HERE are news on Indian economy and business for Thursday, May 9, 2024:

Justifying its tagline of an information technology (IT) hub, Bengaluru snags the ‘top startup hiring location in India’ tag, a study by Foundit (formerly Monster APAC & ME), a talent platform, revealed. Foundit Insights Tracker (FIT) timeframe is a year – from April 2023 to April 2024. According to the report, Bengaluru records 31 per cent share of startup jobs, followed by Delhi (23 percent) and Mumbai (18 percent). Hyderabad and Chennai have clocked the least share of startup jobs, five per cent. Incidentally, when compared year-on-year, Bengaluru has registered a 2 per cent drop in its startup hiring – last year’s report released in April 2023, saw the city clocking 33 per cent share in hiring.

In a meeting that continued for about four-and-a-half hours regarding the human resource crisis at Air India Express, an agreement was reached on Thursday with the crew members addressing all their concerns. Both the crew and management members have agreed to restore normal airline operations. Consequently, the termination of 25 crew members has been overturned. All unhappy crew members are ready to join the office with immediate effect and management is ready to revoke all termination letters, crew members told Asian News International. The meeting was held at the office of the Chief Labour Commissioner. Four officers, alongside the chief human resource Officer of Air India Express, were also present at the meeting. Approximately 20 senior crew members also participated.

Indian Overseas Bank (IOB), a public sector lender, has set a growth target of 13-14 per cent in its total business during the current financial year, a top official said. The city-headquartered bank was also looking at a recovery of about Rs 5,500 (£53) to Rs 6,000 crore (£574 million) this fiscal, managing director and CEO Ajay Kumar Srivastava said in the southern city of Chennai on Thursday. Earlier in the day, the IOB posted a consolidated profit after tax of Rs 810.42 crore (£77.5 million), for the January-March 2024 quarter from Rs 655.63 crore (£63 million), registered in the same period of last year. “We crossed a total business growth of Rs 5 lakh crore (£48 billion) in March and we would like to continue on that growth path. The sectors we are looking at are manufacturing, government undertakings. We will also be focusing on traditional sectors like jewel, retail and housing,” he told reporters.

India’s exports have increased to as many as 115 countries out of the total 238 destinations during 2023-24 despite the global economic uncertainties, according to commerce ministry’s data. These 115 export destinations, which account for 46.5 per cent of India’s export basket, include the US, UAE, Netherlands, China, UK, Saudi Arabia, Singapore, Bangladesh, Germany and Italy. The country’s merchandise exports dipped by three per cent to $437.1 billion (£350 billion) in the last fiscal. However, services exports rose to $341.1 billion (£273 billion) in 2023-24 as against $325.3 billion (£260 billion) in 2022-23. The data showed that despite persistent global challenges, overall exports (goods and services together) hit the highest level in 2022-23. Overall exports reached $778.2 billion (£622 billion) in 2023-24 as compared to $776.4 billion (£621 billion) in 2022-23, registering a marginal growth of 0.23 per cent.

India is set to postpone once more the implementation of caps on market share for a widely-used digital payment method, according to sources cited by Reuters. This delay will favour platforms such as Google Pay and Walmart-backed PhonePe, as regulatory authorities prioritise economic expansion over apprehensions regarding market concentration. The National Payments Corporation of India (NPCI), the quasi-regulator, will extend by two years a year-end deadline to cap at 30 per cent the market share of any company processing payments via the Unified Payment Interface (UPI), the informed sources told the outlet.

(With agencies)

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