Godrej Legacy Split
Two branches of the Godrej family have decided to divide the 127-year-old business between them. Brothers Adi and Nadir, representing one branch, will inherit the listed companies under the Godrej Industries Group. The other branch, represented by cousins Jamshyd and Smita, will acquire Godrej & Boyce Mfg Co Ltd, which will continue under the Godrej Enterprises Group.
Employment Growth in India
According to estimates from the Reserve Bank of India, the number of employed people in India increased by approximately 5% to 580 million during the financial year 2022-23. This growth is attributed to the low employment base during the pandemic years.
Wipro CEO’s Remuneration
Wipro’s new CEO, Srinivas Pallia, is expected to receive a significant remuneration package in his first year, including a basic salary of up to $3 million, variable pay of $3 million, and stock options worth $4 million. His total potential earnings could reach $7 million.
Growth in Services Sector
The services sector in India witnessed a significant increase in its share, with services firms accounting for 71% of new company registrations in FY24. Community, personal, and social services saw the highest growth within the sector.
Dominance of Big 6 Audit Firms
Deloitte, EY, Grant Thornton, KPMG, MSKA & Associates, and PwC (the ‘Big 6’) audited approximately two-thirds of the Nifty 500 companies in FY24, a notable increase from 61% in the previous year.
Government’s Thermal Power Hubs Plan
The union government plans to establish six thermal power generation hubs with a total capacity of 30 GW. The projected cost of these hubs is estimated to be over 8 crore per megawatt.
Extreme Heat and Food Supply
Several parts of India are experiencing extreme heat, with temperatures reaching up to 46 degrees Celsius. This heatwave poses threats to the production, storage, and transportation of perishable crops, leading to concerns about potential food inflation. As of April 30th, tomato prices have risen by 62% compared to the previous year.
Inequality and Wealth Gap
A recent study revealed that the wealthiest 1% of Indians now possess around 40% of the country’s wealth, while the top 10% hold 64.6%. This has sparked discussions on inequality and wealth redistribution in India.
