and a record per capita income of ₹2.12 lakh in FY24, the nation is poised for massive tourism expansion. With inbound tourist numbers reaching 9 million last year and an ambitious target of 12 million this year, coupled with the lucrative spiritual tourism that is expected to grow annually at over 16 percent in the next few years, the tourism sector is forecasted to yield a revenue of 59 billion by 2028, creating 140 million temporary and permanent jobs by 2030.”

He further added in the interim budget of 2024, the government has initiated the expansion of the Vande Bharat fleet of trains to help reduce travel time, enhance the passenger experience, and accelerate tourism growth. It is also working towards developing roads for better transportation.

“By 2028, international tourist arrivals are expected to reach 30.5 billion and generate revenue of over US$ 59 billion. However, domestic tourists are expected to drive the growth, post-pandemic. As per the Ministry of Tourism, Foreign Tourist Arrivals (FTAs) in October 2023 were 8,11,411,” he stated.

Mr. Yogesh Mudras concluded by stating, “FTAs during the period January-October 2023 were 72,43,680 as compared to 46,55,160 in January-October 2022. Over 100 countries have adopted sustainable tourism policies, showcasing a growing global commitment. The Global Sustainable Tourism Council (GSTC) sets industry standards, certifying 2,500 destinations and businesses.”

On the founding day in Saudi Arabia today, Mr. Alhasan Ali Aldabbagh, President – of Asia Pacific, Saudi Tourism Authority, extended his regards addressed the gathering, and conveyed his enthusiasm for the inaugural day of SATTE, noting its particular significance as Saudi Arabia commemorates its Founding Day today. He highlighted the crucial role of SATTE 2024 in bolstering ties with the Indian tourism market. He emphasized, “Aligned with our 2030 vision, we aim to attract over 7.5 million Indian travelers to Saudi Arabia, positioning it as our premier source market. To achieve this, we have streamlined various aspects of the journey, including visa applications, permits, hotel accommodations, and flight bookings, for Indian travelers.”

NTPC Group Installed Capacity touches 73958 MW

Bengaluru, 24 February 2024: The first solar project of NTPC REL at Chhattargarh in Rajasthan declared commercial operation of 70 MW on 21st February 2024. With this, NTPC Group’s installed capacity has reached 73958 MW.

At present, NTPC-REL has 17 projects under execution, with a total capacity exceeding 6000 MW. With this, the total RE operational capacity of NTPC Group now stands at 3448 MW.

Shri Mohit Bhargava, CEO (NGEL), and other officials were present on this occasion.

The slated full capacity of the Chhattisgarh Solar project is 150 MW and is expected to be commissioned by March 2024. The capacity was won under SECI-Tranche: III and the beneficiary of this project is Rajasthan.

This project is designed to generate 370 million units of energy per year, sufficient for 60,000 households, while also saving 3 lakh tons of CO2 emissions every year and conserving 1000 MMTPA of water. This is adequate for over 5000 households in a year.

Jharkhand Stall in SATTE 2024 attracts visitors on second day

Greater Noida / New Delhi / NCR, 24 February 2024: Jharkhand Stall attracts visitors on the second day of SATTE 2024. A huge number of visitors inquired about tourist destinations in Jharkhand at Jharkhand Stall & many visitors took selfies with models of tourist places in Jharkhand. Jharkhand Government showcased their greenery and Eco-tourism prospects to the nation and world in SATTE 2024 which began today to 24th February at the India Expo Centre and Mart, Greater Noida. Participation of the Department of Tourism, Art Culture, Sports & Youth Affairs, Government of Jharkhand in South Asia’s Travel Show- SATTE 2024 can significantly contribute to promoting Jharkhand as a preferred tourist destination, preferred state for investment in the tourism sector, increasing tourist arrivals, and stimulating economic growth through tourism-related activities in the region. “Our exhibition stall design is associated with the concept of showcasing Jharkhand’s greenery and its Eco-tourism prospect to the nation and world”, said Shreya Swaraj from the Department of Tourism, Art Culture, Sports & Youth Affairs, Government of Jharkhand.

•  Jharkhand offers a diverse range of tourism circuits, each showcasing the state’s unique cultural, historical, and natural attractions. The must-visit tourism circuit in Jharkhand is Buddhist Circuit: This circuit covers Buddhist sites like Parasnath Hills, Deori Temple, and other monasteries, providing a spiritual and serene experience.
•  Tribal Circuit: Jharkhand is home to numerous indigenous tribes, and the Tribal Circuit allows visitors to explore their rich cultural heritage. Villages like Netarhat, Simdega, and Khunti offer a glimpse into tribal life, traditions, and vibrant arts.
• Eco-tourism Circuit: Jharkhand’s lush greenery and diverse landscapes make it an ideal destination for eco-tourism. The circuit includes places like Betla National Park, Dalma Wildlife Sanctuary, and Panchghagh Falls, offering nature enthusiasts an opportunity to explore the state’s biodiversity.
• Adventure Circuit: Jharkhand’s topography is conducive to adventure activities. The adventure circuit includes destinations like Netarhat, which offers trekking opportunities, and McCluskieganj for those interested in paragliding and other adventure sports.
•  Waterfall Circuit: Jharkhand boasts several picturesque waterfalls, and this circuit includes popular ones like Hundru Falls, Jonha Falls, and Dassam Falls. Visitors can enjoy the breathtaking beauty of these cascading water bodies. Mining Tourism Circuit: With a history rooted in mining, Jharkhand offers a unique circuit that takes tourists to mining-related attractions such as the Dhanbad Coal Fields and Mines Museum, providing insights into the region’s industrial heritage.

Jharkhand, renowned for its pristine natural beauty and rich biodiversity, offers a pollution-free environment ideal for ecotourism enthusiasts. With vast expanses of lush forests, majestic waterfalls, and diverse wildlife sanctuaries, it provides an immersive experience of nature’s tranquility. The region’s commitment to sustainable development and conservation efforts ensures the preservation of its ecological treasures. Visitors can explore scenic trails, engage in responsible wildlife viewing, and immerse themselves in the serenity of Jharkhand’s unspoiled landscapes, making it a premier destination for ecotourism adventures along with an investment-friendly state. Under the tourism policy of Jharkhand, there is the provision of a subsidy of up to 25% (up to 10 crore) along with various benefits including relaxation in electricity bills, GST, and many more.

Hiring sentiment seems positive for Q4 after witnessing sluggishness in Q3: Reports Teamlease Staffing

Mumbai, February 24, 2024: TeamLease Services, India’s leading staffing conglomerate revolutionizing employment, employability, and ease of doing business, has released its ‘TeamLease’s Employment Outlook Report’ to showcase hiring sentiments for India’s employment stakeholders for H2 FY24 (October 2023 to March 2024). With data from 1820 companies across 14 cities, the report offers a comprehensive analysis of anticipated employment trends across 22 industries, making it an indispensable resource for businesses, HR leaders, and policymakers. The report indicates a remarkable trend in incremental workforce expansion, with 79% of employers intending to maintain or increase their workforce in the second half of FY24. Consumer and retail companies will see a resurgence in Q4 from muted demand in semi-urban and rural areas in the festive season in Q3. While the report carries positive sentiment for the financial services sector, we would observe cautious moves from banks, NBFCs, and Fintechs with increased regulatory pressure from the RBI on lending norms for riskier credits.

According to the report findings, H2 is projecting positive incremental hiring, including workforce expansion, new hiring, and replacement hiring. This surge in workforce expansion can be attributed to government policies and initiatives aimed at fortifying employment opportunities and cultivating a business-friendly environment.

Notably, India experienced a remarkable 7.8% surge in GDP during the first quarter of the fiscal year 2023-24 (Q1 FY24). This robust GDP growth underscores a potent economic rebound, driving the acceleration in incremental hiring across the nation. The report dives into the multifaceted factors that influence employment in India. According to the data, economic conditions significantly impact the employment environment, as cited by 69% of respondents. Furthermore, business growth or expansion is a significant factor, as mentioned by 53% of respondents. As a result of the government and private sector encouragement of entrepreneurship, India is poised to witness an increase in employment opportunities.

According to 31% of respondents, skill shortages and mismatches between available skilled personnel and job requirements can have a significant impact on hiring. Additionally, 19% of respondents concur that technological advancements are a key factor in determining employment opportunities in India. Another 15% of respondents believe that changes in policy, such as labour laws and regulations, taxation, investment incentives, industrial regularisations, and global trade dynamics, will significantly influence employment trends in India.

Another significant highlight of the report is that 67% of respondents anticipate robust business development during the October-March 2023-24 half-year period, reflecting India’s optimistic economic outlook. This optimism suggests that, as the festive season enters its final phase, the momentum in hiring is set to continue. A striking 79% of the employers surveyed expect an increase in the workforce in their respective industries over the next six months to meet the surging demand. Both new hires, at 79%, and replacement hires, at 74%, are occurring rapidly, indicating a flourishing labour market in the country.

The report’s findings reveal remarkable trends across various aspects of the job market in India. Regarding industry trends, it is evident that Healthcare and Pharmaceuticals stand out with 86% workforce expansion. Electric Vehicles and Infrastructure follow closely behind at 85%. Moreover, the top industries for new hiring include the Electric Vehicle and Infrastructure Sector at 88% and Healthcare and Pharmaceuticals at 87%. For replacement hiring, Power and Energy lead the way at 88%, followed by Fast Moving Consumer Durables at 85%, and Healthcare and Pharmaceuticals at 84%.

Sharing his views about the industry and the report’s findings, Mr. Kartik Narayan, CEO – Staffing, TeamLease Services, said, “Observing the dynamic evolution of India’s economy, there’s a distinctly optimistic tone among employers. An impressive 79% of them are planning to increase their workforce, indicating a robust financial foundation supporting this optimism, particularly for Q4. Despite a slower pace in Q3, this upward trend in employment isn’t merely about increasing headcounts; it’s a strategic move to leverage economic growth and take advantage of conducive policies, contributing significantly to the country’s economic resurgence.”

“As we navigate the evolving landscape, we have an opportunity to shape a brighter future for the workforce. We must continue to adapt, innovate, and invest in the skills and focus on diversity and inclusivity that will drive India’s growth in the coming months,” he added.

“The upcoming job landscape in consumer-centric sectors such as healthcare and pharmaceuticals, Electric Vehicles (EV), and Infrastructure and Fast-Moving Consumer Durables (FMCD) reflects commendable growth. This surge in job aspects is driven by a collective demand for innovation, sustainability, and advancements in technology. These sectors are at the vanguard of addressing societal needs, be it in delivering essential healthcare services, developing eco-friendly mobility solutions, or meeting evolving consumer preferences. Their forward-thinking approaches and adaptability to changing market dynamics pave the way for substantial job opportunities, marking a pivotal moment where industries align with the aspirations and necessities of the future.” – Balasubramanian A, VP & Business Head, TeamLease Services.

While commenting on the BFSI sector’s robust growth Krishnendu Chatterjee, VP and Business Head, of TeamLease Services, commented, “79% of employers going for new hiring, and 70% for replacement hiring. Kolkata takes the lead in H2 for BFSI workforce expansion. The Human Resources function spearheads the incremental new hiring. The employment landscape is optimistic, with none falling below 65% in incremental new hiring across industries. Additionally, a substantial 85% incremental new hiring in blue-collar roles showcases the enduring value of hands-on operational roles.”

When examining trends by city, the report highlights specific locations where employment opportunities are thriving. Bangalore has the highest rate of incremental workforce expansion at 89%, followed by Chennai at 83% and Mumbai at 82%. For new hires, Bangalore maintains its prominence at 87%, with Mumbai at 86% and Chennai at 83%. In the category of replacement hiring, Mumbai leads with 82%, followed by Bangalore at 78% and Chennai at 76%. Tier-2 cities are not far behind as these cities are gaining business prominence and show high incremental workforce expansion in cities like Coimbatore, Gurgaon, Kochi, Nagpur, Chandigarh and Indore.

Regarding trends in different functional areas, the report underscores the significance of specific functions within the job market. In workforce expansion, Human Resources, Marketing, and Information Technology emerge as the top functions with 71%, 70%, and 70%, respectively. For new hires, the Human Resources function takes the lead with an impressive 92%, while Marketing follows closely at 87%. For replacement hiring, the Information Technology function leads the way with 94%, with Human Resources close behind at 89%.

HDFC ERGO Implements Pradhan Mantri Fasal Bima Yojana for farmers In Uttar Pradesh for Rabi Season

Uttar Pradesh, February, 2023:HDFC ERGO General Insurance Company, India’s leading private sector general insurance company, has been authorised by the Government of Uttar Pradesh to implement the Pradhan Mantri Fasal Bima Yojana (PMFBY) for loanee and non-loanee farmers in the districts of Agra, Mathura, Firozabad, Mainpuri, Farrukhabad, Kannauj, Etawah, Auraiya, Kanpur NagarandKanpur Dehatfor the Rabi, 2023 season

PMFBY scheme insures farmers against any losses in crop yield arising out of a wide range of external risks such as drought, floods, dry spells, landslides, cyclones, hurricanes, hailstorms, Inundations, pests, diseases, and others. To determine the loss in yield, the state government will plan and conduct Crop Cutting Experiments (CCEs) on the notified crops in areas notified for the scheme. In case the yield data, based on CCEs conducted, concludes to be low then the farmers will be considered to have suffered a shortfall in their yield for which the claims will be payable to the farmers.

The scheme provides insurance cover for all stages of the crop cycle including pre-sowing, harvesting, and post-harvest risks. All the products under the PMFBY scheme are approved by the Department of Agriculture, Government of Uttar Pradesh. Farmers from the districts of Agra, Mathura, Firozabad, Mainpuri, Farrukhabad, Kannauj, Etawah, Auraiya, Kanpur Nagar and Kanpur Dehatcan reach out to their respective banks, Common Service Centres (CSCs) in their district or contact the authorized HDFC ERGO agents to obtain the insurance cover under the PMFBY scheme for the crops listed above. The details of the validity period to obtain the insurance coverage will be available for the farmers on the website of the Department of Agriculture.

Polls and Property – Seizing the Election Opportunity in Real Estate

Akash Pharande, Managing Director – Pharande Spaces

As India gears up for its upcoming general elections, optimism and anticipation are evident across various sectors, and the real estate market is no exception. Historically, India’s general elections have been a time for positivity – after all, every political party in the fray pledges to boost economic growth and improve infrastructure. These commitments invariably lead to a positive sentiment in the housing market.

How will the upcoming elections impact India’s housing market, and why this be the perfect time to make a home purchase? Let’s examine.

Surging Investment Optimism

Election periods in India are typically marked by increased public spending and promises of economic reforms, which tend to boost consumer confidence and spending. A stable government and the implementation of favourable policies create an environment ripe for investment – especially in the real estate sector. To capitalize on this optimism, developers often launch new projects or offer attractive deals and discounts to homebuyers.

Policy Reforms and Infrastructure Development

Today, election manifestos emphasize infrastructure development and pledges to usher in structural reforms. The result of such measures is enhanced connectivity and improved urban infrastructure, which directly benefit the housing market by making homeownership more accessible and appealing.

The development of roads, public transport, and utilities boosts the value of residential areas, turning even peripheral areas into attractive investment options. In short, they will see price growth.

Improved Liquidity and Financing Options

In the run-up to elections, there is typically an increased focus on financial inclusivity and easing of credit conditions to stimulate economic growth. Banks and financial institutions often roll out special home loan offers, reduced interest rates, or more favourable terms to encourage home buying.

This increased liquidity and the availability of financing options make it easier for aspiring homeowners to take the plunge.

Favourable Regulatory Changes

The government’s focus on housing and real estate development often leads to regulatory changes aimed at protecting buyers’ interests and boosting the sector’s growth. For example, the Real Estate (Regulation and Development) Act in 2016 was delivered by a new government elected in 2014, and it bought considerable transparency and accountability to the real estate sector.

Such policy reforms create a better environment for homebuyers and encourage investment in real estate. When such confidence-boosting reforms are implemented, we invariably see a rise in housing prices. Likewise, post-elections economic growth results in increased demand, which results in price growth.

However, in the period leading up to the elections, developers may often look to draw buyers with attractive prices, offers and discounts. This period can present a unique window of opportunity for investors and homebuyers to negotiate better deals before the anticipated post-election boom.

In short…

The period between now and the general elections is a strategic window for of opportunity to buy a home before prices rise. Moreover, the potential for property value appreciation post-elections signals significant returns on housing investment in the future.

Buying a home now, amidst the anticipatory positive trends, can not only secure a valuable asset but also leverage the market’s upward trajectory post-elections. Historically, the real estate market’s positive response to the general elections represents a strong connection between political milestones and economic growth.