#MintCharts | Hit by global economic slowdown, Indian software services companies were looking for a boost from the US retail industry during the upcoming holiday season. Generally, during this period, retailers increase their discretionary spending on technology. However, the signals for this have been mixed so far.

Average YoY growth of retail sales in the US has been less than 2% in the past five months (April to August) compared to an average of nearly 6% in the preceding five months, according to data from the US Census Bureau.

How can IT companies weather this scenario? Check out today's Plain Facts.

#PersonalFinance | There are very few retirement products that help you accumulate a retirement nest egg. One such product is the National Pension System (#NPS). It is a market-linked, defined-contribution product that needs you to invest regularly in the funds of your choice. The returns are based on the performance of the funds that you choose.

Here is a breakdown of the performance of different funds – equity fund, govt bond fund and corporate bond fund – of the private sector NPS.

The Supreme Court of India has announced the verdict on #samesexmarriage in India. CJI DY Chandrachud said that a transgender man can marry a woman or vice-versa. However, he said the directions do not result in the creation of an institution.

Read more: https://www.livemint.com/news/india/samesex-marriage-verdict-sc-grants-equal-rights-to-same-sex-couples-without-legalizing-marriage-11697520312308.html

#MintCharts | India’s elderly population is growing at a quick pace, more so since the early 2010s. It took 67 years from 1950 to 2017 for the 65-plus population to double from 3.1% to 6%, but the next doubling is projected to happen in just 25 years. By 2050, one in five Indians will be over 60 years of age, that is, effectively a senior citizen, shows data from the United Nations.

#PersonalFinance | Investments in old debt funds made before 1 April are still eligible for exemption under Section 54F of the IT Act, whereby a long-term capital asset other than a house property can be exempted from tax. However, to qualify for a long-term asset, the investment needs to be held for more than three years - ✍writes Jash Kriplani

Read more: https://www.livemint.com/money/personal-finance/union-budget-2023-removes-tax-advantage-for-debt-mutual-funds-investors-seek-ways-to-maintain-tax-efficiency-11697554071268.html#:~:text=Investments%20in%20old%20debt%20funds,can%20be%20exempted%20from%20tax

#PersonalFinance | Bank fixed deposits (FDs) continue to be popular investment products not just among senior citizens who are looking for guaranteed income, but also among investors who can't stomach risks.

Here is a list of banks that offer the highest #FD rates for deposits up to ₹1 crore over various tenures.

#Microsoft is poised to welcome #Amazon as a significant client for its cloud-based 365 productivity suite. Valued at over $1 billion, the deal marks a milestone for the two tech giants, who have typically been strong competitors and seldom collaborated on this scale.

The report also cites that Amazon has committed a hefty sum for a time frame extending beyond five years.

Read more: https://www.livemint.com/companies/news/microsoft-to-welcome-amazon-as-client-in-landmark-1-billion-deal-report-11697596743702.html

If you are planning to use X, get ready to pay an annual subscription fee as the micro-blogging platform won't remain free anymore.

X has said that it is going to charge users $1 as an annual fee under a new subscription model. The fee is applicable for posting content, replies, likes, reposts or quoting other accounts' posts and bookmarking posts.

Read more: https://www.livemint.com/news/world/x-twitter-no-more-free-elon-musks-company-to-charge-annual-subscription-fee-for-all-users-11697590175062.html

India, once deemed a great place for relaxation, faces challenges in the realm of #remotework, according to the latest research by cybersecurity company NordLayer. The Global Remote Work Index (GRWI) ranks India at 64, marking a significant drop of 15 places from the previous year.

Read more: https://www.livemint.com/companies/news/global-remote-work-ranking-india-drops-to-64-among-worlds-worst-in-e-infra-and-accessibility-11697610304643.html

The Union Government has increased the Dearness Allowance for Central govt employees and Dearness Relief for pensioners increased by 4%.

The DA hike will be implemented from 1, July 2023 said Union Minister Anurag Thakur on Cabinet decisions. With this increase 4% hike, the dearness allowance will be increased from 42% to 46%. The decision will benefit 48.67 lakh central government employees and 67.95 lakh pensioners. #7thPayCommission

Read here: https://www.read.ht/QfMy

The IT major #Wipro reported a consolidated net profit of ₹2,667.3 crore in the July-September quarter, compared to ₹2,649 crore in the year-ago period.

Read here: https://www.read.ht/QfO9

The Cabinet Committee on Economic Affairs (CCEA) chaired by PM Modi approved Green Energy Corridor Phase-II – Inter-State Transmission System for 13 gigawatt renewable energy project in Ladakh.

https://www.livemint.com/news/india/cabinet-approves-rs-20-773-70-crore-for-13-gw-green-energy-corridor-project-in-ladakh-11697639781976.html

#AirIndiaExpress launched a new brand entity and livery for the airline which is set to be the flagship product from the #TataGroup in the domestic aviation market and has set a target to reach a fleet size of 170 aircraft in five years.

Read here: https://read.ht/QfVh

#MintCharts | India’s electronics exports hit a 13-month low in September, declining 3.7% from a year ago, marking a contraction for the first time in 31 months. Yet, steady imports widened the electronics trade deficit to an 18-month high, according to a Mint analysis of trade data that was released last week.

#Amazon is planning to introduce prescription drug deliveries via drones, becoming the latest company to explore the use of drone technology for the distribution of medications.

Residents of College Station, Texas can opt for drone-based prescription deliveries, with a promised delivery time of 1 hour from the moment they place their order.

Read more: https://www.livemint.com/news/you-can-now-get-drones-to-deliver-your-amazon-packages-if-you-are-in-us-italy-or-11697676273471.html

#PersonalFinance | Investors should invest in at least 5-6 bonds to create a diversified debt portfolio. However, to do that, investors would have to deploy more than ₹5 lakh, which only a few can do. Securitized Debt Instruments (SDIs) with bonds as underlying assets solve this problem for retail investors - ✍ writes Akshat Rohatgi

Read more: https://www.livemint.com/money/personal-finance/can-securitized-debt-be-an-alternative-to-debt-funds-11697648413431.html#:~:text=Such%20bonds%20make%20up%20about,this%20problem%20for%20retail%20investors

#Mint20BestFunds | We have hand-picked 20 #mutualfunds for your portfolio that have jumped through hoops of good returns, low risk, good portfolio hygiene and our own qualitative research.

#PersonalFinance

India and China are expected to jointly account for half of the world’s growth in 2023 and 2024, with the Asia Pacific remaining the ‘most dynamic’ region this year, said #IMF

In a report titled Regional Economic Outlook for Asia and Pacific, the IMF said that growth in Asia Pacific is expected to rise from 3.9% in 2022 to 4.6% in 2023.

Read more: https://www.livemint.com/economy/india-china-to-account-for-half-of-global-growth-in-2023-2024-says-imf-11697692221516.html

#Google to manufacture #Pixel phones in India, to start with #Pixel8 , devices to come to market in 2024, to partner with global manufacturers in India to set up manufacturing: Rick Osterloh, head of devices.

#GooglePixel #GoogleForIndia

Read more: https://www.livemint.com/technology/tech-news/google-to-manufacture-pixel-phones-in-india-11697698560183.html

Hindustan Unilever Ltd reported an 4% year-on-year rise in its standalone net profit for the fiscal's second quarter ended September (Q2FY24) to ₹2,717 crore.

The company had reported a profit of ₹2,616 crore in the year-ago period. Sequentially, the net profit was up 10%. Hindustan Unilever share price closed flat at ₹2,549 apiece on BSE.

Read here: https://www.read.ht/Qful

PM Modi said that he had a talk with President of the Palestinian Authority Mahmoud Abbas amid the ongoing Israel's war with #Hamas fighters.

PM Modi in a tweet on microblogging site ‘X’ said that he expressed condolences for the victims of the Al Ahli Hospital blast in #Gaza.

Read here: https://www.read.ht/QgAi