Startup news and updates: Daily roundup (Nov 13, 2023)

Retail inflation drops to 5.02 percent

The Consumer Price Index (CPI) based retail inflation fell to a three-month low of 5.02% in September. The previous low inflation was recorded at 4.87% in June.

The Reserve Bank's Monetary Policy Committee (MPC), in its October meeting, projected CPI inflation at 5.4% for 2023-24, a moderation from 6.7% in 2022-23. The government has tasked the RBI to ensure the CPI inflation remains at 4 percent with a margin of 2% on either side. The central bank mainly factors in the retail inflation while arriving at its bi-monthly monetary policy.

Procurement on government e-Market portal crosses Rs 2 lakh crore

The procurement of goods and services from the government e-Market (GeM) portal has crossed Rs 2 lakh crore so far this fiscal due to higher buying activities by different ministries and departments.

The government e-Market (GeM) portal was launched on August 9, 2016, for online purchases of goods and services by all the central government ministries and departments.

"Gem of a landmark! Government e-Marketplace achieves an impressive Rs 2 lakh crore gross merchandise value in just eight months of 2023-24," Commerce and Industry Minister Piyush Goyal said on social media platform X.

In 2021-22, the procurement value stood at Rs 1.06 lakh crore. It crossed Rs 2 lakh crore last year, and going by the trend this year, it may cross Rs 3 lakh crore. GeM has over 63,000 government buyer organisations and over 62 lakh sellers and service providers, offering a wide range of products and services.

Centre, ADB sign $400 million policy-based loan

The central government has signed a $400 million policy-based loan with the Manila-based Asian Development Bank (ADB) to support its urban reform agenda to create high-quality urban infrastructure, improve service delivery, and promote efficient governance systems.

The signatories to the loan agreement for sub-programme 2 of the Sustainable Urban Development and Service Delivery Programme were Juhi Mukherjee, Joint Secretary, Department of Economic Affairs and Takeo Konishi, Country Director of ADB's India Resident Mission.

While Sub-programme 1 approved in 2021 with a financing of $350 million established national-level policies and guidelines to improve urban services, Sub-programme 2 supports investment planning and reform actions at the state and urban local body (ULB) levels, the finance ministry said in a statement.

Sub-programme 2 supports the reforms initiated by states and ULBs in operationalising the national flagship programme of Atal Mission for Rejuvenation and Urban Transformation (AMRUT) 2.0 targeted for universal access to water supply and sanitation.

The sub-programme also supports other mission objectives for ensuring urban water security through reducing water losses, recycling treated sewage for non-domestic use, rejuvenation of water bodies, and maintaining sustainable groundwater levels, the statement said.

Freshers from Tier-II cities keen on jobs in ecommerce and BFSI sectors: Survey

A survey conducted by Apna.co, a job and professional networking platform has revealed that six out of the 10 employment seekers from Tier-II and Tier-III cities are keen to enter into the ecommerce and BFSI sectors.

The survey which received responses from over 10,000 participants showed that fresh talent is flocking to the ecommerce sector, witnessing a 22% surge in applications. Close on its heels, the BFSI sector shows an 18% growth, while the Telecommunications and IT sectors follow with 13% and 5% respectively.

The survey further noted that six out of 10 freshers are drawn to these sectors because of the substantial career growth opportunities. 34% prioritize the stability offered by established companies, while 22% opt for the brand recognition and reputation associated with working for industry leaders. Moreover, 38% of young job seekers are keen on workplaces that offer a better environment and work-life balance, showcasing their emphasis on not just professional growth but also overall well-being.

The survey also unveiled diverse career ambitions among recent graduates. A notable 36% of them are inclined towards pursuing post-graduation to further enhance their knowledge and skills, paving the way for even more opportunities in the future. In contrast, 64% are eager to enter the workforce immediately, ready to contribute their talents and drive to the ever-evolving job market.

Inflows into mutual fund industry touched Rs 34,765 crore in Sept quarter

The mutual fund industry continued with positive momentum in the September quarter, attracting Rs 34,765 crore, although it was a massive reduction as against the Rs 1.85 lakh crore inflow in the preceding quarter, primarily due to withdrawal from the debt segment.

Most of the asset classes saw net inflows during the July-September period of the current financial year barring the fixed-income or debt segment, which witnessed net outflows.

Overall, flows started on a strong note during the quarter under review, with net inflows of Rs 82,467 crore in July, which dipped to Rs 16,180 crore in August and ended with a disappointing Rs 63,882 crore of net outflows in September, according to a report by Morningstar India.

"Net flows over the last few years over each quarter have been patchy. The flows seen in the June quarter were the highest in four years," it noted.