MAM
56% of families report increase in overall household spending in Aug ‘21: Survey
Mumbai: Over 56 per cent of families across the country reported an increase in household spending in August, with North India leading the chart, according to consumer data intelligence company Axis My India’s latest monthly report. The ‘India Consumer Sentiment Index’ is a monthly analysis of consumer perception on a wide range of issues.
The industry has pinned hopes on the upcoming festive season to push growth across sectors with rise in consumer spending. According to the survey done via Computer-Aided Telephonic Interviews, the consumers have reported an increase in spends on essentials like personal & household care. The spends on non-essential & discretionary products are still cautious with only 21 per cent of families reporting an increase. “This shows the festive spirit slowing building up with the net score having increased to +9 from -12 last month. Interestingly, the sentiment increase is highest in rural India,” said Axis My India.
The survey covered as many as 10,482 respondents across the country of which 72 per cent were male and 28 per cent were female.
Health still remains an important consideration and consumption of health-related items has increased or remained the same for 79 per cent of families and decreased only for 21 per cent of families. The health score which has a negative connotation i.e. the lesser the spends on health items the better the sentiments has a net score value of -24.
When respondents were asked if they would shop more or less this festive season, 42 per cent of families said they would shop more or the same as compared to last year. “This gives an indication that there is a sense of cautious optimism and the pent-up demand or degree of revenge shopping which happened last year might not be the same this year. This expected increase in spends is higher among private & government service employees,” according to the survey.
Among other findings, consumption of media has increased for 25 per cent families & remained same for 47 per cent. The corresponding increase figure was 28 per cent last month, net score being at -3. The media consumption increase was found to be highest in the 18-25-year age group at 32 per cent.
Tourism, however, continues to be a concern as 83 per cent of the respondents are still averse to travelling, and 15 per cent mentioned they would only travel domestically. Showing a sign of self-maturity, 96 per cent of people said they will implement Covid appropriate behaviour this festive and hopefully this will reduce the level of cases in case the third wave strikes.
“As the festive season approaches, consumers are slowly stepping out – as proven by increased numbers for non-essential spending and mobility. This should have a positive effect on the hospitality industry which has been severely affected due to the pandemic,” said Axis My India CMD Pradeep Gupta said. “A positive score of an additional 5.5 points over the last month indicates steady progress towards social and economic normalcy, with this trend expected to improve further in the next few months. Overall, we hold a cautious but optimistic outlook on consumer sentiments.”
MAM
Karnataka clears Rs 4,824 crore investment projects across 13 districts
37 new industries approved, projects expected to create 14,525 jobs.
MUMBAI: If investment is the fuel of economic growth, Karnataka has just stepped on the accelerator. The Government of Karnataka has approved industrial projects worth Rs 4,824.31 crore, a move expected to generate 14,525 new employment opportunities across the state, according to a report by Press Trust of India. The approvals were granted during the 158th meeting of the Karnataka State Level Single Window Approval Committee, chaired by state industries authorities.
Karnataka industries minister M B Patil said the committee cleared 37 new industrial proposals and two additional investment projects spread across 13 districts, including Vijayapura, Bagalkote, Chitradurga, Kolar and Ramanagara.
The projects span a wide range of sectors such as information technology infrastructure, sugar manufacturing, technical textiles, compressed biogas, aerospace, jewellery manufacturing, electronics, software services and hospitality, including five star hotel development.
Patil said the diverse mix of industries reflects Karnataka’s strategy of attracting investments across both traditional manufacturing sectors and emerging technology driven industries.
Of the total proposals cleared, 22 projects fall under the large and medium industry category, each involving investments of more than Rs 50 crore.
Together, these projects account for Rs 3,908.68 crore in investment and are expected to create approximately 12,475 jobs.
Another 15 projects are classified as new industrial ventures with investments ranging between Rs 15 crore and Rs 50 crore. These projects collectively represent Rs 350.60 crore in investment and are expected to generate around 1,750 jobs.
In addition, the committee approved two further projects worth Rs 565.03 crore, which are expected to create about 300 employment opportunities.
Among the notable proposals cleared by the committee is a major information technology infrastructure development project by Bagmane Constructions Private Limited with an investment of Rs 494.65 crore.
Another significant project involves Karnataka Bangaru Sugars Pvt Ltd, which received approval to establish a sugar manufacturing facility worth Rs 443.50 crore.
In the textiles sector, Kleine Pax Ltd secured approval to set up a technical textiles manufacturing unit involving an investment of Rs 376 crore.
The hospitality sector also saw a major proposal, with Trishul Buildtech and Infrastructure Pvt Ltd receiving approval to develop a five star hotel project worth Rs 300 crore.
Meanwhile, the state also cleared a compressed biogas production facility by Troult Grass Pvt Ltd involving an investment of Rs 257.77 crore in Mudhol.
In the electric mobility segment, Tsuyo Manufacturing Pvt Ltd has been approved to set up a motor and controller manufacturing facility for electric vehicles, with an investment of Rs 250 crore.
Officials said the distribution of projects across multiple districts is expected to strengthen regional industrial development and expand employment opportunities beyond the state’s established technology hubs.
With the approvals spanning sectors from traditional manufacturing to next generation technologies, Karnataka aims to reinforce its position as one of India’s leading investment destinations while supporting job creation across diverse industries.
