Page 5 - Unemployment

Unemployment rate will drop below 3%, no concern for job losses: Mandaviya

Union Labour Minister Mansukh Mandaviya assured the Lok Sabha that employment generation efforts by Prime Minister Narendra Modi has led to significant reduction in the unemployment rate

US economic growth seen picking up in 2nd quarter, inflation subsiding

The economy, which continues to outperform its global peers despite hefty rate hikes from the Fed in 2022 and 2023, remains supported by a resilient labor market even as the unemployment rate has rise

Encouraged by Budget's focus to increase integration into GVCs: USIBC

Encouraged by the budget on measures to increase integration into global value chains, the US India Business Council on Tuesday lauded the ambitious Union Budget as a key step in strengthening its global leadership in the Indo-Pacific and across the world. USIBC is eager to work closely with the Government of India to help it realize the full potential of Viksit Bharat, and we laud the Government's ambitious Union Budget 2024 as a key step in strengthening its global leadership in the Indo-Pacific and across the world as well as ushering new opportunities for partnership and collaboration between the United States and India, the world's oldest and largest democracies, USIBC president Atul Keshap said. Several of the budget's economic measures are likely to have important strategic impact in areas of shared priority between India and the US where USIBC has been a key partner to both governments, he said. Abolishing the angel tax clears an obstacle to ever closer bilateral technology

Tax cuts to welfare support: Here's what to expect from Modi 3.0 1st Budget

Government is expected to reduce its deficit target slightly from the 5.1 per cent of gross domestic product projected before the elections

India put up tariff walls. To revive factories, it must bring them down

The jobs crisis in the most-populous nation has assumed alarming proportions. Young graduates are nine times more likely to be unemployed than those who can't read or write

1.8 mn posts in Indian financial services sector vacant: FBSB India CEO

A top official of the FPSB India (Financial Planning Standards Board) here on Wednesday said India is facing the issue of unemployability in the financial services sector because there were no takers of nearly 18 lakhs jobs last year. GIFT City in Gandhinagar, which employs nearly 6,000 people in the financial services sector, will generate nearly 1.5 lakh jobs in this sector in the next five years, FPSB India CEO Krishan Mishra told PTI here on Wednesday. "Last year, as per the data provided by the National Career Services portal of the central government, India created 46.86 lakh jobs in financial services. Of those, only 27.5 lakh jobs were filled. It shows that there were no takers for 18 lakh jobs. This is because of unemployability. Jobs are there, but people are not capable enough to take them up," said Mishra. "Banks, insurance companies, brokerage houses and mutual fund companies are always in need of trained people. If you conduct an online job search, you will find that .

'Luxury shame' hits China's luxury market as elites dial down on austerity

The elite in the Land of the Dragon are refraining from ostentatious purchases, putting the nation's luxury market under strain

Modi govt's only mission is to make sure youth are jobless, alleges Kharge

The Modi government has only one mission and that is to "keep the youth jobless", Congress president Mallikarjun Kharge alleged on Tuesday in a scathing attack against the Centre on the issue of unemployment. The Modi government may be refuting independent economic reports like the one by Citigroup on unemployment but how will it deny government data, Kharge asked in a lengthy post on X citing various reports. "The truth is that Modi government is solely responsible for shattering the dreams of crores of youth in the last 10 years," he alleged. Kharge said the latest government data punctures the government's claims. According to NSSO's (National Sample Survey Office) Annual Survey of Unincorporated Sector Enterprises, in the manufacturing sector, 54 lakh jobs were lost in unincorporated units in the seven years between 2015 and 2023, he said. "In 2010-11, 10.8 crore employees were employed in unincorporated, non-agricultural enterprises across India, which has become 10.96 crore

West Bengal lost 3 million jobs in informal sector in 7 years: NSO data

Maha best performer with 2.4 mn additions, shows NSO data

US weekly unemployment claims rise, pointing to labour market slowdown

Initial claims for state unemployment benefits rose 4,000 to a seasonally adjusted 238,000 for the week ended June 29, the Labor Department said on Wednesday

People bearing double brunt of unemployment, price rise, says Jairam Ramesh

Congress leader Jairam Ramesh on Saturday attacked the Narendra Modi government, claiming that it is nonchalant and not concerned about the issues of unemployment and price rise. In a post on X, Ramesh shared a media report on increase in food prices, and said people are bearing the double brunt of rising unemployment and price rise. The increase in the prices of kitchen essentials such as potatoes, onions, tomatoes, vegetables and pulses are witnessing record increase, he claimed in his post in Hindi. "But one-third prime minister is completely nonchalant and unconcerned," Ramesh said. The Congress general secretary claimed that Prime Minister Modi never talks about inflation. "Amid rising unemployment, people are being hit doubly by high inflation. For how long will the public bear the brunt?" Ramesh said.

Govt mulls increasing frequency of unemployment data to monthly, quarterly

Developed countries typically release jobs data on a monthly basis, which is widely tracked by markets and economists to measure resilience of the economy

Employment in informal sector below pre-Covid level, shows NSO data

According to the factsheet, the number of unincorporated enterprises rose by 2 million between July 2015-June 2016 and October 2022-September 2023 to 65.04 million

Jobless youth and education

In tackling India's unemployment problem, look beyond the finance minister and focus on the education minister as well

Modi-led NDA govt must tackle unemployment: NITI Aayog's ex-VC Rajiv Kumar

Prime Minister Narendra Modi led-NDA government in its third term must tackle the problem of unemployment in the country, especially in the unorganised sector and in small and medium enterprises, former NITI Aayog Vice Chairman Rajiv Kumar said on Monday. Kumar also emphasised that the government now must finalise the four labour codes as it has been delayed beyond expectations. "We must recognise that post-COVID economic recovery has been a K-shaped recovery. I think the most important reforms that the Modi government must take is one to tackle the unemployment problem, especially in the unorganised and the small and medium enterprises," he told PTI in an interview. According to a recent International Labour Organization (ILO) report, the share of unemployed youths in India's total unemployed population was nearly 83 per cent in 2022. "Therefore the large corporations have done very well and, and also those who are highly skilled have done well. But at the lower end, people are ..

Strong economic base to help new govt make India a developed nation by 2047

India's world record beating economic growth rate together with robust tax revenues, a fast expanding digital and financial infrastructure and a strong manufacturing sector will give the new government a base for unleashing next generation reforms that may make the country a developed nation by 2047. The new government will however have to tackle with problems like unemployment and rural distress, which seemed to have played a major role in voting pattern in states like Uttar Pradesh, while also keeping inflation under control. Given that no party, including BJP, have a clear majority of its own, tough reforms like big ticket privatisation and labour law reforms may take a backseat. As per the available trends, BJP is likely to win about 240 seats in a 543- member Lok Sabha. It would have to rely on its allies like TDP and JDU to form the next government. The new government will have to build upon the 8.2 per cent GDP growth recorded in 2023-24 and carry on with the reforms to make

How young India views jobs and work

Despite the fatigue of having to find work gigs , there is hopefulness and striving, and little anger

Unemployment, infra, corruption-free nation key issues for Delhi voters

From employment, inflation, better roads infrastructure, clean drinking water, women safety, education, health care services to corruption free India -- myriad of issues dominated the minds of voters when they stepped out to exercise their franchise. The seven Lok Sabha constituencies of Delhi went to polling on Saturday. A two way fight between the BJP and an alliance between the Congress and the AAP as part of the INDIA bloc is being played out in the capital. Visuals from the polling booths showed people of all ages flocking the centres while braving the sweltering heat in the city to exercise their right. "I feel proud to have carried out my democratic duty. I was the first voter in my booth and also was given a certificate by the District Election officer as a mark of appreciation," said Sunil Kumar Jha, who was the first one to cast his booth in New Delhi constituency's Gole Market. "I have voted on the issue of development," he added while appreciating the facilities and ..

US unemployment benefits claims fall as labour market continues to thrive

The number of Americans applying for unemployment benefits fell last week as layoffs remained historically low despite the Federal Reserve's efforts to loosen the labor market. Jobless claims for the week ending May 18 fell by 8,000 to 215,000, down from 223,000 the week before, the Labor Department reported Thursday. The four-week average of claims, which softens some of the week-to-week volatility, rose a modest 1,750 to 219,750. Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week and a sign of where the job market is headed. They have remained at historically low levels since millions of jobs were lost when the COVID-19 pandemic hit the U.S. in the spring of 2020. The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in a bid to stifle the four-decade high inflation that took hold after the economy rebounded from the COVID-19 recession of 2020. The Fed's intention was to loosen the labor market an

LS polls 2024: Who made Haryana number 1 in unemployment, Cong slams BJP

The Congress on Thursday alleged that despite repeated promises, the BJP government has "failed" to provide permanent employment opportunities in Haryana and instead, it is promoting temporary contractual jobs through the skill employment corporation. Congress general secretary Jairam Ramesh posed questions to Prime Minister Narendra Modi ahead of his rally in Haryana's Mahendragarh. "Outgoing PM. Now that we have his attention, here are today's questions for him in Mahendragarh: Who made Haryana Number 1 in unemployment? Why has BJP slowed down private investment in Haryana? Why are Bhiwani residents being forced to protest for clean drinking water and proper sewerage?" Ramesh said in a post on X. Ramesh, citing the latest data from the Centre for Monitoring the Indian Economy (CMIE), said Haryana has the highest unemployment rate in India at 37.4 per cent, far surpassing the national average. "Despite repeated promises and announcements, the BJP government has failed to provide .