Panorama October 2024 edition is out now!

Here are the key insights from the report:

1. India’s unemployment rate held steady at 3.2% in 2023-24. The rural unemployment rate rose to 2.5% from 2.4% the previous year, while the urban rate fell to 5.1% from 5.4%. Notable improvement occurred among certificate/diploma holders in 2023-24.
2. Since 2017-18, the quality of employment has not improved. There has been a shift from casual labour to helpers in household enterprise, both characterised by low productivity. Additionally, agriculture’s share in total employment has increased from 44% in 2017-18 to 46% in 2023-24. Meanwhile, the informal sector’s share of non-agricultural employment has increased from 68% to 73% during the same period.
3. Female labour force participation continues to improve. Women are increasingly moving from casual work to self-employment. However, employment quality has declined due to a drop in the share of better-paying salaried jobs.
4. India is witnessing a surge in IPO activity, with nearly 80% of the capital raised in FY24 already reached in the first half of FY25. India ranks first globally for the total number of IPOs and second for capital raised during Jan-Sep 2024. Qualified institutional placements also surged in H1FY25.
5. Markets took a defensive turn in the September quarter, with sectors like healthcare, IT, and FMCG outperforming cyclical sectors such as defence, real estate, and industrials. Valuations remain elevated across sectors, prompting a shift towards defensive stocks, which are generally less sensitive to domestic economic cycles.
6. Foreign Portfolio Investment (FPI) outflows from India surged following China’s announcement of stimulus measures. China’s stimulus aims to revive the economy’s animal spirits, but structural issues, such as high debt and an ageing population, remain. Thus, China may represent a tactical opportunity but may not be suitable for long-term investment.

Click here to read the full report