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Five-day festive season sale brings Rs 9000 crore windfall for e-tailers: RedSeer study

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Online shopping

[vc_row][vc_column][vc_column_text]Online shopping platforms like Flipkart and Amazon clock huge monetary gains, 40 per cent growth in e-tailing sales compared to 2016

At a time when India’s fledgling economy and its stagnating informal sector have triggered concern by many economists, here’s some good news coming from a sector that is still in its nascent stage in the country. If a report by market research firm RedSeer Consulting is anything to go by, India’s online shopping industry registered sales worth a staggering Rs 9000 crore in just five days – September 20 to 24 – during the Navratri festive season sale.

“E-tailers generated their highest ever sale performance over the five festive days from September 20-24, 2017…For these festive sale days, RedSeer analysis shows that the e- tailing industry managed to generate Rs 9,000 crore/ USD 1.5 billion of sales,” a report by the research firm said.

RedSeer claimed that the monetary valuation of the sales during the past five days translates into a 40 per cent year-on-year growth when compared to the USD 1.05 billion generated by these e-tailing platforms for the same sale season of 2016.

The report says that India’s largest online shopping platform Flipkart along with its subsidiaries, Myntra and Jabong, accounted for 58 per cent of the gross merchandise value (GMV) clocked during the festive season sale. Global e-tailing giant while Amazon came a distant second, notching up a 26 per cent share while other online shopping platforms accounted for the remaining 16 per cent.

“Driven by their sharp advertising, robust offers and flawless execution, e-tailers have managed to largely match their pre-sales expectations and deliver the biggest sale period ever for e-tailing industry,” the report said while predicting an upward trajectory for monetary growth in upcoming fiscal quarters for online shopping platforms.

RedSeer’s analysis, the firm said, was based on over 9,000 consumer surveys and more than 1,000 seller interactions among other metrics.

However, impressive as the growth of online shopping sales during this festive season may be, the boom isn’t as high as RedSeer had predicted earlier this month. The research firm had last week claimed that India’s e-commerce firms may sell over USD 1.7 billion or Rs 10,880 crore worth of goods during the festive season sale.

The earlier prediction of a 60 per cent growth, as against the 40 per cent growth that was actually registered, was based on the firm’s analysis that e-commerce would tap the increasing number of new consumers who have come online due to the aggressive push by telecom major Reliance Jio in increasing data access.

It is, however, not clear at the moment whether Reliance Jio and its lucrative data packages have significantly boosted e-tailing sales for the current season.[/vc_column_text][/vc_column][/vc_row]

India News

Mahatma Gandhi’s legacy under threat from Modi government: Sonia Gandhi

Approximately 200 leaders, including CWC members, special invitees, party officials, and former chief ministers, convened for the Congress meeting in Belagavi.

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Congress Parliamentary Party (CPP) chief Sonia Gandhi on Thursday said Mahatma Gandhi’s legacy is under threat from those in power in New Delhi and the ideologies and institutions that have nurtured them. She urged the party workers to bolster their commitment to addressing these challenges with determination.

As the Congress Parliamentary Party Chairperson, Gandhi slammed the Narendra Modi government and the RSS, urging action against the forces she accused of fostering the toxic environment that contributed to Mahatma Gandhi’s assassination.

“It was a transformative moment in our nation’s history. Today, we recommit to honoring, safeguarding, and advancing the legacy of Mahatma Gandhi, who has always been and will remain our fundamental source of inspiration,” she stated.

“His influence shaped and guided the remarkable leaders of his time. However, his legacy now faces threats from those in power in New Delhi, along with the ideologies and institutions that support them,” she continued in her message.

“These organisations never stood for our freedom; they vehemently opposed Mahatma Gandhi and are responsible for creating a toxic environment that led to his assassination. Furthermore, they celebrate his assassins,” Gandhi asserted.

She highlighted that “Gandhian institutions across the nation are under assault” and expressed that it is fitting for this meeting to be named Nava Satyagraha Baithak. She called for a renewed determination to confront these forces with all available strength.

Additionally, she encouraged party workers to unite and tackle the challenges ahead with urgency and renewed enthusiasm.

Congress President Mallikarjun Kharge, also speaking at the meeting, accused the BJP of disrespecting freedom fighters, particularly B.R. Ambedkar. He alleged that Prime Minister Narendra Modi and his administration refuse to acknowledge the error made by Home Minister Amit Shah regarding his “extremely insulting” comments about Ambedkar.

In response, the BJP condemned the Congress’s gathering, labeling the Belagavi session as a “monumental mockery of the principles of Mahatma Gandhi.” Senior BJP leader C.R. Kesavan remarked that “Rahul Gandhi’s Congress stands in stark opposition to Mahatma Gandhi and his ideals.”

Approximately 200 leaders, including CWC members, special invitees, party officials, and former chief ministers, convened for the Congress meeting in Belagavi.

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India News

China gives nod to build world’s largest dam on Brahmaputra close to Indian border

The investment in this dam could surpass one trillion yuan (approximately $137 billion), significantly overshadowing all other single infrastructure projects, including China’s own Three Gorges Dam, which is currently recognized as the largest in the world.

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China has given its nod to construct the world’s largest dam, termed the most significant infrastructure project globally, with an estimated cost of $137 billion, located on the Brahmaputra River in Tibet near the Indian border, raising alarms for neighboring countries, particularly India and Bangladesh.

The Chinese government announced its decision to develop a hydropower project in the lower reaches of the Yarlung Zangbo River, which is the Tibetan nomenclature for the Brahmaputra.

The dam will be sited at a substantial gorge in the Himalayan region where the Brahmaputra river makes a notable U-turn, flowing into Arunachal Pradesh before reaching Bangladesh.

The investment in this dam could surpass one trillion yuan (approximately $137 billion), significantly overshadowing all other single infrastructure projects, including China’s own Three Gorges Dam, which is currently recognized as the largest in the world.

China had previously operationalised the $1.5 billion Zam Hydropower Station, the largest in Tibet, back in 2015. This Brahmaputra dam project forms part of the 14th Five-Year Plan (2021-2025) and is aligned with broader National Economic and Social Development goals and Long-Range Objectives set out through 2035, as established by the Communist Party of China’s key policy-making body in 2020.

Concerns have been raised in India, as the dam would allow China not only to manage water flow but also potentially to release significant water volumes, which could inundate border areas during hostilities. In parallel, India is also pursuing the construction of a dam on the Brahmaputra in Arunachal Pradesh.

In 2006, India and China instituted the Expert Level Mechanism (ELM) to address various matters related to trans-border rivers, which involves China providing hydrological data regarding the Brahmaputra and the Sutlej rivers during the monsoon seasons.

Discussions on data sharing related to trans-border rivers were highlighted in recent talks between the Special Representatives for border issues in India and China, NSA Ajit Doval, and Chinese Foreign Minister Wang Yi, which took place on December 18.

The proposed Brahmaputra Dam presents substantial engineering hurdles, situated along a tectonic plate boundary known for seismic activity. The Tibetan Plateau, often referred to as the “roof of the world,” is susceptible to earthquakes because of its location over tectonic plates.

An official statement released on Wednesday attempted to alleviate fears concerning seismic risks, asserting that the hydropower project is designed to be safe and emphasizes ecological protection.

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India News

SBI PO recruitment 2024: 600 probationary officer posts announced

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The State Bank of India (SBI) has released its official notification for the recruitment of Probationary Officers (PO) for 2024. The recruitment drive aims to fill 600 vacancies, including 586 regular positions and 14 backlog positions. Interested candidates can apply online through the official website, sbi.co.in, starting December 27, 2024.

This recruitment drive aims to fill 600 Probationary Officer (PO) positions, offering a great opportunity for aspirants looking to build a career in banking with one of India’s most prestigious financial institutions. The SBI PO posts will be filled through a rigorous three-phase selection process, including preliminary exams, main exams, and a final interview.

Candidates must meet the eligibility criteria, including a graduation degree and age requirements, to apply for the posts. The application process will be conducted online, with important dates for registration, examination, and document submission clearly outlined. Interested candidates are encouraged to check the official SBI website for detailed instructions and begin preparing for the upcoming selection rounds.

Key Dates

  • Application Start Date: December 27, 2024
  • Application Deadline: January 16, 2024
  • Preliminary Exam Call Letters Available: 3rd or 4th week of February 2025
  • Phase-I Preliminary Examination: March 8 and 15, 2025

Eligibility Criteria

  • Educational Qualification: A graduate degree in any discipline from a recognized university or equivalent. Final-year students can apply provisionally, provided they present proof of graduation by April 30, 2025.
  • Age Limit: Applicants must be between 21 and 30 years old as of April 1, 2024 (born between April 2, 1994, and April 1, 2003, inclusive).

Selection Process

The selection process involves three phases:

  1. Phase I: Preliminary Examination
    • An online objective test carrying 100 marks.
  2. Phase II: Main Examination
    • Conducted online, it includes an objective test for 200 marks and a descriptive test for 50 marks.
  3. Phase III: Psychometric Test, Group Exercise, and Personal Interview
    • A psychometric test will profile candidates’ personalities. Shortlisted candidates will participate in group exercises and interviews.

Application Fee

  • Rs. 750/- for Unreserved, EWS, and OBC candidates.
  • No fee for SC, ST, and PwBD candidates.

How to Apply?

Candidates must visit the official website, register, and complete the application process by the deadline. The call letters for the preliminary examination will be available in February 2025.

This recruitment provides an excellent opportunity for aspiring candidates to join one of India’s premier banking institutions. Applicants are advised to carefully review the eligibility and selection criteria before applying.

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