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India posts record-breaking data for GDP growth of 6.1% in Q4 and 7.2% in FY23.

GDP

New Delhi: With all engines firing, India keeps up its run of consistently outpacing global economic growth. The GDP for the March quarter outperformed forecasts with a 6.1% growth, which helped raise the annual growth rate to 7.2%.The Indian economy is currently worth USD 3.3 trillion as a result of this.

In the final quarter of the 2022–23 fiscal year, January–March, Asia’s third-largest economy outperformed all forecasts by expanding by 6.1 percent, up from the previously reported 4.5 percent.

Agriculture grew by 5.5%, while manufacturing increased by 4.5%, both of which contributed to the rise. Other economic sectors, including mining, services, and construction, also had strong development.

The economy grew by 6.1% in the quarter ending in March 2023, 6.2% in the quarter ending in July-September 2022, and 4.5% in the quarter ending in October.

According to figures supplied by the National Statistical Office (NSO), growth between April and June 2022 was 13.1%.

The growth has been updated to 7.2% for the entire 2022–23 fiscal year (April 2022–March 2023), which is higher than the original prediction of 7.2% but lower than the 9.1% expansion in 2021–22.

This enabled it to keep its title as the rising economy with the quickest growth. In the first three months of 2023, China had growth of 4.5%.

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High-frequency indications indicated that the economy picked up steam in April as a result of increased tax receipts and a thriving services sector. However, a drop in imports and exports clouded the outlook. India’s economy may grow faster than the initial prediction of 6.5% for the current fiscal year (April 2023 to March 2024), barring monsoon and geopolitical uncertainties.

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Despite global constraints, Sunil Sinha, Principal Economist, India Ratings and Research, stated that the Indian economy’s resilience is demonstrated by the growth momentum seen in FY23.

“However, as long as private final consumption expenditure (PFCE) does not fully recover and become broad-based, the road ahead will not be straightforward. In fact, due to strong inflation, real pay growth became almost flat or even turned negative in some months of FY23.

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TCS Witnesses First Net Headcount Drop in Two Decades

Tata Consultancy Services

TCS Witnesses First Net Headcount Drop in Two Decades

On Friday, Tata Consultancy Services (TCS) disclosed that during the fiscal year 2023–24 (FY24), the company’s headcount decreased by 13,249 people (year over year). The top provider of IT software has seen a decline in personnel for the first time in 19 years.

601,546 people worked for the company at the end of FY24, according to TCS’s stock exchange filing. The top IT software company has experienced a decline in staff for the first time in 19 years.

As per TCS’s stock exchange statement, the company had 601,546 workers at the end of FY24. In the fourth quarter (Q4) of FY 2024, TCS experienced a 1,759 workforce reduction (January to March).

The company’s headcount has decreased for the third straight quarter with this one. There were 5,680 fewer employees in Q2 than there were in Q1 (quarter over quarter), and the corporation saw a net decline of 6,333 workers.

At Rs 12,434 crore for the January-March quarter of FY24, TCS recorded a 9% increase in net profit over the same time the previous year, when it was Rs 11,392 crore.

Also Read: India Emerges as Global Leader in Web3 Adoption with Over 1,000 Startups: Report

“Our delivery centers are much more lively, and the morale of our associates has increased due to the reduced attrition at 12.5%, the positive response to our campus hiring, the increased customer visits, and the employees returning to the office,” chief HR officer Milind Lakkad said in a statement. To Rs 61,237 crore during the quarter, the company’s revenue climbed by 3.5 percent.

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India Emerges as Global Leader in Web3 Adoption with Over 1,000 Startups: Report

Web3

India Emerges as Global Leader in Web3 Adoption with Over 1,000 Startups: Report

According to recent research released on Tuesday, India now boasts one of the biggest Web3 ecosystems globally, home to over 35 million merchants and over 1,000 firms.

Globally, the percentage of Blockchain developers in the nation climbed from 3% in 2018 to 12% last year, the highest percentage among emerging nations, according to a report by Web3 venture capital firm Hashed Emergent.

Tak Lee, CEO and Managing Partner of Hashed Emergent, stated, “The findings underscore India’s remarkable ascent in Web3 adoption and show that it is on a trajectory to become the global leader.”

Lee continued, “We think the regulatory environment is slowly changing in the right direction, but more beneficial regulatory developments are needed to spur growth.”

Out of more than 150 nations, India topped the list for on-chain usage in the previous year.

The Head of Web3 at KPMG in India, Krishna Tyagi, claims that “blockchains have enabled various innovative use cases such as DeFi, tokenization of real-world assets, self-sovereign identities, track and trace, etc., which were not possible earlier.”

Also Read: Report: Over 51% of Indians Utilize Untranslatable Words and Phrases in Their Language

Startups in India are receiving more funding in the Web3 subsectors of infrastructure, entertainment, and finance.

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Report: Over 51% of Indians Utilize Untranslatable Words and Phrases in Their Language

Language

Report: Over 51% of Indians Utilize Untranslatable Words and Phrases in Their Language

According to research conducted on Monday, more than half of urban Indians (approximately 51%) utilize terms or phrases from particular regional languages to express affection or in clever or hilarious circumstances that are difficult to properly translate into English. The study by language learning app Duolingo is based on a poll that was conducted in association with YouGov to ascertain urban Indians’ opinions regarding language and expression.

The results showed that more than half (51%) of Indians frequently use unusual phrases (from other languages) in everyday speech. Regarding phrases or words that convey nuanced meanings that cannot be fully translated or expressed in English, roughly 68% of urban Indians acknowledged this. Similarly, 69% acknowledged that they have used language-specific phrases or words that cannot be fully translated into English to express emotions or feelings (such as happiness or sadness) or to have conversations with family and friends.

Furthermore, 51% admitted to utilizing these idioms to add wit and humor to their conversations or as terms of endearment or love language. Recently, the company celebrated this language diversity by asking users to go on a voyage of linguistic discoveries with the “#EnglishMeinNahiJamta” campaign, which was posted on Duolingo India’s Instagram page. Favorite words from their local languages that become less magical when translated into English were shared by users under the guidance of the lovable characters Duo and Lily.

Also Read: Reed Hastings: Netflix’s Success Strategy Includes Firing Employees with Adequate Performance

“At Duolingo, we understand that languages are more than just communication tools—they’re expressions of culture, emotion, and identity,” says Karandeep Singh Kapany, Regional Marketing Director. Our “#EnglishMeinNahiJamta” campaign, which highlights phrases that defy translation and demonstrate a growing appreciation for linguistic diversity, celebrates this beauty. We enable people to embrace expression, improve lives, and create international relationships through programs like this,” he continued.

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