Mandates have been handed out to staffing solutions companies such as Randstad India and TeamLease, officials at these firms have said, as players increasingly push into rural areas to capitalise on the uptick in the hinterlands.
Rural and urban regions present different labour participation and employment levels. These differences also are not tuned to India exploiting its demographic dividend, says Mahesh Vyas.
'People are getting back to work.' 'The worst seems to be over.' 'It is very likely that the recovery is mostly among the informal, self-employed, workers who cannot afford to be away from work for too long,' notes Mahesh Vyas.
'If the 7 million estimate is true, then either our understanding of the past was all wrong or the economy has changed dramatically but so surreptitiously that we did not even notice it,' says Mahesh Vyas.
Several opposition members, including from the Dravida Munnetra Kazagham and the Communist Party of India-Marxist, also pointed out that the government took almost two months to impose the lockdown after the first case came to light in January, and claimed the delay had proved costly.
The government must realise that it has very little time to recover itself, its reputation, its legacy - and India's fortunes,says Mihir S Sharma.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
We will find it difficult to exceed an average of 5 per cent growth in the medium term, warns Shankar Acharya, the former chief economic adviser.
He said it was not only a tax reform but 'is a measure that lends strength to the new culture of honesty'.
The country's demographic dividend is dissipating, with seriously adverse consequences for young India, asserts Shankar Acharya, former Chief Economic Adviser to the Government of India.
After staging a strong recovery from COVID-induced slowdown in 2021, India's exports are likely to extend the growth story to the New Year also on increased demand in the global markets, boost in domestic manufacturing due to production-linked incentive schemes and implementation of some interim trade pacts. Expectations of positive growth in the country's exports are also backed up by the outlook of the World Trade Organisation (WTO) which predicts a 4.7 per cent expansion in the global merchandise trade volume in 2022. Exporters believe that the outbound shipments would cross $400 billion mark in this fiscal going by the current momentum and may reach $475 billion in 2022-23.
The substantially increased economic dualism may exert lasting negative influences which could include a reduced potential for economic growth; the persistence of a very weak employment and poverty situation; rising social and political discord; and heightened vulnerability to geopolitical challenges, cautions Shankar Acharya, former chief economic adviser to the Government of India.
US President Barack Obama said there is natural convergence between India and the United States.
'The roadmap ahead seems very difficult especially in the rural areas where there is very poor infrastructure, vaccine reach and hesitancy.' 'These are a deadly cocktail for the next wave.'
Prime Minister Narendra Modi on Saturday inaugurated the 6th India Mobile Congress at Pragati Maidan in Delhi and launched 5G services. The 5G telecom services seek to provide seamless coverage, high data rate, low latency and highly reliable communications system. The three major telecom operators of the country demonstrated one use case each in front of the prime minister to show the potential of 5G technology in India.
The study says the entire supply chain of goods and services will suffer a massive liquidity shock.
The employment that is returning is mostly essential services required by Indian households. Most urban Indian households cannot function without a retinue of maids, cooks, drivers, cleaners, notes Mahesh Vyas.
The central government's deposits with the RBI had fallen to just Rs 100 crore as of June 8.
Rising unemployment rate reflects a rise in the labour participation rate, which in India's case has been worryingly low.
'Usually, urban wage rates are 50 per cent higher than rural wage rates. But, this could be narrowing very rapidly now,' points out Mahesh Vyas, CEO, Centre for Monitoring Indian Economy.
As employers eye quality talent, employees will enjoy an upper hand in demanding high pay, better benefits, remote work options and other perks, predicts Navneet Singh, CEO, Avsar, a talent management firm.
'Two consecutive quarters of negative growth are the technical definition of an economic recession, and for the first time in this generation's memory, we may be staring at one,' observes Aakar Patel.
'Our first great challenge is to create 12 million new jobs each year, to make the demographic dividend an economic dividend.' 'We are nowhere near that,' points out Mohan Guruswamy.
This whirlwind of activity only confirms that rushing around creating an impression of pompous busy-ness is not the same thing as solving problems, argues Mitali Saran.
It's high time we now turn the popular question on its head -- when there is no growth in jobs for several years, how can the real GDP grow at 7 per cent per annum, says Mahesh Vyas.
India has entered a 'demographic sweet spot' with half of its population being under the age of 29. This 'demographic dividend' is likely to last for 2-3 decades and provides the government a unique opportunity to harness the vast potential of India's youth, points out Raj Kishore Mishra, the former civil servant turned development professional.
As India looks to mend its Covid-battered economy, one thing that will grab the attention of all concerned is the path that both wholesale and retail inflation will follow. Even the Reserve Bank of India in its latest policy statement said, "Going forward, the inflation trajectory is likely to be shaped by uncertainties impinging on the upside and the downside.
'Under-employment continues to be a very big problem.' 'What we see today is many youth who would have accepted any kind of job are not willing to accept any job.' 'They are ready to wait for a better job, one that justifies their educational qualification. 'This is one of the reasons why unemployment has risen.'
'Wage earners are shrinking. In both, the organised and unorganised sectors. And, entrepreneurs are growing.' 'But the increase in entrepreneurship is of a kind that does not create salaried employment or daily wage employment,' says Mahesh Vyas.
More people felt optimistic about their economic condition in November than in the same month a year ago, says Mahesh Vyas.
Those who have been handed the pink slip shouldn't make too many loan queries, advises Raj Khosla.
Sivan said the Indian National Space Promotion and Authorisation Centre (In-Space) has been created under the Department of Space as a separate vertical for taking independent decisions with respect to permitting and regulating space activities of the private sector.
'In India, a large proportion of the labour force does not have a regular job.' 'People are mostly employed as daily wage workers, agricultural labourers, small farmers and self-employed traders.' 'These move in and out of "jobs" fairly rapidly.' 'It is the high proportion of these workers in India that makes unemployment volatile,' explains Mahesh Vyas.
Power transmission infrastructure in 18 major cities could be potentially hacked.
'In countries like Japan, one out of 11.7 tests turns out to be positive, which is among the highest in the world. Italy tests 6.7 persons for one positive test while the USA tests 5.3 persons and the United Kingdom 3.4'
The Reserve Bank of India on Friday decided to leave benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance as the economy faces heat of the second Covid wave.
On the back of ongoing reforms and stress on manufacturing, India. he said, can look for much bigger share in global exports.
The independent institute advising the PM on jobs seems to have missed the point that the challenge is to create net additional jobs, says Mahesh Vyas.
Can 3 crore out of the 8.9 crore young male population of the nine states set off on a pilgrimage that extends for about a month? If yes, then what can we infer regarding the state of the young working population in these states, asks Mahesh Vyas.
If everyone had decent meaningful jobs, the rally maidans would be largely empty and, save for the Akhara babas and curious foreigners and the devout senior citizens, not very many would spare time for the Kumbh Mela, says Mahesh Vyas.
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