Name: HDFC bank refutes reports of Arvind Vohra's exit
Uploaded: 2023-09-20T15:57:18.000+05:30
Duration: T00M31S
Channel: Editorji News Desk
Description: Arvind Vohra who worked as Operations Director at Vodafone joined HDFC bank in 2018 and has been responsible for retail branch banking business and trade & forex business

Adhering to India's Election Commission guidelines, the interim Budget abstains from introducing significant initiatives that might influence voter preferences towards the current government. Moreover, it excludes the Economic Survey presentation.

Budget 2024-25: Nirmala Sitharaman confirms no major announcements

Adhering to India's Election Commission guidelines, the interim Budget abstains from introducing significant initiatives that might influence voter preferences towards the current government. Moreover, it excludes the Economic Survey presentation.

Union Finance Minister Nirmala Sitharaman addressed the public's expectations, clarifying that the upcoming February 1 Interim Budget for the fiscal year 2024-25 won't feature any major announcements. Emphasizing its nature as a vote-on-account, she highlighted its purpose to sustain expenditure until the next government assumes power after the 2024 general elections, the dates for which are yet to be disclosed.
Speaking at the CII's Global Economic Policy Forum 2023 in New Delhi, Sitharaman emphasized, "The February 1 Budget is just a vote on account; a budget to meet expenditure till the next government comes to power. No spectacular announcements." She indicated that the comprehensive budget would follow in July.
The Interim Budget primarily comprises estimations related to government expenditure, revenue, fiscal deficit, and financial projections for the forthcoming months. It refrains from major policy declarations to avoid encumbering the government with additional commitments. Complying with the Election Commission of India's code of conduct, the interim Budget refrains from unveiling major schemes that could sway voter sentiment in favor of the incumbent government.
Additionally, the interim Budget does not include the presentation of the Economic Survey. Instead, it primarily secures Parliamentary approval for crucial expenditures like salaries and ongoing operational costs through a vote-on-account.
Notably, significant policy changes and long-term projects typically await the full Budget presentation post-general elections, which generally remains valid for up to two months but can be extended if required.
Also Watch: <a href="https://www.editorji.com/business-news/union-budget-2024-experts-push-for-higher-tobacco-taxes-says-report-1701092206039#google_vignette">Union budget 2024: Experts push for higher tobacco taxes says report</a>

The USD 300 million loan, spanning 15 years with a three-year grace period, employs ADB's Flexible Loan Product, incurring an interest rate pegged to market fluctuations

Pakistan economic crisis: Cash-strapped country secures a critical $655 million loan

The USD 300 million loan, spanning 15 years with a three-year grace period, employs ADB's Flexible Loan Product, incurring an interest rate pegged to market fluctuations

Cash-strapped Pakistan recently secured a significant financing package of USD 655 million from the Asian Development Bank (ADB), a move swiftly taken after Finance Minister Shamshad Akhtar declared the nation's public debt as "unsustainable."
The ADB's funding includes three distinct loans: USD 300 million for enhancing domestic resource mobilization, USD 275 million to rehabilitate schools damaged during the destructive August 2022 floods, and USD 80 million to bolster agricultural productivity for improved food security, as announced by the ADB.
Debt Dilemma: Contradictory Views on Pakistan's Sustainability
In tandem, the World Bank's Debt Management and Sustainability Mission held discussions with Finance Minister Akhtar to assess the country's debt management, a report by the Express Tribune stated.
Despite Akhtar's assertion of Pakistan's debt being "unsustainable," World Bank Vice President for South Asia Martin Raiser contradicted this view, labeling the debt as "sustainable." Notably, the ADB is footing the salaries of half of Pakistan's Debt Management Office staff&mdash;a responsibility ideally borne by the country's finance ministry.
However, despite concerns about unsustainable debt, Pakistan pursued one of the expensive loans offered by multilateral lenders, often known for providing financing at concessional rates.
Loan Dynamics: Balancing Expensive ADB Funding with Shorter Terms
The USD 300 million loan, spanning 15 years with a three-year grace period, employs ADB's Flexible Loan Product, incurring an interest rate pegged to market fluctuations. At current market rates, Pakistan faces an interest cost exceeding 6%, nearly three times higher than the concessional lending rates by the World Bank and the ADB.
Furthermore, the loan's 15-year term is comparatively shorter than previous ADB financing, raising questions about Pakistan's increasing debt burden for ventures that could potentially be addressed through internal initiatives rather than relying on foreign aid.
Notably, the ADB's intervention aims to strengthen Pakistan's tax system and address challenges such as a complex tax structure, a high level of informality in the economy, and weak tax administration, factors contributing to the nation's relatively weak tax revenue performance compared to regional counterparts.

While Adani Ports is looking to get Shapoorji Pallonji group's Gopalpur port in Odisha fro Rs 1,100-1,200 crore in equity value, JSW infrastructure bids Rs 3,000 crore in entreprise valuation for the same asset

Adani Ports in talks with Shapoorji Pallonji group to acquire its Gopalpur Ports in Odisha: Report

While Adani Ports is looking to get Shapoorji Pallonji group's Gopalpur port in Odisha for Rs 1,100-1,200 crore in equity value, JSW infrastructure bids Rs 3,000 crore in enterprise valuation for the same asset

While Adani Ports is looking to get Shapoorji Pallonji group's Gopalpur port in Odisha for Rs 1,100-1,200 crore in equity value, JSW infrastructure bids Rs 3,000 crore in enterprise valuation for the same asset

Adani Ports:&nbsp;Adani Ports is reportedly in talks with Shapoorji Pallonji group to acquire its Gopalpur Ports in Odisha for up to Rs 1,100-1,200 crore in equity value. As per The Economic Times report, the due diligence process to acquire the port is currently underway.
<h3>Adani Ports and Special Economic Zone</h3>
This acquisition is part of the Adani group's string-of-pearls strategy that involves owning facilities in both eastern and western water margins. If the deal goes through, this will be the Adani Ports and SEZ&rsquo;s sixth acquisition of a multi-purpose facility in the eastern coast.
Also Read: <a href="https://www.editorji.com/business-news/us-finds-hindenburg-report-irrelevant-for-granting-funds-to-adani-ports-report-1701761408653">US finds Hindenburg report irrelevant for granting funds to Adani Ports: Report</a>
At present Shapoorji Pallonji Maintenance owns 56% in Gopalpur Ports, while the rest is owned by Orissa Stevedores . The Economic Times report also mentioned that JSW Infrastructure was in talks with the Mistrys for the same asset for Rs 3,000 crore enterprise valuation. However, the port is valued around Rs 5,000 crore and the Mistry&rsquo;s equity value was at Rs 2,000 crore.
As per credit rating firm Care Edge the port has a long term bank facilities of Rs 1,432 crore as on February. Gopalpur Ports has been operational since 2015 and is located between the busy Paradip Port and Vizag Port. It is also connected to the Golden Quadrilateral through NH-516.

Government which holds 73.18% stake in IRCON is looking to sell 7.53 crore equity shares constituting 8% of stake to raise Rs 1,100 crore. The offer for sale will be open for non-retail investors on Thursday and for retail investors on Friday

Government looking to raise Rs 1,100 crore by selling 8% stake in IRCON

Government which holds 73.18% stake in IRCON is looking to sell 7.53 crore equity shares constituting 8% of stake to raise Rs 1,100 crore. The offer for sale will be open for non-retail investors on Thursday and for retail investors on Friday

The government will sell upto 8% stake in &nbsp;Indian Railway Construction International Limited (IRCON) through an offer for sale beginning on Thursday. Through this the government is looking to raise about Rs 1,100 crore
<h3>IRCON Stake Sale</h3>
The government will sell about 7.53 crore equity shares at a floor price of Rs 154 apiece. The government currently holds 73.18% in IRCON. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey posted in X (formerly Twitter) that the offer for sale opens for non-retail investors on Thursday and on Friday for retail investors.
<blockquote class="twitter-tweet">
Offer for Sale in IRCON opens tomorrow for Non Retail investors. Retail investors can bid on Friday. Govt. would divest 8% equity including Green Shoe option. <a href="https://t.co/AiXTqnxQLj">pic.twitter.com/AiXTqnxQLj</a>
&mdash; Secretary, DIPAM (@SecyDIPAM) <a href="https://twitter.com/SecyDIPAM/status/1732388870434763164?ref_src=twsrc%5Etfw">December 6, 2023</a></blockquote>
As per PTI, so far in the current fiscal, the government has raised Rs 8,859 crore by selling minority stake in CPSEs. The Budget has set a target of Rs 51,000 crore to be mopped up from PSU disinvestment.
Also Watch: <a href="https://www.editorji.com/business-news/economy/5-billion-deep-sea-project-ongc-to-start-oil-production-in-krishna-godavari-basin-1699872284612">$5 Billion Deep-Sea Project: ONGC to start oil production in Krishna Godavari basin</a>
Meanwhile, the IRCON shares fell as much as 8.37% on thursday during the early trade, the lowest since Nov. 17. On a year-to-date basis, the stock has risen 166.28%
&nbsp;
&nbsp;

The Naukri JobSpeak Index revealed a 12% decrease in white-collar recruitment. There were 2,433 job postings during October-November, down from 2,781 in the same months of 2022.

White-collar job postings decline by 12% in October-November 2023

The Naukri JobSpeak Index revealed a 12% decrease in white-collar recruitment. There were 2,433 job postings during October-November, down from 2,781 in the same months of 2022.

Hiring activity for white-collar jobs witnessed a 12% on-year decline during October-November largely due to fall in recruitment trends in IT-Software, telecom and education sectors, a report said on Thursday.
White-collar recruitment during October-November declined by 12% with 2,433 job postings, compared to 2,781 during the corresponding months in 2022, according to the Naukri JobSpeak Index.
The Naukri JobSpeak is a monthly Index representing the state of the Indian job market and hiring activity based on new job listings and job-related searches by recruiters on the resume database of Naukri.com.
While, telcom, education, retailing sectors witnessed 18%, 17% and 11% decline, respectively, during October-November compared with the same months in 2022, sectors like hospitality, travel, auto and auto ancillary the hiring trend was stagnant, the report said.
Meanwhile, Oil and Gas sectors recorded 9% increase in hiring in the October-November period compared to the last year, on the back of rapid expansion by energy companies and the setting up of new refineries across the country, the report noted.
Similarly, the Pharma sector registered a 6% increase in new job offers in the October-November against the same months of 2022, it added.
The report further revealed that the insurance sector also saw positive momentum as hiring grew by 5% in the October-November period, over the same period last year.
"It was encouraging to see core non-IT sectors like Oil and Gas, Pharma and Insurance growing at a healthy clip during a cluttered festive period. November's 1% growth in IT vs October could be a much awaited positive sign, as we eagerly await next month's trends," Naukri.com Chief Business Officer Pawan Goyal told PTI.
The overall hiring in the IT sector was 22% lower in the October-November, compared to the same months last year, it noted.
However, despite witnessing substantial corrections in the first half of 2023, the sector reported a 1% growth in November over October.
New job openings in AI-related fields like machine learning engineer and full stack data scientist increased by 64% and 16% respectively during the two months under review, compared to the year-ago period, the report said.
Meanwhile, when it came to cities the non-metros, once again, outperformed the metros in terms of hiring. Vadodara clocked a 9% growth in new job offers in the last two-months against the same period of 2022, while Ahmedabad stayed flat.
Metros like Delhi NCR and Mumbai clocked negative growth of 12% each, while the IT-focused cities of Bangalore, Hyderabad, Chennai, and Pune recorded negative growth of 20%, 18%, 21%, and 18% in October-November compared to the same period of 2022.
The report also found that organisations continued to show preference for senior professionals in terms of hiring, a trend seen in most of 2023. Hiring for senior professionals with more than 16 years of experience went up by 26% in the last two months against the same months of 2022.
While, for freshers, new offers recorded negative growth of 13% in the last two-month over the same period last year, the report added.&nbsp; Also Watch: <a href="https://www.editorji.com/business-news/economy/white-collar-jobs-in-india-8-6-decline-in-september-1696850256934#google_vignette">White-collar jobs in India: 8.6% decline in September</a>

Priced at Rs 8.89 crore (ex-showroom), it holds the crown as the priciest model ever launched by the Italian manufacturer in India

Lamborghini's Revuelto Hybrid completely sold out in India until 2026

Lamborghini's Revuelto hybrid completely sold out in India until 2026

Priced at Rs 8.89 crore (ex-showroom), it holds the crown as the priciest model ever launched by the Italian manufacturer in India

Lamborghini's newest hybrid supercar, the Revuelto, stormed into the Indian market with a bang, selling out its entire allocation until 2026 within moments of its debut. Priced at Rs 8.89 crore (ex-showroom), it holds the crown as the priciest model ever launched by the Italian manufacturer in India. This stunning entry marks Lamborghini's foray into the plug-in hybrid electric vehicle segment, eclipsing the Aventador, which ceased production in 2022.
Luxury and Demand: Lamborghini's Revuelto Resonates in India
Francesco Scardaoni, Lamborghini's Asia Pacific director, highlighted, "The Indian economy's rapid growth is propelling more individuals into affluence, allowing them to enter the thrilling world of Lamborghini and super sports cars. The Revuelto is not only sold out in India until 2026 but also globally."
Demand for Lamborghini's existing models in India is equally fervent, with all units snapped up until 2024. Customers face waiting periods of up to 20 months, underscoring the brand's popularity in a market where sales have been rapidly climbing. Also read/watch - <a title="G-7 imposes ban on Russian diamond imports, implements traceability system" href="https://www.editorji.com/business-news/g-7-imposes-ban-on-russian-diamond-imports-implements-traceability-system-1701933904860">G-7 imposes ban on Russian diamond imports, implements traceability system</a> &nbsp;
Lamborghini's Revuelto: Driving Demand and a Green Future in India
Despite India contributing only 1% to Lamborghini's global sales in 2022, with 92 cars sold, it represents a remarkable 33% year-on-year growth. Fueled by this enthusiastic response, Lamborghini eyes the potential for another dealership in southern India, alongside its current presence in Mumbai, Delhi, and Bengaluru.
Scardaoni emphasized the importance of proximity to customers as the market expands. Notably, 20% of buyers are new to the Lamborghini experience, while another 20% previously indulged in the brand's sport utility vehicle, Urus.
Also read/watch - <a title="Gold, Silver Rates today December 07, 2023: Check Prices in Mumbai, Delhi, Chennai" href="https://www.editorji.com/business-news/gold-silver-rates-today-december-07-2023-check-prices-in-mumbai-delhi-chennai-1701929526177">Gold, Silver Rates today December 07, 2023: Check Prices in Mumbai, Delhi, Chennai</a>
Under the hood, the Revuelto boasts a formidable new 6.5-liter V12 engine, coupled with three electric motors and a 3.8kWh lithium-ion battery. The V12 generates 825hp and 725Nm of torque, amplifying to a staggering 1,015hp when combined with the electric motors. Power gracefully flows to all four wheels via an innovative 8-speed dual-clutch automatic gearbox.
Scardaoni highlighted the Revuelto's role in Lamborghini's pivotal year for hybridization, aiming for a 50% reduction in CO2 emissions by 2025. The company's historic investment of 1.9 billion euros underscores its commitment to electrifying its fleet, setting an ambitious milestone in its legacy.&nbsp;

The recent Starbucks boycott aligns with a broader movement against brands supporting Israel. Starbucks in Egypt allegedly downsized in November due to boycott impacts, leading to cost-cutting measures.

Starbucks incurs $11 billion loss from sluggish sales and boycott impact

The recent Starbucks boycott aligns with a broader movement against brands supporting Israel. Starbucks in Egypt allegedly downsized in November due to boycott impacts, leading to cost-cutting measures.

Global political tensions are spilling fast into Seattle-based Starbucks Corporation, as the company has lost approximately $11 billion in value, erasing 9.4% of the company's total value.
Within a span of 19 calendar-days, since its November 16 Red Cup Day promotion, shares of Starbucks have plummeted 8.96%, which equates to a nearly $11 billion loss, amid analysts' reports of slowing sales and a subdued response to the holiday season's offerings, reported PTI.
The boycotts at the Seattle, Washington-based chain have deep roots, touching on sensitive geopolitical issues after the company found itself in hot water following a tweet from Starbucks Workers United, the union representing many of its baristas, expressing solidarity with Palestinians.
&ldquo;Amid an ongoing boycott due to the Israeli occupation's aggression against the Gaza strip, the undercurrent of discontent signals a challenging brew for the company's future,&rdquo; an industry analyst said.
The company has denied wrongdoing in the scenarios but faces the challenge of maintaining its brand reputation amid divisive global issues.
In a recent call with analysts, Starbucks CEO Laxman Narasimhan said he remains optimistic about the company's diversified channels and ability to engage customers despite macroeconomic challenges and changing consumer behaviours.
The recent boycott of Starbucks comes in part of a large boycott of several global brands over their support of Israel. Starbucks in Egypt reportedly laid off workers in late November after being financially affected by the boycott - forcing it to cut expenses.&nbsp; Also Watch: <a href="https://www.editorji.com/amp/web-stories/business/10-indians-leading-global-companies-1701158905729">10 top global companies led by Indian Origin CEOs</a>

Chennai, a prominent IT hub, faced logistical challenges as the downpour surrounded IT buildings, hampering employee access

Cyclone Michaung's devastating impact on Chennai's business landscape

Chennai, a prominent IT hub, faced logistical challenges as the downpour surrounded IT buildings, hampering employee access

Cyclone Michaung wreaked havoc on Chennai, dumping heavy rainfall and causing substantial damage to manufacturing units, notably impacting the automotive component industry in Padi and the MSMEs in Ambattur. Padi, housing major TVS group companies like Sundram Fasteners, Wheels India, Brakes India, and Lucas-TVS, with a collective turnover of ₹25,000 crore, suffered severe inundation, rendering plants inoperable.
Arathi Krishna, Managing Director of Sundram Fasteners, mentioned, "The situation is worse than anticipated. We're assessing the damage and aiming to resume operations by this weekend."
Critical infrastructure like the Padi sub-station faced waterlogging, leading to power outages, crippling businesses in the area.
The Confederation of Indian Industry reported the adverse impact on commercial establishments and industrial units across Chennai, Kancheepuram, Chengalpet, and Tiruvallur districts due to the cyclone, with gradual normalization being observed among CII members in these regions.
Logistical Chaos: Cyclone Michaung's Toll on Chennai's IT Hub
Chennai, a prominent IT hub, faced logistical challenges as the downpour surrounded IT buildings, hampering employee access. Work-from-home efforts faltered due to power outages and widespread internet disruptions caused by damaged cables.
Social media flooded with visuals depicting waterlogged IT areas like Sholinganallur and Velachery, including the Ascendas IT Park resembling a swimming pool. Gopal Srinivasan, Chairman of TVS Capital Funds, raised concerns about Chennai's business continuity during the rains, questioning its viability as an IT/ITES hub amid infrastructure vulnerabilities.
Chennai's Resilience: Recovering from Cyclone Michaung's Business Fallout
Experts stressed the importance of robust business continuity plans to mitigate such natural disasters' impact, highlighting the resilience of the IT industry despite recurrent challenges in cities like Chennai, Bengaluru, and Mumbai.
While acknowledging the setback, leaders like MP Vijay Kumar, CFO of Sify Technologies, reaffirmed Tamil Nadu's strengths in talent, education, safety, and entrepreneurship, emphasizing the state's enduring appeal for investments despite occasional disruptive events. Similar incidents in Bengaluru had not swayed investment decisions, Kumar noted.&nbsp;

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Cyclone Michaung

Arvind Vohra who worked as Operations Director at Vodafone joined HDFC bank in 2018 and has been responsible for retail branch banking business and trade & forex business 

HDFC bank refutes reports of Arvind Vohra's exit

Arvind Vohra who worked as Operations Director at Vodafone joined HDFC bank in 2018 and has been responsible for retail branch banking business and trade &amp; forex business&nbsp;

HDFC bank has refuted reports of its Country head of Retail Banking Arvind Vohra's exit from the bank, reported ET Now. Certain reports claimed that Vohra is set to join another bank. However the bank has called those reports baseless and inaccurate.
Arvind Vohra joined HDFC bank in 2018 and has been responsible for retail branch banking business and trade &amp; forex business. Prior to joining HDFC bank, Vohra worked as Operations Director at Vodafone.
Also Read: <a href="https://www.editorji.com/business-news/merger-of-hdfc-with-hdfc-bank-effective-from-july-1-hdfc-chairman-deepak-parekh-1687866054319">Merger of HDFC with HDFC Bank effective from July 1: HDFC chairman Deepak Parekh</a>
Meanwhile, the Reserve Bank of India has approved the re-appointment of Sashidhar Jagdishan as HDFC Bank MD &amp; CEO for a period of three more years. Jagdishan will continue to stay in office till 26 October 2026.
Sashidhar Jagdishan joined the bank in 1996 as a Manager in the Finance function. He became Business Head - Finance in 1999 and was appointed as Chief Financial Officer in 2008.&nbsp;

RBI MPC Meeting October 2023: The RBI monetary policy committee has remained status quo on the interest rates for 4th time in a row. Check out more details on repo rates here,

RBI Monetary Policy Meet October 2023: Repo rate left unchanged at 6.5%

This is the fourth time in a row that the RBI monetary policy committee has remained status quo on the interest rates. Since May 2022, the repo rate has been raised by a total of 250 basis points to bring inflation under control

<h2>This is the fourth time in a row that the RBI monetary policy committee has remained status quo on the interest rates. Since May 2022, the repo rate has been raised by a total of 250 basis points to bring inflation under control</h2>

RBI MPC Meet October 2023: For the fourth time in a row, the Reserve Bank of India Monetary Policy Committee has kept the repo rate unchanged at 6.5% and the withdrawal of accommodation stance has been maintained.
<h3>Repo Rate remains Unchanged</h3>
The Standing Deposit Facility and Marginal Standing Facility rates also left unchanged at 6.25% and 6.75% respectively.
During the credit policy announcement, RBI governor Shaktikanta Das cautioned on the need to remain vigilent towards inflation as this might be a major risk to macroeconomic policy &amp; growth.
Also Read: <a href="https://www.editorji.com/business-news/gst-council-to-review-28-levy-on-online-gaming-horse-racing-and-casinos-at-upcoming-meeting-1696425755131">GST Council to review 28% levy on online gaming, horse racing, and casinos at upcoming meeting</a>
<h3>RBI Monetary Policy Meet October 2023: Economic Projections</h3>
Shaktikanta Das Announcement: The RBI Governor has mentioned that the monetary policy focus remains to align inflation at the 4% target. The CPI inflation forecast for FY24 is retained at 5.4%. RBI's GDP growth projection has been kept unchanged at 6.5% for 2023-24.&nbsp;
Since May 2022, the central bank has raised the repo rate by 250 basis points which the governor says is still working through the economy.&nbsp;

Tata group's new iPhone assembly plants in Tamil Nadu's Hosur is set to be  mid-sized among iPhone factories globally. It would likely be bigger than Wistron and smaller than Foxconn’s biggest China facilities 

Tata plans new iPhone assembly plants as Apple looks to expand in India

Tata group's new iPhone assembly plants in Tamil Nadu's Hosur is set to be &nbsp;mid-sized among iPhone factories globally. It would likely be bigger than Wistron and smaller than Foxconn&rsquo;s biggest China facilities&nbsp;

iPhone assembly plant:&nbsp;Tata group is planning to build India's biggest iPhone assembly plants, reported Bloomberg. This comes, as the conglomerate is looking to tap into Apple's ambition to increase manufacturing in India.
<h3>Tata Factory</h3>
As per the Bloomberg report, Tata wants to construct the factory in Hosur in the southern Tamil Nadu state. The facility will likely have about 20 assembly lines and employ 50,000 workers within two years. The report also mentions that Tata group is aiming to make the site operational in 12 to 18 months.
Also Read: <a href="https://www.editorji.com/business-news/tata-to-make-iphones-in-india-for-global-markets-acquires-wistron-plant-for-125-mn-1698413076778">Tata to make iPhones in India for global markets; acquires Wistron plant for $125 mn</a>
Tata already has an electronic manufacturing unit in Hosur where it manufactures iPhone enclosures, or metal casings and the Bloomberg report mentioned that hiring in the unit has been accelerated. In an effort to make its partnership with Apple go beyond manufacturing, Tata has also said that it will launch 100 retail stores focused on Apple products.
As per Bloomberg, the new plant in Hosur is set to be &nbsp;mid-sized among iPhone factories globally. It would likely be bigger than the one Tata acquired from Wistron, which employs more than 10,000 people, and smaller than Foxconn&rsquo;s biggest China facilities that employ hundreds of thousands.
This plan is expected to bolster Apple&rsquo;s efforts to localize its supply chain and strengthen its partnership with Tata. The Indian conglomerate already has an iPhone factory it acquired from Wistron Corp, located in Karnataka.
The Production linked subsidies introduced by the Union government has so far spurred Apple&rsquo;s key suppliers such as Taiwan&rsquo;s Foxconn Technology Group and Pegatron Corp. to ramp up in India. In the last fiscal, Apple assemble more than $7 billion of iPhones in India increasing its share of the device&rsquo;s production to about 7%.

The retail inflation eased to a four-month low of 4.87% in October, mainly due to cooling prices of food items. The Reserve Bank's MPC, in its October meeting, projected CPI inflation at 5.4% for 2023-24, a moderation from 6.7% in 2022-23

RBI Monetary policy expectation: May keep interest rates unchanged

The retail inflation eased to a four-month low of 4.87% in October, mainly due to cooling prices of food items. The Reserve Bank's MPC, in its October meeting, projected CPI inflation at 5.4% for 2023-24, a moderation from 6.7% in 2022-23

The RBI Monetary Policy committee is expected to remain status-quo on the repo rate. If left unchanged, this would be the 5th credit policy in a row where the MPC has left the rates unchanged.&nbsp;
The RBI previously halted its rate hike cycle in response to global disruptions causing inflation earlier in 2023. The recent 7.6% GDP growth in the September quarter, attributed to government spending and manufacturing, might prompt cautious moves by the RBI, particularly regarding food inflation. Hence, the RBI's commentary will also be crucial to watch out for. Meanwhile, forecasts also suggest a potential GDP growth adjustment to 6.8% for 2023-24.&nbsp;
Also read/watch - <a title="RBI unveils Sovereign Gold Bond series X redemption, 112% profit" href="https://www.editorji.com/business-news/rbi-unveils-sovereign-gold-bond-series-x-redemption-112-profit-1701673690666">RBI unveils Sovereign Gold Bond series X redemption, 112% profit</a> 
Aligned with government targets, controlling retail inflation remains crucial for the RBI with a clear inflation target of 4%.&nbsp;&nbsp;
October's inflation at a four-month low of 4.87%, primarily due to reduced food prices, aligns with the MPC's projection for 2023-24, indicating a decline from the previous year's 6.7%.

Currently, Indian banks close on the second and fourth Saturdays. If the proposal for a five-day workweek gets approved, there could be changes in bank employees' working hours.

IBA's proposal: Banks consider transition to five-day workweek

Currently, Indian banks close on the second and fourth Saturdays. If the proposal for a five-day workweek gets approved, there could be changes in bank employees' working hours.

In a potential move set to restructure the banking landscape in India, the Indian Banks Association (IBA) has submitted a proposal to the Finance Ministry advocating for a transition to a five-day workweek for banks.
This proposed shift has sparked discussions and raised questions about its impending impact.
According to statements made by Bhagwat Karad, Minister of State for Finance, the Finance Ministry has officially received the proposal from the IBA.
However, Karad refrained from disclosing any specifics about the proposal's current status or whether the Ministry is actively considering its adoption.
Presently, banks in India remain closed on the second and fourth Saturdays of each month. Should the proposal for a five-day workweek gain approval, it is anticipated that bank employees' work hours may undergo alterations.
Additionally, the operational hours for customers seeking banking services are likely to be extended to accommodate the condensed workweek.
Also Watch: <a href="https://www.editorji.com/business-news/banks-may-soon-have-a-5-day-work-week-with-all-saturdays-off-1691398685692#google_vignette">Banks may soon have a 5 day work week with all Saturdays off</a>

The decline was also influenced by speculation around the Reserve Bank of India's anticipated decision on interest rates in its upcoming monetary policy review

Sensex ends seven-day surge, drops 132 points

The decline was also influenced by speculation around the Reserve Bank of India's anticipated decision on interest rates in its upcoming monetary policy review

Equity indices Sensex and Nifty ended their seven-day winning streak, closing lower on Thursday as profit-taking took precedence following recent substantial gains. The BSE Sensex dropped 132.04 points, or 0.19%, to close at 69,521.69, hitting an intraday low of 69,320.53. Similarly, the broader Nifty declined 36.55 points, settling at 20,901.15, down 0.17%.
Amid negative cues from Asian markets and selling pressure from foreign institutional investors, traders exercised caution. The decline was also influenced by speculation around the Reserve Bank of India's anticipated decision on interest rates in its upcoming monetary policy review.
Key losers in the Sensex included Bharti Airtel, Hindustan Unilever, Tata Steel, and ITC, while Power Grid, UltraTech Cement, NTPC, and Titan saw gains.
Market expert Vinod Nair highlighted the cautious investor sentiment in anticipation of the monetary policy announcement. Factors like Q2 GDP growth, global oil prices, and bond yields are anticipated to play a role in the RBI's decision.
In the global arena, Asian markets, including Nikkei 225, Hong Kong's Hang Seng, and China's Shanghai Composite, saw declines. European markets witnessed mixed trends, with France's CAC 40 rising, Germany's DAX falling, and London's FTSE 100 experiencing losses. The US markets closed with the S&amp;P 500 registering a slight decrease on Wednesday.
Brent crude, the global oil benchmark, was trading at USD 75.05 a barrel, up by 1.01%.
The previous day saw both Sensex and Nifty hitting record highs, with a surge in stock prices. However, Wednesday also saw foreign institutional investors selling shares worth Rs 79.88 crore, according to exchange data.

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