Household consumption expenditure on goods and services in both the rural and urban areas of India, which reflects the standard of living and well-being of the population, has shown a robust increase over the last decade, according to the latest survey released by the Ministry of Statistics.

The monthly per capita household consumption in rural India jumped by over 40 per cent in 2022-23, after adjusting for inflation, compared to the corresponding figure recorded for 2011-12, according to the survey.

In absolute terms, the monthly per capita consumption expenditure in the country’s rural areas shot up to Rs 2, 008 in 2022-23 from Rs 1, 430 in 2011-12.

Urban India also recorded a robust gain of 33 per cent with per capita household consumption expenditure rising to Rs 3, 510 in 2022-23 from Rs 2, 360 in 2011-12, after adjusting for inflation.

Without adjusting for inflation, the figures stood at Rs 6, 459 for urban households and Rs 3, 773 for rural households in 2022-23, compared to Rs 2, 630 and Rs 1, 430 respectively in 2011-12, which are higher than the real term increase after adjusting for inflation.

Household consumption expenditure includes spending on food, fuel, electricity, medical services, transport and education.

The survey shows that in 2022-23, food accounted for about 46 per cent of the average rural household’s consumption, while urban households allocated about 39 per cent of their monthly per capita consumption to food.

The survey also reveals that there has been a gradual decline in the per capita consumption of cereals such as rice and wheat in both rural and urban India as people are consuming more pulses, milk, vegetables, fruits, eggs and meat. This change in the consumption pattern reflects an improvement in the standard of living over this period that has been made possible due to the rise in incomes as India has emerged as the world’s fastest-growing major economy.

The survey was carried out in 8, 723 villages and 6, 105 urban blocks covering as many as 2.62 lakh households across the country.   AGENCIES

 As India embarks on its ambitious semiconductor journey, the country will require 2.5 lakh 3 lakh skilled professionals by 2027 across Research and Development (R&D), design, manufacturing and advanced packaging domains, a report showed on Monday.
De-risking initiatives by the world’s leading electronic manufacturers, coupled with targeted government initiatives and India’s talent pool, have led the country to occupy a key position in the global semiconductor manufacturing space, according to the report by TeamLease Degree Apprenticeship.

Expected to become a $100 billion industry by 2030, the expansion is poised to generate approximately 1 million global jobs by 2025–2026, aligning with India’s broader economic and industrial growth objectives.

The Electronics Sector Skill Council (ESSC) currently offers over 35 apprenticeship courses under the National Apprenticeship Promotion Scheme (NAPS) scheme to address skill shortages at various levels of entry level work. To address this gap, the TeamLease Degree Apprenticeship is actively collaborating with academia, government bodies, and industry leaders. Also Read – Viney Equity Market co-leads Rs 715 cr investment in Vikram Solar Ramesh Alluri Reddy, CEO of TeamLease Degree Apprenticeship, emphasised upon the need to increase employment in India, especially in light of the $15 billion investment in three semiconductor plants. This investment results from the India Semiconductor Mission (ISM) and the Production Linked Incentive (PLI) scheme. Advancements in AI-driven technologies are pushing India towards higher value activities in the semiconductor industry. AI-powered chip design and smart manufacturing are creating a demand for professionals skilled in artificial intelligence (AI), Internet of Things (IoT) and 5G, said Reddy. Building an ecosystem for higher value creation activities and cultivating a competent work force through degree apprenticeships and training programmes is crucial to establish India as a significant player, the report mentioned. The PLI scheme, in particular, offers a $1.7 billion incentive package for companies establishing semiconductor manufacturing facilities in the country.  AGENCIES

The Confederation of Indian Industry (CII) on Monday said they are confident that under the astute leadership of Prime Minister Narendra Modi, the country would continue its economic transformation and emerge among the top three in the world. In a statement, Sanjiv Puri, President of CII, congratulated PM Modi for assuming charge for the third consecutive term. “Building upon a strong growth rate of 8.2 per cent for 2023-24, the new government under his visionary leadership can usher in the next phase of reforms to make the most of the global opportunities and build on the robust fundamentals of the Indian economy,” said Puri.

India is forecast to surpass Japan to become the world’s fourth-largest economy in the near future. 

The government recently said India is expected to overtake Japan and Germany to emerge as the world’s third-largest economy by 2027.

This is a pivotal moment for India, and Indian industry is keen to work with the incoming government to further accelerate the developmental journey of the nation, he noted.

Chandrajit Banerjee, Director General, CII, said that under PM Modi’s visionary leadership, “We shall see the unfolding of a golden chapter in India’s development journey.”

PM Modi on Monday took charge and signed his first file for the welfare of the farmers.

This will benefit 9.3 crore farmers with a total distribution expected to reach around Rs 20,000 crore.

Banerjee said that the CII would intensify its initiatives for building stakeholder consensus on the next generation of reforms and “Work closely with the new government on unlocking the potential of India’s demographic dividend through education, healthcare and skill development”.  AGENCIES

 From farmer producer organisations to Kanjeevaram silk weavers to self-help groups like Kerala’s Kudumbashree, the government-run Open Network for Digital Commerce (ONDC) is seeing a variety of participation from small businesses across India, said T Koshy, MD & CEO.

Speaking to IANS, Koshy said that the idea of ONDC, an initiative of the Department of Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce, was “conceptualised about three years ago when the country was struggling with the pandemic.”

The ONDC chief said that it was registered as a company in 2021, and by the end of 2022, it was available in some areas in Bengaluru.

“In the last one and a half years, we have been able to get significant traction. From just 1,000 transactions 15 months ago, we did 9 million transactions in May. From 500 merchants in January 2023, we now have five and a half lakh merchants. About 85 per cent of them are small and micro enterprises, including taxi drivers and artisans,” said the MD and CEO of ONDC.

The network was created to revolutionise digital commerce and to give a greater thrust to the penetration of retail e-commerce in India.

Koshy said that the response to ONDC has been “pretty decent” in tier II and III cities.

“About 40-45 per cent of transactions are mobility, which is very hyperlocal and is available in 8-9 cities. About 65 per cent of the day-to-day transactions happen from tier II and III cities,” Koshy said.

“In total, transactions happened in about 1,000 cities. These are all beginnings, but it shows that this is something that is acceptable even to the largest among the population across and has a potential to grow,” he told IANS.

Calling ONDC “a network and not platform,” Koshy noted, “We are seeing a variety of participation from small businesses across the country.”

“The participants and the people who are making their products available on the network are from the small towns and villages and include farmer producer organisations, Kanjeevaram silk weavers or some self-help groups from Kerala like Kudumbashree.”

AGENCIES 

 One97 Communications Limited (OCL), which owns the Paytm brand, has begun to lay off an undisclosed number of employees amid a restructuring exercise, along with facilitating outplacement assistance to those affected.

The company said in a statement that it is also disbursing bonuses which were due to employees, “ensuring fairness and transparency in the process.” 

“One97 Communications Limited (OCL) is providing outplacement support to employees which have resigned as a part of the restructuring efforts by the company,” it said.

“The company’s human resource teams are actively collaborating with over 30 companies that are currently hiring, and providing assistance to employees who have opted to share their information, facilitating their immediate outplacement,” Paytm added.

The shares of Paytm were hovering around Rs 394 a piece, 3.49 per cent up.

Meanwhile, the payment and financial services company is witnessing early signs of recovery and strong stabilisation for its Unified Payments Interface (UPI) business, marking a strong turnaround for the firm.

The total value of UPI transactions processed on the Paytm platform grew to Rs 1.24 trillion in May, on the back of the company launching several initiatives for users such as Credit Card on UPI, as well as pushing the lever on UPI Lite.  AGENCIES

Samsung on Monday launched the 2024 QLED 4K TV series in India, with a plethora of premium features at a starting price of Rs 65,990. The series comes in three sizes – 55-inch, 65-inch and 75-inch.It is available on online platforms including Samsung.com and Amazon.in.”TheTV series provides life-like picture quality with the 4K upscaling feature that refines the content on the screen to near-4K levels, taking the overall viewing experience several notches higher,” Mohandeep Singh, Senior VP, Visual Display Business, Samsung India, said in a statement.

Powered by Quantum Processor Lite 4K, the new QLED 4K TV series provides 100 per cent colour volume with Quantum Dot and Quantum HDR.

It also comes with 4K upscaling, which enables users to enjoy high-resolution 4K content; Q-Symphony sound technology, Dual LED, Motion Xcelerator for gaming and Pantone Validation, according to the company.

In addition, the series features Samsung’s TV Plus service comprising over 100 free channels.

Furthermore, the built-in Multi Voice Assistant provides customers with seamless connectivity, while Samsung Knox, the top-tier security solution, provides a safe home experience, the company mentioned.   AGENCIES

Indian equity indices opened at an all-time high on Monday.

In early trade, Sensex and Nifty made a new all-time high of 77,079 and 23,411 respectively.

At 9:45 am, Sensex was at 76,703, up 9 points and Nifty was at 23,293, up 4 points.

Broader markets are in an uptrend. The Nifty midcap 100 was up 230 points or 44 per cent, at 53,425 and the Nifty smallcap was up 133 points or 0.78 per cent, at 17,349.

India volatility index (India VIX) is at 17.09, up nearly one per cent.

Among the sector indices, PSU Bank, fin service, realty, energy, and pharma are major gainers. Pvt bank, metal and IT are major laggards.

In Sensex pack, Powergrid, Ultratech Cement (NS:ULTC), Axis Bank (NS:AXBK), NTPC (NS:NTPC), Nestle (NS:NEST), Reliance (NS:RELI), SBI (NS:SBI), Bharti Airtel (NS:BRTI), and Tata Motors (NS:TAMO) are major gainers and Tech Mahindra (NS:TEML), Wipro (NS:WIPR), Infosys (NS:INFY), HCL Tech (NS:HCLT) and Titan (NS:TITN) are top losers.

“It is important to understand that the major driving force in this bull market is the Indian retail investors including HNIs. Big selling by FIIs is getting eclipsed by the aggressive buying of DIIs and retail investors,” experts said.

They added that the fact that retail investors bought equity for Rs 21,179 crores on June 4th, the day Nifty tanked 5.9 per cent, indicates the buying power and optimism of the retail investors.

Mixed trading is taking place in Asian markets. Tokyo and Shanghai are in the green, while the markets of Seoul, Bangkok, Hong Kong, and Jakarta are trading in the red. American markets closed in the red on Friday. Crude oil benchmark Brent crude is at $79 and Brent crude at $75.

AGENCIES

South Korea’s exports to the United States exceeded those to China so far this year, data showed Monday, raising the possibility that the U.S. could be the top export destination for South Korea for the first time in 22 years.

Outbound shipments to the U.S. amounted to $53.3 billion from January through May 2024, compared with South Korea’s export value to China of $52.69 billion, according to the data from Statistics Korea and the Ministry of Trade, Industry and Energy.

If the current trend continues, the U.S. will be the No. 1 export destination for South Korea for the first time since 2002.

Last year, China was the largest export destination for South Korea with the export value of $124.81 billion, followed by the U.S. with $115.71 billion. The gap was the smallest in 19 years.

Exports by South Korean large conglomerates to the U.S. already surpassed those to China for the first time in 20 years in 2023.

South Korea’s exports to the U.S. have been on a constant increase in recent years. They advanced 5.4 percent on-year to reach a record high last year on the back of growing exports of cars and rechargeable batteries.

But exports to China had fallen for two years in a row after hitting an all-time high of $162.91 billion in 2021 amid China’s sagging manufacturing sector.

In a recent report, the Bank of Korea said that exports to the U.S. are forecast to continue an upturn driven by solid consumption among U.S. consumers and the expansion of South Korean entities’ investment in the U.S.

But there have also been signs that the Chinese economy is recovering gradually, which could boost its demand for South Korean goods and services.

Global credit appraiser Moody’s Investors Service recently revised up its forecast for China’s economic growth rate for this year to 4.5 percent from its previous estimate of 4 percent.   AGENCIES

 Venture capitalist Viney Equity Market on Monday announced that it co-led a Rs 715 crore investment in solar panel manufacturers and power companies Vikram Solar and contributed Rs 12 crore to the funding round, alongside participation from multiple investors.

The funding will provide Vikram Solar with the resources to strengthen its capital base, improve its ability to borrow money for working capital and finance the expansion of its solar PV module manufacturing facility.

“We are impressed by their commitment to innovation and their track record of success. This investment aligns perfectly with our philosophy of supporting companies that are driving positive change in the world,” Anant Aggarwal, Founder of Viney Equity Market LLP, said in a statement.

According to the company, these initiatives will allow Vikram Solar to meet other general corporate purposes and solidify its position as a leader in India’s clean energy sector.

Vikram Solar is a provider of comprehensive solar energy solutions, specialising in efficient photovoltaic module manufacturing and engineering, procurement, and construction (EPC) services.

With a global footprint across 32 countries, Vikram Solar is committed to accelerating the adoption of solar energy to create a sustainable future for all.  AGENCIES

Prime Minister Narendra Modi on Monday thanked Microsoft co-founder and billionaire

the record third time, saying, “We value our partnership for promoting innovation for the benefit of humanity”. 

Responding to Gates’ congratulatory post on X, PM Modi, said, “Deeply appreciate your message @BillGates”.

The Prime Minister also expressed deep appreciation for their past conversations highlighting the transformative role of technology in governance, healthcare, and India’s commitment to climate change and sustainable development.

“Recall our very positive and engaging conversation a few months ago, including on the transformative role of technology in governance and healthcare, and India’s commitment to climate change and sustainable development,” he wrote.

Gates, in his message, extended congratulations to PM Modi and expressed anticipation for a continued partnership “to enhance the lives of people across India and the world”.

He also praised India’s progress as a hub for innovation and emphasised the possibility of further collaboration.

In March, the philanthropist visited India and met PM Modi and discussed Artificial Intelligence, technology, healthcare, and more.  AGENCIES