Manufacturing PMI surged to 57.5 in October

In today's edition of Business Bytes, we take a closer look at:

• Diplomats from nearly 180 countries recently concluded environmental talks at COP16 with a breakthrough agreement to create a biodiversity fund
• India has been re-elected president of the International Solar Alliance (ISA) for 2024-2026, with France as co-president
• LEAD: India’s headline manufacturing PMI picked up substantially in October as the economy’s operating conditions continue to broadly improve
• FACT: India’s wedding season from November 12 to December 16 is projected to generate nearly ?6 lakh crore in business, driven by an estimated 48 lakh weddings, according to the Confederation of All India Traders (CAIT)
• Indian Sugar and Bio-Energy Manufacturers Association (ISMA), the apex body of India’s sugar and bio-energy industry, is appealing to the government to raise the MSP of sugar
• HIGHLIGHT: According to Nielsen's Ad Intel Q4 report, 72% of global marketers plan to increase ad budgets in the coming year, signaling a return to pre-pandemic levels. In Western Europe, major advertisers like Procter & Gamble, LIDL, Amazon, and McDonald's dominate, with FMCG, automotive, and retail sectors leading ad spending
• India’s wearable market saw its first decline in Q2 2024, with a 10% drop in shipments largely due to inventory issues and limited innovation

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Global summit reaches landmark biodiversity fund for conservation

Diplomats from nearly 180 countries recently concluded environmental talks at COP16 with a breakthrough agreement to create a biodiversity fund. This fund aims to channel a portion of profits from companies using genetic resources, such as pharmaceutical and biotech firms, into global conservation efforts. With guidelines suggesting contributions of 1% of profits or 0.1% of revenue, the fund could raise an estimated US$ 1 billion annually, with half earmarked for Indigenous-led conservation initiatives. This landmark decision seeks to involve private industry in financing biodiversity protection, supplementing traditional government and philanthropic funding sources.

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India leads global solar push with ISA presidency

India has been re-elected president of the International Solar Alliance (ISA) for 2024-2026, with France as co-president. Under this leadership, ISA aims to mobilize US$ 1 trillion in solar investments by 2030. India’s renewable energy progress includes 90 GW of solar capacity and initiatives like PM Kusum to empower rural areas with solar-powered irrigation, aligning with ISA’s global solar goals.

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LEAD STORY

Manufacturing PMI surged to 57.5 in October

India’s headline manufacturing PMI picked up substantially in October as the economy’s operating conditions continue to broadly improve. The seasonally adjusted HSBC India PMI, rose to 57.5 in October from 56.5 in September.

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FACT OF THE DAY

India’s wedding season from November 12 to December 16 is projected to generate nearly ?6 lakh crore in business, driven by an estimated 48 lakh weddings, according to the Confederation of All India Traders (CAIT). This marks a significant increase from last year’s ?4.25 lakh crore across 35 lakh weddings. With 18 auspicious dates this season, up from 11 last year, the rise in dates is expected to boost spending, especially in Delhi, where ?1.5 lakh crore is anticipated from 4.5 lakh weddings alone.

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ISMA calls for policy interventions to safeguard farmers

Indian Sugar and Bio-Energy Manufacturers Association (ISMA), the apex body of India’s sugar and bio-energy industry, is appealing to the government to raise the Minimum Sale Price (MSP) of sugar to Rs 39.14 per kg to ensure industry sustainability amid rising costs and a sugar surplus.

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HIGHLIGHT OF THE DAY

According to Nielsen's Ad Intel Q4 report, 72% of global marketers plan to increase ad budgets in the coming year, signaling a return to pre-pandemic levels. In Western Europe, major advertisers like Procter & Gamble, LIDL, Amazon, and McDonald's dominate, with FMCG, automotive, and retail sectors leading ad spending. While traditional media still captures significant ad spend, digital channels are rapidly growing, particularly in the Netherlands and the UK.

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India’s wearable market sees decline with 10% drop in shipments

India’s wearable market saw its first decline in Q2 2024, with a 10% drop in shipments largely due to inventory issues and limited innovation. Smartwatches experienced the steepest fall, down 27.4% year-on-year, as oversupply and lack of new features reduced demand.

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