Name: Layoffs wave continues: Swiggy to cut jobs
Uploaded: 2023-01-20T15:52:42.000+05:30
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Description: Move comes as Swiggy faces challenging macroeconomic conditions and slowdown in growth of its food delivery business

Budget 2023: PM Modi addresses the nation ahead of the Budget 2023 session


PM Modi says India's budget will attempt to meet the hopes and aspirations of the common citizens&nbsp;

Prime Minister Narendra Modi on Tuesday said amid global economic turmoil, India&rsquo;s budget will attempt to meet the hopes and aspirations of common citizens and be a ray of hope for the world.
Addressing the media ahead of the Budget Session of Parliament, Modi said recognised voices in the world of economy were bringing positive messages from all sides.
The prime minister said the Budget, to be presented by Finance Minister Nirmala Sitharaman on Wednesday, will strive to fulfil people's hopes, aspirations and also boost the hopes with which the world is looking at India.
"The ray of hope being seen by the world will glow brighter -- for this, I firmly believe the finance minister will make all efforts to meet these aspirations," Modi said.
He also noted that President Droupadi Murmu was delivering her maiden address to the joint sitting of Parliament at the start of the Budget Session.
The President's speech is the pride of the Constitution of India, the pride of India's parliamentary system, and also an opportunity to respect women and the great tribal traditions of the country, Modi said.

Inflation in India expected to come down to 5 pc in 2023 and 4 pc in 2024: IMF

Global inflation is set to fall from 8.8 percent in 2022 (annual average) to 6.6 percent in 2023 and 4.3 percent in 2024 -- above pre-pandemic (2017&ndash;19) levels of about 3.5 percent, it said.

Inflation in India is expected to come down from 6.8 percent in the current fiscal year ending March 31 to 5 percent the next fiscal, and then drop further to 4 percent in 2024, the International Monetary Fund (IMF) said on Tuesday.
&ldquo;Inflation in India as in other countries is expected to come down from 6.8 percent in 2022 to 5 percent in 2023 and then 4 percent coming towards the target in 2024,&rdquo; Daniel Leigh, Division Chief, Research Department of the IMF told reporters.
&ldquo;That partly reflects the central bank's actions,&rdquo; he added, According to the World Economic Outlook update released by the IMF on Tuesday, about 84 percent of countries are expected to have lower headline (consumer price index) inflation in 2023 than in 2022.
Global inflation is set to fall from 8.8 percent in 2022 (annual average) to 6.6 percent in 2023 and 4.3 percent in 2024 -- above pre-pandemic (2017&ndash;19) levels of about 3.5 percent, it said.
Also Watch: <a href="https://www.editorji.com/world-news/bbc-documentary-russia-accuses-british-broadcaster-of-waging-information-war-1675092965544">BBC documentary: Russia accuses British broadcaster of 'waging information war'</a>
The projected disinflation partly reflects declining international fuel and non-fuel commodity prices due to weaker global demand. It also reflects the cooling effects of monetary policy tightening on underlying (core) inflation, which globally is expected to decline from 6.9 percent in the fourth quarter of 2022 (year over year) to 4.5 percent by the fourth quarter of 2023, the IMF said.
&ldquo;Still, disinflation will take time: by 2024, projected annual average headline and core inflation will, respectively, still be above pre-pandemic levels in 82 percent and 86 percent of economies,&rdquo; it said.

The Hindenburg Research report came two days before Adani Enterprises' Rs 20,000 crore Follow on Public Offer (FPO) that opened for subscription on January 27

Adani stocks fall sharply; Adani Total Gas tumbles over 39 pc in 3 days

Adani stocks fall sharply; Adani Total Gas tumbles over 39% in 3 days

The Hindenburg Research report came two days before Adani Enterprises' Rs 20,000 crore Follow on Public Offer (FPO) that opened for subscription on January 27

Shares of Adani group firms have faced heavy drubbing since Tuesday's close last week, after US-based short seller Hindenburg Research made damaging allegations against the conglomerate.
Most of the group firms fell for the third day running on Monday.
Since Tuesday's close last week, shares of Adani Total Gas tanked 39.57 per cent, Adani Transmission tumbled 37.95 per cent, Adani Green Energy declined 37.93 per cent, Ambuja Cements went lower by 22.28 per cent and Adani Ports fell 21.55 per cent on the BSE.
In three days, shares of ACC tanked 18.47 per cent, Adani Enterprises fell 16.38 per cent, Adani Wilmar dipped 14.25 per cent, Adani Power (14.24 per cent) and NDTV (14.22 per cent).
The group firms have collectively lost over Rs 5.56 lakh crore in market valuation between Tuesday last week and Monday. On Friday, the Adani group stocks fell up to 20 per cent after Hindenburg Research made damaging allegations.&nbsp; The Hindenburg Research report came two days before Adani Enterprises' Rs 20,000 crore Follow on Public Offer (FPO) that opened for subscription on January 27.

Adani group's listed companies have lost more than USD 70 billion in total market capitalisation since the report was published on January 24.

Abu Dhabi's IHC backs Adani group; invests $400 mn in Adani Enterprises' FPO

Adani group's listed companies have lost more than USD 70 billion in total market capitalisation since the report was published on January 24.

At a time when Adani Group faces a tussel with Hindenburg Research, Abu Dhabi's International Holding Company (IHC) announces that it would be investing $400 million in Adani Enterprises' ongoing Rs 20,000-crore follow-on public offer (FPO) via its subsidiary Green Transmission Investment Holding RSC Limited.&nbsp;
The move comes amid a muted response to India's largest ever FPO. The FPO received a total bids of 13,98,516 shares so far on Day 2, which is a mere 3 per cent of the offer size of 4,55,06,791 shares.
This is the second investment deal IHC has completed with Adani Group after last year's $2 billion investment in three green-focused companies of the Adani Group, including Adani Green Energy, Adani Transmission, and Adani Enterprises, which are all listed on Indian exchanges.
The Hindenburg Research report came two days before Adani Enterprises' Rs 20,000 crore Follow on Public Offer (FPO) that opened last week on January 27. The anchor investors' quota was fully subscribed on January 26.

Prime Minister Narendra Modi launched the National Vehicle Scrappage Policy in 2021

Vehicle Scrappage Policy: 9 lakh govt vehicles, buses older than 15 yrs to be scrapped

Prime Minister Narendra Modi launched the National Vehicle Scrappage Policy in 2021

More than nine lakh vehicles, owned by central and state governments, transport corporations and public sector undertakings, that are older than 15 years will go off the road from April 1 and new vehicles will replace them, Union minister Nitin Gadkari said on Monday.
Addressing an event organised by industry body FICCI, Gadkari said the government is taking many steps to facilitate the use of ethanol, methanol, bio-CNG, bio-LNG and electric vehicles.
"We have now approved the scrapping of more than nine lakh government vehicles, which are more than 15 years old, and polluting buses and cars will go off the road and new vehicles with alternative fuels will replace them.
"This will further reduce air pollution to a great extent," the road transport and highway minister said.
According to a recent notification by the road transport and highways ministry, from April 1, all vehicles owned by central and state governments, including buses owned by transport corporations and public sector undertakings, that are older than 15 years will be de-registered and scrapped.
The rule shall not apply to the special purpose vehicles (armoured and other specialised vehicles) used for operational purposes for the defence of the country and for the maintenance of law and order and internal security, the notification had said.

Baidu, also called the Google of China, is working on a ChatGPT-style AI bot.

Report: Chinese tech giant Baidu working on a ChatGPT rival

Baidu, also called the Google of China, is working on a ChatGPT-style AI bot.

The AI chatbot competition is about to get fierce. According to <a href="https://www.bloomberg.com/news/articles/2023-01-30/chinese-search-giant-baidu-to-launch-chatgpt-style-bot-in-march?leadSource=uverify%20wall" target="_blank" rel="nofollow noopener">Bloomberg</a>, Chinese internet giant Baidu is planning to launch its own version of ChatGPT.
Even though many Chinese tech companies are already working on similar AI tools, Baidu's involvement would be a big deal because of how massive it is. It would be a turning point in a new field that has a lot of potential to change many industries.
Bloomberg says that Baidu has already spent a lot of money on its AI tool that it has been working on for years, and that this is what will be used as the foundation for its rival of ChatGPT.
Chat GPT, developed by OpenAI, has the ability to respond in text form to human prompts in a way that's both natural and creative.&nbsp;
It has the potential to replace a range of roles in multiple industries, with artists becoming increasingly concerned about text-to-image and text-to-video generators such as OpenAI's Dall-E 2 that could leave humans struggling to make a living from their craft.&nbsp;
Also watch: <a href="https://www.editorji.com/tech-news/what-is-behind-the-mass-layoffs-in-the-tech-industry-1674709209916">What is behind the mass layoffs in the tech industry?</a>

Chief Executive Roy Jakobs announced the "difficult, but necessary further reduction of our workforce" by 2025, which comes just three months after it announced another 4,000 cuts.

Philips cuts 6,000 more jobs after sleep device recall

Chief Executive Roy Jakobs announced the "difficult, but necessary further reduction of our workforce" by 2025, which comes just three months after it announced another 4,000 cuts.

Philips layoffs&nbsp; Embattled Dutch medical tech maker Philips said on Monday it will slash 6,000 more jobs worldwide after fresh losses caused by a massive recall of faulty sleep respirators. Chief Executive Roy Jakobs announced the "difficult, but necessary further reduction of our workforce" by 2025, which comes just three months after it announced another 4,000 cuts.
The Amsterdam-based firm unveiled net losses of 105 million euros ($114 million) for the fourth quarter of 2022 and 1.605 billion euros for last year as a whole, largely due to the recall.
Philips announced a global recall in 2021 of its appliances to treat people suffering from sleep apnoea and now faces a number of lawsuits in the United States.
This followed concerns patients risked "possible toxic and carcinogenic effects" if they inhaled or swallowed pieces of degraded sound-dampening foam on the machines.
Starting off as a lighting company more than 130 years ago, Philips has undergone major changes in recent years, selling off assets to focus on making high-end electronic healthcare products.

Four of the Adani group companies were in the positive territory, while at least five others were in the red amid a positive trend in the broader market

Adani stocks witness mixed trends in early trade; Adani Enterprises jumps

Four of the Adani group companies were in the positive territory, while at least five others were in the red amid a positive trend in the broader market

Shares of Adani group companies witnessed mixed trends in early trade on Monday, with flagship Adani Enterprises surging 10 per cent even as most of the group firms fell, a day after it released a 413-page response to allegations of wrongdoing brought by a US-based short seller Hindenburg Research.
Four of the Adani group companies were in the positive territory, while at least five others were in the red amid a positive trend in the broader market.
Adani Total Gas, Adani Transmission and Adani Green Energy fell up to 17 per cent in morning trade on the bourses.
On the BSE, Adani Enterprises climbed 10 per cent to Rs 3,038.35 apiece and Adani Ports and Special Economic Zone also surged 10 per cent to Rs 658.45.
However, five other Adani group firms were trading in the negative territory. Adani Power declined 5 per cent to Rs 235.65, Adani Transmission tumbled 13 per cent to Rs 1,746.70 and Adani Green Energy dropped 11 per cent to Rs 1,320.
Adani Total Gas fell 17 per cent to Rs 2,425 and Adani Wilmar shed nearly 5 per cent to Rs 491.45.
Shares of ACC Ltd jumped 9 per cent to Rs 2,055.10 and that of Ambuja Cements soared 10 per cent to Rs 419.25.
On Friday, the Adani group stocks fell up to 20 per cent and lost more than Rs 4.17 lakh crore from the combined market valuation of listed firms after Hindenburg Research made damaging allegations.
Meanwhile, equity benchmarks, Sensex and Nifty, climbed in early trade on Monday, bouncing back from a two-day sharp fall in the market.
The 30-share BSE benchmark climbed 98.89 points to 59,429.79. The broader NSE Nifty gained 46.35 points to 17,650.70.

Hindenburg hits back at Adani, says latter's fraud cannot be obfuscated by nationalism

Hindenburg hits back at Adani, says a fraud cannot be obfuscated by nationalism

Hindenburg has rejected Adani Group's charge that its report was an attack on India, saying a "fraud" cannot be obfuscated by nationalism or a bloated response that ignored response to key allegations.&nbsp;

As the Indian stock market was to open Monday, all eyes were set on stocks of Adani Group companies, a day after it released a 413-page response to allegations of wrongdoing by US short seller Hindenburg Research.
Commenting on the response Adani Group released on Sunday in response to its report, Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group which was holding it back through "systematic loot".
Hindenburg has rejected Adani Group's charge that its report was an attack on India, saying a "fraud" cannot be obfuscated by nationalism or a bloated response that ignored response to key allegations.&nbsp;
Also Watch: <a href="https://www.editorji.com/india-news/politics/rahul-gandhi-says-chinese-sitting-on-indian-land-asks-centre-to-deal-with-it-firmly-1675049268351">Rahul Gandhi says 'Chinese sitting on Indian land'; asks Centre to deal with it 'firmly'</a>

"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," Adani Group said.

Not on company but 'calculated attack on India' and its growth story: Adani Group's response to report

"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," Adani Group said.

Richest Indian Gautam Adani's group on Sunday likened the damning allegations levied by short seller Hindenburg Research to a "calculated attack" on India, its institutions and growth story, saying the allegations are "nothing but a lie".
In a 413-page response, Adani Group said the report was driven by "an ulterior motive" to "create a false market" to allow the US firm to make financial gains.
"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," it said.
(PTI)
Also Watch: <a href="https://www.editorji.com/india-news/indian-communities-protest-against-bbc-over-documentary-on-pm-modi-1675042020420">Indian communities protest against BBC over documentary on PM Modi</a>

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Move comes as Swiggy faces challenging macroeconomic conditions and slowdown in growth of its food delivery business

Swiggy layoffs staff amid funding winters

Swiggy's move to cut jobs comes as the company faces challenging macroeconomic conditions and a slowdown in growth of its food delivery business

Layoffs wave continues: Swiggy to cut jobs 

Swiggy's move to cut jobs comes as the company faces challenging macroeconomic conditions and a slowdown in growth of its food delivery business

Days after ShareChat and Dunzo, laid off&nbsp; employees, Swiggy has also announced that it will lay off 380 employees out of its 6,000 strong work force.&nbsp;
The move comes amid the the company facing challenging macroeconomic conditions and a slowdown in growth of its food delivery business.
&ldquo;We&rsquo;re implementing a very difficult decision to reduce the size of our team as a part of a restructuring exercise. In this process, we will be bidding goodbye to 380 talented Swiggsters. This has been an extremely difficult decision taken after exploring all available options," according to an internal e-mail shared by Sriharsha Majety, Swiggy&rsquo;s chief executive and co-founder.
Apologising for the move, Swiggy founder and CEO Sriharsha Majety has said the company will shut down its meat marketplace as it takes a harder look at some of its verticals.&nbsp;
&nbsp;

The Survey also talks about the post-COVID economic recovery and says that the Economy has nearly "recouped" what was lost, "renewed" what had paused, and "renerengised" what had slowed during the pandemic and since the conflict in Europe

FM tables economic survey; economy projected to grow at 6.5% in FY24

The Survey also talks about the post-COVID economic recovery and says that the Economy has nearly "recouped" what was lost, "renewed" what had paused, and "renerengised" what had slowed during the pandemic and since the conflict in Europe

Finance Minister Nirmala Sitharaman has tabled the Economic Survey in the Lok Sabha. The survey expects India's economy to grow at 6.5 per cent in 2023-24 compared to 7 per cent in the current fiscal (2022-23), and 8.7 per cent in 2021-22. It says that India will remain the fastest growing major economy in the world, driven by private consumption, higher capex, strengthening corporate balance sheet, credit growth to small businesses and return of migrant workers to cities. The Survey also talks about the post-COVID economic recovery and says that the Economy has nearly "recouped" what was lost, "renewed" what had paused, and "renerengised" what had slowed during the pandemic and since the conflict in Europe. The Economic Survey has also highlighted that though RBI&rsquo;s projection of 6.8 per cent inflation this fiscal is outside the upper target limit, but it&rsquo;s not high enough to deter private consumption, and also not too low to weaken inducement to invest.

Economic Survey expects India’s GDP growth to slow from 7 percent in the current fiscal (2022-23) to 6.5 per cent in 2023-24

Economic Survey 2023: Inflation, Borrowing Cost, CAD Key Concerns

Economic Survey expects India&rsquo;s GDP growth to slow from 7 percent in the current fiscal (2022-23) to 6.5 per cent in 2023-24

The Economic Survey expects India&rsquo;s GDP growth to slow from 7 percent in the current fiscal (2022-23) to 6.5 per cent in 2023-24. While doing so, it outlines the key challenges to growth. The survey says that borrowing cost may remain 'higher for longer', and an entrenched inflation may prolong the interest rate tightening cycle. It also expects the challenge of rupee depreciation to persist with the likelihood of further interest rate hikes by the US Federal Reserve. India&rsquo;s widening current account deficit or CAD is another key concern highlighted in the Survey. It says that CAD may continue to widen as global commodity prices remain elevated. However, the survey adds that the overall external situation remains manageable as India has sufficient forex reserves to finance CAD and intervene in forex market to manage rupee volatility.

Economic Survey 2022-23: CEA Briefs Media 

Chief Economic Advisor, V Anantha Nageswaran's outlines the highlights of the economic survey 2022-23. The survey, which is a report card of the state of the country's economy, is always presented a day before the union budget.

The tycoon has slipped out of the list of the world's top 10 richest people, falling to the 11th place

Hindenburg Effect: Adani out of top 10 rich list; stocks' circuit limits lowered

The tycoon has slipped out of the list of the world's top 10 richest people, falling to the 11th place

It&rsquo;s a mixed trading day for the shares of Adani Group companies. While Adani Total Gas, Adani Wilmar and Adani Power continue to be in a free-fall for the fourth day running, some of the group stocks, namely Adani Enterprises, Ambuja Cements, ACC and Adani Ports have clocked healthy gains. Meanwhile, circuit limit for Adani Total Gas, Adani Green Energy and Adani Transmission has been narrowed from 20 per cent to 10 per cent.
Remember, market regulator SEBI mandates the stock exchanges to reduce the circuit limits for a stock if it hits the same circuit for two days in a row. The sell-off in Adani Group stocks after the report by US based short-seller Hindenburg Research last week has also resulted in a sharp decline in Group&rsquo;s Chairman Gautam Adani&rsquo;s net-worth. According to the Bloomberg Billionaires Index, the tycoon has slipped out of the list of the world's top 10 richest people, falling to the 11th place.

Economic Survey also helps policymakers identify the main challenges to the nation’s GDP growth. The Economic Survey document comprises Volume I, Volume II, and the statistical appendix

Economic Survey 2023: What is it? who is going to present it and what is expected?

Economic Survey also helps policymakers identify the main challenges to the nation&rsquo;s GDP growth. The Economic Survey document comprises Volume I, Volume II, and the statistical appendix

What is Economic Survey? It is a comprehensive analysis of the state of India's economy over the past financial year. It analyses the trends and gives detailed data on various sectors including agricultural, manufacturing and services. It also covers topics such as employment, inflation, trade, foreign exchange reserves, and other economic areas. It helps the policymakers identify the main challenges to economic growth and formulate their response accordingly. The Economic Survey is prepared under the guidance of the Chief Economic Adviser. Who will present it? Union Finance Minister Nirmala Sitharaman will table the Economic Survey in the Parliament after President Droupadi Murmu&rsquo;s address to the joint sitting of the Lok Sabha and the Rajya Sabha. At 2 PM, CEA V Anantha Nageswaran will address a press conference sharing the details of the document. Growth Picture: Expectations From Economic Survey The Economic Survey 2022-23 is likely to peg India&rsquo;s GDP growth at 6 to 6.8 per cent. It may say that growth is seen at 6.5 per cent for 2023-24 under the baseline scenario, which would be the slowest in three years.

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