New Office Supply Hits Record 515 Lakh Sq Ft in 2024 Vestian
New Delhi, 28th Feb 2025: Vestian’s office market report stated that 2024 has been challenging for the Indian office market due to global macroeconomic uncertainty, escalating geopolitical frictions, and sticky inflation. Despite these challenges, India’s office market reported the highest-ever supply in any year.
A surge in demand for grade-A office spaces kept developers active throughout the year. Construction activities increased by 7% compared to the previous year, reaching 515 lakh square feet, marking the highest supply ever recorded. Among the top seven cities, the maximum fresh supply was seen in Hyderabad followed by Bengaluru.
With robust absorption and supply in 2024, vacancy rates improved slightly, decreasing from 13.98% in 2023 to 13.91% in 2024. Additionally, rental prices increased by 3.8% to 8.2% across the top seven cities.
Since the pandemic, office space absorption has gradually increased each year, despite global headwinds. In 2024, the absorption reached an all-time high of 707 lakh square feet, reflecting a 16% annual increase. All cities except the National Capital Region (NCR) and Kolkata reported their highest-ever absorption levels during 2024. Absorption in Kolkata and NCR saw annual declines of 36% and 14%, respectively.
Office Market Summary: 2024
| City | Absorption (Lakh sq ft) | Share
(%) |
Y-o-Y Change (%) | New Completions (Lakh sq ft) | Share
(%) |
Y-o-Y Change (%) |
| Bengaluru | 177 | 25% | 15% | 140 | 27% | 4% |
| Chennai | 92 | 13% | 30% | 29 | 6% | -57% |
| Hyderabad | 131 | 19% | 11% | 145 | 28% | 7% |
| Mumbai | 126 | 18% | 50% | 73 | 14% | 170% |
| Kolkata | 06 | 1% | -36% | 00 | 0% | -100% |
| Pune | 86 | 12% | 23% | 59 | 11% | 11% |
| NCR | 89 | 13% | -14% | 69 | 13% | 30% |
| Total | 707 | 100% | 16% | 515 | 100% | 7% |
Shrinivas Rao, FRICS, CEO, Vestian said, “IT-ITeS sector continued to dominate leasing activities during 2024 with 36% share. The share has increased from 24% a year earlier. While IT industry is expected to lead in 2025 on the back of strong demand from GCCs, other segments such as BFSI and Flex Spaces are also anticipated to garner traction.”
Rao further added, “Emphasis on sustainability has grown among occupiers as several multinational companies with offices in India have pledged to achieve net-zero emissions, leading to a rise in demand for green-certified office spaces in India. Anticipating this shift, leading developers are prioritizing the construction of sustainable office buildings.”
City-wise Analysis
- Bengaluru dominated the absorption with 177 lakh sq ft in 2024, registering an increase of 15% over the previous year. However, the share remained stable at 25% compared to last year.
- The share of Mumbai in pan-India absorption increased from 14% in 2023 to 18% in 2024 whereas the share of NCR declined from 17% to 13% during the same period. The share remained largely stable for the rest of the cities.
- Southern cities (Bengaluru, Chennai, and Hyderabad) accounted for 57% of the pan-India absorption in 2024. The share marginally increased from 56% in 2023.
- Hyderabad reported the highest new completions of 145 lakh sq ft in 2024, closely followed by Bengaluru with 140 lakh sq ft. Interestingly, Kolkata witnessed no new completions during 2024 as compared to over 10 lakh sq ft of supply in the previous year.
- New completions increased by 170% in Mumbai, the highest amongst the top seven cities. Conversely, new completions were reduced by 57% in Chennai during 2024.
Neerja Birla Champions Mental Health at Mpowering Minds Summit 2025
Mumbai, February 28, 2025: “The Mpowering Minds Summit 2025, an initiative by Mpower under the Aditya Birla Education Trust (ABET), convened leading experts from Harvard Medical School, World Economic Forum, Mental Health First Aid (MHFA) Australia and distinguished psychiatrists, psychologists, educators, policymakers, to address the escalating youth mental health crisis. The summit underscored the urgent need for cross-sector intervention to combat what has now become a public health emergency in India—a country whose economic future is intrinsically linked to the well-being of its youth.”
A major highlight of the summit was the unveiling of the: Unveiling the Silent Struggle: Mpower Research report – to address youth mental health & well-being, correlating Loneliness, Insomnia, and stress in college students across India by Mrs. Neerja Birla, Founder & Chairperson, Aditya Birla Education Trust, alongside Dr Vijay Bhaviskar, Director of Mental Health Services, Government of Maharashtra. The Mpower report highlights rising mental health challenges among youth, with 50% of conditions emerging by age 14 and insufficient early intervention. Key findings include: 38% of students face academic anxiety, 50% report declining performance, 41% experience social isolation, and 47% struggle with sleep issues, disproportionately affecting female students. Alarmingly, 9% face severe sleep difficulties, 8.7% have contemplated suicide due to academic pressure, and only 2% seek professional help. The study also reveals a strong link between loneliness and sleep disturbances (35% correlation) and stress (47% correlation), emphasizing the urgent need for systemic mental health reforms.
Taking a monumental step forward, Mrs. Neerja Birla announced the establishment of the Global Mental Health Consortium, a collaborative initiative with a vision to drive systemic change in the mental health landscape in India. Focusing on policy transformation, early intervention models, and cross-sector capacity building, the initiative aims to ensure that mental health is prioritized as an essential pillar of public health and societal development.
Speaking on the urgent need for action, Mrs. Neerja Birla stated: “Our vision for Viksit Bharat 2047 is to cultivate a resilient, productive, and happy youth who will drive India’s progress. The Mpowering Minds Summit 2025 is a crucial step in transforming this vision into action by uniting experts to address youth mental health and create lasting impact—fostering Acceptance, Action, and Advocacy to shape policies, increase funding, strengthen capacity building, and establish a sustainable mental health framework in India. As a catalyst for change, Unveiling the Silent Struggle is our research report highlights the urgent need to address youth mental health challenges, driving to reduce suicide rates as a collective responsibility. Establishing the Global Mental Health Consortium further reinforces this commitment, ensuring long-term impact in the mental health space.”
Expert Insights: A Call for Immediate Intervention
Dr. Shekhar Seshadri, Former Professor, NIMHANS
“I thank Mrs. Neerja Birla for creating this platform to unite experts and drive action in youth mental health. Today’s youth face challenges that require early intervention from educators, parents, and policymakers. Strengthening response systems and fostering collaboration can prevent severe crises and ensure every young person receives support.”
Dr. Blaise Aguirre, Founding Medical Director, 3East McLean Hospital, Harvard Medical School
“Globally, adolescent mental health is in a state of crisis. Here in India solutions to the worsening mental health of her vast youth population, are hindered by stigma and systemic gaps. The Mpowering Minds Summit, led by Mrs. Neerja Birla, is a critical and welcome first step toward ensuring timely support to minimize tragic outcomes. The time for action is now.”Dr. Shyam Bishen, Head, Centre for Health & Healthcare, World Economic Forum
“Mental health transcends healthcare—it is a basic human right and a cornerstone of social and economic wellbeing. At The World Economic Forum, we foster a transformational vision: seeding mental wellness into public health and economic policy through global multi-stakeholder partnerships. From grooming children and youth, to spearheading wellbeing at workplaces, mental health must be the foundation at every level of society.”
The Mental Health Summit unites academic leaders, clinical professionals, wellness experts, public health officials, and social impact advocates to address youth mental health. This diverse mix fosters collaboration across education, policy, clinical practice, advocacy, and lived experiences, creating a platform for meaningful solutions and cross-functional learning.
Twinkle Khanna’s Literary Soiree An Evening of Inspiration at Raffles Udaipur
February 2025, National – Raffles Udaipur, perched on a private island in the tranquil Udai Sagar lake, hosted an unforgettable evening on February 17th, 2025, as Indian Author and Columnist Twinkle Khanna illuminated the iconic Writers Bar for
a captivating book reading session. The event was a celebration of literature, life, and the wisdom that comes with it.
As the guests arrived at The Great Hall, they were warmly escorted to the Writers Bar, an intimate space brimming with sophistication and charm. The venue, bathed in soft ambient lighting and colonial-inspired design, set the stage for a truly magical evening.
Guests were immediately captivated by the serene atmosphere as live acoustic music and a talented violinist filled the air, creating the perfect backdrop for the literary gathering.
The evening began with an engaging conversation between Twinkle Khanna and Shraddha Murdia, the evening’s moderator who guided the discussion on life, books, and the challenges of parenting in today’s world. “Parenting, just like writing, is a journey. It’s about learning, evolving, and adapting,” said Twinkle Khanna, sharing her reflections on her book and the modern challenges faced by parents.
Following their thought-provoking conversation, Twinkle Khanna took the stage to read excerpts from her book, Welcome to Paradise. As her words flowed, the audience was transported into the vibrant world of her writing. After the reading, the guests had the rare opportunity to engage with Twinkle in a lively Q&A session, diving deeper into the inspiration behind her stories.
“Being here with such an engaged audience feels like a beautiful exchange of ideas,” Twinkle Khanna shared, expressing her joy in connecting with readers.
The evening also featured an exclusive book signing session, where guests received signed copies of Welcome to Paradise, making the occasion even more memorable.
“It’s truly a privilege to host an evening like this, and I feel incredibly grateful to be surrounded by such inspiring voices. Tonight’s conversation about parenting in modern times is a reminder of how much we can learn from one another, and I’m honored to be moderating this discussion with Twinkle Khanna at the Writer’s Bar in Raffles Udaipur,” said Shraddha Murdia.
As the evening unfolded, guests savored a delightful hi-tea spread, fostering meaningful conversations and connections among fellow literature lovers. The Writers Bar, with its intimate library and over 3,000 books lining its shelves, provided the perfect backdrop for the event, blending old-world charm with contemporary literary brilliance.
“At Raffles Udaipur, we take great pride in curating experiences that celebrate culture, creativity, and meaningful conversations. Hosting Twinkle Khanna for this literary soiree was truly special, as her insights and storytelling added to the enchanting spirit of the Writers Bar. Evenings like these reaffirm our commitment to providing a space where literature and refined hospitality come together in perfect harmony,” said Mr. Rajesh Namby, General Manager of Raffles Udaipur.
An enchanting evening that resonated with warmth, insight, and literary joy, An Evening of Grace with Twinkle Khanna was an event to remember. The night left guests reflecting on the stories shared, eager to return for the next chapter in Raffles Udaipur’slegacy of literary excellence.
Adani Wilmar Joins Akshaya Patra to Boost Mid-Day Meals in Ahmedabad
Ahmedabad, 28th February 2025: Adani Wilmar Limited (AWL), one of India’s largest food and FMCG companies, aims to touch the lives of every Indian, enabling them to live life fully and making the country stronger, healthier, and more productive. This mission began with Fortune SuPoshan, a flagship CSR project, addressing malnutrition and anemia. In a bid to extent the mission further, the company has collaborated with the Akshaya Patra Foundation to support its Mid-Day Meal Program to provide nutritious meals to underprivileged school children in Ahmedabad.
As part of this collaboration, six new delivery vans have been introduced to ensure the seamless distribution of nutritious meals to schoolchildren. The flag-off ceremony for these vans took place in Ahmedabad, attended by key representatives from Adani Wilmar and The Akshaya Patra Foundation. This initiative reinforces the commitment shown by the FMCG company to improve food accessibility and fostering a healthier future for children across the country.
Commenting on this initiative, Mr. Angshu Mallick, MD & CEO of Adani Wilmar, said, “We are proud to deepen our collaboration with The Akshaya Patra Foundation in their mission to combat child hunger through the Mid-Day Meal Program. At Adani Wilmar, we believe that proper nutrition is fundamental to education and a brighter future. These delivery vans will ensure that meals reach children seamlessly, reinforcing our commitment to nourishing young minds and supporting their growth.”
The Akshaya Patra Foundation, headquartered in Bengaluru, operates the Mid-Day Meal Program across 24,000 government and government-aided schools in 16 states and two union territories, serving over 2.1 million children daily.
Sri Raya Rama Dasa, Vice President of The Akshaya Patra Foundation, Gujarat, expressed gratitude for the partnership, stating, “We are incredibly thankful to Adani Wilmar for their unwavering support in ensuring seamless distribution of meals to children. These vans are crucial in helping us reach more children efficiently, strengthening our shared vision of eradicating classroom hunger.”
Last year, Adani Wilmar further strengthened this commitment by donating three vans and providing meals for 2,000 children for one year.
Adani Wilmar has been actively involved in social impact initiatives through its CSR projects, particularly Fortune SuPoshan. This continued partnership with The Akshaya Patra Foundation aligns with the company’s broader vision of creating a healthier, well-nourished, and educated generation.
2 in 5 Children in India Have Unhealthy BMI, Sportz Village Survey Finds
India, 28th February 2025: Sportz Village’s 13th Annual Health Survey (AHS) has revealed alarming gaps in the fitness and well-being of school-going children across India.
Conducted annually since 2010, the survey aims to analyze and evaluate the health and fitness levels of children in schools across India.
The 13th edition of the survey, powered by EduSports, assessed 1,16,650 children aged 7 to 17 years across 85 locations, highlighting the urgent need for structured physical education programs in schools.
The EAST REGION has emerged with the second-best performance showcasing an overall fitness in a total of 56.40% of children, showing notable strengths in Upper body strength (54%), Lower body strength (46%), and Flexibility (77%).
The survey highlights that a higher percentage of children from the NORTH REGION have shown extremely poor performance, recording the lowest percentages in three out of seven fitness parameters. The region performed the weakest in Lower body strength (35%), Abdominal strength (81%), and Anaerobic capacity (58%), underscoring significant areas for improvement in these key fitness indicators.
The performance of children from the SOUTH REGION has been a mixed bag. A higher percentage of children have performed well in the parameters of BMI (60.12%), Aerobic capacity (31%), Anaerobic capacity (62%), and Abdominal strength (87%), while showing areas of improvement in Upper body strength and Flexibility.
WEST REGION has performed the best when compared to all other regions with higher percentage of children performing exceptionally well in the parameters of Upper body strength (58%) Lower body strength (60%), Anaerobic capacity (81%), Abdominal strength (93%), Aerobic capacity (52%) & Flexibility (81%).
Key findings of the survey denote:
- 2 in 5 children have an unhealthy BMI.
- 3 in 5 children lack adequate Lower body strength.
- 1 in 3 children have insufficient Flexibility.
- 3 in 5 children do not meet the required Aerobic capacity.
- 1 in 5 children have inadequate Abdominal or core strength.
- 2 in 5 children lack sufficient Anaerobic capacity.
- 3 in 5 children do not have adequate Upper body strength.
- A higher proportion of girls (62.23%) maintain a healthy BMI compared to boys (57.09%).
- Girls outperformed boys in Flexibility, Abdominal strength, Anaerobic capacity, and Upper body strength, whereas boys performed well in the parameters of Aerobic capacity and Lower body strength
AHS 2025 key findings
Moreover, a higher percentage of children in private schools have better Upper body strength levels (47%), compared to the children from government schools (37%) as well as Abdominal strength levels (87%) compared to the children in government schools (84%). In comparison, a higher percentage of children from government schools have fared better in BMI (61.64%), Lower body strength (48%), Aerobic capacity (37%), Anaerobic capacity (75%) & Flexibility (75%), demonstrating better overall fitness in children from the latter.
The survey also highlights the positive correlation between the frequency of P.E. classes and overall fitness levels. It found that children who attend more than two P.E. periods per week have better BMI levels, upper body strength and flexibility compared to those with fewer P.E. classes, reinforcing the importance of structured sports programs in schools.
Impact of frequency of P.E. classes on overall fitness
Saumil Majmudar, Co-Founder, CEO & Managing Director, Sportz Village,emphasized the importance of balancing academics and sports, stating: “Children naturally love to play, yet sports often take a backseat to academics. The 13th AHS findings highlight the urgent need to strike a balance between the two. School leaders must prioritize investments in physical education and sports curricula—not just for the long-term health and well-being of children, but to foster a strong sporting culture that can propel India toward excellence on the global stage.”
Parminder Gill, Co-Founder & Head of Foundation, Sportz Village, highlighted the need for policy support and CSR-backed initiatives, adding: “The improved fitness levels among government school children is encouraging, with far-reaching benefits. Sports not only enhance academic performance but also strengthen social-emotional skills, foster inclusion, and promote gender equity. To build on this progress, it is essential to implement strong policies and allocate resources that ensure access to high-quality sports programs, supported by corporates, CSR initiatives, philanthropists, and the government.”
Sanjay Agarwal is CII Rajasthan Chairman Rajneesh Bhandari Vice Chairman
Jaipur, 28th February 2025: Mr.Sanjay Agarwal and Mr.Rajneesh Bhandari have been elected as Chairman and Vice Chairman respectively of the Confederation of Indian Industry (CII) Rajasthan for the year 2025 -26.
Mr.Sanjay Agarwal is the Founder, MD, and CEO of AU Small Finance Bank. As a first-generation entrepreneur and a Chartered Accountant with a merit rank, he founded AU Financiers in 1996, addressing the financial needs of small entrepreneurs and underserved individuals in rural and semi-urban areas. In 2017, he took a groundbreaking step by founding AU Small Finance Bank, which has since emerged as India’s largest small finance bank, setting new benchmarks in financial services and inclusivity.
Under his leadership, AU Small Finance Bank is now the only small finance bank that meets the RBI guidelines to file an application for a Universal Bank license. AU SFB’s reach now includes over 2,400 banking touchpoints, serving more than 1.12 crore customers and employing apx 48,000 individuals across 21 states and 4 Union Territories, underscoring its steady growth and influence in the financial sector.
Mr.Agarwal is not only a banking pioneer but also a passionate cricketer, having represented Rajasthan in the Under-19 team in 1990. His exemplary leadership has also resulted in AU SFB being bestowed with various awards and recognitions, such as ‘India’s Leading Small Finance Bank’ at BFSI & Fintech Summit 2024 by Dun & Bradstreet, ‘Best Small Finance Bank’ at the Mint BFSI Awards 2023, ‘Company with Great Managers 2023 Award’, ‘Financial Inclusion Award’ at the FICO Decision Awards 2024, ET Human Capital Awards 2024 in the category ‘Excellence in Cultivating a Culture of Trust and High Performance,’ and Top 50 Best Place to Work by Great Place to Work 2024 etc.
Mr Rajneesh Bhandari is Managing Director, Neuroequilibrium Diagnostic Systems Pvt Ltd. He is an alumnus of IIT Delhi, he has successfully founded ventures across diverse sectors, including Telecommunication Infra services, Engineering Materials, and Medical technologies. He holds seven US patents and thirteen Indian patents, underlining his innovation-driven approach. His latest venture, NeuroEquilibrium, is the world’s largest chain of specialty clinics for vertigo, dizziness, and balance disorder, with 200 clinics in 13 countries. It impacts thousands of patients worldwide through AI-powered remote diagnosis.
Mr Bhandari also serves on various committees and boards. He invests in and mentors startups and is an active angel investor. He is also an Independent Director at Flair Pens Ltd, India’s largest pen manufacturer. Rajneesh actively contributes to key government and industry committees on startups, healthcare, and innovation. Rajneesh has been a member of the CII Rajasthan State Council and CII Northern Region Committee on Healthcare.
VIMS&RC and Intuitive Launch I-ROPE Program for Robotic Surgery Training
Bengaluru, 28 February 2025 – Vydehi Institute of Medical Sciences and Research Centre, Bangalore, a leading institution in multi-specialty tertiary care, has joined hands with Intuitive, a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery (RAS), to introduce resident surgeons to robotic-assisted surgical technology through the Intuitive Robotic Onboarding Program and Education (I-ROPE). This initiative marks the introduction of I-ROPE in a private hospital in India, providing surgical oncology postgraduate trainees with exposure to robotic-assisted surgery and its clinical applications.
The program was inaugurated by Mr. L K AtheeqIAS Additional Chief Secretary to СM Government of Karnataka, in an event held at Vydehi Institute of Medical Sciences and Research Centre, Whitefield, Bengaluru. Dr. UT Iftikhar Ali Fareed, Chairman of the Allied & Healthcare Council of Karnataka, Dr.Riyaz Basha S M.D, Registrar [Evaluation] Rajiv Gandhi University of Health Sciences, Karnataka, and Dr. Kalpaja D A, Chairperson-Vydehi Group of Institutions, were also present at the event.
Speaking at the event, Mr. L.K. Atheeq, IAS, Additional Chief Secretary to the CM, Government of Karnataka, appreciated Vydehi Institute of Medical Sciences and Research Centre and Intuitive for their collaboration for equipping young surgeons with robotic-assisted surgery technology. He also mentioned that it would be great if this programme can be done at Rajiv Gandhi University of Health Sciences as well, which could benefit a large number of medical professionals and students, enhancing their expertise and contributing to healthcare in Karnataka.
Commenting on the institute’s commitment to technological advancements in medical education, Chairperson Dr. Kalpaja D A said, “Vydehi Institute of Medical Sciences and Research Centre is at the forefront of integrating cutting-edge technology into medical education and training. The introduction of I-ROPE in our hospital reflects our commitment to equipping future surgical oncologists with advanced skills in robotic-assisted surgery, ensuring better patient outcomes and medical excellence.”
The I-ROPE program is designed to introduce early-career surgeons to robotic-assisted surgery through structured sessions that cover the technology, its applications across various surgical disciplines, and its potential role in modern clinical practice. At Vydehi Institute of Medical Sciences and Research Centre, the program is being conducted using the state-of-the-art da Vinci surgical system, providing residents hands-on familiarity with one of the most advanced robotic-assisted surgical platforms available today.
Despite the increasing adoption of robotic-assisted surgery worldwide, exposure to this technology remains limited within traditional surgical training programs in India. This collaboration between Intuitive and Vydehi Institute of Medical Sciences and Research Centre aims to bridge this gap by integrating robotic-assisted surgery into early-stage surgical exposure, to help prepare future surgeons for evolving medical practices.
Dr. M.S. Ganesh, Professor and Head of the Department of Surgical Oncology at Vydehi Institute of Medical Sciences and Research Centre, emphasized the importance of this initiative, stating, “The evolution of surgical care is being driven by technology, and robotic-assisted surgery is rapidly emerging as a crucial tool in the operating room. Early exposure to this technology provides residents with the ability to understand its advantages, develop critical decision-making skills, and explore how it integrates into various surgical specialties. At Vydehi Institute of Medical Sciences and Research Centre, we are committed to equipping future surgeons with the skills and knowledge necessary to adapt to advancements that will define the next era of surgical care.”
Rohitt Mahajan, Vice President and General Manager, Intuitive India, highlighted the broader impact of the collaboration, stating, “The execution of Robotic-assisted surgery skill building and education programs is an important step towards nurturing the next generation of surgeons in being future-ready for evolving surgical practices. We are excited to expand the I-ROPE program to private hospitals in India, supporting the country’s healthcare landscape’s evolution towards better patient outcomes through minimally invasive care. Our collaboration with Vydehi reflects an effort to integrate robotic-assisted surgery techniques in the area of medical education in leading teaching institutes of India.”
Intuitive has been expanding access to robotic-assisted surgery in India through the successful implementation of the I-ROPE program across leading government medical institutions. These include AIIMS Delhi, Kidwai Memorial Institute of Oncology, Bengaluru, AIIMS Bhubaneswar, Dr. Ram Manohar Lohia Hospital in Delhi, and Armed Forces Medical College in Pune.
Since the inception of the I-ROPE program, around 350 resident surgeons have participated in it, gaining exposure to robotic-assisted surgical technology. With the expansion of the program to Vydehi Institute of Medical Sciences and Research Centre, Intuitive continues its mission of widening access to robotic-assisted surgery in India, ensuring that both public and private healthcare institutions can provide early-stage exposure to this advanced technology.
PwC India’s Report on Retail Reinvention Paradigm
Mumbai, Thursday, 28 February, 2025 – PwC India has launched a report titled, “The Retail Reinvention Paradigm: How brands could up their game,” at the Retailers Association of India’s (RAI) Retail Leadership Summit in Mumbai today. According to the report, 60% of brick-and-mortar retailers surveyed believe that improved access to technology can empower them to enhance their competitiveness in this evolving market. The report emphasises the use of AI-driven analytics for personalised experiences, mobile apps for consumer engagement, and modern POS (Point of Sale) systems for efficiency.
The influence of e-commerce and quick commerce is increasingly reshaping Indian retail, with 34% of traditional retailers surveyed reporting negative impacts from online shopping. Traditional retailers are adapting to such a transformational market change by offering credit options, free home delivery and personalised services, while also looking at omnichannel strategies to stay competitive.
However, our research shows that consumers want the best of both worlds—seamless digital convenience and the in-store experience. While online shopping dominates in personal product categories like apparel and beauty (preferred by over 50% of consumers), in-store purchases remain strong for family-related products such as fresh produce and home furnishings (preferred by 36%), highlighting the need for tactile engagement.
In the light of these findings, the report introduces a comprehensive retail reinvention framework, guiding retailers to blend traditional and modern approaches. By embracing technology and focusing on experiential retail, retailers can create immersive consumer experiences that drive sustained growth. The framework emphasises the integration of AI-driven analytics and mobile applications to enhance customer interactions and provide valuable insights into consumer behaviour. Additionally, it encourages retailers to leverage geographic nuances and consumer utility profiles to tailor their strategies effectively. By aligning channel actions with consumer preferences, retailers can optimise resource allocation and remain relevant in a rapidly evolving market landscape. This strategic approach not only enhances competitiveness but also fosters long-term customer loyalty and satisfaction.
Ravi Kapoor, Partner and Leader – Retail and Consumer, PwC India, emphasised the importance of integrating innovation with localised strategies. “Indian retailers need to navigate the complexities of e-commerce—balancing online and offline channels, optimising supply chains, and enhancing customer experience. The future of retail belongs to those who seamlessly integrate innovation with localised strategies, leveraging data analytics and consumer insights to tailor offerings and drive sustainable growth in a competitive market.”
Raghav Narsalay, Partner and Leader – Research and Insights, PwC India, added, “Our research shows how dynamic the Indian retail landscape is and how the forces of technology combined with evolving consumer preferences across metros, Tier 1, Tier 2, and Tier 3 markets are driving retailers to innovate to maintain their competitive advantage. This requires a proactive approach towards embracing digital tools and fostering a culture of continuous improvement.”
Key insights from the report:
- Omnichannel retail success is greater than the sum of its parts: Retailers are increasingly recognising the power of blending online and offline experiences, with 60% perceiving technology as a tool that can provide a key competitive edge. Despite this, 53% of retail stores are yet to adopt tech solutions. Nearly 45% consumers prefer a combination of both online and offline channels for shopping.
- Quick Commerce is more common in metros and Tier 1 cities than in Tier 2 and Tier 3 cities: Quick commerce is reshaping retail dynamics in metros and Tier 1 cities, with 42% of metro and Tier 1 consumers prioritising rapid delivery for urgent needs. Over 65% of consumers in these areas rely on quick commerce for essentials like packaged foods. This trend has reduced foot traffic to physical stores by 28%, highlighting the shift towards convenience and immediacy.
- Offline retailers strategise to thrive in digital retail landscape: Traditional retailers face challenges from the digital shift, with 34% reporting negative impacts from online shopping. To stay competitive, 64% are self-funding marketing efforts, emphasising the need for a strategic roadmap. Fairer logistics policies are perceived as crucial for equitable operations, ensuring retailers can navigate the evolving digital landscape effectively.
- Offline retailers and consumers are reinventing themselves in different ways in the omnichannel evolution journey: In response to the evolving retail environment, 21% of retailers are exploring the concept of dark stores to streamline operations and cut costs, while 10% are already operating them. Consumers are increasingly prioritising flexible return policies (40%), efficient after-sales service (39%), and better payment options (39%). This is particularly important in Tier 2 and 3 cities, where 41% and 39% of consumers, respectively, emphasise the importance of robust after-sales support.
NPST and Hyperface Partner to Enable Instant Credit Access via UPI for Banks
Mumbai, [28th February 2025] – NPST, a leading provider of banking and payment solutions in India, and Hyperface, Asia’s first Credit Cards as a Service (CCaaS) platform, have announced a strategic partnership to enable banks and credit issuers to offer embedded credit solutions through UPI, marking a significant milestone in India’s digital financial ecosystem and expanding instant credit access for millions of users.
With India’s growing middle class and increasing discretionary spending, affordable access to credit remains a challenge due to low credit card penetration — just 100 million cards compared to over 400 million UPI users. The NPST-Hyperface alliance bridges this gap, delivering a seamless, digital-first credit experience that enhances purchasing power, fuels consumer spending, and drives financial inclusion at scale.
Banks and credit issuers can leverage their vast infrastructure and rich customer data to offer tailored UPI-based credit products. Eligible consumers will gain access to pre-approved credit lines at the point of sale, empowering them to make purchases and split payments into flexible instalments. Merchants stand to benefit from higher conversion rates, larger basket sizes, and stronger customer loyalty.
Through this partnership, NPST will integrate its UPI switch technology with Hyperface’s advanced Embedding Banking Platform. Hyperface’s Credit Management Engine, built on a sophisticated technology stack, is a completely modular, flexible, and comprehensive solution; it enables banks not only to build, iterate and deploy Credit Line on UPI-ready products rapidly but also re-calibrate in real-time to drive scalability. The combined solution equips banks with digital-first credit solutions with full-spectrum lifecycle support — including customer risk assessment, real-time business insights, and built-in compliance tools — enabling innovative and sustainable credit offerings through UPI.
Commenting on the partnership, Deepak Chand Thakur, Co-Founder and CEO, NPST, stated; “We are proud to partner with Hyperface to democratize access to credit through UPI. As consumer expectations evolve, this collaboration positions banks to meet those needs with agility — driving customer satisfaction, boosting transaction volumes, and creating new revenue streams through interchange fees. Together, we’re not just transforming credit; we’re shaping the future of embedded finance in India.”
“The rapidly evolving UPI ecosystem demands both technological sophistication and extraordinary agility — qualities that legacy systems simply cannot deliver”, said Ramanathan RV, Co-Founder and CEO, Hyperface. “As new use cases emerge and requirements rapidly evolve, we recognized the need to partner with a modern, tech-forward player who could match our pace of innovation. Hyperface’s advanced Credit Management Platform, combined with NPST’s proven expertise in UPI technology, creates a powerful synergy that will enable banks to build, rapidly deploy and scale innovative credit solutions for tailored customer segments. This partnership exemplifies how new-age companies can collaborate to solve complex financial challenges at the speed the market demands.”
Gender Diversity Transformation at Swaraj Tractors: Udaiti Foundation Report
Mohali, 28 February 2025: The Udaiti Foundation has released a study showcasing the remarkable strides made by Mahindra’s Swaraj Division and Swaraj Engines Limited (Swaraj) in fostering gender diversity on shop floors.
The study highlights the efforts of Swaraj in increasing women representation – growing from just 1.5% in 2013 to over 10% in 2024, thereby setting a benchmark for India’s tractor manufacturing sector. Women employees have lower absenteeism and higher retention rates, contributing to enhanced productivity and operational efficiency, hence making a strong case for their inclusion in the manufacturing sector.
Despite challenges such as limited enrolment in technical trades, cultural resistance, and safety concerns, Swaraj has implemented targeted initiatives to overcome these barriers.
One notable achievement is the integration of women into their foundry facilities, a traditionally male-dominated area requiring physical endurance and technical precision.
Key reasons for this transformation
- Workplace redesigns have played a pivotal role in making manufacturing roles more inclusive. Ergonomic adjustments, including robotics, raised platforms, and gravity mechanisms, have minimized physical strain while improving efficiency.
- Collaborations with 15 Industrial Training Institutes (ITIs), 5 polytechnics, and Advanced Technical Institutes have helped create a robust talent pipeline.
- Tailored training programs such as dexterity modules and on-the-job training have equipped women with the skills needed to excel.
- Safety measures such as GPS-enabled transport, buddy systems, and women security guards ensure a secure and supportive environment.
Swaraj has also actively engaged with communities by conducting parental counseling and organizing shop floor visits, addressing cultural concerns, and encouraging women to explore careers in manufacturing. Pooja Goyal, Founding CEO of The Udaiti Foundation, commended the efforts, saying, “Swaraj’s journey underscores the transformative impact of investing in skills, infrastructure, and community engagement. It offers a replicable model for the manufacturing sector to drive women’s economic empowerment and significantly contribute to India’s growth story.”
Despite these successes, challenges persist. Women remain under-represented in technical education, with only 400 out of 17,000 students in Punjab’s ITIs enrolled in trades like diesel mechanics and machinists. Furthermore, the reliance on contractual roles limits long-term career growth for women in the sector. Addressing these gaps will require sustained efforts and systemic changes.
Swaraj’s achievements demonstrate that prioritizing gender diversity strengthens workforce resilience and drives operational excellence. This progress serves as an inspiration for companies across industries to create equitable workplaces and unlock the potential of women in India’s economic landscape.