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Wednesday, January 1, 2020

economic news of india - world economic news - economics news for students - indian economy news

economic news of india - world economic news - economics news for students - indian economy news


The headline-making judge who put Mistry back in the hot seat

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NEW DELHI: He rarely speaks to the media. But he frequently makes headlines. He loves a good argument. And what he says produces plenty of arguments, too.Meet National Company Law Appellate Tribunal chairman Justice Sudhansu Jyoti Mukhopadhaya (69), who headed the bench that delivered the judgment reinstating Cyrus Mistry as chairman of Tata Sons.As the Tatas get ready to appeal in the SC against Justice Mukhopadhaya's order, the ex-Supreme Court judge is in the news again. He has been here before. Sometime back, the SC overturned another of NCLAT's headline-making orders that had put financial and operational creditors at par when distributing proceeds from a bankruptcy sale.Justice Mukhopadhaya though is unruffled — and he quotes Rabindranath Tagore to make his case. The judge, who has delivered over 1,800 judgments, quoted these lines from a Bengali verse by Tagore: "Roth bhaabe aami deb, poth bhaabe aami, murti bhaabe aami deb, haanse antarjaami (The Lord's chariot, the path on which it is driven, and the idols, they all think they are to be worshipped, and God is amused)." And then Justice Mukhopadhaya explains: "A judge is like a saint, he can't give, neither can he take. This is judgeship… what is to happen, has to happen. It is Almighty who decides." It's not "individuals" but "cases" that matter, Justice Mukhopadhaya says, when asked about heavyweight litigants who appear before him. Is any case special? "No, not at all. Every case is important to me, every case is sensitive to me. Case dekhna hai, not the person. I have handled cases like fodder scam, where a sitting chief minister's name figured," Justice Mukhopadhaya says when ET asks whether the high stakes in the Tata-Mistry case weighed on his mind.He is naturally unwilling to go into specifics of the case. But he does point to Chapter 16, Sections 241 and 242 of the Company's Act that deal with "oppression and mismanagement". Companies need to work on corporate governance to avoid internal strife spilling over to courts and tribunals, the NCLAT chairman says. 73063528 On the Insolvency and Bankruptcy Code (IBC) Justice Mukhopadhaya says, the "IBC is for resolution. The idea is to avoid liquidation. It is not for money claims, not for filing suits, not adversarial…", but "it is forward-looking". "Remember, if corporates survive, employment will be generated. Bankers, financial institutions will survive. Small businesses, poor and farmers — everyone will benefit," he says.Justice Mukhopadhaya took over as NCLAT chief in 2016. His earlier stint in the Supreme Court also saw drama. He was part of the bench that ruled that any MP or MLA will lose House membership immediately upon being sentenced to two or more years in jail for any crime. The judgment dramatically overturned Section 8(4) of the Representation of the People Act. And it affected politicians as important as Lalu Prasad.He was also part of the two-judge Supreme Court bench that controversially upheld the constitutionality of Indian Penal Code's Section 377, which criminalised homosexuality. That judgment was later overturned by a larger bench of the apex court. 73063538 SENSE OF HUMOURThe judicial burden has done nothing to affect his sense of humour. "I am not serious in the court. I do crack jokes. I may show my anger, but not for the actual purpose of the anger," he says. "Sometimes I speak more than lawyers," he adds.Though many judges do not like high-pitched arguments, for Justice Mukhopadhaya it is like "music to my ears"."I feel charged by people, and when there is fierce argument… 'halla gulla' in my court, it is like jugalbandi (duet)," he says.And what makes a good judge? Justice Mukhopadhaya says a good judge must have 56 qualities, referring to the 56 bhog offered traditionally to Lord Krishna.A second-generation lawyer, he did his schooling and college from Bihar and practised at Patna and Ranchi bench of Patna High Court before being appointed a judge in the Patna High Court in 1994. He served at different high courts across the country before becoming chief justice of the Gujarat High Court, and then being elevated to the Supreme Court in 2011.And how does he deal with stress? Yoga for an hour every day, and playing with his dog.

GST rate hikes may come in small phases

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NEW DELHI: India could look at a calibrated increase in the goods and services tax rates to shield consumers from sudden price shocks, apart from minimising exemptions, as it seeks to lift tax revenue collections. A panel of officials on revenue augmentation, comprising officials from the states and the Centre, is reviewing the current rate structure.There is a view that rate increases can be carried out in a benign manner, either through small increases in lower rates or by moving some items to a higher bracket in tranches."There is a need to re-look at the structure. How you do it is another issue," said a government official. "You can do it in a calibrated manner to avoid sudden shocks. This is one option."About 150 items that are exempt from GST are likely to get a close look. There are over 260 items currently in the 5% slab.Processed items cannot be in the lowest slab or the exempt category because it also leads to problems of input tax credits for them and erodes their competitiveness, said the official. GST collections have averaged Rs 1,00,646 crore so far in the current financial year, short of about Rs1.12 lakh crore a month needed to meet the budget target. 73063343 The panel's suggestions are likely to be examined by the GST Council, the apex decision-making body for the tax, at its next meeting. The GST Council secretariat had asked the states on November 27 to suggest ways to boost revenue, including rate rationalisation and reducing exemptions.States such as Punjab suggested slabs of 10% and 20%, with a third rate of 25% for sin and luxury goods. Others such as West Bengal and Delhi do not back significant changes at the current juncture, especially pertaining to rate increases.Currently, GST has seven rate categories – exempt, 0.25%, 3%, 5%, 12%, 18% and 28%.The officers panel is also looking at how to minimise exemptions in both goods and services and raise the revenue-neutral rate – that single rate of GST at which there is no loss of tax. This was estimated at 15.5% when GST was rolled out on July1, 2017.The panel had presented a paper at the previous meeting of the council, but was asked to look into issues in more detail and come back with a more comprehensive report.It had suggested restructuring slabs, increasing rates on some goods to correct inverted duty structures, including on mobile phones, and revisiting rates on items that had seen a reduction to 18% from 28%.Some businesses have asked to be moved from the exempt category or 5% tax bracket without input tax credit to the higher 12% rate where they can adjust tax paid on inputs against final liability.The panel had highlighted an over Rs 63,000 crore shortfall in compensation cess in the current financial year, which, with moderate revenue growth, is a key challenge. Tax experts said given the current economic scenario, large-scale changes seem difficult."However, the government may want to explore merging the 5% and 12% slabs into a single rate of say, 8 or 9%. Alternatively, the 12% and 18% slabs may be merged into a single rate of 15% or 16%," said Pratik Jain, indirect taxes leader at PwC.Jain said there is a need to have a long-term plan on GST rates and start working towards it, rather than changing them frequently. There is little evidence to suggest that rate increases would necessarily result in revenue augmentation, he added.

Here's what a Biyani-Amazon Future looks like

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NEW DELHI: Future Group's 'Sabse Saste Din' sale, centred around Republic Day, will also feature on Amazon.in, reflecting a broadening of the alliance between the two sides, said two persons with knowledge of the matter. Items are offered at a discount during the sale that runs for five-six days at Future Group stores such as Big Bazaar and Food Bazaar. Amazon acquired a stake in Kishore Biyani's retail venture last year.The sale will operate through a web store on Amazon's marketplace. The Future Group will deliver products ordered on the web store through its network of outlets and warehouses."All Future Group big properties (discount events) will also be celebrated on Amazon," said one of the persons. "This is the first time 'Sabse Saste' sales will happen outside of Future Group's stable," said the second person.Amazon and Future Group didn't respond to queries.The Future Group already sells its private brands and other products ranging from food and fashion to furniture on Amazon. The marketplace also has an arrangement with Big Bazaar outlets for pickup and delivery of groceries to consumers purchasing through online supermarket Amazon Pantry. 73063484 The 'Sabse Saste Din' sales are the biggest discounting event for the Future Group, generating millions of footfalls at its stores nationwide. However, it's been on the wane in recent years due to the rapid growth of ecommerce platforms such as Flipkart and Amazon that offer discount sales through the year besides similar campaigns by other brick-andmortar stores.Last year, Amazon agreed to acquire a 49% stake in Biyani's Future Coupons, which owns 7.3% of Future Retail, with an option to buy the entire holding at a later stage. This gives the US ecommerce titan roughly 3.6% stake in India's largest listed retail entity and Biyani's flagship venture, Future Retail.In November, Amazon.com NV Investment Holdings LLC received approval from the Competition Commission of India (CCI) to invest about Rs 1,500 crore to acquire the 49% stake in Future Coupons.The 'Sabse Saste' initiative on Amazon is part of a wide range of joint programmes that both are planning, according to the persons. Biyani told ET last month that his group expects $1 billion of incremental revenue from its association with Amazon in the next two-three years."The Amazon partnership that rolls out now will build upon this in gaining new business and customers without additional costs or capex," Biyani had said. "We believe we can create around a billion dollars of additional new business from the Amazon partnership alone in the next 24-36 months."Amazon plans to tap Future's vast network of physical stores to expand hyperlocal platform Amazon Now into newer cities, ET reported in December. The two sides are also exploring the possibility of allowing Amazon Prime members and digital wallet Future Pay customers to avail of common benefits and privileges.

RCom lenders to meet Jan 2 to consider asset bids

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Reliance Communications' (RCom) committee of creditors (CoC) will meet on Thursday to consider bids of Reliance Jio , Bharti Airtel , Varde Partners and UVARCL.According to people aware , the CoC is expected is expected to seek extension of deadline for the completion of the asset sale process . The bankrupt telco RCom and its units are under the reins of resolution professional (RP) -Deloitte and the resolution process is slated to be completed by January 10. "But, now COC will seek extension of deadline till February end," said a person aware of the development . ET had reported earlier that the CoC overseeing the bankruptcy resolution of Reliance Communications (RCom) expects to raise at least Rs 14,000 crore from the sale of the telco's assets, including spectrum, fibre and towers, based on bids received.At that level, the haircut would be about 70% for financial lenders that have filed claims of Rs49,000 crore against RCom and its units Reliance Telecom and Reliance Infratel.Assets up for sale include airwaves in the 850 MHz band in 14 of India's 22 telecom circles, about 43,000 telecom towers, some fibre and data centres. The spectrum is the most valuable asset. The bankruptcy court had, in a separate insolvency proceeding for Aircel, ruled that the CoC can sell airwaves, rejecting a telecom department plea. The government wanted the spectrum to be returned to it due to unpaid dues, saying it was the owner of the airwaves, and not the telcos. The Department of Telecommunications (DoT) is expected to challenge the National Company Law Tribunal (NCLT) order soon.Bharti Airtel has made the highest bid of Rs 9,000 crore and has offered upfront payment but wants all the assets and not parts of it, said the people cited above. However, the CoC feels it will get better value by selling the assets separately.Private equity fund Varde Partners and UV Asset Reconstruction Company Ltd (UVARCL) have said they will pick up the assets as a going concern and repay lenders as and when they manage to sell towers, fibre and spectrum to other buyers later.At the time of its bankruptcy filing, RCom had debt of Rs 46,000 crore, making it one of India's largest insolvencies. As many as 53 financial creditors, including local and foreign banks, nonbanking finance companies and funds, have claimed Rs 57,382 crore as dues from the company, out of which Rs 49,224 crore has been accepted by the resolution professional.Top Indian financial lenders include State Bank of India with a verified exposure of over Rs 4,800 crore followed by Bank of Baroda (Rs 2,500 crore), Syndicate Bank (Rs 1,225 crore) and Punjab National Bank (Rs 1,127 crore). Top overseas lenders include China Development Bank (Rs 9,900 crore), Exim Bank of China (over Rs 3,356 crore) and Standard Chartered Bank (Mumbai and London, Rs 2,100 crore).Besides banks, operational creditors such as tower companies, equipment vendors and DoT have claimed nearly Rs 30,000 crore in dues, of which over Rs 21,000 crore has been verified. By contrast, in the case of Aircel, the resolution plan has earmarked just about Rs 16.5 crore for hundreds of operational creditors, which had claimed about Rs 20,000 crore in dues.

Future’s ‘sabse saste din’ sale to debut on Amazon

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NEW DELHI: Future Group's 'Sabse Saste Din' sale, centred around Republic Day, will also feature on Amazon.in, reflecting a broadening of the alliance between the two sides, said two persons with knowledge of the matter. Items are offered at a discount during the sale that runs for five-six days at Future Group stores such as Big Bazaar and Food Bazaar. Amazon acquired a stake in Kishore Biyani's retail venture last year.The sale will operate through a web store on Amazon's marketplace. The Future Group will deliver products ordered on the web store through its network of outlets and warehouses."All Future Group big properties (discount events) will also be celebrated on Amazon," said one of the persons. "This is the first time 'Sabse Saste' sales will happen outside of Future Group's stable," said the second person.Amazon and Future Group didn't respond to queries.The Future Group already sells its private brands and other products ranging from food and fashion to furniture on Amazon. The marketplace also has an arrangement with Big Bazaar outlets for pickup and delivery of groceries to consumers purchasing through online supermarket Amazon Pantry. 73063484 The 'Sabse Saste Din' sales are the biggest discounting event for the Future Group, generating millions of footfalls at its stores nationwide. However, it's been on the wane in recent years due to the rapid growth of ecommerce platforms such as Flipkart and Amazon that offer discount sales through the year besides similar campaigns by other brick-andmortar stores.Last year, Amazon agreed to acquire a 49% stake in Biyani's Future Coupons, which owns 7.3% of Future Retail, with an option to buy the entire holding at a later stage. This gives the US ecommerce titan roughly 3.6% stake in India's largest listed retail entity and Biyani's flagship venture, Future Retail.In November, Amazon.com NV Investment Holdings LLC received approval from the Competition Commission of India (CCI) to invest about Rs 1,500 crore to acquire the 49% stake in Future Coupons.The 'Sabse Saste' initiative on Amazon is part of a wide range of joint programmes that both are planning, according to the persons. Biyani told ET last month that his group expects $1 billion of incremental revenue from its association with Amazon in the next two-three years."The Amazon partnership that rolls out now will build upon this in gaining new business and customers without additional costs or capex," Biyani had said. "We believe we can create around a billion dollars of additional new business from the Amazon partnership alone in the next 24-36 months."Amazon plans to tap Future's vast network of physical stores to expand hyperlocal platform Amazon Now into newer cities, ET reported in December. The two sides are also exploring the possibility of allowing Amazon Prime members and digital wallet Future Pay customers to avail of common benefits and privileges.

Banks not keen to lend big to small businesses

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MUMBAI: Bank lending to India's micro, small and medium enterprises (MSMEs) shrank from a year earlier as well as the beginning of FY20, despite measures by the government to boost credit flow to these businesses as lenders turned cautious due to slowing economic growth.The contraction in gross credit flow to the sector could be on the back of risk-averse lending by top banks as slowing consumption and stalling manufacturing growth have rubbed off on many of these businesses and raised likelihood of defaults, bankers and industry experts told ET.Gross loans to MSME sector fell 3.43% to Rs 4.65 lakh crore in November from Rs 4.81 lakh crore in March, as per RBI data. The drop was 0.5% from November 2018.While loans to micro and small businesses shrank 3.4% since the beginning of FY20 against a contraction of 2.7% in the same timeframe last year, advances to medium-sized firms contracted 3.6% as against growth of 1.4% during March-November 2018. Between November 2018 and 2019, gross loans to micro and small industries fell 0.1% and medium-sized units contracted 2.4%, compared with growth of 1.1% and 11%, respectively, a year earlier."In an environment of slowdown, where the overall credit growth of the industry is waning, most banks increase scrutiny standards while giving loans, especially to the corporate sector," said a banker requesting anonymity. "There have been several instances of promoters of these smaller companies trying to leverage more than what was on the block to get quick access to working capital. Banks are now becoming more prudent while lending to them." 73063380 The shrinking credit pie comes even after finance minister Nirmala Sitharaman made revival of MSMEs a priority in recent policies. The sector's contribution to GDP is estimated to be 30% and these small businesses are instrumental in generating employment. Throughout last year, the government instructed banks to disburse working capital loans to these businesses through new schemes and channels such as festive season loan melas, the PSB59 loan portal and older ones including Pradhan Mantri MUDRA Yojana and TREDS-based bill discounting platforms. "Banks lend with the concept of risk returns. If a particular credit is not commercially viable, then banks won't disburse it despite the broader directions they may have been given," said Prakash Agarwal, head of banking and financial ratings at India Ratings.'RISK AVERSION NEW GUIDING PRINCIPLE'"With risk aversion being the new guiding principle of the Indian banking industry, banks have started to reduce working capital limits, increase risk premium — thereby charging effective interest of over 16% — and insist on additional security when these SMEs are not even generating positive Ebitda," said Sridhar Ramachandran, CIO of IndiaNivesh Renaissance Fund. "Even large public-sector banks, once the backbone of economic development and now rightly concerned about nonperforming assets, are avoiding lending to companies that are less than investment grade."The Reserve Bank of India has warned banks about mounting defaults in accounts structured under the government's MUDRA scheme, signifying risks associated with such loans."The MUDRA is a case in point… while such a massive push would have lifted many beneficiaries out of poverty, there has been some concern at the growing level of non-performing assets among these borrowers," RBI deputy governor MK Jain said at a recent industry event. "Banks need to focus on repayment capacity at the appraisal stage and monitor the loans through the lifecycle much more closely." The Micro Units Development & Refinance Agency Ltd (MUDRA) was set up by the government to develop and refinance micro-enterprises by supporting finance institutions that lend to such businesses engaged in manufacturing, trading and service activities.

Tech charts show 2020 might be a year of capped gains for Nifty

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As Calendar 2019 ended, we saw the market end near the high point of the year. Despite a negative ending on the last trading session of the year, Nifty50 ended the year with strong gains of 11.53 per cent on a yearly basis.That said, the year has left us with so much to read on the long-term charts and offered many cues that suggest the year 2020 may become one of capped gains. 73057411 The above is the long-term 20-year monthly chart of the Nifty50 index. As evident, since the beginning of 2018 and all through 2019, the index marked incremental highs. However, these highs on the frontline index have come with a continued bearish divergence on the RSI. The bearish divergence has occurred as Nifty marked higher levels, while the RSI did not remain in sync and made lower tops instead. This pattern is yet to be resolved.Additionally, despite the 11.53% of gain in Nifty, this gain has remained limited to contributions from just five stocks: Reliance, ICICI Bank, HDFC, HDFC Bank and Kotak Bank, which added over 85% of the total gains.Another vital thing to note from a technical perspective is that there has been less and less of contribution from the broader market in last two years, even as the frontline index gained. 73057420 Nifty500 represents the broader market, which represents over 95% of the total free-float market cap. As seen in the above chart, when it hit its high, the rise in the market was secular. The secular participation was reflected through the RS Line, which compares the performance of Nifty500 index against that of Nifty50.The rising nature of this line until 2018 shows the broader market performed far better than Nifty50 and the gains were secular in nature. However, since the beginning of 2018 and through the entire 2019, whenever Nifty500 revisited its peak, the RS Line, which compares the two indices, has continued to see a secular decline. This indicated lesser and lesser participation of the broader market, even as only Nifty50 gained, that too, thanks to gains in just five stocks. 73057430 73057432 Even during 2019, while Nifty50 gained 11.53 per cent, the Midcap Index lost 4.42 per cent and the Smallcap index 9.91 per cent.Nifty's monthly charts continued to show a bearish divergence and this pattern is not yet resolved. Also, the occurrence of a Spinning Top on the candles pointed to the likely exhaustion of the up-move. What made matters worse was that the broader market breadth remained dismal, and that's why the absence of participation in the up-move of the broader market will become a cause of concern going ahead.In the current technical setup, Nifty needs to resolve the negative divergence against the lead indicators. Along with this, if the broader market fails to perform, it will not be surprising the upside remains capped for Nifty all through 2020.(Milan Vaishnav, CMT, MSTA, is a Consulting Technical Analyst and founder of Gemstone Equity Research & Advisory Services, Vadodara. He can be reached at milan.vaishnav@equityresearch.asia)

'Changes in rules will further reduce relevance of P-notes'

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The market for participatory notes is expected to shrink more as the Securities and Exchange Board of India (Sebi) has further liberalised the rules for FPI participation, said Sriram Krishnan, managing director, global transaction banking for Deutsche Bank India, in an interview with Pavan Burugula. Easing of investment limits and merger of NRI and FPI investment routes are key demands of FPIs currently, he added. Edited excerpts:What changes are foreign portfolio investors (FPIs) expecting in terms of regulations and taxes?FPIs would like to see the end of capital gains tax. Also, looking at what China has done recently by removing all investment limits, if we follow suit, then India can get included in the global bond indices, which will trigger inflows from large funds that track such indices. This can be quite significant. In terms of regulations, NRIs have for long been asking for a level-playing field, and would like to see the merger of the NRI regime with the FPI regime. The finance minister has, in fact, announced this in the Union Budget.How does India score in terms of ease of entry norms for FPIs compared to the other emerging markets?Having said this, we believe Sebi's recent changes are path-breaking. The entire FPI universe now comprises of just two categories, and almost 75-80% fall under Category I. For those investors wanting to set up as Category I, all that is required is a simple application form and a few documents. So this time, the liberalisation has produced a very meaningful result. From the point of portfolio investment flows, what we have seen in calendar year 2019 is significantly better than 2018, which saw net outflows of over $11 billion. The announcements by the finance minister have since helped, and FPIs have invested over $6 billion in the past two months, and the improving global liquidity is expected to help further. What is the future of participatory notes?As an access product, while participatory notes have a place on the shelf, as a percentage of overall foreign portfolio investments, their share has come down from about 20% in December 2009 to just 2.3% in October 2019. Perhaps the key reason for their past popularity was around the cost and the difficulty level in setting up as FPI. Over the years, progressive market-entry liberalisation has led to a decline in P-note issuances. Operating cost for FPIs has also gone down with greater efficiencies being introduced in the market. Also, with certain rule changes, for example, prohibition of issuance of ODIs (offshore derivative instruments) referencing derivatives without a one-toone hedge, the relevance of P-notes for Indian security markets is expected to further reduce over time. We can certainly expect the recent transformative changes to further encourage direct entry.

Smartphones face high hacking risk in 2020: Report

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NEW DELHI: There was 54 per cent increase in data breaches in 2019 as compared to 2018 and 2020 will see significant rise in the number of mobile-focused malware and banking Trojans, a new report has predicted.With 5G and Internet of Things (IoT) devices arriving on the horizon, data speed will increase but the speed of cyber attacks would also rise, said the report from leading accounting and consulting firm Grant Thornton."Threat actors are expected to deploy advanced Artificial Intelligence (AI)-led attacks to boost the speed and impact of their campaigns. IoT will throw new challenges to data security," said the report titled 'Cyber Trends in 2019 and Predictions for 2020'."Cyber attacks are on the rise and will continue to rise. It's not a matter of if but a matter of when. A framework-driven approach with continuous monitoring will help companies mature their cybersecurity posture and address incidents proactively," said Akshay Garkel, Partner, Cybersecurity & IT Risk Advisory, Grant Thornton India LLP.According to the report, cybersecurity incidents including cyber bullying have skyrocketed by more than six times from the last year and data analytics will be critical to predict crime patterns and to reduce cybercrimes.The report expects the number of smartphone users in India to reach 673 million this year."Ninety-five per cent of cybersecurity breaches are expected to arise due to human error. Human-centric security continues to be a major concern and requires people-centric solutions as well as technology," the findings showed.In 2019, 4.3 billion estimated records were breached as 34 per cent of reported cybersecurity breaches involved internal actors."Every 14 seconds, a ransomware attack was carried out on companies in 2019 while 71 per cent of reported breaches were financially motivated," the report said.

Private companies to generate 7 lakh jobs in 2020: Survey

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NEW DELHI: With bullish hiring sentiments, private sector players are likely to create seven lakh jobs and the overall increase in salaries is projected to be around 8 per cent in the New Year, according to a survey.MyHiringClub.com & Sarkari-Naukri.info Employment Trend Survey (MSETS) 2020 indicated that most employers are optimistic about their hiring plans."Around 7 lakh new jobs are expected to be created in new calendar year 2020. Major contributors will be start-ups which are expected to create more jobs in every sector," MyHiringClub.com & Sarkari-Naukri.info CEO Rajesh Kumar said.The survey covered 4,278 companies across 12 industry sectors in 42 major cities.Bengaluru, Mumbai, Delhi & NCR, Chennai, Kolkata, Hyderabad, Ahmadabad and Pune were among the top places in terms of places generating a total of 5,14,900 jobs and rest number of jobs opportunities will be in Tier-II and Tier–III cities in 2020."Tier II and Tier III cities are able to create more jobs compared to metros due to companies moving their setup gradually from metros to these cities to keep cost control. In 2020, technology or technical skills are more in demand compared to other skills," he noted.Going by the survey, around 5.9 lakh jobs against expected 6.2 lakh jobs were generated in 2019.In 2020, retail and e-commerce sector will lead the table and is expected to generate 1,12,000 jobs followed by IT & ITeS (1,05,500), FMCG (87,500), Manufacturing (68,900), BFSI (59,700) and Healthcare (98,300), the survey said.South zone is expected to retain its number one position in 2020 as it is expected to create 2,15,400 jobs, followed by North (1,95,700), West (1,65,700) and East (1,25,800), it noted.As per the survey, salaries and bonuses in the country are projected to see single-digit hike, while the overall anticipated overall salary increment for 2020 is 8 per cent."Increments have been conservative at 8 per cent and bonuses have been 10 per cent, attributable to the prevailing market sentiment. The increment and bonus percentages have increased by 1 per cent points across levels compared to last year, with most impact at top management level," Kumar said.Shine.com CEO Zairus Master said reskilling will be a priority for existing employees in 2020.He noted that to address this skills shortage, recruiters are shifting their focus to hiring professionals with the ability to adapt to changing roles in flexible organisational structures.Further, he said the coming year will also witness a renewed focus on data literacy. "Organisations will be on the lookout for professionals who can read and analyse volumes of data to facilitate deeper insights and informed decisions about the organisation's workforce," he added.

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