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Magazine
Feb 16, 2025
The Consumption Bet
Budget 2025 brings India’s biggest-ever ₹1 lakh crore tax rebate to boost middle-class income. But will this drive spending or be offset by inflation and weak wage growth? With GDP slowing to 6.4%, the government is betting on tax cuts, capex investment, and ₹1.5 lakh crore in interest-free loans to states for infrastructure growth. However, private investment remains weak, and global uncertainties loom. RBI’s first rate cut in five years aims to spur demand, but will households spend or save? The next few months will be crucial in shaping India’s economic future. Read more in BT Magazine's Budget Special issue— Out on stands now!

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Bullion Bulls
Investors so far in 2024, as geopolitical tensions, indications of rate cuts by global central banks, and General elections in India sparked rallies in these metals. Here’s a look at the numbers:
  • 15.5%: Return (YTD) delivered by gold in 2024 as of June 6, 2024, compared to 10% a year ago
  • 24%: Surge in silver prices in 2024 so far, compared to 6% in the corresponding period in 2023
  • Rs 78,000: The likely (spot) price of gold (per 10 gm) by the year-end, while the silver (spot) price is expected to touch Rs 1.1 lakh per kg by the end of 2024
AT YOUR SERVICE
MORE THAN 17.6 MILLION PEOPLE JOINED THE WORKFORCE IN FY24—THE HIGHEST SINCE FY17. OF THEM, 16.1 MILLION JOINED THE SERVICES SECTOR, THE BIGGEST EMPLOYMENT PROVIDER, MAKING UP 39% OF THE TOTAL JOBS. HERE’S WHAT THE NUMBERS SHOW
  • 11%: Growth in services sector jobs; the total workforce stands at 164.5 million vs 148.5 million in FY23
  • 9.6 million: Jobs created in personal non-professional services (barbers, carpenters, etc.), making up 60% of new jobs in the services sector
  • 423.3 million: Current size of the total workforce in India, which grew 4.3% year-on-year
  • 44%: Share of trading services in services sector jobs, followed by personal non-professional services (18%) and tourism (13%)
RACING AHEAD
COMMERCIAL VEHICLE SALES (EX-SHOWROOM) WENT UP BY 26.7% IN FY24 AFTER GROWING 55.7% IN FY23, WITH REGISTRATIONS SETTING A NEW ALL-TIME HIGH OF 2.5 MILLION. WITH PREDICTION OF AN ABOVE NORMAL MONSOON, SALES ARE EXPECTED TO ZOOM AHEAD
  • 1.4 Million: Number of passenger transport vehicles registered in 2023-24, higher than the pre-pandemic peak of 1 million in 2018-19
  • 22.7%: YoY increase in registrations of construction vehicles to 22,040 in 2023-24, well above the pre-pandemic high of 17,963 in 2018-19
  • 55.4%: Share of passenger transport vehicles in FY24 of the total commercial vehicle registration, a jump from 45.6% last year
A CRUDE AWAKENING
BRENT CRUDE, WHICH SURPASSED $90/BBL IN APRIL FOR THE FIRST TIME IN SIX MONTHS, MAY RALLY FURTHER DUE TO IRAN-ISRAEL TENSIONS. THIS COULD LEAD TO HIGHER INFLATION IN INDIA AND WIDEN THE TRADE DEFICIT. A LOOK AT THE NUMBERS
  • $16.9 BILLION: Value of India’s Brent crude oil imports in February, up 9% from $15.5 billion in January
  • 26%: Share of crude oil imports in India’s total import bill of $620.3 billion in FY24 till February
  • $225.3 BILLION: India’s trade deficit in FY24 till February, of which 37% or $84.3 billion is only on account of crude oil
PORT OF GAIN
A MAJOR IMPROVEMENT IN AVERAGE TURNAROUND TIME AND A GROWING ECONOMY HAVE PROPELLED CARGO TRAFFIC AT INDIAN PORTS TO AN ALL-TIME HIGH OF 744.7 MILLION TONNES IN FY24 (TILL FEBRUARY). HERE’S THE STORY THROUGH NUMBERS
  • 140 MILLION TONNES: Rise in cargo traffic in the past three years. In FY24, till February, cargo traffic rose to 744.7 million tonnes
  • 16 SPOTS: Improvement in India’s ranking (38) on the World Bank’s Logistics Performance Index, among 139 countries
  • 67.1 MILLION TONNES: Of cargo was moved via major ports in the country in February 2024, compared to 65.5 million tonnes a year ago

The Buzz

THE POINT

Softening Growth
Star Performers
Top Shakers
Broader View
Blue-chip struggles
The April-June 2024 quarter was a challenging one for blue-chip companies. The combined net profit of the Nifty 50 constituents grew at its slowest pace since December 2022 due to the underperformance of some oil & gas, metal, and paint companies. Analysts predict that the situation will persist in the near term, despite maintaining a positive outlook on India’s economy. Here’s a look at India Inc.’s performance in Q1FY25.

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