Generational Dynamics in the 2024 Hurun India Under35s
Generational Insights: A Deep Dive into the 2024 Hurun India Under35s List
The 2024 Hurun India Under35s list offers a fascinating view of generational distribution within India's young entrepreneurial ecosystem. Among the 150 promising entrepreneurs featured in the list, an impressive 123 are first-generation entrepreneurs, reflecting the rise of self-made success stories.
Notably, Ankush Sachdeva of Sharechat stands out as the youngest first-generation entrepreneur at just 31 years old, underscoring the growing impact of digital platforms and innovation in the Indian startup landscape.
This year's list reveals the diversity in backgrounds and family legacies within India's entrepreneurial space. While the majority are pioneering new ventures as first-generation entrepreneurs, a notable presence of second, third, and even fourth-generation entrepreneurs showcases a balance between inherited legacy and fresh innovation.
The combination of young trailblazers from both new and established business backgrounds paints a vibrant picture of India's evolving entrepreneurial journey. It is clear that the spirit of innovation and the drive to make an impact spans across generations.
Jobless rate drops to 6.5% in September. What that means for rate cut hopes
The Canadian economy added some 47,000 jobs in September, enough to lower the unemployment rate for the first time since the start of 2024.
Statistics Canada said Friday that job gains were focused in full-time work and in the private sector, offset by losses in part-time roles and public employment.
That drove the jobless rate down a tick to 6.5 per cent, which StatCan said was the first decline since January. The unemployment rate was 6.6 per cent in August, then a seven-year high outside the pandemic years.
The information, culture and recreation sector, the wholesale retail and trade segment and the professional, scientific and technical services industries all contributed more than 20,000 job gains in September.
StatCan noted that job gains in youth helped to reverse what had been a weakening trend in the labour market for that youngest demographic of workers. Youth aged 15 to 24 added 33,000 jobs last month, driving the age group’s unemployment rate down a full percentage point to 13.5 per cent.
A particularly tough job market for youth and newcomers to Canada has been cited as a major factor driving the unemployment rate higher over recent months.
The participation rate — those working or actively looking for work — also declined 0.2 percentage points in September. StatCan said the youth participation rate in particular has been trending down since February 2023, and tends to decline in periods of high unemployment as younger people spend longer in school or otherwise delay entry into the labour force.
The average hourly wage in Canada rose 4.6 per cent year-over-year last month, easing from annual gains of 5.0 per cent in August.
Odds of a steeper rate cut weaken
With inflation back at the Bank of Canada’s two per cent target as of August, the central bank is increasingly focusing on risks to the labour market and wider economy in a bid to keep price pressures from dropping too far below those levels. The Bank of Canada has lowered its policy rate three times since June in an effort to ease pressure on the economy.
While another interest rate cut is widely expected at the central bank’s next decision on Oct. 23, economists have lately been debating whether a steeper, 50-basis-point drop is in the cards compared to the typical 25-bsis-point step.
But September’s jobs report came in stronger than many economists expected, suggesting the Canadian economy is holding up well under more restrictive interest rates.
BMO chief economist Doug Porter said in a note to clients Friday morning that the September release sends a “strong vote” for another quarter-point cut later this month. One of the strongest arguments for a half-point cut was the softness in the labour market, he said, which appears to have instead firmed up somewhat last month.
“With jobs delivering at least a one-month wonder of strength—and offering a tantalizing glimmer of hope that the economy may be pulling out of its funk—the case for an even more aggressive BoC just took a big step back,” he said.
TD Bank senior economist Leslie Preston also noted that the jobs data can be volatile, and one month of stronger results does not in itself change the picture of a softening labour market.
She agreed with Porter that bets for a 50-basis-point cut will likely be pared back after Friday’s report, but added that “data rarely moves in a straight line, and we would need to see a few more months of strength before we declare an improving trend.”
Financial markets are fully pricing in another 25-basis-point rate cut in October, according to Reuters, and odds for a 50-basis-point cut dropped to 36 per cent after the jobs data from 53 per cent earlier.
But RBC assistant chief economist Nathan Janzen said he is maintaining his calls for 50-basis-point cuts at both of the Bank of Canada’s upcoming decisions in October and December.
Oversized steps “would still make sense” after the latest jobs numbers, Janzen argued in a note, which had more weakness under the hood than the headline figures would suggest. A sharp drop in the number of job openings suggest hiring demand is still waning, and declines in hours worked show there’s more softness expected for the economy in the third quarter, he said.
Risks are still “tilted” towards inflation dropping below two per cent, Janzen said, giving the Bank of Canada plenty of runway to cut faster than the pace of its cycle to-date.
Sri Lankan economy stabilised, says World Bank
Aided by critical structural and policy reforms, the Sri Lankan economy has stabilised after the deep crisis it suffered in 2022 with growth in 2024 expected to be 4.4 per cent up from the previous projections, the World Bank said on Thursday.
“The good news is that it grew faster than most expected but the not so good news is that it is not out of the woods yet,” World Bank country director Gevorg Sargsyan told reporters.
The 2024 growth is expected to be 4.4 per cent up from the previous projection of a 2.2 per cent, yet the poverty could increase Sri Lanka declared its first-ever sovereign default in mid-April 2022, the first since gaining independence from Britain in 1948.
The island nation is currently in negotiations with the International Monetary Fund (IMF) for the next tranche of the USD 2.9 billion bailout package for which the IMF has made external debt restructuring conditional.
The third tranche of the bailout package was released in mid-June as the Washington-headquartered global lender said on August 2 that Sri Lanka’s economic reform programme has yielded good results.
The World Bank’s bi-annual Sri Lanka Development Update, 'Opening Up to the Future' — released on Thursday — cautions that the recovery remains fragile and hinges on maintaining macroeconomic stability, successfully restructuring debt, and continuing structural reforms to increase medium-term growth and reduce poverty.
Sargsyan said the four quarters of growth and a current account surplus in 2023 were remarkable achievements.
“Sri Lanka has an untapped export potential of an estimated USD 10 billion annually which could create nearly 1,50,000 new jobs.
“There is significant opportunity for diversifying and expanding exports in manufacturing services and agriculture provided the necessary reforms are implemented,” he said.
According to NewsFirst.lk, the World Bank report projects a modest growth of 3.5 percent in 2025 and poverty is expected to gradually decline but remain above 20 percent until 2026.
The new government of President Anura Kumara Dissanayake has decided to stick with the IMF’s rigid bail out programme of nearly USD 3 billion sealed by his predecessor Ranil Wickremesinghe.
Dissanayake, in the election run up, had said he would want to renegotiate some of the tougher conditions which heaped economic burden on the people.
FPIs pull out Rs 59,000 crore from equity in October
Foreign portfolio investors have sold Rs 58,711 crore ($7 billion) of Indian equities in Oct, influenced by China's economic stimulus. Net bond sales were modest at Rs 709 crore. However, strong domestic institutional investments mitigated the market impact. FPIs have also shown interest in Hyundai's upcoming IPO.
Foreign portfolio investors have sold Rs 58,711 crore ($7 billion) worth of equity in Oct, being net sellers in all eight trading sessions so far. In Sept, FPI investments had reached a nine- month high of Rs 57,724 crore. FPIs also offloaded Indian bonds, though net bond sales were modest at Rs 709 crore due to govt bond purchases. The sales reflect a rebalancing of investments after China announced a major economic stimulus package in late Sept.
While CLSA has increased China's weightage and reduced India's overweight exposure from 20% to 10%, Jefferies cut India's weightage by 1% and increased China's by 2% on Oct 2, 2024.
"This massive selling didn't impact the market much as domestic institutional investors - supported by strong fund inflows absorbed the selling," V K Vijayakumar of Geojit Financial Services, said.
FPIs are expected to invest around $2 billion (Rs 16,400 crore) in Hyundai's Rs 27,810 crore IPO, but that may not offset outflows if the Iran-Israel conflict escalates. Additionally, the demand for Indian govt bonds following their inclusion in the JP Morgan Emerging Market Bond Index might slow as expectations for a US Federal Reserve rate cut shift from 50 to 25 basis points. Buy Now In Oct, FPIs bought Rs 3,755 crore of govt bonds under the fully accessible route (FAR), but sold Rs 1,634 crore under the general limit and Rs 950 crore under the voluntary retention route.
FPIs also made net purchases of Rs 1,797 crore in hybrid instruments but sold Rs 300 crore in mutual funds. So far in 2024, FPIs have invested Rs 73,468 crore in equities and Rs 1.1 lakh crore in debt. "FPIs have adopted a 'sell India, buy China' strategy following China's stimulus," Vijayakumar said.
India, China make progress on starting direct flights
Travellers are facing higher costs and longer journeys due to the lack of direct flights between India and China. A round-trip between New Delhi and Beijing in 2019 took six hours and cost up to $550. Now, the fastest options involve a 10.5-hour flying time and a to-and-fro ticket costs over $1,200.
Discussions revolving around the resumption of direct passenger flights between India and China have gained momentum, as the Chinese government is eager to restart operations, multiple government officials told Moneycontrol.
"The Chinese government has requested another meeting with its Indian counterpart. Talks are in progress for a fresh representation to restart direct flights and strengthen bilateral ties," an official said.
On September 12, a meeting was held between civil aviation minister K. Rammohan Naidu and Song Zhiyong, Administrator of the Civil Aviation Administration of China. Talks have gathered pace and there are "positive indications" that direct flights are likely to resume soon.
A second official said that both nations had agreed in August to intensify diplomatic and military contacts to resolve border standoffs. The Chinese government is keen to address business-related travel issues. "The Chinese government has repeatedly urged the Ministry of External Affairs (MEA), the Ministry of Commerce and Industry, and the Ministry of Civil Aviation (MoCA) to make travel easier for Chinese businessmen, technicians, and engineers," the official said.
In response, the Ministry of Commerce and Industry has set up an online portal to fast-track visas for Chinese technicians, particularly for those sectors involved in the Production Linked Incentive (PLI) scheme.
Emails to the spokespersons of the MoCA, the Ministry of Commerce and Industry and the MEA did not elicit any response till the time of the publication of this article.
Officials are cautious about providing a definitive timeline for resuming flights, despite the bilateral talks gathering momentum.
China remains India’s largest source of imports, accounting for about 15 per cent of all inbound shipments in the first quarter of the current fiscal year. On the contrary, India’s exports to China were 3.4 per cent during the same period. India’s imports of industrial goods from China soared by 215.3 per cent between 2007 and 2022, reaching $79.7 billion, significantly outpacing the growth of inbound shipments from the rest of the world.
Robotics startup Haber raises $38 million from Creaegis, others
Artificial intelligence-driven robotics startup Haber has raised Rs 317.2 crore (about $38 million) in a funding round led by private equity firm Creaegis, along with participation from Accel India, and BeeNext Capital.
Creaegis led the round with an investment of Rs 200.3 crore, while Accel and BeeNext contributed Rs 83.5 crore and Rs 33.4 crore, respectively, according to documents filed with the Registrar of Companies (RoC).
The funds will be used for the company’s growth, expansion, marketing, and general corporate activities, the company said in the filing.
In 2021, the company raised $20 million in a round led by Ascent Capital. With this latest funding, the total funds raised by the Pune-headquartered firm now stands at $65 million, according to data from Tracxn.Founded in 2017 by Vipin Raghavan, Priya Venkat and Arjunan PN, Haber is an AI-driven robotics startup that develops and provides industrial robots designed to automate labour-intensive tasks in factories. Its technology focuses on automating processes such as sample collection, measurement, analysis, and intervention within industrial environments which helps factories reduce manual intervention.
Haber’s AI-powered automation solutions also enable industries to cut down the consumption of chemicals, energy, and water, leading to cost savings and more sustainable operations.
The development was first reported by news website Entrackr.While Haber has yet to file its financials for fiscal year 2024, it reported an almost 82% increase in revenue over the previous year to Rs 82.8 crore, though its losses widened by 47% to Rs 36.8 crore.
This funding comes as AI and robotics services are gaining traction across industries like manufacturing, logistics, and healthcare. Haber’s top competitors include Chennai-based Detect Technologies and Fero Labs.
The Newest Artificial Intelligence Stock Has Arrived -- and It Claims to Make Chips That Are 20x Faster Than Nvidia
The artificial intelligence chipmaker Nvidia (NASDAQ: NVDA) has amassed close to a $3.2 trillion market cap, making it one of the world's largest chipmakers. It now consumes more than 6% of the broader benchmark S&P 500 index. Over the last five years, Nvidia has grown annual revenue by 458% and the stock is up an incredible 2,009%. Given the potential for AI to disrupt life as we know it, it's understandable that investors are so excited about the stock.
But the lure of these kinds of gains is naturally going to attract competition. Now, one of Nvidia's competitors is planning an initial public offering (IPO) and claiming to manufacture chips that can vastly outperform Nvidia at a fraction of the price. Let's take a look.
20x better than Nvidia?
Last week, the AI chipmaker Cerebras filed its registration statement with the Securities and Exchange Commission (SEC) with the intent to go public. In a press release from 2021, Cerebras said it had a valuation of $4 billion after a $250 million series F financing round. The company is targeting a $1 billion IPO at a $7 billion to $8 billion valuation. In its registration statement, Cerebras cites Nvidia as a competitor, as well as other large AI companies such as Advanced Micro Devices, Intel, Microsoft, and Alphabet.
Cerebras' pitch is that bigger is better. That's because the company has designed a chip that is the size of a full silicon wafer, and the largest ever sold. The company believes that the size advantage leads to less time moving data. Furthermore, Cerebras has a flexible business model in which clients can buy Cerebras products to have at their facilities or through a consumption-based subscription through the company's cloud infrastructure.
Cerebras clearly wants investors to compare, or at least associate, the company with Nvidia. Nvidia is mentioned 12 times in the registration statement. Cerebras also provides a side-by-side comparison of its Wafer-Scale Engine-3 chip versus Nvidia's H100 graphics processing unit (GPU), which is considered the most powerful GPU on the market.
Cerebras CEO Andrew Feldman publicly said the company's inference offering is 20 times faster than Nvidia's at a fraction of the price. In 2023, Cerebras generated about $78.7 million of revenue, up 220% year over year. Through the first half of 2024, Cerebras has grown revenue to $136.4 million. The company still hasn't earned a profit, having reported a nearly $67 million loss through the first half of 2024. These numbers also pale in comparison to Nvidia, which recently reported second-quarter revenue of $30 billion and a profit of roughly $16.6 billion.
Will Cerebras make a splash?
With big publicity from news publications and claims of being 20 times faster than Nvidia, I think it's safe to say that Cerebras already has and will continue to make a splash.
Depending on the excitement investment bankers can drum up during the company's road show and market conditions, I wouldn't be surprised to see Cerebras go public at a higher valuation than expected. AI has been all the buzz and the IPO market has been flat for a few years now, so there could be pent-up demand on Wall Street.
Will Cerebras overtake Nvidia? Only time will tell. Its product offerings are impressive, but it still has a ways to go to get its financial profile in line with Nvidia. Furthermore, there may be some advantages to Nvidia having smaller chips and it remains to be seen whether Cerebras can compete with Nvidia's software language CUDA -- although the company does say that its software program "eliminates the need for low-level programming in CUDA."