India's consumer price index (CPI)-based inflation could ease in the coming months thanks to the arrival of kharif crops, lower international commodity prices, and a pass through of lower input costs to consumers, the finance ministry said in its Monthly Economic Review (MER) for October, which was released on Thursday. The MER, however, warned that the global macroeconomic situation remained precarious and a recession in many advanced economies would impact India's exports. "Easing international commodity prices and new Kharif arrival are set to dampen inflationary pressures in the coming months.
The finance ministry on Wednesday reimposed expenditure curbs on ministries and government departments for July-September quarter. There will be no spending restrictions on the ministries of health, rural development, agriculture, MSME (micro, small and medium enterprises) and railways as part of a two-pronged strategy. "The existing guidelines for expenditure control have been reviewed. "Keeping in view the evolving situation arising out of Covid-19 and anticipated cash position of the government, it is felt essential to regulate Quarterly Expenditure Plan (QEP)/Monthly Expenditure Plan (MEP) of specific ministries/departments for July-September, 2021," the Department of Economic Affairs in the finance ministry said in a notification.
'If it doesn't, it will continue with measures to infuse liquidity, signalling a new cycle,' predicts Tamal Bandyopadhyay.
Jagjit Singh Dallewal, a 70-year-old Punjab farmer leader, is on his 21st day of a hunger strike demanding the Indian government address farmers' concerns, including a legal guarantee of MSP on crops. His health has deteriorated, and doctors have recommended immediate hospitalization. However, Dallewal, a cancer patient, has refused medical treatment.
The finance ministry expects a broad-based moderation in inflationary pressures on the back of an anticipated reduction in food prices as a result of the uptick in summer sowing. The retail inflation rate remained stubbornly clung to the 5 per cent mark in seven of the past eight months. "Core inflation is trending downwards, indicating a broad-based moderation in price pressures... Driven by strong domestic growth and benign global commodity prices, core inflation is declining continuously.
It's time we dispensed with the paper trail and shifted all labour law paper, workflows and permissions online.
With a large number of Indian youth aspiring to work in the railways, delays in filling up railway job vacancies were a point of criticism against the BJP in the run-up to the elections.
The norms, say industry experts, are not sufficient to weed out fly-by-night contractors.
Retirement fund body EPFO has recorded the highest net member addition of 18.75 lakh in July 2023, according to the payroll data released on Wednesday. The labour ministry in a statement said that the addition of 18.75 lakh during the month is the highest since the first publishing of EPFO payroll data from April 2018 covering the period of September 2017 onwards. A growing trend has continued for the last three months with an increase of around 85,932 net members over the previous month of June 2023.
From highways connecting once-remote regions to aviation networks carrying millions, India's infrastructure story is one of transformation.
However, demand was still much higher compared to the previous years, underlining the scheme's vital role in providing employment to the rural poor, a vast majority of whom are migrants.
Three years after India declared its goal to become a net-zero economy by 2070, the policy design for achieving the target has begun, with the NITI Aayog forming dedicated multi-sectoral committees to prepare a transition plan. In 2021, India joined a select group of nations that set a target year for becoming net-zero carbon economy. At COP26 in Glasgow, Prime Minister Narendra Modi outlined a five-pronged 'Panchamitra' climate action target for India and committed to a net-zero target by 2070, joining nations like the US, the UK, and China.
BMS general secretary Virjesh Upadhyay said, "There are many anomalies in the draft rules on Code on Wages which need to be amended. The new rules are silent about many provisions clearly provided in the four Acts subsumed in the code."
Thrust on infrastructure and capital expenditure is expected to continue in the Union Budget for FY25.
'Mr Minister, it has been more than five years for your government. There is no job creation. Whatever jobs were there, they have been snatched due to the economic slowdown brought by the government. You want to escape by insulting North Indians'
Six states out of 22 major states and Union Territories (UTs) generated fewer formal jobs for the youth in the September quarter than they did in the corresponding quarter a year ago, a Business Standard analysis of the data released by the Employees Provident Fund Organisation (EPFO) shows. States like Punjab (-12.4 per cent), Himachal Pradesh (-10.3 per cent), Jharkhand (- 7.2 per cent), Assam (-3.7 per cent), Gujarat (-3.4 per cent) and Rajasthan (-.1.1 per cent) saw further decline in the number of net new subscribers in the second quarter (Q2) of FY23 compared to the last year. The analysis did not include northeastern states, except for Assam. This is crucial as the subscribers in the 18-28 age group are seen as first-timers in the labour market, thus reflecting the robustness of the job market.
India's mission in Kuwait is ascertaining the full details from the concerned Kuwaiti authorities on the tragic fire incident in a building in the southern city of Mangaf which killed 49 foreign workers, including around 40 Indians, and injured 50 others, even as officials started an investigation into one of the worst fires in the Gulf nation.
Currently, industries with up to 100 workers were allowed to do this.
'When manufacturing or even services cannot generate the kind of employment they are looking for, they prefer to be unemployed rather than under-employed.'
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
The Bill will make it tougher for workers to go on strike.
Air India Express on Thursday cancelled 85 flights or around 23 per cent of the total daily capacity as the disruptions due to the cabin crew shortage continue and said Air India will operate services on 20 of its routes to minimise inconvenience to passengers.
'The Budget needs to focus more on social welfare schemes.'
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.
The bill to amend payment of gratuity Act in order to double the ceiling of tax-free gratuity to Rs 20 lakh, would soon be placed before the Union Cabinet for approval.
The issue of the labour agreement came up during discussions between the Minister of State for External Affairs, E Ahamed and Oman's Minister of Manpower Juma bin Ali Al Juma in Muscat on Wednesday. The draft MoU include various measures for the welfare of Indian workers so as to check many labour-related problems.
The reservation would include a 10 per cent horizontal quota for Agniveers in the posts of constable, mining guard, forest guard, jail warden, and special police officers.
'The race is now on for Indian IT firms to develop their AI prowess and focus on a software-first approach to services as the people element becomes more complicated with Trump's expected new regulations.'
The Leader of Opposition assured the parents of raising the issue in Parliament.
The government has approved payment of 8.75 per cent rate of interest on PF deposits in 2013-14 for over five crore subscribers of retirement fund body EPFO.
Union Labour Minister Oscar Fernandes promised on Thursday to have a 'proper dialogue' with all on labour reforms.
Notices have been issued to the company for penal damages.
Both parties will discuss the issues and there will be a meeting again on May 28, he said.
Ramesh opposes Pawar's plan to provide cheap labour to farmers under NREGS.
To burnish production-linked incentive (PLI) schemes, the government is considering an overhaul of some of them relating to sectors such as textiles and pharma, and making incentive payments quarterly, officials in the know said. In a bid to cut the delay in processing incentive claims, the government is looking at switching to a quarterly disbursement of incentives. Currently, in most schemes, incentives are annual.
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
Labour ministry guidelines say workers returning to cities must get housing, health insurance, facemasks. The Centre has also asked states to issue guidelines to employers to take care of the needs of migrant workers.
