JOB CREATION
India¡¯s IT services: getting GenAI-ed?
For the first time, top executives of TCS and Wipro, among others, have acknowledged that the correlation between workforce addition and revenue may fade in the future due to GenAI-driven efficiency and productivity gains.
Union Budget: Govt to tighten fiscal purse despite slowing economic growth, shows poll
The Indian government will adhere to its borrowing and spending targets despite a significant economic slowdown. An expected fiscal deficit of 4.5% of GDP and focus on the RBI to support growth highlight the plan. Economists foresee possible tax cuts to boost consumption, but government spending on agriculture and infrastructure remains crucial.
12 lakh government jobs to be provided by end of 2025: Bihar Governor Arif Mohammad Khan
Bihar Governor Arif Mohammad Khan announced that the state would provide 12 lakh government jobs and create 34 lakh employment opportunities for youths by the end of this year. He emphasized maintaining law and order and improving infrastructure, including health facilities and roads, while highlighting women's empowerment and significant investment commitments.
Budget 2025: Extending PLI benefits to handicrafts, leather help create more jobs, says Deloitte
India Budget: Deloitte advises the government to extend PLI benefits to job-generating sectors like handicrafts and leather in the upcoming Budget. Successful PLI schemes in electronics and auto should be continued. To boost foreign investment and exports, the government should ease policy restrictions and finalize FTAs with several countries. This will help meet the $1 trillion export target by 2030.
UP govt's claim on economy unrealistic, BJP can only say a trillion lies: Akhilesh Yadav
Akhilesh Yadav criticizes the Uttar Pradesh government's claim of achieving a USD 1 trillion economy in four years, calling it an impossible 'big lie' due to rampant corruption, lack of investments, and rising unemployment. He expresses concern over inflation, income levels, job creation, and escalating costs, asserting that people do not want the BJP.
India must step up trade play with fast-growing Asia, says Gautam Kumra, chairman, McKinsey Asia
India has a key opportunity to enhance its trade within Asia, with emerging corridors including India-US, India-Japan, and Southeast Asia. Gautam Kumra, chairman of McKinsey Asia, emphasizes the importance of manufacturing's contribution to GDP and the potential of Global Capability Centres (GCCs). He highlights the need for localization and partnerships, particularly between Japan and India.
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Infosys expands its campus in Hyderabad, to create 17,000 new jobs
The announcement was made at the World Economic Forum in Davos, following a meeting between Infosys chief financial officer Jayesh Sanghrajka and Telangana's IT and Industries Minister, D Sridhar Babu. The release also mentioned that Infosys employs over 35,000 people, making it one of the largest employers in the country.
Arvind Kejriwal vows to eliminate joblessness in five years
Arvind Kejriwal, AAP national convener, pledges to eliminate unemployment in Delhi within five years by focusing on job creation. He highlights his government's past success in providing government and private-sector jobs in Punjab and outlines his intention to improve employment opportunities in Delhi before the upcoming assembly elections.
Telangana shines at Davos, inks MoUs worth Rs 1.79 lakh cr investments
Chief Minister A Revanth Reddy's TelanganaRising delegation secured 20 investment MoUs worth Rs 1.79 lakh crore at the World Economic Forum in Davos, notably in data centres and pumped storage. Major contributors include Amazon AWS and Sun Petrochemicals. The investments will create approximately 50,000 jobs, alongside significant expansions by Infosys, HCL, and Wipro in Hyderabad.
Delhi Polls: Arvind Kejriwal promises to end unemployment in national capital within five years
Arvind Kejriwal pledges to eradicate unemployment in Delhi within five years, emphasizing his focus on providing jobs for youth. Kejriwal highlights his government's success in Punjab, where they created 48,000 government jobs and facilitated over three lakh private-sector jobs, aiming for similar results in Delhi if re-elected.
NDA 3.0 must use political capital to implement structural reforms in upcoming Budget: D Subbarao
Budget 2025: The NDA 3.0 government is urged to use its political capital to implement crucial structural reforms in the upcoming budget to promote growth and job creation, focusing on reducing inequality. D Subbarao, former RBI Governor, emphasized the importance of job creation, export competitiveness, and disciplined fiscal policies to ensure sustainable high-growth for the Indian economy.
Formal sector jobs rebound in November
Net formal job creation under EPFO saw significant improvement last November, with 1.46 million net jobs created. Recruitment was highest among the under-25s, reflecting growing employment opportunities and successful outreach programs. This represents a 4.88% rise year-on-year and a 9.07% increase from October.
Maharashtra govt inks 54 MoUs of over Rs 15 lakh cr in two days at Davos
Maharashtra signs 54 MoUs worth Rs 15.70 lakh crore at the World Economic Forum in Davos, with significant investments from Reliance Industries, Amazon, Vardhaan Lithium, Blackstone, and others. These agreements are expected to generate over 3,45,000 jobs in various sectors, including petrochemicals, textiles, infrastructure, electronics, and green energy.
UP govt nod to new Aerospace and Defence Policy, FDI reforms
The Uttar Pradesh government has approved a new Aerospace and Defence Unit policy targeting Rs 50,000 crore investment and 1 lakh jobs. The policy aims to position UP as a leader in aerospace and defence, offering subsidies, and incentives for startups and foreign investments. It includes significant subsidies on land and exemptions for front-end A&D units.
Elon Musk raises concerns over $500 billion Stargate Project backed by Donald Trump
Elon Musk has expressed doubts about the financial feasibility of the $500 billion Stargate AI Project announced by President Donald Trump. The project, led by OpenAI and SoftBank, aims to build AI infrastructure across the US, create over 100,000 jobs, and strengthen national security. Despite strong government backing, concerns remain over funding, with Musk questioning SoftBank¡¯s ability to finance the ambitious initiative. Key partners include Oracle, Microsoft, NVIDIA, and Arm, with initial construction underway in Texas.
Amber Connect to open $1.6 mn centre in Coimbatore; hire 1,000 staff in 2 years
Amber Connect, based in Jamaica, is set to open an innovation centre in Coimbatore, investing USD 1.6 million. The company plans to hire 1,000 employees over the next two years for varied roles. They aim to increase their market share in India by partnering with leading automotive OEMs and distributors. The facility will build vehicle telematics software for global export.
What is Donald Trump's $500 billion AI plan? Here's the breakdown
Donald Trump is receiving major appreciation for his latest announcement of private sector investment of up to $500 billion to fund infrastructure for artificial intelligence. These investments will generate jobs for thousands of Americans and keep the US ahead in the AI race.
Disappointing Q2 GDP numbers aren't a blip but clear slowdown in economy, claims Congress
Congress claims that India's Q2 GDP growth slowdown indicates a deeper economic issue, not just a temporary blip. They highlight limited job creation, muted wage growth, and increasing household debt. Rahul Gandhi urges action against wealth inequality through the 'White T-shirt Movement' and criticizes the Modi government for failing to support fair economic development.
Net formal job creation under EPFO rebounds in November 20204 after touching a five-month low in October
Provisional payroll data of EPFO, released by the ministry of labour and employment on Wednesday, shows that the retirement fund body witnessed a year-on-year jump of 4.87% in November 2024 to 1.46 million compared to 1.39 million in November 2023 a month-on-month increase of 9.07% when compared to 1.34 million formal jobs created in October 2024.
Can Donald Trump tackle rising costs? Poll shows most Americans skeptical about groceries, housing, and healthcare
As Donald Trump begins his second term, a significant portion of Americans remain sceptical about his ability to address pressing economic concerns. A recent poll highlights low confidence in his plans to lower costs of essentials like groceries and healthcare. While Republicans express optimism about job creation and economic growth, many fear his policies, including tariffs and deportation plans, could worsen inflation.
Maha Kumbh 2025: Ecosystem of gigs builds up, creating 1 million jobs, including social media & new-age roles
Maha Kumbh Mela in Prayagraj is generating about a million gig and temporary jobs over its 45-day duration. Roles range from construction and hospitality to digital security and drone operators. The event marks significant employment growth, including new age jobs, with a notable participation of women.
Global unemployment set to hold near historical low of 5%, ILO says
The International Labour Organization reported global unemployment remained steady at a historic low of 5% last year and is expected to stay the same in 2025. However, a slowing global economy will limit job creation, impacting especially young people, while some countries experience persistently high unemployment. The ILO recommends new approaches to social justice and investment in education.
Budget 2025: Focus to be on capex, fiscal health, says ICRA
ICRA stated that the Union Budget 2025-26 will prioritize capital expenditure with a 12-13% increase, while also focusing on fiscal consolidation, job creation, tax relief for individuals, and boosting manufacturing. The fiscal deficit is planned to decrease to 4.5% of GDP by FY26.
Startups add 1.66 mn jobs from 2016 to October 2024
Recognised startups have created over 16.6 lakh direct jobs from 2016 to October 2024, with the IT services, healthcare & lifesciences, and professional & commercial services industries leading in job creation. India¡¯s startup ecosystem, with over 100 unicorns, is the third-largest in the world. By 2024, ?11,148 crore was committed, catalyzing investments in numerous startups.
India will need to deliver 24.3 lakh blue-collar jobs amid rapid qcomm rise
India will need 24.3 lakh blue-collar workers, with the quick commerce sector expected to create 500,000 jobs, according to a report by Indeed. The growth is seen in Tier 1 cities like Chennai and Pune, as well as Tier 2 cities like Chandigarh and Ahmedabad.
Expect RBI to cut interest rates next month; Budget must focus on job creation: CII president
CII expects the RBI to cut interest rates next month to support growth. CII President Sanjiv Puri highlights the need for job creation and specific interventions in labour-intensive sectors. He also calls for dealing with China's excess stock dumping and emphasizes the importance of de-linking food inflation from interest rates. Labour reforms are also anticipated.
Can Budget 2025 address India's unemployment woes?
India¡¯s economic growth faces a major challenge with rising joblessness, threatening the nation's demographic dividend. Economists urge the government to focus on labor-intensive industries, vocational training, and MSME support in the upcoming budget to create jobs and sustain growth.
Energy transition should be done without compromising growth, says CEA V Nageswaran
India's Chief Economic Advisor, V Anantha Nageswaran, stressed cautious energy transition to maintain economic growth and job creation. He highlighted the need to balance climate goals with economic realities, emphasizing job creation, skill development, and private sector investment for sustained growth.
Leverage employment-linked incentive scheme: Labour Secretary
India's labor secretary encouraged businesses to use the new ELI scheme. The scheme offers incentives for hiring more manufacturing workers. It aims to boost formal employment and job creation. India's growing working-age population will help address global labor shortages. The secretary also highlighted India's potential as a manufacturing hub, citing its success with global capability centers.
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