INDIAN DOMESTIC WORKERS
India's economic growth masks deepening income inequality & sectoral disparities
The Indian economy is experiencing robust GDP growth, macroeconomic stability, and significant foreign capital inflows. However, there is a stark disparity in growth rates between the top 20% and the rest of the population. Despite a GDP growth rate of 8% for FY24, domestic consumption growth remains sluggish at 4%, highlighting income inequality as the wealthiest 20% accumulate 92% of the country's savings.
GCCs, closer to the vortex of innovation
Hiring by India-based global capability centres (GCCs) of multinational technology companies has overtaken that by domestic IT service providers. This shift marks a change in demand for Indian tech workers, from providing all-round IT and back-office support to working on frontier technologies such as AI. It aligns with the view that India is a key market for deploying innovative solutions and creating them. Big Tech uses GCCs to leverage talent, cost, and efficiency to develop new products and support strategy.
Official employment data masks India's jobs problem, say economists
India's employment growth mainly comes from self-employment, unpaid work, and temporary farm hires, which are not equivalent to formal jobs, economists said. Despite claims of 20 million new jobs annually since 2017/18, much of this increase is in agriculture and self-employment due to insufficient business demand.
India secures major diplomatic victory as Russia agrees to release Indian workers in Russian Army
Prime Minister Narendra Modi had met Russian President Vladimir Putin at the President's House in Moscow on Monday. Putin welcomed PM Modi and the two leaders shared a hug. The two leaders shook hands and warmly greeted each other before proceeding to the meeting. They also had a private meeting and dinner together.
India will fail to plug jobs gap even with 7% growth, says Citi
The quality of jobs being created in India is another challenge, the economists said. An analysis of the official data showed about 46% of the workforce is still employed in agriculture, even though the sector contributes less than 20% to gross domestic product.
Corporates embrace more flexibility amidst the hybrid work model
About 30% of occupiers are expected to expand their use of flexible office space over the next 12 months, while 17% are likely to consolidate their offices into fewer locations, CBRE said in its latest ‘2024 India Office Occupier Survey’.
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Spend on the world like never before
Indians drive outbound remittances, preferring foreign airlines due to underdeveloped domestic industry. Improving connectivity and tourism infrastructure is vital to boost domestic tourism. Developing skills and promoting gender-neutral employment are crucial for growth in the travel and hospitality sector.
Australia's new visa rules kick in; here's how they will affect Indians
Starting July 1, individuals seeking Australian student visas must apply from outside the country. This change affects holders of certain visas, including Visitor and Temporary Graduate visas, who can no longer apply for Student visas while in Australia. Applications submitted within Australia before July 1, 2024, will still be processed, and Working Holiday Maker and Work and Holiday visa holders remain unaffected.
Indian financial services sector is experiencing a significant upswing: Inventure Growth & Securities’ Kanji B Rita
India's financial services sector is poised for sustained growth. By leveraging the demographic advantage, embracing technological advancements, and prioritizing financial inclusion, a robust and inclusive financial ecosystem can be built, says Inventure Growth’s Kanji B Rita.
Indian job market likely to get busy and bustling
The Indian job market is expected to witness a notable increase in workforce expansion. The projected growth for H1 FY25 (April-September) indicates a significant rise to 6.33%, compared to around 4.2% in H2 FY24 (October-March). This expansion in the workforce serves as a crucial indicator reflecting economic growth, business confidence, and organizational strategic planning.
Budget 2024: Skilling industry demands incentives, tax rebates and labour codes in meeting with FM Sitharaman
Ahead of the Union Budget for 2024-25, the Union Minister of Finance and Corporate Affairs held the eighth Pre-Budget Consultation in New Delhi, focusing on employment and skill development. Key figures like Anshuman Magazine and Suchita Dutta emphasized the need for skilled workers and job readiness among graduates. Discussions also highlighted incentives for skill improvement and formal employment practices, including lowering GST rates for employment services. There were calls for greater inclusion of women in the workforce and the expansion of social security measures. Startups advocated for foreign language education to tap into global job markets.
No imprisonment of four Hinduja family members; trafficking and exploitation charges dismissed, says group
In a recent development related to the Hinduja family trafficking case, the spokesperson of the family announced that accused members have been cleared of exploitation and human trafficking charges. The court dismissed the most serious charge of human trafficking against them. Four prominent Hinduja family members were convicted for exploiting underpaid servants at their luxurious villa in Geneva, Switzerland.
Hinduja Family, UK's richest, facing charges for human trafficking, paying domestic staff less than spending on dog in Switzerland
Four members of the Hinduja family are facing charges in Switzerland over allegations of exploiting their domestic staff, including human trafficking and unfair treatment. The case highlights stark contrasts in treatment and expenditures on their staff and pet dog, sparking a broader conversation on domestic worker mistreatment in Geneva.
SOP in final stages to facilitate visa for Chinese technicians needed in mfg units: Official
The Indian government has finalized a standard operating procedure (SOP) to expedite visa approvals for Chinese professionals needed by manufacturing units under the PLI scheme. This move aims to address delays in visa processing for technicians essential for installation, repairs, and training in sectors like textiles and automobiles
Hinduja family staff settle civil lawsuit over domestic workers’ exploitation allegations
A deal to end the civil suit was reached this week, Olivier Peter, a lawyer for one of the three claimants said, without confirming the details of the accord. The settlement comes more than six years after the workers filed their case. The legal proceedings have been beset by delays but got underway this week in Geneva.
Indian exports: How Modi 3.0 can navigate the protectionist tides in advanced economies like US and EU
India has transitioned from a decade of single-party rule to a new era of coalition politics, causing concern among stock market investors about potential slowdowns in economic reforms. Rising protectionist measures from advanced economies like the US and EU pose challenges for Indian exporters, with stringent regulations on products ranging from chemicals to food items. The impact of these barriers could disproportionately restrict India's economic objectives and competitiveness, particularly in key sectors like textiles and apparel.
India should seek easy visa norms for semi and unskilled workers in bilateral agreements: Experts
Trade experts suggest India should negotiate easy visa norms in bilateral agreements to boost remittances and wages for semi and unskilled workers. These agreements can also help curb illegal entry of Indian laborers into developed nations.
UK PM Rishi Sunak faces revolt over plans to scrap Graduate Route visa: Report
According to 'The Observer' newspaper, Sunak is facing a Cabinet revolt over plans to scrap the Graduate Route scheme, the definitive factor for choosing UK universities among Indian students who have topped the tally of these post-study visas since it was launched in 2021.
Do international employees still have to make EPF contributions after Karnataka High Court ruling?
Karnataka High Court's April 25, 2024 ruling deemed special provisions for International Workers under EPF Scheme unconstitutional, affecting EPF contributions, retirement age eligibility, and equality before law for these workers.
Are foreign students taking advantage of UK's graduate visas? Govt-backed review finds no evidence
A recent report by the Migration Advisory Committee highlights the vital role of international graduates under the UK's Graduate Route visa, benefiting universities and enriching research. Concentrated among top nationalities, this route has seen significant growth, raising concerns about exploitation but overall contributing positively to the higher education sector.
Inclusion of foreign workers in PF unconstitutional, says High Court
The move, which is likely to be challenged by govt and the Employees Provident Fund Organisation (EPFO), will impact thousands of expatriates who have contributed to the social security scheme or are currently part of it.
HC strikes down inclusion of foreign workers in PF, calls it unconstitutional
HC's call will likely face resistance from the govt and the PF body because already a large number of expats have either contributed to or are currently enrolled in the social security program.
UK's higher salary thresholds for skilled work visas kick in
UK has increased Skilled Worker visa thresholds for foreign workers to reduce migration and protect local workers. Family Visa income requirements have also risen, aligning with Skilled Worker criteria. New measures target cheap labor and support resident workforce development.
UK's ban on foreign care workers bringing family comes in force
The UK Home Office has implemented new visa rules that prevent overseas care workers, including Indians, from bringing their families to the UK. The government aims to address the high number of dependants accompanying workers on the care visa route and combat visa abuse. The reforms include establishing a national career path for care workers and raising the salary threshold for skilled workers.
Paying a price for sending money: The global impact of remittance fees and solutions
Barada Talukdar, a Kuwaiti mud specialist, uses Al Mulla Exchange to send money to his family and friends in Kuwait. However, the exchange rate fluctuations and commissions can be confusing for blue-collar workers like his cook. At the World Trade Organisation's ministerial conference (MC13) in Abu Dhabi, New Delhi discussed the issue of exorbitant fees for crossborder remittances. About 20 nations from Asia, Latin America, and Africa had spoken in favor of India's proposal to cut the cost of remittances.
US launches five-week pilot programme to renew H-1B visas domestically: Check if you're eligible
Launched on January 29, the pilot renewal programme will run till April 1. It will allow H-1B visa holders who are currently in status to renew their visas in the US before a temporary trip abroad. An announcement in this regard was made during the historic State visit of Prime Minister Narendra Modi in June last year. In a statement on Monday, the State Department said the pilot programme will accept applications from January 29, 2024, through April 1, 2024, or when all application slots are filled, whichever comes first.
United States kicks off domestic H-1B visa renewals
The US Department of State began the pilot program allowing H-1B visa holders to renew their visas within the United States. The program, announced in June 2023, will accommodate up to 20,000 qualified nonimmigrant workers over the next five weeks. If successful, the program could be expanded to include other visa categories.
Indian-origin man jailed for molesting domestic worker, hurting man in Singapore
A 61-year-old Indian-origin man, Singaram Palianeapan, was sentenced to 10 months in jail in Singapore for using criminal force to outrage the modesty of a person and punching a man with a metal chain wrapped around his fist. Singaram pleaded guilty to the charges. He was caught on the closed-circuit television camera of the lift where the incident took place. Anyone convicted of using criminal force to outrage modesty in Singapore can face up to three years in jail, a fine, or caning.
ETMarkets Fund Manager Talk: Capex investment likely to be enhanced in Budget 2024: Vinay Jaising, JM Financial
Vinay Jaising says: Capex investments have grown 5.6x in the last decade and now account for 3.3% of the GDP (not including PSU spend or state spend). In absolute terms, we expect over 30% growth YoY in capex expenditure by the government. Rural investments, which were a bit lower in the last two years, should get a fillip as well in both the budgets of at least 10% YoY.
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