On March 20, 2025, the Employees’ Provident Fund Organisation (EPFO) released provisional payroll data for January 2025, which indicates a net increase of 17.89 lakh members. This reflects a growth of 11.48% in net payroll additions against December 2024.

When comparing on a YoY basis, there was an 11.67% growth in net payroll additions from January 2024. This implies an increase in employment opportunities and heightened awareness of employee benefits, supported by EPFO’s outreach efforts.

New Subscribers

EPFO added approximately 8.23 lakh new subscribers in January 2025, marking a 1.87% growth compared to January 2024. This increase in new subscribers is attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s effective outreach programs.

Age Group 18-25 Leads Payroll Additions

The 18-25 age group continues to dominate, with 4.70 lakh new subscribers from this age range, accounting for 57.07% of all new subscribers in January 2025. This group saw a 3.07% increase compared to January 2024. Additionally, the net payroll addition for this age group in January 2025 reached around 7.27 lakh, reflecting a 6.19% increase from December 2024 and an 8.15% growth from January 2024. This trend aligns with the broader pattern of youth, particularly first-time job seekers, joining the organized workforce.

Rejoined Members

The data reveals that around 15.03 lakh members exited and later rejoined EPFO, representing a substantial year-over-year growth of 23.55% compared to January 2024. These members transferred their accumulated funds instead of opting for final settlements, thereby securing their long-term financial well-being and continued social security coverage.

Growth in Female Membership 

The payroll data shows that 2.17 lakh new female subscribers were added in January 2025, reflecting a 6.01% year-over-year increase from January 2024. The net female payroll addition for the month stood at approximately 3.44 lakh, showing a 13.48% rise from December 2024 and a 13.58% increase from January 2024. This growth underscores a shift toward a more inclusive and diverse workforce.

State-wise Contribution

The top five states and Union Territories contributed to 59.98% of the total net payroll addition, amounting to around 10.73 lakh members. Maharashtra led with 22.77% of the net payroll addition. Other states and UTs, including Karnataka, Tamil Nadu, Gujarat, Haryana, Delhi, Uttar Pradesh, and Telangana, each contributed over 5% of the total net payroll.

Industry-wise Trends

Month-on-month comparisons of industry data show notable growth in net payroll additions in industries such as Expert Services, Financing Establishments, Other Sectors, Electrical/Mechanical/General Engineering Products, Road Motor Transport, Beedi Making, and Fruit & Vegetable Preservation. Expert services accounted for 39.86% of the total net payroll additions.

Conclusion

This payroll data is provisional as data generation is an ongoing process, with updates made regularly due to various factors such as new ECRs being filed or modified. Since April 2018, EPFO has been releasing payroll data from September 2017 onwards, including figures for first-time members joining via Aadhaar-validated Universal Account Numbers (UAN), exits from EPFO membership, and rejoined members.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

On March 20, 2025, Gold prices continued their rally for a 3rd consecutive day, reaching new record highs in major Indian cities. This surge followed the US Federal Reserve’s decision to keep interest rates unchanged, as expected while signalling the possibility of two rate cuts by the end of the year. As of 12:00 PM, Gold prices soared ~0.29% to 89,240 per 10 gm in India.

In key Indian cities, 24K gold increased by ₹10, reaching an all-time high of ₹90,450 per 10 grams, while 22K gold rose to ₹82,910 per 10 grams. Gold prices first crossed the ₹90,000 mark on Tuesday this week, climbing by ₹440 per 10 grams. By Wednesday, the price continued to climb, hitting another record of ₹90,010 per 10 grams.

Meanwhile, spot gold rose 0.2% to $3,052.92 per ounce (as of 00:30 GMT), after reaching an all-time high of $3,055.31 per ounce earlier in the session.

The Federal Reserve announced on Wednesday, March 20, 2025, that it would maintain its benchmark overnight rate in the 4.25-4.5% range. However, policymakers indicated they expected two quarter-percentage-point rate cuts by the end of this year. Economic concerns grew as Fed officials revised their inflation outlook upwards for the year, while also downgrading their forecast for economic growth due to the impact of tariffs imposed during the Trump administration.

Why Gold Prices are Rising?

Several elements have driven gold’s sharp ascent:

• Geopolitical tensions: Escalating conflicts in the Middle East, particularly Israel’s military actions in Gaza, have boosted demand for safe-haven assets.
• Trade war worries: The reimposition of US tariffs during the Trump era has intensified global economic uncertainty.
• Inflation concerns: Ongoing inflation and worries about slower global growth are prompting investors to turn to gold as a protective measure.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Over the past three years, India has experienced growth in motorcycle parts exports, driven by government initiatives such as the Production-Linked Incentive (PLI) scheme. This program has bolstered domestic manufacturing and enhanced the sector’s global presence.

This growth underscores India’s deeper integration into global supply chains and its increasing competitiveness against major suppliers like China and Thailand. At the same time, imports of these components fell from ₹4,281.91 crore (US$ 494.39 million) in FY22 to ₹2,978 crore (US$ 343.84 million) in FY24, signalling a growing reliance on domestic production.

The overall export of auto components, including motorcycle parts, rose from ₹59,588 crore (US$ 6.88 billion) in FY22 to ₹66,690 crore (US$ 7.70 billion) in FY24, with key markets including the US, Turkey, Germany, Mexico, and Brazil. The PLI scheme was introduced on September 15, 2021, with a ₹25,938 crore (US$ 2.99 billion) budget for five years until FY27, aiming to strengthen domestic manufacturing, attract investment, and reduce import dependence.

Major export destinations for motorcycle parts include Bangladesh, Germany, the US, the UK, Indonesia, UAE, Brazil, Turkey, Thailand, Sri Lanka, Italy, Egypt, Colombia, Congo, Guinea, Vietnam, and China. As India enhances its manufacturing capabilities, increasing exports to both developed and developing economies highlight its growing role in the global supply chain.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

In recent years, India has made significant strides toward enhancing its solar manufacturing capabilities, thanks to a combination of expanding domestic production and proactive government measures. These developments have contributed to a positive shift in India’s solar landscape, positioning the nation as a key player in the global renewable energy sector.

Progress in Domestic Solar Manufacturing

India is steadily progressing toward self-reliance in solar cell and module manufacturing. According to estimates from Rubix, a leading analytics service provider, imports of solar cells and modules have decreased significantly. In the first 8 months of 2024-25, imports of solar cells and modules dropped by 20% and 57%, respectively. This reduction highlights the success of India’s efforts to boost local production and reduce reliance on foreign imports.

Most notably, imports from China, which historically dominated India’s solar supply chain, have seen a substantial decline. In 2023-24, the share of solar cells imported from China fell from over 90% to 56%, while module imports from China dropped from 90% to 65%. This shift demonstrates India’s growing manufacturing capabilities and a more diversified solar supply chain.

Key Players Driving the Change

Several prominent companies are at the forefront of expanding India’s solar manufacturing capacity. TP Solar (Tata Power’s solar manufacturing arm), Reliance Industries, Waaree Energies, Vikram Solar, Gautam Solar, AdSolar, and Rene are planning significant capacity expansions in the gigawatt range. These companies are positioning themselves to meet growing demand and capitalize on emerging opportunities both within India and in international markets.

The Indian government has also played a crucial role in fostering this growth. Policy changes and initiatives, such as the Production-Linked Incentive (PLI) scheme, have provided a strong incentive for local manufacturing. The PLI scheme, in particular, aims to boost domestic production by offering financial incentives to manufacturers, further reducing the need for imports and enhancing India’s competitiveness in the global market.

Solar Cells and Modules: Import Dependence and Export Growth

Despite the progress in local manufacturing, India still faces challenges in achieving complete self-sufficiency. Rubix points out that the country will continue to rely on imports for solar photovoltaic (PV) cells and wafers due to the limited capacity for domestic cell production and the absence of wafer production facilities. However, the country is making steady progress in module manufacturing, with the industry increasingly targeting export markets.

India’s solar module exports have been growing significantly, with the value of solar module exports in 2023-24 nearly 35 times greater than that of solar cell exports. Rubix highlights that large domestic players, such as Waaree Energies, Adani Solar, and Vikram Solar, have been responsible for most of India’s PV exports. Each of these companies exported over half of their annual production in FY2024. Other emerging PV manufacturers, including Grew Energy, ReNew Power, Navitas, Solex Energy, and Saatvik Energy, are also expanding their reach into international markets and building overseas supply chains.

India’s Renewable Energy Goals and Global Leadership

India’s ambitions in renewable energy extend beyond manufacturing. At COP26 in 2021, the country made a bold commitment under its “Panchamrit” pledge, which outlined five key targets aimed at combating climate change and accelerating the adoption of green energy. These targets include reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewable sources, and reducing emissions by 1 billion tonnes by 2030. Furthermore, India has set a goal of reducing its emissions intensity of GDP by 45% and achieving net-zero emissions by 2070.

India’s focus on green energy aligns with the global push for sustainable solutions to climate change. With its growing solar manufacturing capacity, the country is well-positioned to contribute to the global renewable energy transition while simultaneously meeting its domestic energy needs.

Conclusion

India’s journey toward solar self-reliance is far from complete, but the progress made so far is commendable. The combination of strong government support, expanding domestic manufacturing, and a focus on export markets signals a promising future for India’s solar industry.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.