Improved monsoon, solid fiscal performance, and capex push by the public and private sectors augurs well for India's macroeconomic stability and growth, the finance ministry's monthly economic review for June 2023 said. But the report said that while India's domestic fundamentals remain strong, negative cross-border spillovers and adverse global developments could act as a deterrent in achieving the high growth path this financial year. "An improved matching of aggregate supply and aggregate demand in the Indian economy underpins the progress made in the control of domestic inflation and the consequent strengthening of macroeconomic stability," the review said.
More women are leaving their homes than ever before to hunt for jobs in India's overcrowded employment market, the first government study of its kind released in New Delhi showed.
Around 50 to 55 lakh job seekers, on an average, annually register with the employment exchanges for over two lakh notified vacancies.
Union minister for coal and mines Mamata Banerjee on Monday announced 15 per cent interim relief for coal miners and employees and said no collieries would be closed and no retrenchment would be made.
To provide better working conditions and social security to workers in the unorganised sector, an empowered group of ministers on Friday cleared a draft of the unorganised sector workers bill that provides for pension and insurance to the workforce.
Over 10 lakh workers who quit or lost jobs so far this fiscal got a major relief on Monday with the government taking a decision to pay 8.5 per cent interest on employees provident fund.
For Indian equities, this will a good stabilising hedge against the speculative investor breed, which is largely dominant in Indian equity markets.
'Its people are either victims of corruption or witnesses to it.'
About a million railway employees participated in the strike ballot of NFIR. In December, 800,000 employees participated in the strike ballot conducted by another leading union, the All India Railwaymen Federation, with 96 per cent voting in favour of a strike.
The Finance Ministry has been pitching for EPFO funds to be invested in the equity markets to maximise their yields.
The Budget session of Parliament is likely to conclude on Thursday, a day ahead of schedule.
Despite the labour ministry's claims that it is vigourosly chasing the employees provident fund defaulters, the money that employers owed to the fund mounted to Rs 1,758 crore till July, but EPFO might be able to realise only Rs 571 crore.
Finance Minister Nirmala Sitharaman on Thursday said the government will consider the Production Linked Incentive (PLI) scheme for Chemicals and Petrochemicals sector to make India a manufacturing hub for such products. In view of stringent pollution control regulations and rising labour cost, she said, global manufacturers in the chemical industry are looking at diversifying their products and production capability and India stands out as an alternative destination for manufacturing. Besides, India offers a large domestic market, she said while addressing the third edition of the summit on 'Global Chemicals and Petrochemicals Manufacturing Hubs in India'.
Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy on Tuesday said the government was losing revenue due to the GST, which should be revenue neutral with a single rate. Speaking at an event organised by the Calcutta Chamber of Commerce in Kolkata, he however said that GST has led to a lot of simplification. "The ideal GST is one that has a single rate, and it was meant to be revenue neutral.
'Revision of the base year for both CPI and GDP are long overdue.' 'The basic data that went into the 2011-2012 series were mainly from surveys done in 2011 or earlier.' 'We have since seen the emergence of new sectors like platform-based work and online marketing.' 'The employment surveys and the consumption surveys need to reflect these adequately.'
While some trade union leaders have welcomed the move, industry has opposed it, fearing an increase in its wage bill
The 15% invested every month in equity would be allotted to subscribers in the form of units.
Retirement fund body EPFO net added 14.81 lakh subscribers in August 2021, reflecting a growing trend in net payroll for the first five months of this fiscal. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Wednesday highlights that it added around 14.81 lakh net subscribers during the month of August 2021, a labour ministry statement said. The data reflects a growing trend in net payroll for the first five months of the current financial year, it added.
For Swarup, the job would not be just challenging but also tricky, given the negativity attached to the sector.
The company stated that it was taking steps for cost rationalisation across all businesses to maintain liquidity and due to a prolonged slowdown it had to take a few tough measures.
'We need to find out whether any structural element has got fatigue.' 'We want to increase the lifespan of the bridge.'
However, the hike in salary for government officials may take some time as the Centre had earlier this year decided to put a freeze on any hike in the DA of its employees till July, 2021, owing to the Covid-19 pandemic.
Air India Chairman Rajiv Bansal has been appointed as the new aviation secretary as part of a major top-level bureaucratic reshuffle effected by the Centre on Wednesday. K Rajaraman, additional secretary in the department of economic affairs, has been appointed as secretary, department of telecommunications, a personnel ministry order said.
Seven of the meetings will be held in late November or early December at the finance ministry, as is the norm.
Employers' refusal to recognise TUs has caused industrial tiffs.
Tamil nadu Chief Minister and All India Dravida Munetra Kazhagam supremo J Jayalalithaa on Monday sacked three ministers and six district heads in the backdrop of her party's defeat in three Lok Sabha seats in Tamil Nadu and Puducherry.
Issuing a slew of directions, a bench of Justices S Ravindra Bhat (since retired) and Aravind Kumar asked the central and state governments to pay Rs 30 lakh as compensation to the next of kin of those who die while cleaning sewers.
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
The Philippines' foreign ministry confirmed in a statement that one of its nationals had died while working at a resort south of the capital Doha. It said its embassy was "working with legal authorities to ascertain more details of his passing".
Rising skills gap, falling exports, low productivity, rising debt and low foreign investment is jeopardising the target set for the textile and apparels sector
A government panel examined the records of employees surveyed by Labour Bureau's quarterly enterprises surveys and mapped it with the EPFO's subscribers and found "unexplained variations" between the two.
The meeting came after terrorists carried out a series of targeted killings in the Kashmir Valley that include non-Muslims, security personnel, an artist and local civilians.
Of these 8.5 million additional people employed in September, 6.5 million were in rural India, reveals Mahesh Vyas.
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
The government views dropout as a barrier to achieving the new National Education Policy's aim of 100 per cent gross enrolment rate at the school level by 2030, according to officials.
The ministry of labour & employment has now been mandated to seek the 12-digit unique identification number Aadhaar from people like employees and unorganised sector workers seeking registration, benefits, availing services or receiving any payment under various schemes under the Social Security Code 2020. Aadhaar would not be made mandatory for delivery of services under various social security schemes under the purview of the ministry because Social Security Code 2020 has not been fully implemented so far. The rules under the Code are finalised by the ministry but those rules are yet to be notified.
Their favourite alternatives: Malaysia, Vietnam and the Philippines. Note, India is missing from that list. And this is despite an attractive financial incentive scheme for OSAT players. The reason, said a senior executive of a US chip company who had a meeting in Taiwan just a few weeks ago, is that "they want more predictability in government policy because they plan to put in big money."
