Several individuals and organisations, including the US Chambers of Commerce and the National Association of Manufacturers, have filed a lawsuit against the Trump administration's recent rules related to the H-1B visa, terming them "arbitrary" and "haphazard" regulations that will undermine high skilled immigration into America. Early this month, the Trump administration announced new restrictions on H-1B non-immigrant visa programme which it said is aimed at protecting American workers, restoring integrity and to better guarantee that H-1B petitions are approved only for qualified beneficiaries and petitioners, a move which is likely to affect thousands of Indian IT professionals.
The key to job creation is to increase labour participation - draw more people into the labour force and to provide them formal jobs in the organised sectors. Self-employment is not job creation, says, Mahesh Vyas.
Nearly 31 million Indians are unemployed and looking for jobs. While economic growth has been humming along, the pace of job creation has been poor. A revealing excerpt from Dev Kar's India: Still A Shackled Giant.
'It could take 12 months or more for hiring to get back on track.' 'New opportunities would come up and there will be demand for skillsets that can help dealing with the current situation.'
The biggest worry is not the shrinking of the labour market, but the collapse of good jobs.
On the back of ongoing reforms and stress on manufacturing, India. he said, can look for much bigger share in global exports.
Probably in August. We can argue whether RBI is dovishly neutral or neutrally dovish but the telltale signs of at least one more rate cut are strewn all over the policy statement, points out Tamal Bandyopadhyay.
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.
Ola's factory will create 10,000 jobs and serve as the company's global manufacturing hub for India and international markets.
The Indian Olympic Association on Thursday backed the International Olympic Committee's assertion that the upcoming Tokyo Olympics will weather the coronavirus pandemic and be held on time without a glitch. The IOC and the Tokyo Games organisers are adamant that the Games will start on July 24 as scheduled despite the coronavirus pandemic crippling health care systems and destroying economies across the world.
'Whatever ED officers do -- issue summons, conduct searches or arrest a person -- they have to face the courts.'
'It does not look like unemployment is a priority for the government.' 'If there was one external factor which could have made an impact on low investment and low jobs, it was the Budget and it has not made any difference.' '2020 is going to be a difficult and challenging year.'
'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.
The Union Budget seems to have elicited a starkly opposite view from rural India compared to urbanites, says Mahesh Vyas.
'Walmart will source globally and more from China and will dump these cheap goods in India, making our country a dumping yard.'
Gujarat, the home state of Prime Minister Narendra Modi and portrayed as 'growth engine' of India has witnessed a steep fall in new investments for the second quarter of 2014-15 compared to the first quarter of the same fiscal.
Hopefully, the small recovery in the labour force and employment seen in the September-December 2017 wave will gather momentum in the coming waves, says Mahesh Vyas.The challenge, says Mahesh Vyas, is to find the corresponding jobs for these aspirants.
Amid an increase in localised lockdowns across the country, Reserve Bank Governor Shaktikanta Das on Wednesday said there is no need for a loan repayments moratorium at present, stating that businesses are better prepared to face the situation. It can be noted that the RBI had announced a six-month moratorium in the early days of the national lockdown last year to help borrowers impacted by a chilling in economic activity. The entire state of Maharashtra is in a lockdown for non-essential services and localised and night lockdowns are being observed in many pockets of the country, including the national capital, to restrict the surge in cases.
We are adapting to the situation by innovating new delivery modelss, launching brand campaigns that are impactful in the current context and closely monitoring changes in consumer buying behaviour, he said.
Haripriya also claimed that the economy of Bangladesh has strengthened on the back of smuggled cows from India, primarily Assam.
Sticky labour laws and a difficult business environment have led to employers shifting their new hiring in favour of contract labour where social security is much lesser, says Mahesh Vyas.
'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'
India will receive normal monsoon this season, country's meteorological department said on Wednesday in its forecast for the Southwest monsoon that covers 75 per cent of the country, and thereby may bring much-needed respite to the economy, which is reeling under the catastrophic effect of the Covid-19 pandemic.
The lockdown should have been used to drum into Indians' head the reasons for social distancing and the necessity for it, and the costs of not applying it in our daily lives and it should have been used to set up the systems that would manage large numbers of infected, observes Mihir S Sharma.
As of the week ended July 2017, the unemployment rate was 3.1 per cent. This is the lowest unemployment rate recorded. Rural unemployment was also very low at 2.8 per cent.
Similarly, FDI from Cyprus too increased by about three-times to $879 million in the last financial year from $296 million in 2018-19.
'It is less dependent on imported capital.'
'India should start leveraging rather than banning crypto.'
It is necessary that at least three million additional jobs (if not more) are created every year to ensure that there isn't an increase in the stock of unemployed, says Mahesh Vyas.
RBI is scheduled to announce mid-quarter review of monetary policy for 2013-14 on June 17.
'In their over-enthusiasm to clean up the system, both the banks and the regulator should not forget that the key to the insolvency law is revival of companies -- recovery of bank dues is an offshoot of that,' points out Tamal Bandyopadhyay.
The Budget will obviously be crucial. But US President Donald Trump may have even more of an influence than Finance Minister Arun Jaitley when it comes to sentiment, argues Devangshu Datta.
Commercial banks are also expected to be soft on loan repayments and restructure the loans, if not write them off.
Given the rapid changes in the Indian labour market, there is an urgent need to have current, accurate and publicly available data through regular, dynamic and comprehensive surveys. Indeed, this was the intention behind constituting the NITI Aayog Task Force on Improving Employment Data. The attempts by the government to "improve" labour data has actually made it worse, say Rosa Abraham, Janaki Shibu & Rajendran Narayanan.
Amid uncertainties arising out of the second wave of COVID-19, the Reserve Bank on Thursday said that a durable revival of private consumption and investment would be critical for sustaining economic growth post-pandemic. Observing that 2020-21 has left a scar on the economy, RBI in its annual report said, "in the midst of the second wave as 2021-22 commences, pervasive despair is being lifted by cautious optimism built up by vaccination drives." The second wave of the pandemic has prompted revision of growth projections for the current fiscal and the consensus appears to be gravitating towards RBI's forecast of 10.5 per cent, the report added.
According to a study by the medical journal, the Lancet, air pollution has emerged as the deadliest form of pollution and the fourth leading risk factor for premature deaths worldwide.
Rogue lending under political influence was rife in the Congress-led regime and is not happening in the Modi regime, certainly not on that scale. But if PSBs cannot lend as indiscriminately as they did last time in the name of 'credit expansion', how well will these banks do, asks Debashis Basu.
Sun Pharma was the top loser in the Sensex pack, shedding 2.37 per cent, followed by HCL Tech, Reliance Industries, IndusInd Bank and L&T.
'India-China economic ties are likely to take a hit in the wake of the new situation, but that also provides India with a new opportunity to strengthen its manufacturing base,' points out Dr Rajaram Panda.
The joint secretary also said a high-level task force to work on frontiers of science related to vaccines and drug testing was formed on Sunday.
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