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Nirmala Sitharaman arrives at Finance Ministry-Telangana Today

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The interim budget is set to be presented by the Union Finance Minister this year, coinciding with the upcoming Lok Sabha polls.

Published Date – 1 February 2024, 09:20 AM


Budget 2024: Nirmala Sitharaman arrives at Finance Ministry


New Delhi: Ahead of the presentation of the interim budget 2024-2025, Union Finance Minister Nirmala Sitharaman arrived at the Ministry of Finance on Thursday.

MoS finance Bhagwat Karad and Pankaj Chaudhary also accompanied her to the finance ministry.

The Union Finance Minister will table the interim budget as the Lok Sabha polls are due to be held this year. This will be her sixth Budget as the Finance Minister and last in the second term of the Modi government.

The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government.

The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha.

Sitharaman equaled the record of former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964.

In her address, the President said 2023 was a historic year for the country and among other steps, the country kept up the momentum of being the fastest-growing major economy.

“The year 2023 was a historic year for India when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters,” she said.

The last session before Lok Sabha polls, expected to be held in April-May this year, will have a total of eight sittings spread over 10 days.

A day before the session was set to start, Parliamentary Affairs Minister Pralhad Joshi, at an all-party meeting, said the budget session would mainly be devoted to the financial business relating to the interim union budget for 2024-25 and discussion on the Motion of Thanks on the President’s Address.

However, essential legislative and other business may also be taken up during this session. The all-party meeting was attended by 45 leaders from 30 political parties.

In addition, he also informed that Supplementary Demands for Grants for 2023-24 in respect of the Union Government will be discussed. The presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25 along with Supplementary Demands for Grants of Union Territory of Jammu and Kashmir for the financial year 2023-24 will also be taken up and voted.

The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report.

India’s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy.

The last full Budget of Modi government 2.0 had proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 percent of the GDP. It was almost three times the outlay in 2019-20.

Business

Wipro likely to cut hundreds of mid-level jobs-Telangana Today

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This was the fifth consecutive quarter that the firm experienced a decrease in workforce. The firm’s total employee count was 240,234 by the end of 2023

Published Date – 31 January 2024, 05:51 PM


Wipro likely to cut hundreds of mid-level jobs


New Delhi: Software major Wipro is likely to cut hundreds of mid-level jobs, as the company looks to improve its margins, the media reported.

In a statement to CNBC-TV18, a company’s spokesperson said, “We are committed to investing in our people, processes and technology to drive better client and employee experiences and enhance productivity and agility across our organisation to meet fast-evolving client and market needs”.

The spokesperson also said that aligning talent and business to market conditions is an essential part of the firm’s strategy, as it aims to create a resilient, agile, and high-performing organisation.

This comes just weeks after the company announced its October to December quarter results, which revealed that its total headcount fell by 4,473 employees. This was the fifth consecutive quarter that the firm experienced a decrease in workforce. The firm’s total employee count was 240,234 by the end of 2023.

In November last year, reports said that Wipro might not give salary hikes to “top performers with higher compensation”. In an email to the employees, the Managing Partner and President of the ‘Enterprise Futuring’ business line, Nagendra Bandaru, said they are doing a “selective MSI (merit salary increases) rollout based on our business affordability”.

He also mentioned that the company will prioritise employees with lower compensation among those eligible for a salary hike.

Business

Centre slashes import duty on mobile phone parts to 10 pc-Telangana Today

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The finance ministry said in a notification that the import duty on parts such as battery covers, main lens, back cover, other mechanical items of plastic and metal, among others, has been reduced to 10 per cent.

Published Date – 31 January 2024, 12:15 PM


Centre slashes import duty on mobile phone parts to 10 pc


New Delhi: In a bid to further boost mobile manufacturing in the country, the government has slashed import duty on parts used for manufacturing of mobile phones to 10 per cent from 15 per cent.

The finance ministry said in a notification that the import duty on parts such as battery covers, main lens, back cover, other mechanical items of plastic and metal, among others, has been reduced to 10 per cent.

The move will help companies like Apple to manufacture more of its high-end premium smartphones in the country.

India’s smartphone input tariffs are currently the highest among the competing manufacturing destinations.

India’s smartphone manufacturing has been transformed from 78 per cent import dependency in revenue terms in 2014-15 to only 4 per cent in 2022-23.

Now, 99.2 per cent of mobile phones sold in India are made in the country. Exports have become the main driver of future growth and job creation.

India’s smartphone exports jumped 100 per cent in FY 2022-23 to $11.1 billion over the previous fiscal.

The industry expects exports of $15 billion in FY 2024. Exports will form 30 per cent of the total production of $49-50 billion in current fiscal.

Unless India can match China and Vietnam’s competitive tariff regime in addition to other factors which impact competitiveness, export growth will also start seeing a slowdown beyond the current fiscal, revealed the latest report by the India Cellular and Electronics Association (ICEA), the nation’s top electronics manufacturing industry body.

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Rupee trades in narrow range against US dollar-Telangana Today

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Forex traders noted the rupee trading within a limited range, influenced by the prevailing strength of the American currency in the global market and concerns over foreign fund outflows impacting investor sentiments

Published Date – 31 January 2024, 12:00 PM


Rupee trades in narrow range against US dollar


Mumbai: The rupee was trading in a narrow range against the US dollar in early trade on Wednesday, as market participants remained cautious ahead of the interim budget that will be released on February 1.

Forex traders said the rupee was trading in a narrow range as the strength of the American currency in the overseas market and foreign fund outflows weighed on investor sentiments.

At the interbank foreign exchange, the rupee opened at 83.11 against the dollar and then touched a high of 83.10, and a low of 83.12.

On Tuesday, the rupee appreciated 6 paise to settle at 83.10 against the US dollar.

“Rupee traded in a narrow range and market participants remained cautious ahead of the interim budget that will be released on Thursday,” said Gaurang Somaiya, forex and bullion analyst Motilal Oswal Financial services.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.21 per cent higher at 103.61.

“Dollar index remained firm against its major crosses ahead of the two-day FOMC meeting starting tonight. Fed is broadly expected to hold rates steady once more but markets will be paying close attention to Jerome Powell’s comments, important to gauge for the dollar,” Somaiya added.

Brent crude futures, the global oil benchmark, fell 0.43 per cent to USD 82.51 per barrel.

“We expect the USDINR(Spot) to trade sideways and quote in the range of 82.90 and 83.30,” Somaiya said.

In the domestic equity market, the 30-share BSE Sensex was trading 108.97 points or 0.15 per cent higher at 71,248.87. The broader NSE Nifty advanced 37.55 points or 0.17 per cent to 21,559.65 .

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 1,970.52 crore, according to exchange data.

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Markets bounce back after weak beginning-Telangana Today

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Investors are eyeing the two important events lined up ahead — the interim budget and the US Fed interest rate decision — to derive further cues from.

Published Date – 31 January 2024, 11:40 AM


Markets bounce back after weak beginning


Mumbai: Benchmark equity indices began the day on a bearish note on Wednesday tracking weak Asian markets and fresh foreign fund outflows, but later recovered all the lost ground to trade in the green on buying in Reliance Industries.

Investors are eyeing the two important events lined up ahead — the interim budget and the US Fed interest rate decision — to derive further cues from.

The 30-share BSE Sensex declined 243.07 points to 70,896.83 in early deals. The Nifty also slipped 73.25 points to 21,448.85.

However, later both the benchmark equity indices recovered the early lost ground and were trading in the green. The Sensex quoted 146.33 points up at 71,286.23, and the Nifty traded higher by 58.25 points to 21,580.35.

Among the Sensex firms, Larsen & Toubro declined 5 per cent after its December quarter earnings.
Titan, Kotak Mahindra Bank, ICICI Bank, Infosys, Axis Bank and State Bank of India were among the other laggards.

Tata Motors, Reliance Industries, Tata Steel and Bajaj Finserv were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

The US markets ended mostly down on Tuesday.

“The US Fed decision tonight and the interim budget tomorrow will weigh on markets in the near-term. Global markets will be keenly watching the Fed comment on the timeline and quantum of rate cuts,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude declined 0.45 per cent to USD 82.50 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,970.52 crore on Tuesday, according to exchange data.

The BSE benchmark fell by 801.67 points or 1.11 per cent to settle at 71,139.90 on Tuesday. The Nifty declined 215.50 points or 0.99 per cent to 21,522.10.

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PayPal laying off about 2,500 employees to ‘right-size’ the company-Telangana Today

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PayPal CEO Alex Chriss said in an internal memo that the staff who are affected will be notified by the end of the week.

Updated On – 31 January 2024, 10:59 AM


PayPal laying off about 2,500 employees to ‘right-size’ the company


New Delhi: Online payment gateway PayPal has kicked off layoffs that will affect at least 9 per cent of its workforce — about 2,500 employees. According to verified PayPal professionals on anonymous online discussion forum Blind, the job cuts have begun, and by the end of the week, will impact around 2,500 jobs (about 9 per cent of the company’s workforce). The decision is to right-size the company via direct job cuts and the elimination of open roles. Please support your fellow PayPal workers. Google luck to PayPal employees, read a post on Blind.

PayPal CEO Alex Chriss said in an internal memo that the staff who are affected will be notified by the end of the week. PayPal faces rising competition from rivals such as Apple, Zelle and Block. Last year around the same time, PayPal announced to cut around 2,000 jobs, or 7 per cent of its workforce. The online payments company said it was forced to make the decision as it faces “the challenging macro-economic environment.“We must continue to change as our world, our customers, and our competitive landscape evolve,” PayPal had said in a statement. Chriss joined the company as CEO last year from software company Intuit. In November, PayPal reported its first earnings under him, which topped analysts expectations, reports the BBC.

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Piyush Goyal chairs roundtable with 40 unicorns-Telangana Today

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Minister Piyush Goyal urged the unicorns to come together and set up a unicorn club or association that would come up with solutions for access to capital for startups in the country.

Updated On – 30 January 2024, 01:59 PM


Startup India Innovation Week: Piyush Goyal chairs roundtable with 40 unicorns


New Delhi: Union Minister of Commerce and Industry, Piyush Goyal, during the recently-held Startup India Innovation Week, chaired a unicorn roundtable to celebrate the growth of the unicorns and chart a collaborative way forward to support the growth of more unicorns in India.

The 40 participating unicorns highlighted their learnings from their experience, factors that enabled their growth, and identified areas to boost the growth of the Indian ecosystem that can help the nation emerge as a global startup leader, a press release from the commerce ministry said.

Minister Piyush Goyal urged the unicorns to come together and set up a unicorn club or association that would come up with solutions for access to capital for startups in the country.

According to the release, the conversation focused on streamlining regulatory processes to foster a more startup-friendly environment, increasing access in Tier II-III cities and learning from the best practices set up by financial institutions in the private sector.

The Department for Promotion of Industry and Internal Trade (DPIIT) celebrated the coming together of the country’s key startups, entrepreneurs, investors, policymakers and other stakeholders on innovation and entrepreneurship across the country during January 10-18, 2024.

Marquee announcements and launches included ‘StartupShala’ – Startup India’s Accelerator Program, a three-month-long accelerator program for early-stage startups to provide them access to knowledge, network, funds, and guidance required to scale up.

Each cohort of the programme will be focused on a particular sector, the first one being CleanTech and 20 startups per cohort will be handpicked by experts through an open call for application.

The applications were opened on Startup India Hub on January 10, 2024.

To inspire students and aspiring entrepreneurs, five dedicated webinars focused on ‘How to Start Up’ were organised, titled ‘MAARG Mentorship Series for Budding Entrepreneurs’. Industry leaders and mentors shared insights and key lessons about the basics of starting a startup.

To create further awareness about innovation and sustainability, a virtual panel discussion was conducted with global partners of Startup India. The panel focused on the five key pillars of Innovation including Incubation, Funding and Financial Assistance, Public Private Partnership Model, Market Access and Government Infrastructure.

A dedicated workshop was conducted in Mumbai to sensitise startups to the benefits available to them on the Government e-Marketplace (GeM).

A successful Workshop on Public Procurement was also conducted at the University of Hyderabad, Telangana, on January 9, 2024, which saw participation from over 70 entrepreneurs.

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Rolls-Royce, Hyderabad-based Azad Engineering join hands to make defence aero-engine components-Telangana Today

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Through this strategic partnership, Azad Engineering will join the global supply chain for complex category components for Rolls-Royce’s technologically advanced aero engines.

Published Date – 29 January 2024, 04:26 PM


Rolls-Royce, Hyderabad-based Azad Engineering join hands to make defence aero-engine components

Rolls-Royce and Azad Engineering agreement for sourcing

Hyderabad: Rolls-Royce has on Monday announced the signing of a long-term agreement with city-based Azad Engineering to manufacture and supply complex components for defence aircraft engines.

Through this strategic partnership, Azad Engineering will join the global supply chain for complex category components for Rolls-Royce’s technologically advanced aero engines.

On the agreement, Rolls-Royce, Executive Vice President – Business Development and Future Programmes and Head of Global Networks, Alex Zino said, “Strong collaboration has been at the heart of Rolls-Royce’s journey of success in India. As we work towards strengthening the defence ecosystem, we are happy to expand our supply chain in India in partnership with Azad Engineering. The sourcing of complex components from India for aero engine programmes further advances the goal of capability creation in the country.”

“The agreement with Azad Engineering is another significant step for Rolls-Royce towards harnessing the potential of Indian companies to contribute to the defence manufacturing ecosystem. This reiterates our commitment to building our presence in India through local partnerships, furthering the vision of an Atmanirbhar Bharat, ” said Abhishek Singh, Senior Vice President – Defence, India and South-East Asia, Rolls-Royce.

Azad Engineering Founder and CEO, Rakesh Chopdar said, “We are honoured to be chosen as a strategic partner by Rolls-Royce to make critical and complex components for defence aircraft engines. Bringing these critical components to India not only showcases the capabilities of Azad Engineering, but also represents a pivotal moment for India’s aerospace and defence industry, demonstrating the country’s growing prowess in advanced manufacturing.”

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Satya Nadella’s February visit to India, focus on AI opportunities-Telangana Today

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“Microsoft’s Chairman and CEO, Satya Nadella, is set to engage with India’s developer community and technologists, exploring new opportunities with AI,” the company announced.

Published Date – 29 January 2024, 01:50 PM


Satya Nadella’s February visit to India, focus on AI opportunities


New Delhi: Microsoft Chairman and CEO Satya Nadella will visit India on February 7 and 8 as part of his annual visit to the country and might meet AI startups and discuss new opportunities with AI.

“Satya Nadella, Chairman and CEO, Microsoft, will address India’s developer community and technologists on discovering new opportunities with AI,” the company said in a statement.

The president of Microsoft India and South Asia, Puneet Chandok, stated in an internal email a few weeks ago that Nadella’s visit reaffirms Microsoft’s dedication to using technology to increase opportunities in the country.

In June last year, Prime Minister Narendra Modi, during his US visit — met with notable US and Indian tech executives, including Nadella, Alphabet and Google CEO Sundar Pichai, and Apple CEO Tim Cook.

Following that, Nadella’s office issued a statement outlining his meeting with the PM.

“One important topic was the power of technology, particularly Artificial Intelligence, to help improve the lives of Indians,” Microsoft’s statement said.

“India is home to one of the most vibrant developer and start-up ecosystems in the world, and Microsoft remains deeply committed to the growth of Indian technology — that will impact both India and markets across the globe,” it added.

Meanwhile, Microsoft has reached the coveted $3 trillion mark and became the second company after Apple to achieve this feat.

Microsoft reached a $3 trillion market cap, for the first time in its 48-year history. The company reached the milestone valuation after its stock climbed 1.5 per cent in trading on Nasdaq.

Apple hit the $3 trillion market cap around two years ago.

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Indian stock indices in green at opening bell Monday-Telangana Today

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Domestic investors are now bracing for a busy week with Finance Minister Nirmala Sitharaman’s budget proposals and other macro-economic guidance, due on Thursday, will be keenly tracked.

Updated On – 29 January 2024, 10:04 AM


Indian stock indices in green at opening bell Monday


New Delhi: Indian stock indices started off Monday session in the green after a truncated trading week. Benchmark Sensex and Nifty were 0.6 per cent higher each at 71,107.46 (up 407 points) and Nifty 21,475.90 (up 123 points), respectively, at the opening bell.

Domestic investors are now bracing for a busy week with Finance Minister Nirmala Sitharaman’s budget proposals and other macro-economic guidance, due on Thursday, will be keenly tracked.

Besides, the outcome of the US Federal Reserve’s first policy meeting of the year 2024, scheduled for Wednesday, will also be on investors’ radar.

“Two important events are due this week: the interim Budget and the Fed meeting on rate decision. But these events are unlikely to impact the market in a big way. The Budget will be a vote on account without major announcements capable of impacting the market. Regarding the Fed decision, no rate cut is expected, but the commentary will be keenly watched,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

On Tuesday, the stock markets witnessed a bloodbath, with the Sensex falling over 1,000 points due to a host of reasons, including high valuations, foreign portfolio investors lately pulling out funds from India, and a mild profit booking.

Foreign portfolio investors have been aggressively selling Indian stocks, turning net sellers in the Indian equity market so far in January 2024, after making a beeline to accumulate domestic stocks during the past two months–November and December.

The data available from the National Securities Depository Limited (NSDL) showed that the FPIs sold Indian stocks worth Rs 24,734 crore in January. In December, especially, they made a beeline to invest in Indian stock markets, with a cumulative accumulation of Rs 66,135 crore.

“FPIs were sellers in autos and auto ancillary, media and entertainment and marginally in IT. They bought in oil and gas, power and selectively in financial services. The rising bond yields in the US is a matter of concern and this has triggered the recent bout of selling in the cash market,” said Vijayakumar.