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Tag: festive season

  • Hiring Spree In Festive Season: 20 Per Cent Job Growth In India, Tier 2 And 3 Cities Dominate, Says Report | Economy News

    Job Increase 2024 In India: More than 2.16 lakh job postings were reported in this festive season in the country – a 20 per cent increase compared to 1.8 lakh job postings last year, according to a report on Sunday.

    The festive season saw a significant rise in hiring across key sectors like logistics, e-commerce, retail and hospitality. Additionally, the rapid expansion of the quick commerce industry contributed to this hiring momentum, said apna.co, a leading jobs and professional networking platform.

    Among the sectors, logistics and operations experienced the highest growth, with a 70 per cent increase in job postings. Retail and e-commerce followed with a 30 per cent rise, while the restaurant and hospitality sector grew by 25 per cent. This hiring trend is not limited to major metro cities and tier 2 and 3 cities are also experiencing a significant rise in job opportunities.

    While tier-1 cities like Bengaluru, Delhi-NCR, Mumbai, Chennai, Kolkata and Hyderabad have seen a 20 per cent increase in job postings, the demand in tier 2 and tier 3 cities is even more notable.

    Cities like Lucknow, Ahmedabad, Surat, Bhubaneswar, Bhopal, Indore, Kanpur, Chandigarh, Patna, Coimbatore, and Jaipur have recorded a 25 per cent increase in job postings.

    According to the report, factors such as increasing urbanization, the expansion of malls and quick-service restaurants, and improved consumer spending are driving this growth.

    “Our sector-specific, go-to-market campaigns helped us deliver tailored solutions across industries like logistics, e-commerce, and quick commerce, filling key roles such as logistics managers, warehouse associates, delivery partners and customer support managers,” said Nirmit Parikh, Founder and CEO of Apna.co.

    The retail and e-commerce sector is also expanding, adding 18,000 roles, including category growth managers, sales associates and customer support managers to enhance consumer experience.

    In hospitality, 14,000 jobs have opened for positions like restaurant managers, front office staff, and administrative personnel, the report mentioned.

  • Four tricks to keep away from overspending this festive season

    The festive season is across the nook, it is that point of the yr once we go on a procuring spree. From digital devices to house decor and furnishings, the checklist is lengthy. The majority of us have already penned down our guidelines of purchases. Despite our plans, it is simple to be lured by on-line procuring offers and varied promotions. 

    Experts counsel some tricks to save well, and never find yourself overspending this festive season.

    1)Budgeting

    The first step is to create a funds to determine how a lot you’ll be able to spend. “To keep away from it, set a sensible funds, holding it inside 50% of your month-to-month revenue. This ensures you’ll be able to benefit from the festivities with out straining your funds,” said Kumar Saurav, Chief Strategy Officer, AdCounty Media. 

    “Make sure you are aware of the actual amount you must spend this holiday season. Be honest when estimating how much money you’ll have left over after your typical monthly expenses and have your bank statements handy,” stated Tejpal Singh Shekhawat, Founder & CEO, Kalyanam Furniture.

    The festive season is commonly synonymous with extravaganza. You should follow your pocket to benefit from the festivities.

    According to Ashish Aggarwal, MD, Acube Ventures, budgeting is the important thing. The secret to reconciling your vacation spending along with your monetary functionality is wise cash administration.

    2)Compare costs to get one of the best offers

    Be affected person and evaluate costs to get one of the best offers. Kumar Saurav recommended utilising comparability web sites and apps to make knowledgeable selections and keep away from overpaying. Looking at festive reductions from the patron’s perspective, might sound helpful at first however there’s a hoard of phrases and circumstances connected that clients typically overlook, he added.

    3)The misleading reductions

    Experts recommended to forestall impulsive purchases and wasteful spending. “Don’t fall for a number of time-bound affords supply lesser reductions throughout daytime and better ones throughout night time time,” said Kumar Saurav.

    According to an analysis by Ace Turtle, the average discount on days when there are no sales events is 47%, which barely increases to 50% on such days. So, the notion of heavier discounting during the festivities might not be true in all cases, he added.

    4)Credit Cards

    Credit cards, which are readily available and don’t need prompt payment, may cause you to overspend. “Don’t indulge in peer pressure to do things that your will doesn’t allow,” stated Ashish Aggarwal.

    By following the following tips, you’ll be able to guarantee that you’re stress-free financially and may take full benefit of the festivals.

    Disclaimer: The views and suggestions made above are these of particular person analysts, and never of Mint. We advise buyers to test with licensed consultants earlier than taking any funding selections.

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    Updated: 10 Oct 2023, 01:41 PM IST

  • Why digital gold funding is on rise forward of pageant season?

    Buying gold on auspicious events is part of the Indian custom. There is a heightened demand for digital gold investments throughout festive durations, primarily pushed by customs and traditions, in addition to the need to commemorate particular events with treasured metals resembling gold.

    What is digital gold?

    Digital gold is a comparatively new solution to buy gold on-line. It’s a substitute for shopping for the yellow steel in its bodily type. Users can now buy digital gold the place an equal quantity of that’s saved as bodily gold in an insured vault. The minimal quantity one can purchase is as little as one rupee. 

    On the rise in digital gold investments across the festive season, Yashoraj Tyagi, COO, and CTO at CASHe stated that they supply a easy and user-friendly route, enabling folks to buy, trade, and even give gold with out the issues of dealing with bodily gold. Moreover, festivities typically imply people have extra disposable earnings that they like to spend money on property like gold, aiming to safeguard their monetary stability.

    Advantages of digital gold investments

    “Digital gold investments provide a number of benefits, resembling a 24K purity assure, minimal charges, straightforward buy via digital fee apps, and safe storage in financial institution vaults. Moreover, digital gold permits for fractional possession, that means you’ll be able to spend money on small quantities of gold, profit from compounding, and provide excessive liquidity, making it extra reasonably priced and versatile,” said Yashoraj Tyagi Unlike physical gold, there are no making charges or recurring annual fees, making it a cost-effective way to own gold.

    Digital gold investments: Gifting options best for investors

    Investors have several options for investing in digital gold, including Gold ETFs, Gold Mutual Funds, Gold Futures Contracts, and Sovereign Gold Bonds (SGBs). According to Yashoraj Tyagi when it comes to gifting in digital gold investments, there are a few options to consider. 

    “Firstly, you can choose to gift physical gold vouchers that recipients can redeem for digital gold through designated platforms. Secondly, you could opt for digital gold wallets, which allow recipients to directly own and manage their digital gold holdings. Lastly, you can make a direct purchase of digital gold on behalf of the recipient,” stated Tyagi. 

    The selection amongst these choices depends upon the recipient’s familiarity with digital platforms, their consolation stage with on-line transactions, and their preferences concerning possessing bodily or digital property. Each choice has its deserves, and your best option varies from individual to individual, he added.

    September 2023 pageant calendar

    September 2023 options vital festivals resembling Krishna Janmashtami, Hartalika Teej, Ganesh Chaturthi, and Anant Chaturdashi amongst others.

    Disclaimer: The views and suggestions made above are these of particular person analysts, and never of Mint. We advise buyers to verify with licensed specialists earlier than taking any funding choices.

     

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    Updated: 01 Sep 2023, 07:10 AM IST

  • Smartphones brace for one more lacklustre festive season

    Last yr, smartphone manufacturers launched an early onset to festive season gross sales in a bid to clear stock and drive demand. This, nonetheless, couldn’t save the phase from seeing one among its largest dip in shipments within the September quarter, which precedes the festive season interval. Market analysis agency International Data Corporation (IDC) tabulated a ten% year-on-year (y-o-y) decline in shipments throughout this era.

    The business analysts and retailers, whom Mint spoke with, projected smartphone shipments to stay flat in the course of the ongoing September quarter, and even decline additional.

    “Smartphone shipments this yr in India are anticipated to witness de-growth, and never simply stay flat since final yr. The decline in shipments is predicted for the general calendar yr of 2023, with the festive season accounting the most important chunk of it,” said Navkendar Singh, associate vice-president at IDC India.

    The festive season, which begins from the last week of September and extends until December-end through the new year’s first week, typically accounts for 60-65% of India’s annual smartphone shipments, according to industry experts.

    The industry is also seen as a bellwether for the broader consumer electronics market. According to IDC data, smartphone shipments fell 10% to 144 million units in 2022, with the second half of the year clocking shipments of 73 million units.

    Tarun Pathak, research director at market research firm Counterpoint India, said in January that the decline in shipments during the festive period last year occurred due to record-high unsold inventories of more than 10 weeks. Typically, smartphone retailers keep around 3-4 weeks of inventory.

    “Inventories have somewhat normalized now–down to about 7 or 8 weeks. There has been a slight uptick in demand even as the launch of new devices has seen the average selling price (ASP) of smartphones come down to between ₹17,000 to ₹18,000 now from over ₹20,000 at the start of the year,” Pathak mentioned on Monday. This, he mentioned, may result in “low single-digit development” in smartphone shipments within the present quarter.

    However, shopper demand stays tepid. Manish Khatri, accomplice at Mumbai-based retailer Mahesh Telecom, mentioned system gross sales and shopper curiosity “proceed to stay low”.

    “The mid-range price bracket of smartphones has continued to decline and remain low in demand. There are some isolated demand factors in the premium segment such as in Samsung’s Galaxy Flip series, and Apple’s iPhones. However, the bulk segment shipments remain weak, and there is no sign of revival from the previous year,” Khatri mentioned.

    Kailash Lakhyani, founder and chairman of business physique All India Mobile Retailers’ Association (Aimra), mentioned there isn’t a indication of any demand revival to this point in addition to festive season presents.

    “Most of the retailers proceed to see lukewarm demand, and till the majority of the low cost presents start publish Independence Day, there isn’t a signal of an increase in demand,” he said.

    IDC’s Singh added that a clear reason could be the void left in the market by a lack of compelling device options in the mainstream price categories of under ₹20,000—pushing more buyers towards the second-hand smartphone market.

    “Xiaomi and Realme, two of the largest brands by volume, are likely to remain conservative this festive season, and the entire year. Xiaomi is struggling to pick up their device shipment figures, which has left a void in the market that multiple brands such as Samsung, the Transsion group and homegrown Lava are trying to fill-up. This is for devices in the mainstream market at a price range of around ₹15,000. However, high component costs in the supply chain are preventing brands from lowering the price of 5G smartphones to this point. As a result, buyers looking for 5G phones in the price range of ₹7,000 to ₹12,000 are moving to the second-hand market for their devices,” Singh mentioned.

    Industry projections peg smartphone shipments within the June quarter at round 35 million items, which can cumulatively account for round 65 million items of smartphones shipped within the first half of the yr. With a scarcity of demand out there, smartphone shipments thus look unlikely to choose up tempo within the second half of the yr—resulting in a possible decline of one other 10% y-o-y, this yr.

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    Updated: 24 Jul 2023, 10:55 PM IST

  • Buyers splurge as Diwali buying makes grand return after Covid-induced lull

    By PTI

    NEW DELHI: It is the season of lights, events and items.

    And this Diwali, after a two-year pandemic-induced lull, persons are thronging the markets to seize the right present for his or her family members and hold the ritual of exchanging goodies alive.

    This season, customers are as soon as once more contending with the issue of loads, be it in offers or choices, which has bewildered even probably the most seasoned purchaser.

    This was why Vandana Thapa, a homemaker in her 40s, performed it protected and acquired a mixed-bag of types, together with electronics, house equipment to ‘tried and tasted’ mithai, to satiate her annual competition buying cravings.

    Her laundry checklist of things features a bar cabinet for her brother, cellphone for her father, house decor gadgets for colleagues and candy bins for her home assist.

    According to trade specialists, regardless that gourmand hampers, house furnishings and equipment, resembling stylish candle stands or crockery, and sweets are in enormous demand, digital units, together with cell phones and sensible wearables, stay those to beat.

    Gaurav Khatri, co-founder of know-how model Noise, instructed PTI, “During the festival season, the demand for electronics and smart gadgets is at an all-time high and it’s no different for the smart wearables segment. We speculate the industry to grow 2.2 times this festival season while we at Noise are expecting a growth of 150 per cent.”

    Expecting a “truly grand” Diwali, Manish Aggarwal, director of main packaged meals model Bikano, has set a mammoth goal of “Rs 400 crores” in gross sales throughout India.

    ALSO READ: Six Chamarajanagar villages to have fun Diwali after 9 years

    Sid Mathur, founding father of premium mithai model Khoya, echoed Aggarwal’s sentiments and claimed that sweetmeat gross sales at his Chanakyapuri retailer right here had gone “beyond their own projections”.

    The competition season has set the money registers ringing even louder for manufacturers promoting furnishings, homeware and delicate furnishing.

    “We have seen a buoyant 50 per cent increase in sales over last year. Keeping up with the capital’s trend, our other fast selling products have been our bespoke candles, the poker box and Eden collection, which are all doing very well,” stated Vikash Gupta, founder and CEO of Three Sixty, a life-style model and design studio.

    Like earlier years, the net sector continues to garner sturdy demand, evident from cashback platform Cashkaro registering a “8X growth” in site visitors and “5X growth” in gross sales in comparison with final yr.

    Online buying apart, heavy footfall at malls has acquired the enterprise and commerce foyer excited.

    “The last survey by the Retailers” Association of India has mirrored a 15% improve in gross sales from pre-pandemic ranges,” stated Yogeshwar Sharma, Select CITYWALK CEO and government director.

    Footfalls have steadily elevated throughout buying centres previously quarter, he added.

    “They now match pre-pandemic levels and have increased in the past few months due to the kick-off of the festival season. We see an almost 7-8 per cent growth with regard to sales and similar footfall.”

    “Also as a trend, we have witnessed that last year retailers were hesitant to stock up but supply chain issues have been minimised and retail stores are stocked up,” Sharma added.

    Wellness merchandise have continued to seek out takers amid rising concentrate on immunity following the outbreak of covid-19.

    Immunity-based gifting choices resembling dry fruit bins, turmeric tea and spice kits have been well-liked present choices this yr as effectively.

    Vahdam India, a world wellness model providing an enormous vary of wellness-based present collections, together with recent teas and superfoods, has claimed to realize “50-60 per cent” of their two months’ India income via Diwali gross sales alone.

    Gifting an expertise has additionally turn out to be a sought-after choice this Diwali.

    Instead of dropping off a package deal at family members’ properties, many are opting to present them a break from the day by day hustle by reserving an unique staycation at five-star accommodations and resorts.

    While Radisson Gurugram, Udyog Vihar, for example, is providing a one-night keep on double occupancy and breakfast at a reduced value of Rs 7,555, Fazlani Natures Nest in Maharashtra has curated an unique ‘Diwali Rejuvenation Package’ that features a minimal three-night lodging, meals and numerous wellness therapies.

    The value of the package deal begins from Rs 14,000 per night time.

    For those that wish to make the ‘competition of lights’ somewhat brighter for the needy, choices embrace buying present bins from manufacturers resembling ‘Humanitive’.

    These memento bins, moreover house decor merchandise, equipment and eatables for family members, are outfitted with a donation package with particulars of the customer’s contribution and the place it’s ultimately used, resembling sponsoring a folding cane for the visually impaired to well being dietary supplements for a destitute aged for 15 days.

    The hampers value between Rs 3,900 and Rs 6,500.

    NEW DELHI: It is the season of lights, events and items.

    And this Diwali, after a two-year pandemic-induced lull, persons are thronging the markets to seize the right present for his or her family members and hold the ritual of exchanging goodies alive.

    This season, customers are as soon as once more contending with the issue of loads, be it in offers or choices, which has bewildered even probably the most seasoned purchaser.

    This was why Vandana Thapa, a homemaker in her 40s, performed it protected and acquired a mixed-bag of types, together with electronics, house equipment to ‘tried and tasted’ mithai, to satiate her annual competition buying cravings.

    Her laundry checklist of things features a bar cabinet for her brother, cellphone for her father, house decor gadgets for colleagues and candy bins for her home assist.

    According to trade specialists, regardless that gourmand hampers, house furnishings and equipment, resembling stylish candle stands or crockery, and sweets are in enormous demand, digital units, together with cell phones and sensible wearables, stay those to beat.

    Gaurav Khatri, co-founder of know-how model Noise, instructed PTI, “During the festival season, the demand for electronics and smart gadgets is at an all-time high and it’s no different for the smart wearables segment. We speculate the industry to grow 2.2 times this festival season while we at Noise are expecting a growth of 150 per cent.”

    Expecting a “truly grand” Diwali, Manish Aggarwal, director of main packaged meals model Bikano, has set a mammoth goal of “Rs 400 crores” in gross sales throughout India.

    ALSO READ: Six Chamarajanagar villages to have fun Diwali after 9 years

    Sid Mathur, founding father of premium mithai model Khoya, echoed Aggarwal’s sentiments and claimed that sweetmeat gross sales at his Chanakyapuri retailer right here had gone “beyond their own projections”.

    The competition season has set the money registers ringing even louder for manufacturers promoting furnishings, homeware and delicate furnishing.

    “We have seen a buoyant 50 per cent increase in sales over last year. Keeping up with the capital’s trend, our other fast selling products have been our bespoke candles, the poker box and Eden collection, which are all doing very well,” stated Vikash Gupta, founder and CEO of Three Sixty, a life-style model and design studio.

    Like earlier years, the net sector continues to garner sturdy demand, evident from cashback platform Cashkaro registering a “8X growth” in site visitors and “5X growth” in gross sales in comparison with final yr.

    Online buying apart, heavy footfall at malls has acquired the enterprise and commerce foyer excited.

    “The last survey by the Retailers” Association of India has mirrored a 15% improve in gross sales from pre-pandemic ranges,” stated Yogeshwar Sharma, Select CITYWALK CEO and government director.

    Footfalls have steadily elevated throughout buying centres previously quarter, he added.

    “They now match pre-pandemic levels and have increased in the past few months due to the kick-off of the festival season. We see an almost 7-8 per cent growth with regard to sales and similar footfall.”

    “Also as a trend, we have witnessed that last year retailers were hesitant to stock up but supply chain issues have been minimised and retail stores are stocked up,” Sharma added.

    Wellness merchandise have continued to seek out takers amid rising concentrate on immunity following the outbreak of covid-19.

    Immunity-based gifting choices resembling dry fruit bins, turmeric tea and spice kits have been well-liked present choices this yr as effectively.

    Vahdam India, a world wellness model providing an enormous vary of wellness-based present collections, together with recent teas and superfoods, has claimed to realize “50-60 per cent” of their two months’ India income via Diwali gross sales alone.

    Gifting an expertise has additionally turn out to be a sought-after choice this Diwali.

    Instead of dropping off a package deal at family members’ properties, many are opting to present them a break from the day by day hustle by reserving an unique staycation at five-star accommodations and resorts.

    While Radisson Gurugram, Udyog Vihar, for example, is providing a one-night keep on double occupancy and breakfast at a reduced value of Rs 7,555, Fazlani Natures Nest in Maharashtra has curated an unique ‘Diwali Rejuvenation Package’ that features a minimal three-night lodging, meals and numerous wellness therapies.

    The value of the package deal begins from Rs 14,000 per night time.

    For those that wish to make the ‘competition of lights’ somewhat brighter for the needy, choices embrace buying present bins from manufacturers resembling ‘Humanitive’.

    These memento bins, moreover house decor merchandise, equipment and eatables for family members, are outfitted with a donation package with particulars of the customer’s contribution and the place it’s ultimately used, resembling sponsoring a folding cane for the visually impaired to well being dietary supplements for a destitute aged for 15 days.

    The hampers value between Rs 3,900 and Rs 6,500.

  • Top inventory picks for Diwali 2022

    Top inventory picks for Diwali 2022

  • Diwali: 5 tricks to spend cash correctly this competition; MintGenie tells you ways

    It may be very straightforward going overboard on purchasing throughout the festive season. With e-retailers providing mega gross sales and outlets providing reductions, it turns into very troublesome for patrons to keep away from occurring a purchasing spree.

    But is it not proper to spend mindlessly throughout such occasions? Spending all of your money, utilizing your financial savings, or maximizing your bank cards can lead you right into a debt lure.

    It could be very apparent to spend extra cash throughout festivals however it’s equally vital to plan and monitor your funds in order to keep away from monetary hardships sooner or later.

    In this text we let you know some fundamental tricks to store however to keep away from large overspending or debt traps throughout this competition season:

    Make a budgets

    Making a funds is the in the beginning step to managing your bills throughout the festive season. While it’s fairly regular to spend more cash than ordinary throughout the festive months, sticking to a funds helps keep away from frivolous spending throughout such occasions. When you set a funds, you could have management over your expenditures and may plan your purchases accordingly.

    For occasion, your funds for the festive spending is ₹25,000, just remember to embody each merchandise, small or large, in that quantity and never spend further which can develop into a burden to you in your future.

    Track your spending

    It could be very straightforward to make a funds however the next can develop into troublesome when you could have gross sales and reductions occurring all over the place. Also, now with plastic cash and on-line modes of funds, since you aren’t truly withdrawing and spending money, it could develop into troublesome to trace your bills. This may result in you sending greater than the stipulated quantity.

    So it is rather vital that you simply both write down all of your bills or use apps to maintain a monitor of your bills and inform you once you attain your restrict. If you’re utilizing bank cards for these purchases, you possibly can set a separate credit score restrict for this era, with the intention to keep away from spending greater than you possibly can afford.

    No borrowing

    This is one other essential level to keep away from overspending. It is pertinent that you simply solely spend the quantity you could have as a substitute of borrowing from banks or monetary apps, that are very straightforward lately.

    When you borrow, you do not solely should pay the quantity you owe but in addition the curiosity on it which will increase your complete borrowed quantity. So, it will be important to not take loans, even small quantities or borrow from family and friends to buy throughout such occasions.

    While it’s advisable to keep away from utilizing bank cards to purchase gadgets throughout the festive season, in case you’re utilizing them, ensure you solely use the quantity you possibly can pay again simply and by no means withdraw money out of your bank cards for such spending because it attracts a really high-interest fee.

    Also, attempt to keep away from schemes like purchase now and pay later. It is healthier to make purchases with the cash you have already got than on credit score which can burden your future.

    Take benefit of festive reductions

    While it is very important not go overboard purchasing throughout the gross sales, these may assist you buy mandatory gadgets at a less expensive value. Products like electronics, home items, even clothes can be found at steep reductions throughout gross sales.

    So earlier than making purchases examine round for aggressive affords however solely purchase gadgets which might be mandatory as a substitute of carelessly spending on pointless gadgets simply because they’re accessible at a decrease value.

    Prioritise your purchases

    It is essential to prioritise your purchases. First, buy gadgets of absolute necessity after which in case your funds permits, store for luxurious gadgets. It is healthier to utterly keep away from impulse purchasing or shopping for gadgets simply because your pals and colleagues are. This means you get the enjoyment of purchasing in addition to get the wanted gadgets at a reduced value.

    So this purchasing season, make a correct plan and persist with it to keep away from future monetary ache. Consistently examine your funds, monitor your bills and keep away from impulse purchasing below peer stress. If doable, spend money on schemes to ease your monetary burden sooner or later.

    This story was first revealed on MintGenie and may be accessed right here. 

     

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  • Consumer electronics costs set to rise after festive season

    NEW DELHI : The continued weak point within the rupee towards the greenback is about to set off one other spherical of worth will increase by client electronics makers after the festive season gross sales conclude.

    The rupee has fallen virtually 9% towards the greenback to this point this fiscal to succeed in a brand new all-time low of ₹82.32 on Friday.

    Analysts stated whereas the continued pageant gross sales are seeing enticing offers on digital objects, costs might rise considerably put up the gross sales.

    “The rupee slide will definitely have an effect on costs,” said Navkendar Singh, associate vice president, devices research at IDC India, South Asia, and ANZ. He said vendors can’t afford any impact on already-subdued demand during the festive period, but will have to undertake price corrections eventually. A fresh round of across-the-board price increases can be expected in November, said Singh.

    “We’re expecting a 5-7% increase in (smartphone) prices once the festive season ends, say in November or December, on account of the exchange rate increase. All the new models, including those on 5G, will see a price hike,” stated Prachir Singh, senior analysis analyst at Counterpoint Research.

    Sanyam Chaurasia, know-how market analyst at analysis agency Canalys, too, stated distributors can not additional bear the stress of a weak rupee and must cross it on to customers. Foreign foreign money has been a problem for corporations for the final 18-20 months, and “if this continues, we are able to count on one other spike in (the worth of) units within the coming months,” said Chaurasia.

    Smartphone manufacturers in India are exposed to currency fluctuations as they still assemble phones from semi-knocked down (SKD) kits instead of doing full manufacturing. Companies, therefore, import parts such as displays and integrated circuits in a partially disassembled state for making the final product. A weak rupee inflates the cost of such parts and also that of the finished product.

    “There is almost a 97-98% SKD for most of the smartphone vendors. If you import, you have to pay additional forex. The strengthening of the dollar and rupee depreciation will further impact the vendors,” he stated.

    Consumer electronics makers are a apprehensive lot. “The rupee depreciation is the largest problem in the meanwhile, resulting in decreased margins and a rise in working capital,” said Arjun Bajaj, chief executive of Daiwa, a homegrown TV brand. Bajaj, who is also the director of TV maker Videotex International, said talks have already begun in the industry about suppliers raising raw material prices. He added that price revisions will be decided next month.

    Similarly, Prashanth Mani, managing director of Motorola Mobility India said gains from lower component prices, especially of semiconductor chips, have been offset by a weak rupee.

    “The (input) costs are coming down but the exchange rate is going up, so it kind of nullifies itself. Let’s say, you’re getting a 5-10% reduction, but the exchange rate has gone up by 12% over the last six months, so that’s the challenge,” he stated.

    Mani stated that corporations are holding onto costs for present shares however will likely be compelled to cross on the upper prices to customers for recent stock.

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  • Home mortgage EMIs rise at SBI, ICICI Bank, HDFC, others to comply with

    The festive season has kicked began with Navratri, whereas an extended vacation awaits over the past two weeks of October on account of Diwali celebrations.

    Notably, a repo charge hike makes the price of borrowing for lenders larger. Financial establishments too borrow cash from RBI in instances of scarcity of liquidity, the repo charge is the rate of interest they pay to the central financial institution on their borrowings. In flip, lenders cross on the affect of charge hikes to finish shoppers by elevating their benchmark lending charges on residence loans, private loans, and automobile loans amongst others. However, the quantum of hike in lending charges relies upon from lender to lender and their requirement of funds.

    RBI has hiked the repo charge by 190 foundation factors since May this 12 months. The newest hike of fifty foundation factors was on anticipated strains to tame multi-year excessive inflation.

    At current, the repo charge underneath the liquidity adjustment facility (LAF) stands at 5.90%. While the standing deposit facility (SDF) charge stands adjusted to five.65% and the marginal standing facility (MSF) charge and the Bank Rate to six.15%.

    Although residence mortgage charges have scaled additional up in some banks and NBFCs, the general affect of the newest repo charge hike is predicted to be gradual within the housing sector. But if RBI continues to aggressively hike the important thing charge within the upcoming insurance policies, likelihood is client sentiments could also be dampened.

    How will the speed hike affect residence patrons and residential mortgage EMIs?

    Ravi Subramanian, MD & CEO, of Shriram Housing Finance stated, “The 50 bps rate hike reflects the RBI’s prudent approach to tackle the impact of geopolitical tensions and edgy global financial market sentiments. In the middle of rupee depreciation and inflationary pressure, the RBI has gone for further calibrated withdrawal of monetary accommodation so that regained momentum of the economic growth in the post-pandemic phase doesn’t witness a spill-over effect. Therefore, the rate hike is on expected lines.”

    In the housing finance sector, Shriram Housing Finance CEO stated, “the rate transmission to the borrowers would be in a gradual phase. Given the positive market sentiments in the real estate sector, the robust demand is expected to outweigh the rate hike. Further aggressive rate hikes from hereon may however dent economic revival and dampen customer sentiment.”

    According to Atul Monga, Founder and Chief Executive, Basic Home Loan, whereas banks will in the end must cross on the elevated prices to debtors, the probability that it will occur in the course of the present festive season is low. As many Indians make their buy selections throughout this time of 12 months, monetary establishments wouldn’t need to dampen the festive spirit by imposing a charge hike too quickly. From a house purchaser’s perspective, they need to make the most of these alternatives and make the most of seasonal reductions and presents available in the market to make their purchases as rates of interest stay under 9% each year.

    Gaurav Chopra, Founder & CEO, IndiaLends believes such measures will deliver the main focus again to shoppers’ credit score profiles and the significance of sustaining wholesome credit score scores. It is all of the extra essential that customers proceed to service their debt responsibly. If unable, they need to communicate with their respective lending establishments to determine measures to maintain the EMIs reasonably priced.

    “We believe financially prudent individuals would leverage the opportunity to demonstrate good borrower behaviour and try to offset some of these increased costs by qualifying for lower interest credit through a strong credit profile,” Chopra added.

    Meanwhile, Atul Goyal, CFO, of Brigade Group expects to see solely minimal affect on the true property sector, and improve in rates of interest for company loans will likely be marginal. Home loans are typically linked to floating rates of interest with longer tenures.

    Goyal added, “In most cases, EMI’s will remain the same with the duration of loan getting adjusted. The economy remains strong, and we expect buyer sentiment to be positive. We are currently witnessing a consistent demand for real estate, and we anticipate the current momentum to continue with increased hiring and salary hikes in the IT and ITE’s sectors. There is also the availability of surplus income with investment preference being real estate.”

    Further, Sachin Agrawal, Co-founder, and CEO, of Bizongo factors out that RBI’s precedence is definitely to reign in document inflation, which places an amazing burden on the assets of any enterprise.

    While the rise in rates of interest on loans and credit score might trigger a slight dip in combination demand, Aggarwal stated, “we continue to remain optimistic about the future, for two reasons. First, despite macroeconomic headwinds and monetary tightening, India’s manufacturing activity is rapidly expanding. This indicates strong demand and sales of goods. Second, with global commodity prices steadily going down, the costs of inputs are also gradually decreasing.”

    Check the newest residence mortgage rates of interest of some main lenders

    SBI residence mortgage charges

    With impact from October 1, SBI presents an 8.55% charge on common residence loans to these debtors who’ve a credit score rating above or equal to 800. The financial institution has imposed an 8.75% charge on debtors with a CIBIL rating of 700-749 and 151-200. The residence mortgage charge is 8.65% on CIBIL scores of 750-799, 9.05% on 550-649 scores, and 9.55% on lower than 500 credit score scores. The financial institution has imposed an 8.85% charge every on CIBIL scores between 650-699 and 101-150.

    The financial institution has a 0.05% concession for ladies debtors topic to minimal EBR i.e. 8.55%.

    Before RBI’s coverage, SBI residence mortgage charges ranged from 8.05% to eight.55%.

    ICICI Bank residence loans

    On its web site, the financial institution stated, “ICICI Bank External Benchmark Lending Rate” (I-EBLR) is referenced to RBI Policy Repo Rate with a mark-up over Repo Rate. I-EBLR is 9.25% p.a.p.m. efficient September 30, 2022.”

    To salaried debtors, ICICI Bank presents an 8.60-9.35% charge on residence loans as much as ₹35 lakh and from ₹35 lakh to ₹75 lakh. The charges are between 8.6% to 9.45% on residence loans above ₹75 lakh.

    To self-employed debtors, the financial institution levies between 8.7% to 9.6%.

    Earlier, the charges have been between 8.10% to 9.10%.

    HDFC residence loans

    HDFC will increase its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 50 foundation factors, with impact

    from October 1, 2022, as per the regulatory submitting.

    Now the NBFC presents rates of interest between 8.60% to 9.45% to ladies debtors, whereas the charges vary from 8.65% to 9.50% to different classes.

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  • How to take a no-cost EMI mortgage this festive season

    Festive Season No-Cost EMI Loan Guide: As the festive season approaches, manufacturers gear as much as appeal to customers with the most effective buying provides. One generally out there supply in the course of the festive season is no-cost EMI. Like with some other compensation possibility, there are some issues you should learn about no-cost EMIs earlier than availing of them this festive season.

    What is no-cost EMI?

    No-cost EMI, or zero curiosity EMI, is a compensation scheme that allows you to break up a purchase order’s price into interest-free installments for tenures as much as 12 months. This scheme is beneficial for high-value purchases the place it might not at all times be attainable to pay the complete worth upfront. With it, it can save you on further curiosity whereas ticking issues off your festive bucket listing with out upsetting your price range.

    Let’s perceive how no-cost EMIs work with an instance. You plan to buy a washer price Rs 24,000 however don’t need to pay its whole price upfront. A 12-month no-cost EMI supply will let you purchase this washer at a month-to-month EMI of Rs 2,000, which is way extra inexpensive in comparison with the upfront price.

    Is no-cost EMI actually cost-free?

    One of a very powerful options of a no-cost EMI scheme is that it doesn’t cost curiosity on EMI installments. The curiosity, on this case, isn’t waived by the service provider however as an alternative provided as a reduction. The annualised rate of interest remains to be charged by the lender and borne by the service provider. However, another prices and situations are concerned in a no-cost EMI transaction.

    Merchants could generally supply a reduction when you make a lump-sum upfront fee in your buy. If you avail of a no-cost EMI supply, you could have to forego such reductions. In some situations, whereas the service provider could waive off the curiosity as a reduction, they might nonetheless cost a processing charge that’s 2-3 per cent of the acquisition worth. A GST of 18 per cent may even apply to this transaction.

    For occasion, you need to purchase a smartphone that prices Rs 20,000. The service provider promoting this cellphone provides a ten per cent low cost on upfront fee, successfully decreasing the value to Rs 18,000. However, by buying the smartphone on no-cost EMI, you’ll have to forego the ten per cent low cost and pay the precise price of Rs 20,000 in EMIs, together with 18 per cent GST on the curiosity to the financial institution.

    Should you go for a no-cost EMI?

    No-cost EMIs are a go-to possibility for festive buying. So, how do you resolve whether or not or to not go for it? There are two issues to contemplate in such a scenario – the value of the product and your monetary scenario.

    If you may afford to purchase a product upfront with out it denting your funds, go for it. You stand to achieve additional if the service provider provides a further low cost on upfront funds. Moreover, when you’re already in debt, having one other mortgage could pressure your funds.

    On the opposite hand, when you can’t afford to make an upfront fee for the specified product, no-cost EMI can be a great possibility. Though you could have to forego a reduction when selecting this selection, this selection might be far much less disturbing in your price range.

    The pleasure of the festive season can generally check our resolve to stay to a price range. While a no-cost EMI could assist you do that, it’s critical to train due diligence earlier than choosing one. Ensure that you simply pay them on time, and skim the scheme phrases earlier than availing of it.

    The creator is the CEO of BankBazaar.com. The views expressed are that of the creator.