The earlier forecast expected to see 654 million working Indians overall by the fiscal year ending 2022.
Three years after the prime minister's election promise that his government would create 10 million jobs, the emerging picture is not pretty. Employment HAS TO take on a critical status in the government's agenda, says Shyamal Majumdar.
'The Modi government must create conditions to integrate millions into the rural economy as many migrants are certainly not going to return to live an undignified life,' notes Ramesh Menon.
In a move that could have a bearing on Indians, Britain has decided to significantly reduce work permit quotas of non-EU low-skilled migrants coming in to fill labour shortages in agriculture
In a meeting with the President on behalf of these 18 non-National Democratic Alliance parties, Leader of Opposition in Rajya Sabha Ghulam Nabi Azad said he has requested the President to return the bills, and only give his assent after they have been passed after following proper rules and procedures.
Kisan Mazdoor Sangh (KMS) and Kisan Sena (KS) made a representation, which also included a demand for strengthening the dispute resolution system in case of any trouble in contract farming.
India is looking at near close to double-digit growth this year and the country will be one of the fastest-growing economies, Finance Minister Nirmala Sitharaman has said. The minister also emphasised that she expects the economic growth next year to be in the range of 7.5-8.5 per cent, which will be sustained for the next decade.
Buoyed by an increase in public investment and incentives to boost manufacturing, India's economy is expected to grow by 8.3 per cent in the fiscal year 2021-22, less than the previous projection early this year before the country was hit by the second wave of the COVID-19 pandemic, the World Bank has said in its latest report. World Bank chief economist for the South Asia Region Hans Timmer told PTI here that when one looks at the high frequency data, they see that as a result of the second wave of the COVID-19 pandemic, the recovery paused, and some indicate that the recovery actually declined briefly. "We project for this fiscal year 8.3 per cent (growth rate for Indian economy) that is less than we projected early in the year before the health crisis caused by the second wave. "Given the sharp contraction of the economy last year, it might not look like a lot, but in my view, that is actually very positive news, given the violent second wave and the severity of the health crisis," he said on Thursday.
43 months after Modi's election promise that his government would create 10 million jobs, the reality does not paint a pretty picture, warns Shyamal Majumdar.
The Centre intends to consolidate the 44 central labour laws into 5.
'The BJP will never act against the minister because it stands with criminals.'
Since 2011, India has remained on Tier 2 of the State Department reports on human trafficking.
"You take any section of society be it Dalits, weavers or Brahmins, everybody has been exploited. The administration of Yogi Adityanath ji is working completely against the 'vichaar' (thoughts) of Guru Gorakhnath," she said at a rally, taking a swipe at the BJP leader who is also the head of the prominent Mutt in Gorakhpur named after Saint Gorakhnath.
Congress leaders claim the land Bill stir is an opportunity to shake off despair and serve as return vehicle for Rahul Gandhi.
'We are going to have a recession this year, maybe next year too...'
The Budget kept away from mood dampeners such as an increase in taxes (capital gain taxes) and even the much-feared introduction of Covid cess and wealth taxes, says Nimesh Kampani, chairman, JM Financial.
Although demonetisation and improper implementation of GST along with falling prices are being blamed for much of the distress in rural India for some time, experts believe those may not be the only reason.
'They wil show the whole world see how this government is treating its farmers.'
'When you need to revive the economy, when you need to revive aggregate demand, you cut taxes.' 'But what's this government doing?' 'It's increasing taxes for the middle class and the vast majority of the poor on fuel, which has a ratchet effect on most other products.'
The SAD has been requesting the Centre not to introduce the three agriculture-related bills for the approval of Parliament until all reservations expressed by farmers' organisations, farmers and farm labourers are addressed, Badal said.
Here is all you need to know about the National Population Register and worries over its links with NRC.
Fix agriculture to target food inflation, create labour-intensive manufacturing to target the current account deficit, and fiscal restructuring can target the infrastructure deficit.
Fifteen Cabinet ministers and 28 Ministers of State were sworn-in by President Ram Nath Kovind at a ceremony at Rashtrapati Bhavan on Wednesday evening.
With half of their staff on duty and no visitors allowed in waiting halls, many top leaders of Bharatiya Janata Party (BJP) who are under quarantine due to the extended lockdown are exploring ways to keep themselves busy.
'Breaking down silos and ensuring a more integrated governance process is just as important to performance.' 'It has been a major priority in the last six years, especially in national security,' External Affairs Minister Dr Subrahmanyam Jaishankar points out when delivering the Sardar Patel Memorial Lecture-2020: India and the Post-Covid World.
Gandhi met the president and handed over a memorandum signed by two crore farmers demanding a repeal of the laws, saying they will not benefit farmers or labourers.
'A sustainable growth rate of 8 per cent is evidently some distance away,' says T N Ninan.
For maintaining sustained demand in domestic consumption and household investment, the economy must generate enough jobs in the formal sector,says Shubhashis Gangopadhyay.
A jury of farmers in Karnataka recently held a unique hearing and gave its verdict on what the country needed to do to improve farming.
'It is undemocratic and shows fascist tendencies.'
Fitch Ratings on Thursday said the resurgence of COVID-19 infections may delay India's economic recovery, but won't derail it, as it kept the sovereign rating unchanged at 'BBB-' with a negative outlook. It projected a 12.8 per cent recovery in GDP in the fiscal year ending March 2022 (FY22), moderating to 5.8 per cent in FY23, from an estimated contraction of 7.5 per cent in 2020-21. Fitch had in June last year revised outlook for India to 'negative' from 'stable' on grounds that the coronavirus pandemic had significantly weakened the country's growth outlook and exposed the challenges associated with a high public debt burden.
While consumers feel that petrol pinches directly, diesel hurts indirectly, as it is an input in almost all the goods and services we use.
According to official statistics, half of India's GDP comes from as many as 420 million workers in the unorganised sector including street vendors, rickshaw pullers, construction workers, rag pickers, agricultural workers, among others. This massive workforce remains outside the purview of the formal banking and insurance industries.
If you take the minimum wage to Rs 15,000 tomorrow, the choice may not be between Rs 8,000 and Rs 15,000; it might be Rs 15,000 or nothing, says T N Ninan.
A senior finance ministry source said making the use of debit cards and e-wallets compulsory across the board is legally untenable, but banks have been asked to insist their account holders use these instruments
Ten central trade unions on Tuesday said they are going ahead with their planned nationwide general strike on November 26 and also announced their support to a two-day farmers' agitation next week. The meeting of the Joint Platform of Central Trade Unions (CTUs) and Sectoral Independent Federations and Associations was held virtually on November 16, 2020. Unions expressed satisfaction over the tremendous response being received from workers and the people at large throughout the country to the ongoing campaign for the countrywide general strike on November 26, 2020, a joint forum statement said.
With economic growth slowing to a six-year low, IMF Chief Economist Gita Gopinath says the government should undertake structural reforms such as bank clean-up and labour reforms to address the slowdown in domestic demand. She rooted for government policies focusing on managing a slowdown in domestic demand, and on boosting productivity growth and supporting employment creation in the medium term.
The government was going in the "wrong direction" and it was "highly condemnable" that it did not discuss the proposed changes with trade unions and other stakeholders, says BMS, trade union arm of the RSS.
Multiple layers of iron and cement barricades, and at least five layers of concertina wires were put up last year, and further strengthened after the January 26 violence this year during the farmers' protest against the three contentious farm laws.
Less than half of rural households are engaged in agriculture.
