CENTRAL STATISTICAL ORGANISATION
Nearly 75 pc fall in J&K terror, encounters, casualties in five years till 2023: MHA officials to House panel
India has witnessed a significant decrease in terrorist-related incidents and encounters, with a 77% drop in the past five years. Civilian casualties have also fallen by 75% during the same period. The data, presented by the Home Ministry, attributes this success to various counterterrorism measures and a decline in left-wing extremism.
Number of EPFO subscribers up 7.6% at 73.7 million in 2023-24
As per the draft annual report of EPFO for 2023-24, approved by the labour secretary Sumita Dawra-led executive committee of the central board of trustees of EPFO, the number of contributing establishments under the retirement fund body went up by 6.6% to 0.76 million as against 0.71 million in 2022-23. The CBT of EPFO will consider and approve the report at its upcoming meeting on November 23.
India's high food inflation leaves less in lunch boxes of poor school children
Rising food inflation over nearly two years in India has caused budgetary strain on government-funded school meal programs, forcing cutbacks in key nutritious ingredients, thereby compromising the quality of meals provided to nearly 120 million children, impacting their nutrition and highlighting economic inequality.
Labour-intensive industries need to be promoted to generate more jobs: Raghuram Rajan
Former RBI governor Raghuram Rajan emphasized the need for India to focus on labour-intensive industries to generate employment. Despite 7% economic growth, job creation remains insufficient, particularly in manufacturing. Rajan highlighted the success of Vietnam and Bangladesh in labour-intensive sectors and urged India to follow suit. He also discussed GST rates rationalization and the need for equitable growth among states.
ET Analysis: Leave the food inflation target index well alone
Governor Shaktikanta Das stressed not to modify the existing inflation targeting framework, which aims for a 4% inflation rate. He pointed out food inflation's significant role in the consumption basket and cautioned that ignoring it may risk the hard-won stability in price levels. The existing framework ensures the credibility of economic stability.
RBI job data matches with govt's: SBI Report
The latest SBI Research Ecowrap report highlights that the Reserve Bank of India's KLEMS data and the Annual Survey of Unincorporated Sector Enterprises (ASUSE) employment numbers from the government closely align. According to the report, the RBI's KLEMS data estimates India's total labour force at 597 million, whereas the ASUSE survey by MoSPI puts it at 568 million, indicating a negligible difference.
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Govt scouts for advisor to manage Bharat Bond ETF's AUM worth Rs 50,000 cr
The Indian government is seeking a consultant to advise on managing the Bharat Bond Exchange Traded Fund (ETF), which has seen its assets under management (AUM) cross INR 50,000 crore (about $6.7 billion) since its launch in 2019. The DIPAM issued a request for proposals, stating that the appointed advisor would analyze, assist, and advise on the potential monetization of debt from select CPSEs
WMO report shows 2023 shattered climate records, experts highlight concerns for India
The World Meteorological Organization (WMO) reports that 2023 has set climate records, with extreme weather causing devastation worldwide. The data until the end of October indicates that the year was about 1.40 degrees Celsius above the pre-industrial baseline. India, particularly northern regions, has experienced a rapid surge in temperatures.
Like early days of Covid: Is China hiding something about recent infections?
Amid China's recent surge in respiratory diseases, reminiscent of the early days of the COVID-19 outbreak, concerns arise while authorities reassure the public. Hospitals are inundated, particularly with afflicted children, echoing past unsettling memories. Presently, no alarming global implications are indicated, yet an unsettling parallel to the pandemic's initial stages in China emerges.
At 47%, India struggles to bridge the food grain storage gap
India¡¯s food grain storage capacity is significantly inadequate. This is the first battle that must be won on the path to becoming an economically developed country.
52 million formal jobs created under EPFO, NPS in four years: SBI Ecowrap
Citing the data from FY¡¯20 to FY¡¯23 for EPFO and NPS, the report further said 47% of the payrolls generated during the period were first time jobs. Of the total jobs created, 48.6 million were created under EPFO while 3.1 million were created under NPS. The report suggests bank sakhis to be hired as bank correspondents to increase the share of women in labour force from the current 27%
Multilateral institutions should help India to create decent work environment: ILO's Richard Samans
India's G20 presidency will establish a working group on women empowerment to address issues such as low female labor force participation rates, according to Richard Samans, the G20 Sherpa of the International Labour Organisation. Samans believes that multilateral institutions should support developing countries like India in providing decent work and social protection for their workers.
FinMin Nirmala Sitharaman confident of 'good' growth in June quarter
Finance Minister Nirmala Sitharaman expressed confidence in India's economic expansion in the first quarter of the current fiscal year, citing a revival in private sector capital expenditure. She emphasized the need for businesses to recognize India's strengths instead of focusing on global slowdown concerns.
Formal job creation picks up in March
Data released by the Ministry of Statistics and Programme Implementation shows that there was a double-digit increase in formal job creation across all categories in March 2022 compared to the previous month. While net additions to the Employees' Provident Fund Organisation increased 10.1%, new subscriptions to the Employees' State Insurance Corporation and National Pension Scheme increased 5.4% and 77.5%, respectively, over the same period. The EPF scheme and ESIC witnessed their highest net addition to the payroll over the last five years, with nearly 13.9 million new subscribers to the EPF scheme.
India likely to demerge Central Statistical Office, National Sample Survey Office
"The internal restructuring exercise was undertaken with a view to have greater synergies amongst the available statistical manpower and improve data quality not only for survey data but also for administrative statistics," a press note issued by the ministry in 2019 had said.
Inflation lowers, but don't lower guard
RBI cannot relax its vigil, however. Headline inflation is elevated on a high base. Food inflation pulled down the CPI in March, declining to 4.79% from 5.95% in February. Seasonality of vegetable prices is making retail inflation volatile as cereal prices remain firm. Opec+ - which is the Organisation of the Petroleum Exporting Countries plus Russia - has announced crude oil production cuts that could be an overreaction to the global slowdown.
MPC meet outcome: RBI raises India FY24 GDP growth forecast marginally to 6.5%
The RBI¡¯s rate-setting panel has projected India's real GDP to grow at 6.5% in FY24, Governor Shaktikanta Das announced on Thursday. The MPC unanimously decided to leave benchmark lending rates unchanged. Repo rate remains at 6.5 per cent. ?
Job creation across EPFO and ESIC on rebound after momentary dip in October
Year-on-year comparison also shows an increase in formal jobs created in November compared to November 2021. Formal jobs created under the Employees¡¯ Provident Fund Organisation in November 2022 were 16.5% higher compared to 1.39 million jobs added in the same month in the preceding fiscal.
High inflation, weak demand expected to pull down economic growth to 4.0%-4.5% in 2HFY23
Given that Saudi Arabia is a key beneficiary of the current oil price boom, India¡¯s GDP growth is indeed a shining spot across the globe.
Formal job creation in India slows down in August: MoSPI
The provisional payroll data released by the ministry of statistics and programme implementation on Tuesday shows net new subscriber addition under EPFO fell by 7.1% in August at 1.69 million compared to 1.82 million in July, 1.83 million in June, 1.68 million in May and 1.53 million in April.
Formal job creation in India remains buoyant in July
Year-on-year comparison shows a significant increase in formals jobs created this year compared to July 2021, the period of thes second wave of the pandemic. Formal jobs created under the Employees¡¯ Provident Fund Organisation in July this year was 24.5% more when compared to 1.46 million added in July 2021.
Formal job creation up in January; EPFO sees 1.52 million new subscriber addition
The payroll data by the ministry of statistics and programme implementation, released on Friday, shows net new subscriber addition under the EPFO stood at 1.52 million in January 2022, 20.6% more than 1.26 million added in December 2021.
Formal job creation under ESIC fell by 17.1% to 1.02 million in November 2021
The formal employee addition under the Employees Provident Fund Organization, however, went up in November 2021 by 25.6% to 1.39 million compared to 1.11 million net new subscribers added in October 2021.
Formal sector hiring rebounds significantly in June
The report further shows formal sector hiring across state governments nearly doubled in June to 61,943 as against 31,784 in May while 4,758 subscribers were added under central government compared to 6,312 in May and 12,014 corporate sector employees joined in April.
View: What India needs to do to ensure a 'V'-shaped economic recovery
If the problems of the unorganised sector are not addressed, it is only a matter of time before the lower leg of the ¡®K¡¯ drags down the upper one to make it closer to a ¡®W¡¯.
View: The one direction for the economy to move is up ¡ª provided government does its bit
Given that GoI has completed almost 90% of its budgeted borrowing for the year, CSO¡¯s numbers seem to suggest government is cutting back, rather than increasing, its spending.
View: Sharp fall in the latest growth estimates is a wake-up call to GoI to ramp up its stimulus package
It will be a while before we get back anywhere near the 7-8% growth of the go-go years.
View: Strong fiscal stimulus must accompany monetary easing to revive growth
Monetary policy is far more effective in dealing with rising inflation than with a growth slowdown.
India Ratings pares India¡¯s FY20 growth forecast on sluggish consumption demand
This is the second downgrade in two months. The agency had revised its GDP growth estimate to 6.7% from its earlier forecast of 7.3% in August.
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