Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, October 10, 2024. My name is Nelson John. Let's get started.

Yesterday, the Reserve Bank of India left key policy rates unchanged, maintaining the repo rate at 6.5 percent. The RBI’s decision comes amid rate cuts by central banks worldwide, notably the US Federal Reserve, Bank of Japan, and Bank of England. The RBI remains wary of inflation, and thus doesn't want to cut rates just yet. Gopika Gopakumar writes that the decision still leaves room for a rate cut at the monetary policy committee's meeting in December.

Faced with cost pressures, companies are keen on retaining their employees. Some plan to disburse more than 90 percent of variable pay since raises are expected to be modest this year. Key sectors such as manufacturing, auto, and IT are likely to pay bonuses in full, while the retail and consumer sectors will be more cautious. Anandorup Ghose from Deloitte India tells Devina Sengupta that while bonus payouts are typically within 90-110 percent of the target, variable pay differs by seniority. Roopank Chaudhary of consulting firm Aon notes that though some sectors have seen improvements, overall bonus projections for 2025 are similar to last year's, at about 13.6 percent of fixed pay. Salary hikes are expected to be around 9.5 percent next year, a slight increase from 9.3 percent this year.

India is pumping 25 billion dollars into its semiconductor sector as it looks to get at least four more chipmakers to set up fabs. The focus is on legacy chips, which are essential in industries such as auto, aerospace and defence. These older chips are cheaper to make and maintain than the most advanced ones, such as those used in iPhones. The Tata-PSMC facility, the only commercial fab in India right now, is set to make chips ranging from 28 nanometers to 90 nanometers. While these are more advanced than typical legacy chips, the plant will also churn out the older variety to meet domestic needs and reduce imports, boosting India's revenue in the process. Shouvik Das takes a closer look at India’s big gamble on legacy chips.

The Kalyanis, known for their substantial holdings in India’s industrial sector, including Bharat Forge, are embroiled in a contentious legal battle over the family’s wealth. Gaurishankar Kalyani, the youngest brother of Bharat Forge chief Baba Kalyani, has challenged a 2012 will of their late mother Sulochana Kalyani. He claims a newer will from December 2022 names him as the main heir, but Gaurishankar accuses him of coercing their mother into sidelining him.

Priyanka Gawande explains the legal battle for control over multibillion-dollar assets.

Is your real estate agent a social media influencer as well? Madhurima Nandy writes about such agents, who earn nearly 2 crore rupees a year from brokerage and influencer marketing fees. But they also offer other services: advice on what to avoid, whom to trust, and a rundown of real estate basics. As younger generations start buying property, social media has become fertile ground to attract such clients. Madhurima writes that real estate developers are getting into this as well, partnering with influencers to build hype around their projects. After fashion, beauty, food and finance, it looks like influencers have a new sector to sink their teeth into.