While the audit fee hike is marginal, the sharply increasing complexity in business operations, heightened regulatory oversight on listed companies, growing complexity in reporting requirements, and escalating talent and organisation costs every year are putting auditors in a tough spot.
Indian economy set to grow at 7.5% in 2024, with South Asia expected to grow at 6.0%. Concerns include fiscal positions and climate shocks. India's inflation remains within RBI's target range, signaling positive financial indicators.
Economists are optimistic about India's economy, forecasting a 7% growth in FY25 driven by improved manufacturing, farm activity, and robust urban demand. Some expect growth to reach 7.8%, emphasizing the need for meaningful job creation. Factors contributing to this outlook include government focus on capital expenditure, strong service sector momentum, and expectations of a broad-based recovery in rural demand due to a normal monsoon. Challenges such as inflation, restrictive interest rates, and the need for sustainable job creation remain key considerations for the economy's trajectory.
SATS Food Solutions taps into India's growing ready-to-eat market potential with a focus on automation and IoT at its Bengaluru facility. The company aims to maintain taste consistency and develop new recipes through chef involvement.
"We are launching multiple products in respect of assets and we want the branches to build the assets. All these products will be used for acquiring the customer. Our probability of acquiring him is limited if we don't have products lined up. If somebody wants an education loan and we don't have it, he will go to another bank and probably take deposits too. So retaining liability without a corresponding product is going to be a challenge," says RBL Bank CEO R Subramaniakumar.
Indian Direct Selling Association and Kantar's report revealed a 12% industry growth to Rs 21,282 crore turnover. The sector aims to strengthen with government support, distinguishing from fraudulent schemes through regulatory amendments.
The Household Consumption Expenditure Survey (HCES) 2022-23 reveals that per-capita spending for India's poorest households has grown faster, narrowing the spending inequality gap. Discretionary items now account for a larger share of household spending, indicating a reduction in poverty.
The Indian economy is expected to grow through a fresh round of capacity expansion by the corporate sector, as stated in the State of the Economy Report published by RBI. This investment is likely to happen as inflation decreases, providing a stable environment for expansion strategies.
“2023 was the year of block trades, 2024 is going to be the year of IPOs — and that momentum will most likely carry into 2025,” Debasish Purohit said in an interview with Bloomberg News in Mumbai. “2024 and 2025 as a block will be the busiest years of IPOs in our lifetime.”
India aims to become a USD 35 trillion economy by 2047, surpassing Japan and Germany. Constant innovation and disruptions are needed in various sectors, including digital identity, start-ups, artificial intelligence, logistics, health, education. Young entrepreneurs play a crucial role in population-scale innovation. Former NITI Aayog CEO Amitabh Kant said that India created the digital identity of 1.4 billion people and technologically the country has leapfrogged.
According to PMAR 2024, AdEx is expected to rebound in 2024, growing at 12% to reach Rs 1.11 lakh crore driven by digital advertising. Madison World Chairman Sam Balsara expressed concern about India Inc's focus on quarterly profits. The Indian Premier League (IPL) significantly boosted advertising on Connected TV.
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