'Not paying workers enough will end up being self-destructive or harmful for the corporate sector itself.'
'Over the next 20 years, we would be adding almost 10 million people to the workforce every year!' 'And we won't be able to give employment to even 2 million out of the 10 million every year.' 'Don't forget, it keeps adding every year.'
Ten central trade unions on Friday gave a call for a nationwide strike on May 22 to protest against the suspension of labour laws by some states during the lockdown period, and also decided to take the matter to International Labour Organization (ILO). "The joint platform of Central Trade Unions (CTUs) in their meeting held on May 14 , 2020 took note of the critical situation for the working people in the country during the lockdown period and decided to enhance united actions to meet the challenge," a joint statement by 10 CTUs said.
A presidential advisory sub-committee has recommended the federal government to extend the grace period for H1-B workers, who have lost their jobs, from the existing 60 days to 180 days so that the workers have enough opportunities to find a new job or other alternatives. "The immigration subcommittee recommends the Department of Homeland Security and the US Citizenship and Immigration Services (USCIS) to extend the grace period for H1-B workers, who have lost their jobs, from 60 days to 180 days," Ajay Jain Bhutoria, member of the President's Advisory Commission on Asian Americans, Native Hawaiians, and Pacific Islanders, said on Tuesday. In his presentation, Bhutoria highlighted the significant challenges faced by H1-B workers laid off from their jobs.
According to NSSO, more than half of India's working-age population is out of labour force. In 2017-18, the youth unemployment rate was in the range 13.6-27.2 per cent.
Indian economy is expected to grow 10.5 per cent or more in the current fiscal, Niti Aayog Vice Chairman Rajiv Kumar said on Thursday. Speaking at a virtual conference organised by the Public Affairs Forum of India (PAFI), he also said that modernisation of the retail sector is very much on the cards. "India Purchasing Managers' Index (PMI) for both manufacturing and services has shown a very smart uptick last month. "This (Indian economy) will strengthen even further," he said. "I expect Indian economy to grow 10.5 per cent or higher in FY 22," he noted.
Never mind work-life balance: this generation spends more time on the job than ever before.
'It feels like Assam is good just as a tourist spot and not a place to earn and live.'
Claims of a spike in poverty and inequality in India during the Covid-19 pandemic are patently false as such claims are based on uncomparable different surveys, according to a paper co-authored by eminent economist Arvind Panagariya. The paper also noted that inequality fell in the country during Covid years, both in rural and urban areas as well as nationally. Panagariya, Columbia University Professor and former vice chairman of NITI Aayog and Vishal More of Intelink Advisors, New Delhi have co-authored a detailed paper 'Poverty and Inequality in India: Before and After Covid-19'.
The fall in the employment rate translated into a 2.6 million fall in absolute employment between December 2022 and March 2023. Most of this fall was in March 2023.
India can sustain 8 per cent annual GDP growth and the conducive macroeconomic configuration may become a launching pad for a step-up in the country's growth trajectory, said an article on the 'State of Economy' in the central bank's March Bulletin published on Tuesday. Over the period 2021-24, gross domestic product (GDP) growth has averaged above 8 per cent. The global economy is losing steam, with growth slowing in some of the most resilient economies and high frequency indicators, pointing to further levelling in the period ahead, said the article authored by a team led by RBI Deputy Governor Michael Debabrata Patra.
It would be larger than even in the pandemic year of 2020-2021, notes Mahesh Vyas.
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.
What the labour market statistics of March 2022 show is India's biggest sign of economic distress, points out Mahesh Vyas.
The return of the unemployment rate to pre-lockdown times is not worth celebrating because it is more a reflection of a shrinking labour force than a decline in the count of the unemployed, observes Mahesh Vyas.
Organisations that reward constant optimism and penalise negativity create environments where employees feel pressured to hide their struggles, notes Sonica Aron, founder of HR consultancy firm Marching Sheep.
'The government should come back as a job creator as it did in the 1960s and the 1970s.'
Around 81 per cent of the workers constitute the unorganised sector - devoid of any social security cover and outside the purview of a complex set of labour laws.
'The rise in unemployment, underemployment, discouraged workers and job insecurity is likely to continue, with very adverse consequences for the nation's economic well-being and social cohesion,' warns Shankar Acharya.
The government's decision to release the reports comes two days after over 200 scholars from across the globe issued a statement demanding release of all withheld reports produced by the NSO, including the household consumer expenditure survey that was junked.
Some of India's largest companies have seen a slowdown in the growth of temporary, contract and casual jobs, as compared to the increase in their total workforce. The absolute number of such jobs is up 30 per cent between financial year 2017-18 and 2021-22 (FY18-22), shows an analysis of data collated from the annual reports of S&P BSE 100 companies. Forty-eight firms were considered for the final analysis based on the availability of uniform data across the last five years. In comparison, the total workforce numbers are up 36 per cent in the same period.
'When you do some job for a few hours, you are hardly earning enough to survive.'
The state's joblessness is three times higher than the national average of 7.8 per cent.
Economy has become a major cause of concern for the new government with GDP dropping to 5.8 per cent in the last quarter of the 2018-19.
While we seem to want soldiers on short-term engagement, warfare itself is getting more technical and needs skilled manpower. The world has seen the dismal performance of armies that rely on short tour of duty soldiers or have outsourced war to 'contractors' in Afghanistan and now in Ukraine, points out Colonel Anil A Athale (retd).
L2: Empuraan is an ambitious sequel that is bigger, bolder and timid in equal measure, observes Arjun Menon.
The state's economic health is in focus as it has consistently breached the fiscal deficit in eight of the last 10 years since Telangana's formation.
Releasing the survey report after taking into account the expert committee recommendations, Statistics Secretary Pravin Srivastava told reporter, "It is a new design and a new matrix. It would be unfair to compare it with the past. This 45- year high is your interpretation. I don't want to claim that it is 45-year low or high."
'If you compare the data from 2017 and 2023 of the US imports from the world and China, you will see that the US was a complete loser in the trade war, and China was a complete gainer.'
'...to think apna time aa gaya after the 2024 election.'
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
The United Kingdom extracted USD 64.82 trillion from India over a century of colonialism between 1765 and 1900 and USD 33.8 trillion of this went to the richest 10 per cent -- enough money to carpet London in notes of 50 British pound almost four times over.
The situation raises concerns about whether the promised freebies will once again push the state into a revenue deficit.
IMAGES from the Champions Trophy Group A match played between India and Pakistan at the Dubai International Cricket Stadium, in Dubai on Sunday.
Retail sales of cars are back to January 2018 levels in August 2021. Two-wheeler retail sales are 22 per cent lower, nearly four years down the line.
The Indian economy is likely to grow at over 7 per cent in the current fiscal year, former Niti Aayog vice chairman Arvind Panagariya said on Wednesday, while observing that the growth rate should sustain next year too provided the forthcoming Budget does not have any negative surprises. Panagariya further said recessionary fears have been around for a while but so far neither the US nor the EU has gone into recession. "From the viewpoint of India, in terms of headwinds originating abroad, the worst is probably behind us," he told PTI.
The explosion ripped through the provincial capital Quetta's railway station as passengers gathered on the platform before the scheduled departure of the Jaffar Express to Peshawar.
The Economic Survey will remain a documentation of the government's resolve to not recognise the severe stress on the labour markets and on the livelihoods of Indian households arising out of the pandemic and the consequent lockdown, observes Mahesh Vyas.
All four labour codes are likely to be implemented in one go from April 1, the beginning of the next fiscal year, labour secretary Apurva Chandra said on Wednesday. The parliament in its just concluded session passed three labour code bills: the Industrial Relations (IR) Code, the Social Security Code, and the Occupational Safety, Health and Working Conditions Code (OSH). The Wage Code Bill, 2019 was passed by the parliament last year.
Of the 3,893,149 registered applicants on the MP Rojgar portal, only 21 individuals have been successfully placed in government and semi-government positions since April 2020.
