How to spot a "ghost job"

Top of the Morning

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, September 3, 2024. My name is Nelson John. Let's get started.

Indian equity markets set another record on Monday, with the Nifty rising by 0.17 percent and the Sensex gaining 0.24 percent. This marks the thirteenth consecutive trading session where the markets have closed in the green.

Last week, the Securities and Exchange Board of India proposed a major regulatory change for stock brokers, requiring them to implement a payment mechanism that blocks funds for trading in the secondary market. Mint’s Neha Joshi explains that this type of block mechanism, where investors set aside money for transactions, enhances security while allowing them to earn interest on the funds held in their accounts.

Ever encountered a "ghost job"? These are fake vacancies posted by companies to gather resumes for future use and test market interest. Additionally, they might also post such jobs to maintain their brand image or signal growth. Devina Sengupta reports that these postings are usually done by smaller companies. Read her primer on this trend, and find out how to avoid wasting your time by applying for a ghost job.

Regulatory challenges for India Inc. have been steadily increasing, prompting companies to seek assistance from "crisis consultants" to navigate these issues. Recent incidents, such as the problems with IT systems at Kotak Mahindra Bank, highlight this sectoral shift. Shayan Ghosh and Devina Sengupta write that the emergence of crisis consulting as a sector is imminent. They also note that the use of artificial intelligence is significantly reducing resolution times from months and weeks to mere days.

In July, SBI Card reported a rise in non-performing assets, attributing it to customers over-leveraging by securing multiple credit lines, which directly affected their repayment capacity. Our partners at How India Lives highlight that this trend reflects a broader issue of rising household debt in India, exacerbated by the pandemic. Soaring household debt is impacting savings and expenditure, raising concerns about the broader implications for economic growth and the urgent need for a rebound in household financial savings.

In New Delhi, the renewable power sector is facing a challenge as nearly 30 gigawatts of capacity is struggling to find buyers. Potential buyers expect uniform tariffs and improved grid connectivity, both of which are missing. Rituraj Baruah reports that projects worth at least 15 gigawatt lacks Power Purchase Agreements, while around 14 gigwatts are awaiting Power Supply Agreements. India aims to significantly increase its green power project tendering to meet an ambitious goal of achieving 500 gigwatts of non-fossil-based energy capacity by 2030. Such a backlog by the authorities in approving projects is spooking investors