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India and the US have decided to hold sector-specific talks in the coming weeks to finalise the structure of the proposed bilateral trade agreement (BTA), the government said on Saturday. The engagement between the two countries came in the backdrop of the USA's threat to impose reciprocal tariffs on its key trading partners, including India, on April 2.
For India to transform into a high-income country with a projected gross domestic product (GDP) of $23-35 trillion, will need a sustained annual growth of 8 per cent to 10 per cent. This will be powered by India's demographic dividend, technological innovation, and sectoral transformation, according to the "India@2047: Transforming India Into A Tech-Driven Economy" report by Bain & Company and Nasscom. By 2047, the services sector is expected to contribute 60 per cent of India's GDP, while manufacturing will account for 32 per cent, both playing a pivotal role in economic expansion.
7 million jobs will be created in formal sector in FY18
The RBI on Wednesday slashed key interest rate by 25 basis points, for the second time in a row, to support a shuttering economy hit by reciprocal tariffs imposed by the US. Following the rate cut, the key policy rate eased to 6 per cent providing relief to home, auto and corporate loan borrowers.
Companies like Flipkart, Amazon and Meesho as well as quick commerce ones like Blinkit, Zepto and Swiggy Instamart may create hundreds of thousands of seasonal jobs for the coming festival season.
More than 25 crore workers engaged in sectors ranging from banking, insurance, postal to coal mining, highway and construction are expected to go on a nationwide general strike on Wednesday, potentially disrupting services across the country. A forum of 10 central trade unions and their associates has called for a general strike or 'Bharat Bandh' to "oppose the anti-worker, anti-farmer and anti-national pro-corporate policies of the government".
'...they always address problems superficially, never tackling root causes.' 'Currently, the policy response will focus on immediate relief -- getting people to safety, providing facilities, clearing debris.' 'This is necessary, but once immediate relief operations end, everything returns to 'normal' without addressing underlying vulnerabilities.'
According to the report by WEF and Deloitte Touche Tohmatsu, the manufacturing sector not only adds value to the overall economic growth but also helps in creating more jobs than any other sector.
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.
The highest number of jobs were created in the age group of 18-21 at 1.29 million, followed by 22-25 years of age at 1.12 million during these seven months.
'The youth is stressed and students are depressed.'
'Not paying workers enough will end up being self-destructive or harmful for the corporate sector itself.'
While this will incur a revenue loss amounting to 0.2 per cent of GDP, it will provide a strong boost to consumer sentiment and spending, points out Rajani Sinha.
The report further revealed that the BPO/call centre industry has dropped down several places, forfeiting its second position on the list to the manufacturing industry, which has shown promising growth.
At the end of the day, this isn't about choosing between EMIs and SIPs. It's about choosing your path to financial freedom.
Manufacturing activities in India fell to a five-month low in September as new orders rose at a softer pace, which tempered production growth, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) fell to 57.5 in September, down from 58.6 in August -- the lowest in five months. The September PMI data pointed to an improvement in overall operating conditions for the 27th straight month.
India's manufacturing sector growth moderated in August as output and sales rose at slowest rates since January, while competitive pressures and inflation concerns hampered business confidence, a monthly survey said on Monday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) stood at 57.5 in August, below July's reading of 58.1 but above its long-run average of 54.0, signalling a substantial improvement in operating conditions.
Apple's three vendors in the country have hit the milestone of creating 30,000 new direct jobs since the production-linked incentive (PLI) scheme for mobile devices kicked off in April 2021. Based on the government's estimate that one direct job in the electronics industry helps to generate three indirect ones, Apple's vendors, Foxconn Hon Hai, Wistron and Pegatron, are close to creating 100,000 direct and indirect jobs. The direct jobs that the vendors have created account for a fourth of Apple's commitment to generate 60 per cent of the new direct jobs out of the 200,000 jobs targeted by the government under the PLI scheme within five years.
ASK Wealth Advisors says 5 million, CMIE's estimate is 2 million and Ghosh & Ghosh said it was 7 million!
Commerce Minister Piyush Goyal's scathing remarks on Indian startup ecosystem and its innovation priorities have drawn sharp reaction from the industry, with Zepto CEO Aadit Palicha putting up a strong defence citing the company's contribution to jobs, FDI and terming it a "miracle in Indian innovation".
The challenge is to enhance opportunities for people to generate livelihoods through entrepreneurship, both big and small, argues R Jagannathan.
Measures to promote ease of doing business, cut in tax rates for smaller enterprises to 25 per cent, and reduction in interest rates are creating the right atmosphere for new businesses to flourish, particularly SMEs.
The minister said Indian economy was the fastest growing.
'It is good for us if the JMM contests. That will divide the Opposition and give us the upper hand.'
Finance Minister Nirmala Sitharaman is likely to hold pre-budget consultations with industry chambers on June 20, sources said. The budget for 2024-25 fiscal is likely to be presented in Parliament in the second half of July. Industry sources said the pre-budget consultation with Sitharaman would be preceded by a meeting with Revenue Secretary Sanjay Malhotra on June 18.
'I played five different versions of Woh Subah Kabhie Toh Aayegi for Raj Kapoor, only to be greeted with a totally blank reaction.' 'Thereafter, for 40 minutes, he disappeared, leaving us baffled.' 'But when he emerged, he couldn't stop appreciating our efforts!' 'He said Sahir Ludhianvi's writing was sheer poetry and since all my five tunes were equally wonderful, he would leave it to my discretion to chose the final tune.' 'What could be greater appreciation for an artiste?'
Jobs and job creation are going to be the US' priority over the next year, not protectionism against outsourcing, says Bob Mcdonnell, Governor of the state of Virginia.
'Binary fission will happen -- startups will lead to more startups.'
From event planning to digital arts, career coach Nayagam PP offers a list of exciting courses you can pursue after Class 12.
India's services sector activity growth touched a five-month high in August on stronger rise in new work orders, while payroll numbers rose solidly as companies remained upbeat regarding the economic outlook, a monthly survey said on Wednesday. The seasonally adjusted HSBC India Services Business Activity Index rose from 60.3 in July to 60.9 in August, registering the fastest expansion since March and was largely supported by productivity gains and positive demand trends.
While workers in the United States and Europe are having a difficult time in not only finding a job but also keeping it, the situation in South Asia, including India, is somewhat different.
About 13 million first time car/two-wheeler buyers are entering the market every year. If employment creation is such a big issue, where are these people coming from, asks Mahesh Nandurkar.
January 2019 saw the maximum number of employment being generated since the data from September 2017, reports Indivjal Dhasmana.
I'...additional concessions, such as opening government procurement, reducing agricultural subsidies, weakening patent protections, and allowing unrestricted data flows -- demands India has resisted for decades.'
The new jobs - created both directly and indirectly - will be across industries, including IT, skill development, content creation, retail, logistics, and manufacturing.
India's manufacturing sector output increased at a sharp pace in June as new business continued to flow in amid favourable demand conditions and resulted in record upturn in employment, a monthly survey said on Monday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) increased from 57.5 in May to 58.3 in June, indicating a sharper improvement in business conditions. In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
'Make in India'presents a huge opportunity for jobs.
Anticipating US action on tariffs, India seems to have made the first move by revamping its tariff structure by reducing the slabs to eight rates, points out Mukesh Butani.
Prime Minister Narendra Modi and US Vice President JD Vance have expressed satisfaction with the progress made in negotiations for a bilateral trade agreement. The two leaders met in New Delhi and discussed a range of bilateral issues, including cooperation in energy, defense, strategic technologies, and other areas. They also exchanged views on regional and global issues of mutual interest.
