THE END OF 2022 was marked by news such as ‘the big trillion-dollar tech meltdown’, ‘the great layoffs’ and the like, headlining the commencement of a tough period for the global IT and tech industry. A series of costcutting and restructuring drives began that impacted other sectors as well, including startups, and India was not spared either. India was already braving the funding winter last year and is now bracing for a slump in global tech services demand. This not only translated into significant layoffs across companies but also impacted campus hiring and revisiting required skill sets. While it is true that the situation is not as glorious as it was a year ago, at least in India, it is not all that grim.
Silver Linings
In its latest report, the World Bank said that India’s GDP growth is likely to moderate to 6.3 per cent in FY24 due to shrinkage in consumption on the back of slower income. The report added that India’s growth continues to be resilient despite these signs. India is one of the fastest-growing economies in the world despite significant global challenges. While the signs of deceleration are real, India is among the few countries, where some areas continue to grow. A case in point is tech startups. This is where a large part of layoffs took place but the direct-to-consumer brands continue to attract investment, capitalising on consumer behaviour and FOMO (fear of missing out) funding.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Gauging Trumponomics For India
Despite some shortto mediumterm headwinds in trade and immigration, the broader Indo-US vision of counterbalancing China’s influence is expected to ensure continued cooperation under Trump 2.0
Reflections on Consciousness and Creation
Indian-American DEEPAK CHOPRA on the nature of the universe, the digital fabric of existence, and the power of a conscious mind
MORE TAKE TO DRIVING IN STYLE
High-end luxury vehicles are no longer part of a niche market, but a rapidly expanding segment of automobile sales, driven by changing consumer preferences, rising disposable incomes and better infrastructure
India's Growing Affinity for Swiss Watches: A Luxury on the Rise
NDIA'S ROBUST ECONOMIC growth, projected to exceed 6 per cent in 2024 and 2025, is fostering a rising demand for aspirational products. As disposable incomes increase, particularly among the expanding middle class, luxury goods such as Swiss-made watches are gaining popularity.
An ENRiching Outlook
KPMG's latest report shows energy CEOs being optimistic about the sector's outlook. ANISH DE, Global Head, ENRC, KPMG speaks to BW Businessworld's Arjun Yadav on what's driving this confidence
Paving the Path to a Sustainable Future
Salesforce's ESG journey has made an impact beyond the company. SUNYA NORMAN, SVP of ESG Strategy and Engagement at Salesforce, shares more on how the tech giant integrates sustainability into its core operations, supporting global goals while empowering employees
LEADERSHIP TRANSITION AT XIAOMI INDIA
Xiaomi India is experiencing a leadership evolution, beginning with Muralikrishnan B's departure as President by the end of 2024. This change underscores Xiaomi's shift towards nurturing local talent amidst dynamic global shifts. The story tracks key transitions from Manu Kumar Jain's leadership to Muralikrishnan B's impactful tenure, along with recent strategic hires, highlighting Xiaomi's alignment towards market adaptability and consumer focus
WEAVING SUSTAINABILITY
Once a modest home textile manufacturer, Jindal Worldwide has evolved into a vertically integrated textile powerhouse, spanning critical segments of the yarn and fabric value chain
FORCE FOR GOOD
FY24 saw capacity expansions for Century Enka in nylon and polyester segments, along with investments in modernisation, renewable energy, and safety initiatives
REIMAGINING TOMORROW
For V-Guard, tomorrow signifies progress, driven by today's actions, setting the foundation for future growth and value creation for all stakeholders