Menu

Survey

CFO Template (1)

Housing Sales Up By Over 63% In H1FY23: Survey

, , , ,

First half of 2023 (H1 2023) recorded highest housing sales of about Rs 2.29 lakh across seven major cities. Sales took of despite of increase in interest rates and housing prices, as per Anarock consumer sentiment survey.

There is still a strong demand for mid-range and luxury properties, with 59 per cent of purchasers selecting residences between Rs 45 lakh and Rs 1.5 crore, it noted.

According to the survey, residences priced between Rs 45 and Rs 90 lakh are the most popular, followed by homes priced between Rs 90 and Rs 1.5 crore by 24 per cent of respondents. This represents a 10 per cent sentiment improvement for houses in this price range compared to the H1 2020 poll.

Additionally, it was shown that 52 per cent of millennials and 35 per cent of Gen X respondents plan to purchase homes in the future with investment profits from other asset classes.

In the post-pandemic market, 3 BHKs continue to be in great demand, with 48 per cent of respondents choosing this layout in the current poll (up from 41 per cent in the H12022 study). According to the report, Bengaluru, Chennai, Pune, and Delhi-NCR had the largest demand for three bedrooms, while Kolkata, the MMR, and Hyderabad had the highest demand for two bedrooms.

Over 66 per cent of respondents in the H12023 survey reported that high inflation had an impact their disposable incomes, compared to 61 per cent in the H12022 survey, indicating a greater financial burden on people and households, the report stated.

It observed that the need for affordable housing has further decreased and now only accounts for 25 per cent of total housing demand. From 28 per cent in H1 2022 and 40 per cent in H2 2020, the demand for residences under Rs 40 lakh has sharply decreased to 25 per cent in H12023. This target population has been severely hurt by inflation and the economic slump, the study found, prompting a cautious “wait and watch” attitude, it mentioned.

people

Study Shows 17.5% Drop In New Frontline Jobs In FY23

, , , , ,

In the last fiscal year, there was a decline of 17.5 per cent in the number of frontline jobs created due to macroeconomic challenges and an uncertain economic environment, according to a report by BetterPlace, a frontline workforce management platform.

It also reported that only 6.60 million customer-facing roles, including sales and business development executives, call centre workers, delivery personnel, marketing executives and housekeeping, were created compared to eight million in the previous fiscal year.

Pravin Agarwala, Co-founder and Group CEO, BetterPlace explained that businesses were cautious in their hiring due to macroeconomic challenges, resulting in a decrease in frontline jobs last fiscal year. However, he anticipates an improvement in job numbers this year due to increased demand for manpower during the ongoing festive season. Companies are seeking to employ a mix of on-roll, third-party roll, and gig workers to meet the rise in consumption across all sectors.

The logistics and mobility sector replaced e-commerce as the highest employment industry for frontline workers in FY23, with a total demand increase of more than 111 per cent. Although the demand created by e-commerce fell by 52 per cent, it was still the second-largest employer, contributing to 33 per cent of the total jobs. The fastest-growing industry in terms of demand for frontline jobs was IFM & IT, growing by 139 per cent in FY23.

According to Agarwala, companies are increasingly turning to gig work as a way to control their workforce costs, resulting in a rise in women’s participation in the workforce from 3 per cent in FY22 to 6 per cent in FY23. He attributes this increase to changing attitudes among families towards women working, with 88 per cent of women surveyed feeling fully or somewhat supported by their families in their decision to work. 

Agarwala emphasised the need for tech solutions that can handle fast-changing dynamics while improving productivity and retention. In FY23, e-commerce was the fastest-growing industry for women frontline workers, with a 36 per cent rise in demand. 

The data also showed that the average monthly salaries for frontline workers decreased by 4.5 per cent to Rs 21,700 in FY23. IFM and IT recorded the highest monthly average salaries at Rs 25,700, followed by BFSI and logistics & mobility, offering salaries of Rs 22,000 and Rs 21,800 per month, respectively.

house

Tax Incentives, Flexible Payment Plans Main Factors For Potential Homebuyers: Survey

, , , , ,

Prospective homebuyers are looking for tax incentives and flexible payment plans as well as leaning towards extra benefits provided by developers in light of rising housing costs and rising home loan rates over the previous year, according to survey report titled “Residential Realty Consumer Sentiment Outlook H2 2023 – Trends and Insights”.

Residential real estate that is ready to move into is more in demand than unfinished projects. The poll found that 48 per cent of participants preferred real estate investing, which outperformed other asset classes like stocks, fixed deposits, and gold. According to the research, 15 per cent choose gold, 18 per cent prefer the stock market, and 19 per cent prefer fixed deposits.

“Throughout history, real estate has been a cornerstone of investment. The COVID-19 pandemic has enhanced its relevance, making it the preferred choice for many. Factors such as the emphasis on homeownership, the rise of hybrid work models, and the importance of safety and security have elevated the real estate sector to new heights,” Dhruv Agarwala, Group CEO of Housing, PropTiger and Makaan commented. Flexible payment plans and tax incentives like stamp duty and GST waivers are going to be the main driving forces behind home purchases in the next six months.

The survey revealed that the most sought-after property categories are gated communities and homes that are ready to move into. A buyer’s decision-making process may be influenced by extra benefits like modular kitchens and custom woodwork. Also tailored help is essential for potential purchasers to complete their transactions after narrowing their list of properties.

The online survey, which was performed between January and June 2023, reportedly involved over a thousand potential homebuyers.

growth

Demand To Rise By 11% In Festive season; 15% More Jobs: Survey

, , ,

Amid the upcoming festival season, demand for loans is likely to increase by 11 per cent, far higher than the moderate growth of 7 per cent seen in the first quarter of this year, according to a survey by FlexiLoans. The survey also estimated a 40-50 per cent spike in loan applications and double growth in disbursals. The leading MSME-focused fintech digital NBFC in India, FlexiLoans, has declared that it anticipates a high demand for loans during the forthcoming holiday season.

The upcoming festive season is poised to be a robust economic driver, with the potential to create a substantial 15 per cent increase in employment opportunities and a remarkable sales surge of over 50 per cent in categories such as consumer durables and automobiles.

“The festive season is a colossal opportunity for businesses and consumers alike. At FlexiLoans, we have witnessed an unwavering trend of robust loan demand during this period, emblematic of the thriving economic sentiment,” Manish Lunia, Co-Founder of FlexiLoans commented.

Specific sectors like jewellery, fashion, and footwear are anticipating a notable sales increase of more than 20 per cent. Both the consumer durables and automotive industries are on the verge of experiencing exceptional sales growth, expected to exceed 50 per cent. At the same time, segments such as jewellery, fashion, and footwear are gearing up for an impressive sales boost of over 20 per cent.

“As we enter this festive season, FlexiLoans remains steadfast in our mission to bolster the growth of small and medium-sized businesses. We take immense pride in being pioneers of financial access and empowerment, especially in emerging markets and tiered cities. Our unique loan offerings, strategic partnerships, and cutting-edge digital underwriting capabilities empower us to respond swiftly to the ever-evolving needs of our diverse customer base,” stated Ritesh Jain, Co-Founder of FlexiLoan.

With an anticipated demand of ₹90,000 Crores during this festive season, it reflects an astonishing growth of 18-20 per cent compared to the previous year. This rapid surge in online shopping has also triggered a substantial increase of 40-50 per cent in consumer borrowing, primarily fueled by the enticing Buy Now, Pay Later (BNPL) promotions, report further stated.

V-shaped recovery

84% MSME Believe Digitisation Will Lead To Better Cross-Border Logistics Management: Survey

, , ,

As the global supply chain is evolving, there has been an increased need for a holistic focus on end-to-end digitisation and service integration in the industry, the report mentioned

A total of 84 per cent of micro, small and medium enterprises (MSMEs) believe that digitisation will lead to better cross-border logistics management, as per a report by Freightwalla, a digital freight forwarding platform.

The report titled ‘MSME Digital India Shipping 2022’ highlighted that about 56 per cent of respondents preferred human intervention along with digitisation to resolve grievances.

As the global supply chain is evolving, there has been an increased need for a holistic focus on end-to-end digitisation and service integration in the industry, the report mentioned.

The findings of the report and the recent National Logistics Policy both showcased the importance of digitisation for the efficient cross-border movement of goods.

The Indian shipping industry has experienced tremendous volatility over the past couple of years, adversely influencing international trade by causing multiple problems, such as equipment shortages, shipment delays, and inefficient dealing with cargo movements. 

To overcome these problems, approximately 59 per cent of respondents said that digitisation is integral to addressing the challenges in the industry. 

Interestingly, as per the report, while complete digitisation in the supply chain and logistics industry was preferred by the majority of participants, in contrast, about 57 per cent also stated that along with the digitised interface, they would also prefer some human intervention in grievance redressal. 

According to the survey findings, over 70 per cent of MSMEs intend to ship goods using digital freight forwarding compared to 30 per cent who prefer traditional counterparts. 

Sanjay Bhatia, Cofounder and CEO, Freightwalla said, “Logistical industry in India has always been traditionally driven. However, the ushering of the digitisation wave and the introduction of technology in this sector globally disrupted the industry.” 

KCJ8E6mb_400x400

Over 95% India Inc Experienced External Fraud Post Covid: PwC Survey

, , , , , , , , ,

The emerging threats around ESG (Environmental, Social, and Governance) reporting fraud, anti-embargo fraud and supply chain fraud could cause major business disruption over the coming years. On the positive side, Indian companies have been undertaking fraud prevention measures to combat fraud which are working

The outbreak of the COVID-19 pandemic along with the uncertainties associated with it and the subsequent shift to digital operations and remote working, has exposed the businesses to new risks related to digital security, employee safety and disinformation.

These in turn have led to new incidents of fraud. Nearly 52 per cent of Indian companies have experienced fraud or economic crime in the last 24 months and an overwhelming 95 per cent of these have experienced new types of fraud as a result of the disruption caused by COVID-19.

This is came following the PwC’s recent report Global Economic Crime and Fraud Survey 2022: India Insights.

It says, around 67 per cent of Indian organisations experiencing fraud reported that the most disruptive incident came through an external attack or collusion between external and internal sources. This proportion was recorded at 56 per cent in its 2020 survey.

On the positive side, Indian companies have been undertaking fraud prevention measures to combat fraud which are working.

Partner and Leader, Forensics Services, PwC India, Puneet Garkhel, said ‘With organisational perimeters becoming more vulnerable over the past two years, it is imperative for businesses to not only continually focus on policies, training and internal controls but also prioritise investing in sophisticated technologies to manage and mitigate the evolving nature of frauds.

“It is increasingly becoming important for organisations to understand the end-to-end life cycle of customer-facing products and also strike a balance between user experience and fraud controls. Over time, formidable actors become better at exploiting cracks,” he added.

The new types of fraud experienced by companies include misconduct risk, legal risk cybercrime, insider trading and platform risk 67 per cent, 16 per cent, 31 per cent, 19 per cent and 38 per cent, respectively.

According to the report, misconduct was the biggest challenge faced by organisations as bad actors began collaborating and taking advantage of pandemic-related uncertainty and volatility. Amongst organisations that reported fraud, conduct risk (or risks associated with individuals within the firm, or vendors, agents and customers) was the biggest threat at 90%.

Fraud and economic crimes impact both big and small firms. However, the survey found fraud to be more prevalent amongst big firms. In total 60 per cent of companies surveyed in India having global annual revenues above USD 1 billion experienced fraud during the past 24 months (globally, 52 per cent of organisations with revenues over USD 10 billion experienced fraud). The impact on smaller companies was less extensive as only 37 per cent of companies in India with global annual revenues below USD 100 million experienced fraud during the past 24 months (global: 38 per cent).

Rise in customer fraud

The 2020 survey had found cybercrime, accounting/financial statement fraud, and bribery and corruption to be the top three frauds in India. Though globally, the findings of this year’s survey are similar to those of our 2020 survey, for India, the top frauds have changed significantly. In India, customer fraud (e.g. frauds involving mortgage, credit cards, claims, cheques) was the top fraud reported by 47 per cent of companies. Cybercrime came a close second, with 45 per cent of Indian organisations reporting this type of fraud. Further, KYC failure was experienced by 34 per cent of Indian firms that experienced fraud, corruption or economic/financial crime in the last 24 months.

Emerging threats

● Indian organisations are facing multiple emerging risks that have the potential to cause greater disruption in the coming years. One such area is ESG reporting fraud (the act of altering ESG disclosures so that they do not truly reflect the activities or progress of an organisation). Almost, 12 per cent of organisations experienced ESG reporting fraud. Companies in India are facing several challenges in managing risks associated with ESG targets and reporting requirements, such as a general lack of understanding about ESG (reported by 45 per cent of organisations surveyed), lack of ownership over ESG in the organisation (at 42 per cent) and inability to accurately monitor or report ESG metrics within the organisation (46 per cent ). As ESG continues to increase in importance for stakeholders, the incentive to commit fraud in this area is likely to grow.

● Another emerging area of disruption is anti-embargo fraud (participation in unsanctioned foreign boycotts, or when an organisation is tricked into breaking an embargo). Though just 9 per cent of organisations experienced anti-embargo fraud over the last 24 months, this may change in the next two years as global sanctions rise to the highest levels in recent history.

● Supply chain fraud also has the potential to cause greater disruption in the coming years – 19 per cent of organisations experienced it in the last 24 months.

● Organisations also experienced increased risk due to customer fraud (30 per cent) and KYC failure (22 per cent) as a result of disruption caused by COVID-19. Globally, these percentages were much lower – 17 per cent for customer fraud and 10 per cent for KYC failure. With an increase in digital banking and payments, KYC fraud is another emerging risk that organisations need to watch out for.

The report of Global Economic Crime and Fraud Survey (GECS) 2022 by PwC came after surveying 1,296 organisations across the world, out of which 112 were from India and represented 32 diverse industries. More than 76 per cent of the respondents from India sit in the C-suite. The India survey covered both small and large organisations.

start-up

Over 82% Business Executives Foresee increase In Cybersecurity Budgets: PwC

, , , , , ,

According to the survey, a catastrophic cyberattack ranks higher than global recession or another health crisis for organizations’ resilience planning

One in four companies (27 per cent) globally has suffered a data breach that cost USD1–20 million or more in the past three years. However, despite cyberattacks continuing to cost businesses millions of dollars, globally fewer than 40 per cent of executives surveyed say they have fully mitigated cybersecurity risk exposure in a number of critical areas. In India, the figure is slightly better with over 50 per cent respondents believing that they have fully mitigated the risks their bold moves incurred since 2020. This includes enabling remote and hybrid work (57 per cent say the cyber risk is fully mitigated); accelerated cloud adoption (61 per cent); increased use of the internet of things (67 per cent); increased digitisation of supply chains (52 per cent) and back office operations (56 per cent). This is according to PwC’s annual Global Digital Trust Insights – India edition.

According to the survey, organizations across the globe worry about more threats and cyber events in 2023 – 65% of surveyed business executives feel cybercriminals will significantly affect their organization in 2023 compared to 2022. In India, cloud-based pathways (59 per cent) and the internet of things (58 per cent) are top areas of concern, followed by mobile devices and software supply chains (54 per cent). Globally, mobile devices are considered most unsecure (41per cent).

Sivarama Krishnan, Partner and APAC Cybersecurity Leader, PwC, said, ‘The digitalisation of business demands that corporates and boards invest in becoming more cyber resilient. This needs to be across the spectrum – in technology, people, processes and engineering capabilities. Our survey clearly reveals that organisations that have made cybersecurity a strategic priority have witnessed less disruption to business. Cyber resilience is not only key to survival of businesses but also a key driver of public trust.”

According to the survey, 89% of Indian business executives say their organisation’s cybersecurity team detected a significant cyberthreat to business and prevented it from affecting their operations, as against 70% globally. It also highlights that 83% Indian business executives say their organisation’s cybersecurity team has improved supply chain risk management. The survey highlights that of all the risks affecting organizations, our India respondents consider a catastrophic cyberattack, a resurgence of COVID-19 or a new health crisis, and a new geopolitical conflict as the top three risks.

The majority of executives surveyed say their organizations are continuing to increase their cyber budgets – 69 per cent say that the budget increased in 2022 and 65 per cent plan to spend more on cyber in 2023.  Increasing budgets reflect the fact that cybersecurity tops the agenda for resilience planning.  According to the survey, a catastrophic cyberattack ranks higher than global recession or another health crisis for organizations’ resilience planning.

Concerns around cybersecurity extend to the C suite.  Most CEOs surveyed are planning to ramp up action cybersecurity measures in the coming year – 52 per cent say they will drive major initiatives to improve their organization’s cyber posture.  Many CFOs surveyed are also planning to increase their cyber focus, including cyber technology solutions (39 per cent), focus on strategy and coordination with engineering/operations (37 per cent) and upskilling and hiring of cyber talent (36 per cent).

It’s not hard to see why cyber continues to move up the corporate agenda. The cost of cyber breaches goes much further than direct financial costs, according to marketing-oriented execs surveyed. The range of harm organizations have experienced due to a cyber breach or data privacy incident over the past three years includes loss of customers (cited by 27%), loss of customer data (25 per cent) and reputational or brand damage (23 per cent)

it portal

87 percent Organisations Consider AI Vital To Business Survival: Survey

, ,

Recruitment was cited as the biggest barrier to AI adoption

New survey has found that 87 per cent of organisations today consider artificilal intelligence (AI) to be vital for their business survival. An online survey of 550 senior IT and data science professionals across the US, UK, Ireland, France and Germany has found that 87 per cent of organisations feel that AI is important for their business to survive. 

The survey revealed 86 per cent believe they would struggle to fully trust AI to make all business decisions without human intervention. But organisations are planning to invest 13 per cent of their global annual revenue into AI within the next three to five years – compared to the eight per cent being invested today.

When it comes to AI adoption, 90 per cent of the respondents in the Vanson Bourne survey reported that organisations continue to rely on manual data processes and only 14 per cent of organisations consider their AI maturity “advanced”. The prevalence of low-quality, siloed and stale data means that data scientists, employed by all large organisations surveyed, dedicate less than a third of their time to building AI models, spending the rest of it on tasks outside of their job role”, stated the survey.

As a result, 87 per cent agree that data scientists within their organisation are not being utilised to their full potential. Yet, recruitment is cited (by 39 per cent) as the biggest barrier to AI adoption, highlighting the responsibility of organisations to urgently empower the talent they already have.

cars

Delhi Favors Switch To Electric Mobility: Survey

, ,

The survey also reveals that 80 per cent of the respondents are in agreement that a switch to EVs by delivery companies is important for tackling air pollution crisis

As per a survey conducted by Sustainable Mobility Network and other social organisations, Delhi consumers are in strong support of for the proposed aggregator scheme of the city government which requires a time-bound transition to electric vehicles by last-mile delivery and e-commerce companies.

The proposed scheme is speculated to be enforced by April 30, 2030, following which we can expect complete transition of Internal Combustion Engines (ICE) to electric vehicles (EV). This change will be palpable mainly among among  service providers, including e-commerce, delivery and transport logistics.

The survey was conducted among 9048 consumers, out of which 1500 were from Delhi. The result shows that 80 per cent of the respondents in Delhi attributed last-mile delivery vehicles as one of the reasons for rising air pollution in the city. The survey also reveals that 80 per cent of the respondents are in agreement that a switch to EVs by delivery companies is important for tackling air pollution crisis. 

Source: freepik.com

80% SMEs Expect To Pick Up In Orderbook In Coming Months: Survey

, , , ,

According to the survey, 79 per cent of the respondents anticipated that access to credit will be normal in Q3, one percentage point higher than the trendline for the preceding quarter

With a pick-up in demand, as many as 80 per cent of the small and medium enterprises (SMEs) anticipate an increase in their domestic order book in the third quarter of the calendar year, as per the latest ASSOCHAM- D&B small business confidence index.

Riding on improved confidence, small businesses participating in the survey intend to raise their capacity utilisation to 60 per cent in Q3 of the calendar year of 2022, up from 55 per cent in Q2 2022. 

”SMEs anticipate their average capacity utilisation rate to increase optimism with regard to fresh investment remaining more or less intact with 75 per cent of SMEs anticipating an increase in their fixed capital investment. It was marginally lower than the 77 per cent recorded in Q2, but remained robust, it said. 

“While the RBI has been tightening the monetary policy compelled by inflation, SMEs do not find any concern with regard to the availability of credit. Good thing is that the latest RBI credit policy statement gave an assurance that enough liquidity would remain in the system,” said Deepak Sood, Secretary General, ASSOCHAM. 

He expressed hope that the banks would continue to meet the working capital requirements of the SMEs ahead of the ensuing festive season.

Sood said it is up to the large companies both in the private and public sectors to ensure that their SME vendors are paid well in time so that the payment and receipts cycle remains smooth and seamless. 

”This is critical for meeting the working capital requirements of the SMEs well in time, more so when the festive season holds promise for faster recovery and particularly for the SMEs, both in manufacturing and services,” he said.      

According to the survey, 79  per cent of the respondents anticipated that access to credit will be normal in Q3, one percentage point higher than the trendline for the preceding quarter. 

This is despite an increase in the interest rates in recent months and the continuation of the same in the immediate future.

Load More