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Time of India
a day ago
- Business
- Time of India
Small cities, big future: Tier-II & III towns emerge as hotspots for GCC growth in India
India 's tier-II and III cities can emerge as hubs of global capability centres (GCC), supported by the government's proposed dedicated framework, incentives from competing states, and a growing ecosystem of enablers that are assisting the GCC setup. Experts say the shift can foster inclusive development, generate jobs beyond traditional hubs, and address the challenges of over-saturation and infrastructure pressures in metro cities. Explore courses from Top Institutes in Please select course: Select a Course Category Management Digital Marketing PGDM Cybersecurity MCA others Data Analytics Degree Technology MBA Operations Management Data Science healthcare Artificial Intelligence Design Thinking Project Management Finance Data Science Others Healthcare Leadership Public Policy CXO Product Management Skills you'll gain: Duration: 9 Months IIM Calcutta CERT-IIMC APSPM India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details As per industry estimates, India has more than 1,700 GCCs as of FY24, with roughly two new centres being established every week. The sector generates $64.6 billion in revenue and employs about 1.9 million people, with more than 82,000 of these jobs being in tier-II and III cities. Tier-1 cities like Bengaluru, Hyderabad, and Chennai continue to be the primary bases. Emerging cities have around 7% of India's GCCs in 2024, up from 5% in 2019. The government in the February budget announced a framework "as guidance to states for promoting Global Capability Centres in emerging tier 2 cities", focused on enhancing availability of talent and infrastructure, building bylaw reforms, and mechanisms for collaboration with industry. There is also a rise in mid-market firms looking to India to set up GCCs, with over 120 such firms expected over the next year, as per ANSR. Research firm Everest Group expects 75% of the 1,200-1,250 new GCCs in India in the next five years to be small and mid-sized firms. "We are likely to see a convergence between the two trends-tier-2 and tier-3 cities attracting GCCs, and mid-market companies choosing India as a strategic delivery location," said Rohan Lobo, partner, Deloitte. Currently, many mid-market firms are initially gravitating toward established tier-1 hubs due to the comfort of ecosystem maturity, Lobo said. However, there is a growing case for a more distributed approach. Talent and costs Digitally skilled talent in tier-2 cities grew over 25% over the past two years, according to a Nasscom-Zinnov report. These locations also see 20-30% lower attrition compared to the 15.2% attrition in tier-1 hubs. From an operational lens, companies can save around 25% on employment costs by setting up in emerging cities due to lower real estate prices, reduced overheads, and sustainable compensation expectations, the report said. Take silicon to systems design solutions firm Synopsys, for example, which has a GCC in Bhubaneswar. "Establishing hubs in tier 2 and 3 locations like Bhubaneswar has created new opportunities for talented engineers to make a real difference at Synopsys, which then has a ripple effect that reaches virtually every industry," Rituparna Mandal, vice president, customer success group, Synopsys, told ET. "We're seeing more graduates in electronics, VLSI (Very Large Scale Integration), and related fields every year, and many of them are eager to work on global projects." The Bhubaneswar centre works closely with the company's R&D groups worldwide and has tied up with local universities like IIT Bhubaneswar. "The cost of living and operations can be more manageable, which helps us invest more in our people and long-term growth," said Mandal. Decentralising innovation Firms like Mastercard, which has a GCC in Vadodara employing nearly 400 people across various businesses and technology programmes, also see this as an opportunity to decentralise innovation. "Operating in emerging hubs is not just a cost decision-it's a future-facing growth strategy aligned with our purpose to power economies and empower people," said Rajesh Mani, SVP & head-Asia Pacific technology hubs, Mastercard. "We see these locations as more than satellite offices-they are platforms to embed leadership, shape culture, and decentralise innovation." The Vadodara GCC contributes to several key global solutions that make payments safer, smarter, and more accessible, he said. This includes the Mastercard Digital Enablement Services (MDES) platform, which tokenises card and account numbers to enable secure digital transactions, and the firm's Carbon Calculator. Global engineering and manufacturing companies have established R&D and automation hubs in cities such as Vadodara and Nashik, capitalising on established technical institutes and industry clusters to drive innovation in areas like IoT, process automation, and advanced analytics, said Lobo. Similarly, a US-based SaaS provider set up its first offshore centre in Mysuru, attracted by the city's strong IT education ecosystem and government incentives, and the company reported faster ramp-up times and greater team stability compared to metro peers. In Coimbatore, a global electronics manufacturer is pioneering IoT-enabled, advanced manufacturing and automation practices, while in Salem, a prominent financial services organisation is streamlining operations through intelligent process automation and digital workflows. Policy push Minister for electronics and IT Ashwini Vaishnaw said earlier this month that the government is working on a roadmap to expand GCC presence in tier-2 and 3 cities, with a focus on strengthening industry-academia collaboration to build a talent pipeline. The government is doing a "mapping" exercise to identify the right tie-ups, said a person aware of the developments. The centre is also mulling a model where states can be brought onto a common portal so that GCCs can get the permissions they need quickly. State governments, on their part, have been trying to attract GCCs as well. Last year, Tamil Nadu announced it will incentivise the creation of high paying jobs in new GCCs by providing a payroll subsidy. Karnataka incentivises GCCs to expand beyond metros to cities like Mysuru, Mangaluru, Shivamogga and Hubballi-Dharwad. Uttar Pradesh is the latest to release a GCC policy with sops such as freshers recruitment subsidy and R&D and innovation incentives. "This coordinated approach by various states creates a competitive yet collaborative environment that benefits the entire ecosystem," said Mrinal Duggal , Head of Sanofi GCC (Hyderabad). Establishing GCCs in tier-2 and tier-3 cities would address the infrastructure pressure on metros while creating innovation clusters that can rival traditional tech hubs, Duggal said. Tier-1 cities could pivot toward more specialised, high-value innovation and R&D, further elevating India's global value proposition. Challenges However, unlocking the full potential of tier-2 and 3 locations requires navigating a unique set of structural and ecosystem challenges, said Mani. "While these cities are gaining operational maturity, many continue to face gaps in cloud infrastructure, startup depth, and local R&D capabilities," he said, citing a recent PwC India report. "Inconsistent high-speed connectivity, limited availability of cloud-ready data centres, and uneven regulatory clarity can further impact scalability." The industry meanwhile is calling for rationalisation of safe harbour margins in the transfer pricing regime and plug-and-play infrastructure in tier-2 and 3 locations to help GCCs set up quickly and smoothly. (This article is published in partnership with Deloitte)
Time of India
2 days ago
- General
- Time of India
Kashi Vishwanath Temple in Varanasi to ban plastic from next month; water offerings in plastic bottles won't be not allowed
Starting August 11, plastic items will no longer be allowed inside the Shri Kashi Vishwanath temple premises, the temple administration announced. The move aims to maintain cleanliness and a pollution-free environment at the holy site. Posters declaring the ban have already been placed around the temple, informing visitors that plastic containers will not be permitted, a PTI report stated. Temple officials have requested devotees to support this initiative by not carrying plastic vessels while visiting the dham. They clarified that offering water to Lord Shiva using plastic bottles or containers will also not be allowed once the ban takes effect. Explore courses from Top Institutes in Please select course: Select a Course Category Management CXO Product Management Leadership Data Analytics Digital Marketing MCA MBA Technology Degree Finance Data Science others Data Science Operations Management Design Thinking Others Project Management PGDM Public Policy Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta CERT-IIMC APSPM India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details The awareness campaign began on the first Monday of the Shravan month and has been encouraging pilgrims to use alternatives to plastic for carrying water and offerings. Administration outlines purpose Vishwabhushan Mishra, Chief Executive Officer of the temple, told PTI, 'Kashi Vishwanath Dham is not only a spiritual centre but can also become a model for cleanliness and environmental protection. This is an effort to make the sacred dham pollution-free and preserve it for future generations.' The administration has also made a broader appeal to devotees from all parts of the country to avoid bringing any plastic to the temple and to adopt eco-friendly practices. Live Events To ensure compliance, plastic checks have been installed at entry points of the temple. Officials said the ban is being supported by the municipal corporation, several NGOs, and local volunteers. The temple authorities also plan to expand the campaign across the city in the future to promote wider environmental awareness. (Inputs from PTI)
Time of India
2 days ago
- Business
- Time of India
SEBI's proposed mutual fund revamp tackles multiple problems but misses these outdated rules
Seven years after the Securities and Exchange Board of India ( Sebi ) embarked on demarcating the mutual fund arena, it is planning to apply a fresh coat of paint. It is rethinking the initial categorisation of mutual funds—an exercise that sought to clearly segregate schemes into distinct categories. The regulator has invited comments on its proposals to redraw the contours of its categorisation framework. Here, we identify the key changes proposed and explore if these will benefit investors or lead to more confusion. Reining in thematic frenzy When Sebi first introduced distinct fund categories in 2018, it directed that fund houses offer only one scheme per category. It was to prevent clutter and duplication, which complicates choice for investors. But this rule did not extend to thematic and sector fund categories. Fund houses were granted freedom to launch schemes in this space as they saw fit. And they did exactly that. Explore courses from Top Institutes in Please select course: Select a Course Category Management Digital Marketing Others Operations Management healthcare CXO Artificial Intelligence Product Management Data Analytics Design Thinking Degree PGDM Cybersecurity MBA Leadership Data Science Project Management Technology others Data Science MCA Healthcare Finance Public Policy Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta CERT-IIMC APSPM India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details With fresh offerings in traditional market-cap or style-driven fund categories restricted, fund houses have targeted a slew of sectors and themes to whet investors' appetite. Of a total of 180 new fund offers (NFOs) in 2024, 73 were sectoral and thematic funds. The new offerings have ranged from more diversified strategies, targeting broader investible ideas like business cycles, special opportunities and innovation to focused, narrow ideas like defence and manufacturing to tourism and electric vehicles, among others. Portfolios of some of these schemes are not far distinct from the existing offerings by the same fund house. This unchecked proliferation of thematic funds has diluted the very essence of Sebi's original intent—to prevent unnecessary clutter and portfolio overlap in mutual funds. Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » Sebi has sought to address this problem by directing that no more than 50% of a new scheme's portfolio overlaps with any of the fund house's existing offerings. This will make fund houses think more deeply before introducing newer themes. Existing funds must also ensure compliance within a year from the date of the final circular. Vidya Bala, Head of Research, says, 'Sector or thematic funds was the only segment where fund houses enjoyed leeway to offer multiple schemes. But now, this freedom will be curtailed if portfolios start overlapping.' A research analyst at a mutual fund research entity observes, 'Fund houses were in the habit of offering variants of gimmicky themes driven more by hype rather than any genuine investment opportunity.' Meanwhile, Sebi is also looking at reining in index funds and exchange-traded funds (ETFs)—another area where fund houses have flooded the market with offerings without restraint. A separate framework will be issued for this. Bigger fund, younger sibling Interestingly, Sebi is rethinking its onescheme-per-category doctrine. It has proposed to allow AMCs to introduce an additional scheme in any category, provided the existing scheme in that category has completed five years of operations, and its corpus exceeds Rs.50,000 crore. This additional scheme would have a similar objective, run a similar investment strategy, and have broad features matching those of the existing scheme. The asset management company (AMC) may appoint a separate fund manager for the additional scheme. So why is Sebi diluting its own diktat? Since the initial categorisation rules were introduced, the size of the market has grown multifold. Combined with the influx of retail money, the asset base of several equity-oriented and hybrid funds has also expanded. Thirteen mutual fund schemes now boast assets under management (AUM) exceeding Rs.50,000 crore, as per Value Research data. The largest, Parag Parikh Flexi Cap, now manages Rs.1.1 lakh crore. Among midand small-cap funds, HDFC Mid Cap runs Rs.84,000 crore while Nippon Small Cap manages Rs.67,000 crore in assets. Defined investing thresholds not in sync with market realities Market size and listed universe has expanded considerably,making current predefined market cap limits restrictive. Some experts contend that size becomes a constraint in certain strategies beyond a point. Performance starts to falter as a fund loses its agility. 'We are seeing a problem of scale coming into play,' insists Santosh Joseph, Managing Director, Germinate Investor Services. 'Deploying incremental money gets tricky in certain strategies. If a Rs.1 lakh crore fund wants to take a 2% position in a small-cap stock, it must buy Rs.2,000 crore worth of stocks of a single company.' Taking such a large position in a smaller company can raise the impact cost for the fund. Invariably, such funds tend to run portfolios with long tails, featuring tiny positions across multiple stocks, especially in mid- and small- cap funds. This can potentially dilute fund returns. A smaller-sized fund, on the other hand, can take bolder bets and can move in and out of positions with more agility. Some experts reckon that introducing a newer fund with same characteristics will benefit investors. Bala remarks, 'If the newer fund can be managed deftly, there is no reason why it should not be permitted. Investors need more options without the problem of AUM.' But this relaxation by Sebi comes with a caveat. Upon the launch of the additional scheme, the existing scheme must stop accepting subscriptions. Experts are not convinced this is the right way. 'It should not be mandatory to close the existing scheme to subscriptions. That should be left to the discretion of the asset manager,' says Bala. She also feels that fixing an arbitrary number as upper threshold for scheme AUM is not the answer. If the scheme underperforms, natural outflows will occur. 'Fund houses should be given the freedom to launch the second fund even before the first scheme hits the AUM ceiling, so that the performance of the latter is preserved,' Bala insists. Larger funds may come with a mini replica Fund houses may get to launch spinoffs of funds with over Rs.50,000 cr in assets and a 5-year track record. Some fear this proposal will orphan the older scheme. Mahesh Mirpuri, Founder, InvestMutual, argues, 'Everyone will naturally gravitate to the newer scheme. Meanwhile, if only redemptions happen in the existing scheme, its returns will suffer.' Sebi has proposed allowing a merger in such situations, but the rot may already have crept in by then. The upside to this move is that the larger scheme would stop bloating, often caused by unchecked inflows in raging markets. This would help the fund manager to stay true to the scheme's label and benefit investors as well. Further, capping the total expense ratio (TER) of the newer scheme at the original scheme's last disclosed TER on its NFO date is a welcome move. Experts are dismissive of having another scheme simply ape the existing scheme. Sebi suggests that the newer scheme must retain the attributes of the first. This may be to prevent confusion among investors. But some say this restricts the playing field for the fund manager, while investors get robbed of choice of a differentiated strategy within a fund category. For instance, if a fund house already offers a quality-centric mid-cap fund, it may offer a value-biased mid-cap fund. 'Fund houses should be allowed to offer distinct strategies within a category, not simply repeat the same flavour,' observes the mutual fund analyst. Joseph argues, 'The fund house should clarify on what basis it is launching the new fund within a category by differentiating clearly between the two.' In its consultation paper, Sebi suggested that fund houses may offer both Value and Contra funds, subject to the condition that no more than 50% of the schemes' portfolios would overlap at any point in time. The overlap would be monitored at the time of NFO deployment and subsequently on a semi-annual basis using month-end portfolios. In case of more than permitted overlap, AMC shall rebalance the portfolios within 30 business extension of up to 30 additional business days may be granted by the AMC's Investment Committee. If the deviation continues beyond this period, Sebi has proposed that investors in both schemes be offered an exit option without any exit load. Lifecycle funds may be introduced These may be used for targeting specific goals for specified time periods with in-built asset allocation features. A missed opportunity? Curiously, Sebi has proposed no changes in its defined investible universe for each sub-category of funds. As it stands, largecap funds invest a chunk of their corpus in the top 100 companies by market cap. Mid-cap funds binge on the next 150 stocks, while small-caps retain focus on the next 250 stocks in market cap. Flexi-cap, largeand-mid, and multi-cap funds allocate assets based on these guidelines. With India's market size expanding rapidly, the existing boundaries are proving too restrictive. For instance, the market capitalisation of the company ranked 100th in 2017 was roughly Rs.30,000 crore. Today, it is Rs.1 trillion. Meanwhile, the 250th-ranked company's market cap has grown from Rs.10,000 crore in 2017 to Rs.34,000 today. The universe of listed companies has also expanded considerably over the years. This market cap expansion has altered the universe of large-, mid- and small-caps, even as the predefined boundaries have remained static. This distorts the fund manager's choice. For instance, a large-cap fund may be compelled to drop a company worth just under Rs.1 trillion from its core universe, as it no longer qualifies as a large-cap. Meanwhile, a midcap fund must hunt within a restrictive arena of Rs.35,000 crore-Rs.1 lakh crore, when the number of mid-sized businesses now extends far beyond this universe. Industry experts argue that these arbitrary boundaries are leaving fund managers handicapped and must be revisited. Bala argues, 'Before attempting incremental changes to the categorisation framework, the regulator must first address the existing anomalies.' Mirpuri says, 'Restricting funds to such a narrow universe was wrong in the first place. All the money is now chasing a few stocks, potentially creating a bubble. India surely has more than 100 large-caps and 150 mid-caps now.' He suggests allowing some overlap in the investible universe between fund categories. Others are in favour of having more dynamic market cap limits. Introducing lifecycle funds Under Sebi's revised framework, mutual fund schemes will remain grouped into five categories—equity, debt, hybrid, solution-oriented, and others. Sub-categories remain unchanged, except for the proposed addition of lifecycle funds and sectoral debt funds. Lifecycle funds may be offered as solution-oriented, open-ended fund-of-funds (FoFs) with a defined target date. Aimed at specific goals like retirement, marriage, or home purchase, they may come with lockin periods of 10, 15, 20, 25, or 30 years. The underlying asset allocation of the scheme will gradually shift from equity funds to hybrid funds and later to debt funds as the target date nears. Further, a fund house may launch a fresh Lifecycle FoF every five years with a maximum tenure of 30 years. Additionally, as each fund reaches its target date, it may be merged with nearest maturity Lifecycle FoF with consent from the unitholders. Experts reckon these funds could be worth exploring, as they would facilitate goal-based investing with automated rebalancing towards a wide range of financial goals.
Time of India
2 days ago
- Sport
- Time of India
Kelsey Mitchell's 35-point masterclass powers Caitlin Clark-less Fever over Sky
Kelsey Mitchell delivered a dazzling performance with a season-high 35 points and seven 3-pointers to lead the Indiana Fever to a 93-78 road win over the Chicago Sky on Sunday. Mitchell fell just three points short of her career-high mark set in 2019, asserting herself early with 13 first-quarter points as the Fever jumped out to a 13-point lead. Explore courses from Top Institutes in Please select course: Select a Course Category Management others Data Science MCA Product Management Technology Finance healthcare Project Management Operations Management MBA Artificial Intelligence Digital Marketing Leadership PGDM Degree Cybersecurity Design Thinking Others Public Policy Data Analytics Healthcare CXO Data Science Skills you'll gain: Duration: 9 Months IIM Calcutta CERT-IIMC APSPM India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details — WNBA (@WNBA) by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Salvaleon De Higuey: New Container Houses – Take A Look At The Prices! Container homes | Search ads Learn More Undo The game lost some star power with both Caitlin Clark (groin) and Angel Reese (back) sidelined. Clark missed her fourth straight game and 14th overall this season, while Reese was a late scratch, sitting for the second consecutive contest. Despite the absences, Indiana (14-12) took control early and held firm throughout. Aliyah Boston contributed a double-double with 14 points, 11 rebounds, and six assists, while Makayla Timpson and Aari McDonald added 14 and 10 points, respectively. The Fever shot 47.1% from the field and hit 11 three-pointers. Live Events — WNBA (@WNBA) Chicago (7-18) saw Rachel Banham erupt for a season-high 26 points, including six treys. Kamilla Cardoso posted a double-double (12 points, 12 rebounds), but the Sky dropped their fifth straight game and played without top scorer Ariel Atkins (leg). After briefly trimming the Fever's lead to six with under five minutes left, the Sky went cold. Mitchell responded with a clutch three and two free throws to spark a 9-0 closing run, sealing Indiana's third win over Chicago this season.
Time of India
2 days ago
- Business
- Time of India
Boeing fighter jet workers reject contract: Strike threat looms amid increased F-47 production for US airforce
Union members at Boeing 's fighter jet assembly plants in Missouri and Illinois have overwhelmingly rejected the company's latest contract offer, setting the stage for potential strikes that could disrupt production at critical defense manufacturing facilities. More than 3,200 members of the International Association of Machinists and Aerospace Workers (IAM) Local 837 voted down the contract on Sunday, the day their previous agreement expired. The contract on the table included a 20% wage increase over four years, a $5,000 ratification bonus, and improvements to vacation and sick leave benefits. However, union representatives argued the proposal fell short of addressing the workforce's priorities and sacrifices, motivating the decisive rejection. A statement from IAM Local 837 stressed that the offer did not adequately reflect the skilled workers' value, signaling significant dissatisfaction within Boeing's defense workforce. Explore courses from Top Institutes in Please select course: Select a Course Category Management Operations Management Degree Cybersecurity Project Management Leadership Public Policy healthcare Design Thinking MBA PGDM Product Management CXO Finance Data Science Technology others Others Artificial Intelligence Healthcare Digital Marketing Data Science MCA Data Analytics Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta CERT-IIMC APSPM India Starts on undefined Get Details With the expiration of the contract on Sunday, a legally mandated seven-day cooling-off period will begin, after which IAM Local 837 members could proceed with strike action if no agreement is reached. This development risks severe disruption at Boeing's key fighter aircraft assembly operations in the Midwestern states of Missouri and Illinois, locations critical to the company's defense manufacturing output. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 20 Things Women Should NEVER Wear! Undo This year, Boeing is increasing production capacity in St. Louis for the new F-47 fighter jet contract awarded by the U.S. Air Force , underscoring the stakes involved in maintaining uninterrupted labor relations in these strategically important facilities. Dan Gillian, Vice-President of Boeing Air Dominance and general manager of the St. Louis site, expressed disappointment over the rejection of the company's "richest contract offer ever," emphasizing that the offer was designed to meet all stated labor priorities. Boeing has yet to provide further comment as negotiations are expected to continue amid growing pressure. Live Events
