Indian economy is to stay on steady ground in 2023: Assocham
Contents News/Article Date: 2nd January 2023
Relating to which Act: The Information Technology Act 2020, Indian Contract Act 1872, The Industrial Disputes Act, 1947; The Industrial Employment Standing Orders Act, 1946; The Contract Labour (Regulation & Abolition) Act 1970; The Inter-State Migrant workmen (Regulation of Employment and Conditions of Service) Central Rules, 1980; The Trade Unions Act, 1926; The Industrial Disputes Act of 1947
Applicable to which State: All the establishments in the States as per applicability of the Acts
Type: Live mint news report
Pertains to: employers and employees especially in the IT and Its Industry – fallout from the effects in the United States against the Indian economy expected to navigate rough global weather
Relevance of this news: Karma Management Global Consulting Solutions Pvt. Ltd is in the business of Payroll, Outsourcing, and Regulatory Compliances since its inception in 2004 since then, has brought in a lot of efficiencies and technological upgradations with experts on its role, to ease the hassles of Payroll Processing, Temp Staffing On-boarding, Regulatory and Payroll compliances by providing customized solutions to all its elite clients.
This week on Thursday 5th January 2023 – Job cuts announced by US-based employers jumped 13% to 33,843 in October last year, the highest since February 2021, according to a report.
US companies, from tech majors to consumer firms, are bracing for a potential economic downturn by shrinking their employee base to streamline operations. Job cuts announced by US-based employers jumped 13% to 33,843 in October last year, the highest since February 2021, according to a report.
This week on Friday 6th January 2023 – Assocham expressed that 2023 will be full of challenges and opportunities but, the Indian economy is expected to navigate rough global weather due to resilient consumer demand, better corporate performance, and the abating of inflation.
Assocham Secretary General Deepak Sood stated, “While the global outlook seems rather tough, the Indian economy is set to stay on steady ground, helped by strong domestic demand, a healthy financial sector, and improved corporate balance sheets.
Karma Global does a lot of work on HR Services which includes grievance handling, layoffs, retrenchments, disputes, and litigations.
Subject: Indian economy is to stay on steady ground in 2023: Assocham
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Indian economy is to stay on steady ground in 2023: Assocham
To an extent, the impact of higher interest would be reflected in the balance sheets of Indian corporates as well.
The global economy is projected to grow by a mere 2.7% even as some of the key developed economies face recession, Assocham Secretary said
Assocham has Monday expressed that 2023 will be full of challenges and opportunities but, the Indian economy is expected to navigate rough global weather due to resilient consumer demand, better corporate performance, and the abating of inflation.
Assocham Secretary General Deepak Sood stated, “While the global outlook seems rather tough, the Indian economy is set to stay on steady ground, helped by strong domestic demand, a healthy financial sector, and improved corporate balance sheets.”
“Early signs of brighter prospects of Rabi crops point towards a robust performance of agriculture, leaving an improved second round effect for several connected industries like FMCG, tractors, two-wheelers, specialty chemicals and fertilizers,” Sood stated.
While there is an overwhelming consumer response to contact services like travel, hotels, and transport, a positive domino effect is visible in transport, housing, power, electronics, discretionary consumer goods, and automobiles, he added.
“Our domestic demand is bound to offset the risk of global demand slowdown…However, we need to be watchful about international currency fluctuations, particularly in Emerging Economies,” Sood said.
As per the recent assessment shared by the Reserve Bank of India, the global economy is projected to grow by a mere 2.7 percent even as some of the key developed economies face recession, being exasperated by their central banks’ policies of monetary tightening, he noted.
To an extent, the impact of higher interest would be reflected in the balance sheets of Indian corporates as well. However, the corporate sector is expected to continue with the policy of deleveraging, taking advantage of a resilient stock market and reversal in commodity prices, Sood observed.
“Despite global headwinds, including recession, looming large in several economies, unabated geo-political situation, inflation, India is set to register an economic expansion between 6.8-7 percent in the financial year 2022-23. Going forward, FY-24 should hold steady,” the Assocham Secretary General said.