Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, January 13, 2025. This is Nelson John, let's get started. Mint recently wrapped up a survey, running from late November to December, to gauge public opinion ahead of the Union Budget. We asked readers about their preferences on government planning and potential budget priorities. The results revealed a clear preference for short-term planning. Most of the 7,051 participants are leaning away from long-term goals, favouring immediate action instead. When it comes to the economy, job creation topped the list of priorities with many expressing dissatisfaction with the current income tax slabs, particularly the salaried folks who are craving more tax breaks. About 73% flagged job creation as crucial, underscoring a general unease about employment opportunities. The survey also highlighted a split opinion on populist budget measures, with about 41% in favour during slow economic times, yet higher earners largely opposed the idea. Schemes favouring women, farmers, and entrepreneurs received strong support, showing a desire for targeted assistance in these areas. India is set to reduce its fiscal deficit for 2024-25 to between 4.7% and 4.8% of GDP, a bit lower than the initially budgeted 4.9%. Sources in the government told Rhik Kundu and Subhash Narayan about the move which is a part of the government's ongoing efforts to enforce economic discipline and maintain a trajectory towards fiscal consolidation, with an end goal to bring the deficit down to below 4.5% by 2026. Despite a slowdown in GDP growth, which fell to 5.4% in the September quarter, the government’s financial health has been buoyed by robust tax collections and a significantly higher-than-expected dividend from the Reserve Bank of India. This fiscal year, RBI has contributed a whopping ₹2.11 trillion dividend, which has been a major boost. As for the numbers, the government's fiscal deficit target for FY25 is pegged at ₹16.13 trillion. Up to November, it has managed to keep the deficit at ₹8.47 trillion, which is about 52.5% of the full-year target. This careful management of the budget aims to send reassuring signals to investors, especially crucial at a time when the global economy is slowing.The PM internship scheme, currently being tested, is gearing up for some updates based on feedback from its pilot run and industry inputs. While the monthly stipend of Rs 5,000 and a one-time joining bonus of Rs 6,000 won’t see a hike, other elements are under review to better tailor the program for launch. Since its introduction in early October, the pilot has seen a 621,000 applications for about 127,000 spots, showing there's a massive interest in the initiative. Despite this enthusiastic start, the real challenge lies in scaling up, as the government aims to provide 2 million internships annually over the next five years. The plan is to integrate these internships into academic settings where they can provide real-world experience alongside classroom learning, making students more job-ready upon graduation.How a company's HR department is viewed swings depending on the job market. When talent's hard to come by, companies value HR as a strategic ally. But when there are plenty of job seekers, HR might feel like a bit of a drag—nobody likes being told what to do, especially when it doesn’t seem urgent. Peter Cappelli from University of Pennsylvania puts it plainly: HR’s seen as crucial in tough times but might just be the folks planning the office parties when the pressure's off. It's a bit of a sticky situation, really. In MBA courses, HR gets tagged as a 'soft option', so it doesn’t always attract the top talent. This sticks around, making it tough to find really strong HR leaders who get the business side of things as much as any CFO might. Devina Sengupta examines why HR is the most hated department in any organisation. For homebuyers tangled in issues like construction delays or misleading sales pitches, there's a new ally on the horizon. India’s Central Consumer Protection Authority is gearing up to join forces with the Real Estate Regulatory Authority to offer a robust support system for frustrated property buyers, Dhirendra Kumar reports. Whether it's issues with taking possession, shoddy construction, or navigating the maze of home loans, CCPA is setting sights on giving homebuyers a fair shake in a market notorious for its unpredictability. The move is timely. Despite Rera's efforts since 2017 to protect homebuyers, the authority often hits a wall when it comes to enforcing its rulings, especially when developers appeal against its decisions, dragging out disputes. CCPA, established in 2020, plans to intervene when traditional routes falter, ensuring actions like refunds from developers who don’t hold up their end of the deal.
