The Union government is projected to share about 32 per cent of central taxes with states during the financial year 2024-25 against the 15th Finance Commission's recommendation of 41 per cent. The Revised Estimates (RE) for FY24, too, show a similar share of states in the central taxes at 32 per cent. In absolute terms, however, there has been an increase in the amount devolved to states compared to the Budget Estimates (BE) for FY24 at Rs 11 trillion.
President Droupadi Murmu, in her address to the nation on Republic Day, advocated for the "One Nation One Election" initiative, emphasizing its potential to enhance governance and reduce financial burdens. She highlighted the government's efforts to eliminate remnants of colonialism, citing the replacement of British-era criminal laws with modern alternatives. Murmu also lauded India's economic progress, stressing the importance of inclusive growth and social welfare. She urged citizens to remember the sacrifices of freedom fighters and reaffirmed the significance of the Constitution in guiding India's journey towards a prosperous and equitable future.
India Inc on Thursday pitched for lowering income tax burden on common man, increase in capital expenditure, and firm steps to contain food inflation in their nearly two-hour long interaction with finance minister Nirmala Shitharaman ahead of the Union Budget. During pre-Budget consultation with Sitharaman, the industry leaders and associations also urged the government to focus more on infrastructure development with a view to maintaining the economic growth momentum. The industry leaders also laid stress on boosting the MSME (micro, small, and medium enterprises) sector, considered a backbone of the Indian economy and main employment generator.
'When manufacturing or even services cannot generate the kind of employment they are looking for, they prefer to be unemployed rather than under-employed.'
'A proposal to do away with labour laws is not feasible.' 'That's why we wanted to have a dialogue with the states.'
'Brazil, China, Colombia and India each had more than 2,000 of their citizens overstaying student/exchange visas, with India having the highest number (7,000).'
The UK Home Office has announced a crackdown on illegal working across the country, targeting restaurants, nail bars, convenience stores, and car washes. In January, Immigration Enforcement teams conducted record-breaking raids, arresting 609 individuals, a 73% increase from the previous year. The crackdown comes as the government introduces new legislation aimed at tackling criminal gangs that facilitate illegal immigration. The Home Office highlights the dangers of illegal migration and the exploitation of vulnerable individuals while emphasizing its commitment to safeguarding workers and removing foreign criminals.
Jharkhand Chief Minister Hemant Soren has distributed portfolios among the new ministers, keeping key departments such as Home, Personnel, and several others to himself. The Congress' Radhakrishna Kishore was given Finance, Commercial Tax, Planning and Development Department, and Parliamentary Affairs departments. JMM's Deepak Biruwa was allotted the departments of Revenue, Registration and Land Reforms (non-registration), and Transport. Chamra Linda, another JMM leader, was allotted the departments of Schedule Tribes, Scheduled Castes, Backward Classes (except Minority Welfare). RJD's Sanjay Prasad Yadav was given the departments of Industries, and Labour, Planning, Training and Skill Development. The Congress' Irfan Ansari got Health, Medical Education and Family Welfare, besides Food, Public Distribution and Consumer Affairs, and Disaster Management departments. The chief minister also kept to himself the departments of Cabinet Secretariat, Personnel, Administrative Reforms and Official Language, Road Construction, Building Construction, and those departments yet to be distributed to anyone. Among the other ministers, JMM's Ramdas Soren was given the School Education and Literacy, and Registration departments. Party colleague Hafizul Hasan was allotted the departments of Water Resources, and Minority Welfare Department. Panchayati Raj, Rural Works, and Rural Development departments were given to Congress MLA Deepika Pandey Singh. The CM gave Drinking Water and Sanitation, and Excise and Prohibition departments to JMM's Yogendra Prasad. JMM legislator Sudhivya Kumar became the minister for Urban Development and Housing, Higher and Technical Education, and Tourism, Art Culture, Sports and Youth Affairs departments. Shilpi Neha Tirkey of the Congress was allotted Agriculture, Animal Husbandry and Cooperative Department. A total of 11 MLAs took oath as ministers in the Hemant Soren government in Jharkhand on Thursday.
Recent documents by NITI Aayog and periodic labour force surveys on employment show that the importance of agriculture is rising in the Indian economy.
'We need to take steps towards ease of doing business.'
Indian-origin tech companies cornered a fifth of all H-1B visas issued by the US with Infosys and Tata Consultancy Services leading the pack, an analysis of data from the US immigration department showed. According to data from the US Citizenship and Immigration Services, in April-September 2024 period, out of the total 1.3 lakh H-1B visas issued to different employers, about 24,766 visas were issued to Indian-origin companies.
The resilience of the economy and strength of domestic demand will continue to make India an engine of growth amid the rapidly evolving global trade landscape as a result of US tariffs, Finance Minister Nirmala Sitharaman said in London on Tuesday.
"The 2017 state election results in India demonstrate broad-based popular support for the Indian government's policy agenda and will facilitate the implementation of further reforms, a credit positive for the sovereign," Moody's said in a statement.
'If the BJP detoxifies the nuclear liability law, it will bring economic, environmental and, most of all, strategic benefits.' 'Let's keep our fingers crossed and hope that this Budget promise is met soon -- ideally, before Mr Modi heads to his first meeting with Trump 2.0,' observes Shekhar Gupta.
'The size of the investments is important, but equally crucial is the number of jobs that these proposals create.'
Growing at a robust rate due to economic reforms in key sectors like digitisation and infrastructure, India has emerged as a star performer and is projected to contribute more than 16 per cent of the global growth, the International Monetary Fund said on Monday. "What we have been observing for quite some time now is that India has been growing at a very robust rate. "It's one of the star performers when it comes to real growth when you look at peer countries.
Union Labour Minister Bhupender Yadav has exuded confidence that four labour codes, which would bring another wave of reforms, will soon be implemented as around 90 per cent of states have already come out with draft rules. In 2019 and 2020, 29 central labour laws were amalgamated, rationalised and simplified into four labour codes, viz, the Code on Wages, 2019; the Industrial Relations Code, 2020; the Code on Social Security, 2020; and the Occupational Safety, Health & Working Conditions Code, 2020, noted the Survey. During an interaction, Yadav told reporters that around 90 per cent of the states have already published draft rules on four labour codes and he expects the four legislations would become operational soon.
Road projects alone worth $10 billion face delays over land disputes and other clearances.
Prez assent to Gujarat labour law with contentious provisions.
FIFA is not responsible for the working conditions of labourers helping to build stadiums for the 2022 World Cup finals in Qatar, the president of world soccer's governing body Sepp Blatter said.
Prime Minister Narendra Modi led-NDA government in its third term must tackle the problem of unemployment in the country, especially in the unorganised sector and in small and medium enterprises, former NITI Aayog Vice Chairman Rajiv Kumar said on Monday. Kumar also emphasised that the government now must finalise the four labour codes as it has been delayed beyond expectations. "We must recognise that post-COVID economic recovery has been a K-shaped recovery.
Good companies would want to treat labour as partners; bad companies would want to exploit labour as much as possible, Effective labour laws should weed out the latter without hampering the former, says Shubhashis Gangopadhyay.
Reserve Bank Governor Shaktikanta Das on Thursday said the fundamental drivers of the Indian economy are gaining momentum and the country is moving on a sustainable growth path. In the inaugural address at FIBAC 2024, the governor said that massive changes are taking shape in various economic sectors and markets, and the country is geared for orbital shifts.
Prime Minister Narendra Modi on Saturday hard sold his government's reforms spanning from manufacturing to taxation to labour, saying they have changed the world perception about the country from 'why India' to 'why not India' and went on to quote record foreign investment during the pandemic as a testimony to that. Speaking at industry association Assocham's Foundation Week event, Modi also said agriculture reforms brought by his government six months back have started benefiting farmers. The reforms in the last six years have influenced in changing the sentiment of the industry from 'why India' to 'why not India' in investing.
'If we truly wish to understand and apply Marx's insights today, we must reject the rigid dogmas that later 'Marxists' imposed in his name.'
Tamil Nadu, claiming to be the Detroit of India, has labour unrest in the automobile industry, among others.
Industry body CII on Thursday made a case for pushing reforms in sectors like land, labour, and agriculture by the Modi 3.0 government to accelerate economic growth, which is estimated to be around 8 per cent in the current financial year. CII president Sanjiv Puri said a lot of policy interventions in the past have put the economy on "a much stronger wicket". "The growth rate is poised to touch 8 per cent during the current year, marking the fourth consecutive year of above 7 per cent + growth.
'We are worried for the workers because in the private sector, jobs are not secure, there is no decent work condition and there is no social security.' 'That's why we are opposing the economic policies of this government.'
T Nanda Kumar, former food and agriculture secretary, shared his memories of working with former prime minister Manmohan Singh during some of India's most challenging times, highlighting Singh's compassionate leadership and commitment to ensuring food security for all Indians. Kumar recalled Singh's steadfast support during the 2008 global food crisis, where he championed a ban on non-basmati rice exports to secure domestic supplies. Singh's leadership, characterized by intellect and humility, left a lasting impression on Kumar, who considered him a mentor and guiding light.
The Anti-Discrimination Student Movement (SAD), which led protests against Bangladesh Prime Minister Sheikh Hasina, has launched itself as a political party called the National Citizen Party (NCP). The new party, which aims to 'dismantle constitutional autocracy' and establish a 'second republic,' has pledged to create a 'solely Bangladesh-oriented' political system, with no room for 'pro-India and pro-Pakistan politics.' The NCP's inaugural rally was attended by representatives of various political parties, including the Bangladesh Nationalist Party (BNP), Jamaat-e-Islami, and envoys from the Vatican and Pakistan.
If the Modi government's approach to economic policy making is any indication, expectations of a sudden spurt in economic reforms after the assembly election results appear to be grossly misplaced.
Facing criticism from the government over the central bank prioritising inflation over growth, the new RBI Governor Sanjay Malhotra on Monday said that prospects of the Indian economy are expected to improve on the back of high consumer and business confidence in 2025. "As we strive to preserve financial stability to support a higher growth path for the Indian economy, our focus remains steadfast on maintaining stability of financial institutions and, more broadly, systemic stability," Malhotra said in foreword to the Financial Stability Report.
The Survey noted that while women account for almost half of India's population, their participation in labour market is almost one-third and has been declining.
The government needs to take positive action to reaffirm that story.
By June 2025, financial freedom will be just an ATM away. Pleasantly surprised? But there's more, says Ramalingam Kalirajan
Sunak, 44, was facing the impossible challenge of overcoming voter anger against the incumbent Tories after 14 years in power. The 61-year-old Keir Starmer-led Labour Party, meanwhile, maintained a strong lead over the Tories throughout the six-week campaign.
'The overwhelming evidence from various studies and reports indicates that the current work culture in the IT sector, characterised by excessive hours, has severe consequences for health, productivity, and overall quality of life.'
Workers of SNCF will be on strike for two days out of five every week for three months.
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
'As the global economy undergoes significant transformations in 2025, India's ability to navigate the complexities of trade wars, financial realignments, and emerging blocs will be pivotal,' explain Harsh V Pant and Soumya Bhowmik.
