The week of 14 April 2024 brought some interesting highlights in the world of business and finance. According to the Deloitte India Executive Performance and Rewards Survey, the average compensation for CEOs in India now stands at Rs 13.8 crore, which is a 40% increase from pre-Covid levels. Additionally, every second CEO had a target compensation of more than Rs 10 crore in 2024, compared to every third CEO in 2020. CEOs who were also promoters or members of the promoter family earned an average of Rs 16.7 crore, while the median compensation for CEOs was Rs 9.3 crore.
In the tech startup sector, layoffs have decreased significantly compared to the same period last year. Indian tech startups laid off over 2,000 employees in the first quarter of 2024, which is more than 60% lower than the layoffs announced during the same period in 2023. Troubled edtech firm Byju’s was responsible for the largest chunk of layoffs last year, while Swiggy also laid off 380 employees.
On the government front, the Centre’s Direct Benefit Transfer saw a 21% decline in subsidies and sops to beneficiaries in FY24, amounting to Rs 5.66 trillion. This decrease was attributed to lower outgo on fertiliser and food subsidies due to falling commodity prices and the discontinuation of certain schemes.
In the market, the Securities and Exchange Board of India approved the Rs 5,000-crore initial public offering of Aadhar Housing Finance, a retail-focused housing finance company. Truecaller also launched a web-based client of its popular caller ID mobile application, initially available to users in India.
Lastly, TVS concluded the first-ever racing championship for its TVS Apache customers, providing a platform for racing enthusiasts to experience the thrill of racing in a safe environment and compete for the Ultimate Racing Championship title.