In partnership with

Good morning. A young chartered account in Pune and a gig worker in Chennai — two lives lost in India thanks to the work that they do. Both were working under tremendous pressure to keep their jobs. What does this say about India’s jobs situation? Read on to know more. 

In other news, amid protests, Korean electronics giant Samsung is suing officials of the Indian labour union spearheading them. Meanwhile, a report has grim findings on the effects of climate change on Indian infrastructure

THE TAKE

Effects Of Macro Environment On Jobs In India Is Costing Lives

While many around the country were rightly upset and angry over the death of a 26-year-old chartered accountant who passed away due to exhaustion and overwork at her firm Pune-based SR Batliboi, a member firm of EY Global, there was another story that caught my eye. A 19-year-old delivery executive working for a food delivery company in Chennai died by suicide in his residence on Tuesday.

The Indian Express said the death was due to consequences he faced following an altercation with a customer over a delayed grocery delivery because of difficulty in locating the house. The delivery person was a BCom student balancing his studies and part-time work. Maybe he would have wanted to study on and become a chartered accountant like the women in Pune as many BCom students aspire to. The story turns sadder as you read on.

Because the customer was so upset or matters went so out of hand, she not only berated him for being late but also then filed a complaint with the delivery platform. The police told The Indian Express that the delivery platform took action against the rider. There is much commentary right now on the nature of work or overwork. Be that as it may, the challenges faced by knowledge workers often get more attention than those faced by delivery executives.

Remember, it is not just about being on time for these youngsters but also about battling extreme weather conditions from record temperatures to incessant rainfall. Rarely do they even get an additional tip.

A study by Bank of Baroda Research last month said the employment scene in India’s corporate sector as represented by a sample of 1,196 companies was not too encouraging. 

Based on data reported in balance sheets, they said jobs growth for the sample was just 1.5% in FY24 compared with 5.7% in FY23. The study found that the top five companies with the highest headcount employed fewer people last year than they did the year before. So employment levels fell for these largest companies over the last two years. 

Likely, the delivery executive doesn’t figure in these statistics because these only cover the organised sector whereas the Pune woman quite likely did. And yet their challenges were somewhat similar. For both the Pune and Chennai youngsters, the stress of holding onto the job and working hard would have surely strained their physical and mental faculties. They are obviously not alone.

Jobs are fragile in India, except for a few talented and perhaps lucky youngsters. No wonder millions line up for thousands of government jobs because they provide a sense of security for themselves and their families.

It is also evident that even for those within jobs, particularly in the private sector, there has to be a better and more conscious understanding of workplace pressure and what it can do. There will surely be much discussion of working conditions in consulting firms but will there be discussions about the same for workers in the gig economy? Or construction workers, who form the largest chunk of employees?

The cumulative effect of the macro environment, which is the economy, the micro environment and working conditions, has never been so profound. As we rightly debate what led to the tragedy in Pune, we should equally think about the millions who toil away in extreme weather conditions, including those who almost kill themselves. Just so we can eat our pizza when it's hot.

MESSAGE FROM OUR SPONSOR

It’s time to STOP using Honey and Credit Karma

🍯 Honey? More like yesterday's news. 🐝
💳 Credit Karma? So last season.
🍎 Apple Pay? Please, we're just getting started.

Meet Kudos: The free browser extension that's about to make your wallet feel like it just hit the gym. 💪

1. Maximize rewards at 3M+ stores

2. Discover credit card deals so hot, they're NSFW

3. One-click checkout faster than you can say "take my money"

Available on desktop and iPhone. Why settle for less when you can Kudos your way to savings?

Use code "EARN" to get $20 back after your first eligible purchase. Your wallet will thank you (probably with cash).

Download Now—It’s Free!

CO:RELATION

Housing Finance Bloom

Shareholders of housing financing homes rarely had it better than in 2024. All major players in the segment, like LIC Housing Finance, HUDCO and PNB Housing, generated returns above the average Nifty 50 or Nifty Bank index returns. Shareholders seem happy with the one to two times multiple over one-year forward book value these housing finance companies got from the market. Book value is the value to shareholders after selling all assets and paying off liabilities. But then came Bajaj Housing Finance with the blockbuster IPO. 

Bajaj Housing Finance's one-year forward valuation is six or seven times the book value. When it comes to the loan book size, it is like LIC Housing Finance. However, in terms of the market cap, Bajaj Housing Finance has a market value that is more than the next ten companies in the segment. It operates in the same market as its peers. The Bajaj Housing Finance company share price has been corrected somewhat. After surging to a high of Rs 188, it is down to Rs 160. That is still a significant premium over the issue price of Rs 70. Eventually, when the euphoria dies, something must give for sanity to prevail. Either Bajaj Housing Finance shares correct or others rally. Watch this space.

CORE NUMBER

$1.04 billion

This is how much revenue the premium video-on-demand category generated in the first half of 2024. This was a 38% increase from $760 million in the same period last year and was mainly driven by advertising and subscriptions. Local content, including live sports,  drama and romance made up 86% of the engagement. Nine out of the top 15 titles watched were sports related. 

FROM THE PERIPHERY

—❌ Samsung is suing an Indian labour union. Reuters reported that Samsung Electronics’ Indian unit has filed a lawsuit against members of a labour union, seeking a temporary injunction to restrain them from protesting around its factory near Chennai. Samsung’s Sriperumbudur factory workers have been on strike for ten days now, demanding better wages, working conditions and union recognition. The protest was supported by the Confederation of Indian Trade Unions (CITU) and other affiliated unions. CITU has called for government intervention to resolve the issue. 

—⚖️💔 The Indian government has said it was launching an investigation into the death of the employee at audit firm EY Global. Labour minister Shobha Karandlaje said on X that the labour ministry has officially taken up the complaint into the allegations of the woman, Anna Sebastian Perayil, being overworked and exploited at her workplace. A letter by the mother of the deceased alleged that she died due to being overworked without breaks even on weekends. EY in response has said it was taking the “family’s correspondence with the utmost seriousness and humility”.  

—🛵 Hero MotoCorp is set to ship overseas. The manufacturer is reportedly set to launch its e-scooters in the UK, France, and Spain from mid-2025, hoping to tap into the EV demand. With increasing duties on Chinese EV imports in Europe, Hero could make inroads in the continent. This would be its first venture into Europe and the UK, although it is a major player in Asia, Africa, and Latin America. This comes at a time when free trade agreement talks are ongoing between India and the UK which could lower tariffs in the automotive industry. 

—🚨 India faces rising natural and man-made disasters, threatening its economy and development. The South Asia arm of global realty consultancy, CBRE, and the Confederation of Indian Industry (CII) report highlight that 50% of public infrastructure lacks adequate disaster planning. Factors like unplanned urbanisation, climate change, and environmental degradation worsen the situation. With disasters growing in frequency and intensity, the report said that improved risk management and regular maintenance could save massive financial losses. 

SPONSORED

It’s time to STOP using Honey and Credit Karma

Forget Honey, Credit Karma, and Apple Pay. Kudos is the all-in-one browser extension that's revolutionizing online shopping. Maximize rewards at 3M+ stores, discover red-hot credit card deals, and enjoy lightning-fast one-click checkouts. It's like a personal trainer for your wallet, pumping up savings on desktop and iPhone. Why settle for less when Kudos can skyrocket your rewards? Sign up now with code "EARN" to get $20 back on your first eligible purchase. Your wallet won't just thank you—it'll throw you a party.

Download Now—It’s Free!

• TheTechOasis is the newsletter to stay ahead of the curve in AI. Subscribe

• LLMs Research is a daily newsletter categorizing & easily explaining LLMs research papers as they published. Subscribe

• The Closing Chronicle delivers actionable insights for B2B sales professionals and startup founders, focusing on strategies to close deals, optimize sales processes, and stay ahead of industry trends. Subscribe

Was this email forwarded to you? Subscribe