This is interesting piece on india's employment growth in recent years. The unique document containing information on employment type and quality in recent years.
This document provides a weekly media update from Balmer Lawrie, including:
1) News articles mentioning Balmer Lawrie inaugurating a new steel drum manufacturing plant in Vadodara.
2) Reports on the World Bank retaining India's growth forecast for FY2019-20 at 7.5% and the RBI lowering its forecast to 7%.
3) Updates on India's manufacturing and services PMIs for May, and Prime Minister Modi constituting new Cabinet committees on security, investment and employment.
This document is a report by the UK India Business Council (UKIBC) on the state of business between UK and Indian companies. It summarizes the results of a survey of 133 UK businesses and higher education institutions operating in India. The top barriers to business reported were legal/regulatory issues and finding suitable partners. While corruption is declining as a barrier, tailoring products/services to the Indian market is rising as a challenge. Most respondents felt business conditions were improving, though bureaucracy and regulatory certainty need work. Recommendations included improving bureaucracy and further simplifying the Goods and Services Tax.
The document provides updates on the Indian economy from various news sources. It mentions that Fitch forecasts India's GDP growth at 7.1% for the current fiscal year and 7.7% for the next two years. It also reports that Crisil forecasts a mild recovery for the Indian economy in fiscal 2018 with GDP growth of 7.4%. Industrial growth in India rebounded to 2.7% in January 2017. The government is working on a National Master Plan for manufacturing clusters to boost manufacturing.
Industry and the Urge to Cluster: A Study of the Informal Sector in IndiaDr Lendy Spires
This document summarizes a study on the location choices of informal sector firms in India. The study uses firm-level data from surveys conducted by India's National Sample Survey Organisation to analyze why informal firms choose to locate in certain districts. It finds that agglomeration economies like buyer-supplier linkages and industrial diversity make districts more attractive for firms. Infrastructure quality is also important. The study concludes that while agglomeration forces drive location of informal firms, public policy may have limited ability to encourage relocation of these firms due to the strong influence of geography on their location decisions.
Information Technology - Industrial AnalysisSanjay Mishra
Information technology is playing an important role in India today & has transformed India’s image as a land of innovative entrepreneurs. The IT sector in India is generating 2.5 million direct employment. India is now one of the biggest IT capitals of the modern world and all the major players in the world IT sector are present in the country.
Economic Policies of Telangana: its Impact and Successijtsrd
Telangana had a history as the Telugu-speaking region of the princely state of Hyderabad, ruled by the Nizam of Hyderabad. It joined the Union of India in 1948. In 1956, the Hyderabad State was dissolved as part of the linguistic reorganisation of states and Telangana was merged with former Andhra State to form Andhra Pradesh. Following a movement for separation, Telangana was awarded separate statehood on 2 June 2014. The government of Telangana in the last 3 years had progressively made reforms in policies, processes and the Governance, on the whole, to enhance the business ecosystem in the state across sectors in a simplified manner. The aim of the Government is to increase the potential to run businesses in the State, which in turn would help the growth of the states economy. The focus of these reforms is to ensure the ˜Ease of Doing Business is attained in its true sense. Chukka Srinivas"Economic Policies of Telangana: its Impact and Success" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-1 , December 2017, URL: http://www.ijtsrd.com/papers/ijtsrd7114.pdf http://www.ijtsrd.com/economics/other/7114/economic-policies-of-telangana-its-impact-and-success/chukka-srinivas
The document examines the performance of India's Income Tax Department over the last decade. It finds that direct tax revenue, including personal income tax and corporate tax, has grown significantly faster than total tax revenue. Corporate tax growth and variation has exceeded that of personal income tax. Additionally, the share of direct taxes in total central government tax revenue has increased, indicating a positive shift toward more equitable direct taxation compared to indirect taxes.
This document provides an overview and salary ranges for jobs in the banking and finance industry in Indonesia in 2017. It discusses the outlook for the banking industry, which is expected to see continued growth. It also mentions opportunities in the emerging sharia finance and financial technology industries. The main body provides salary ranges for various roles in retail/corporate banking, accounting/finance, and insurance. Salaries range from IDR3.3 million to IDR250 million depending on role, qualifications, and experience.
This document provides a weekly media update from Balmer Lawrie, including:
1) News articles mentioning Balmer Lawrie inaugurating a new steel drum manufacturing plant in Vadodara.
2) Reports on the World Bank retaining India's growth forecast for FY2019-20 at 7.5% and the RBI lowering its forecast to 7%.
3) Updates on India's manufacturing and services PMIs for May, and Prime Minister Modi constituting new Cabinet committees on security, investment and employment.
This document is a report by the UK India Business Council (UKIBC) on the state of business between UK and Indian companies. It summarizes the results of a survey of 133 UK businesses and higher education institutions operating in India. The top barriers to business reported were legal/regulatory issues and finding suitable partners. While corruption is declining as a barrier, tailoring products/services to the Indian market is rising as a challenge. Most respondents felt business conditions were improving, though bureaucracy and regulatory certainty need work. Recommendations included improving bureaucracy and further simplifying the Goods and Services Tax.
The document provides updates on the Indian economy from various news sources. It mentions that Fitch forecasts India's GDP growth at 7.1% for the current fiscal year and 7.7% for the next two years. It also reports that Crisil forecasts a mild recovery for the Indian economy in fiscal 2018 with GDP growth of 7.4%. Industrial growth in India rebounded to 2.7% in January 2017. The government is working on a National Master Plan for manufacturing clusters to boost manufacturing.
Industry and the Urge to Cluster: A Study of the Informal Sector in IndiaDr Lendy Spires
This document summarizes a study on the location choices of informal sector firms in India. The study uses firm-level data from surveys conducted by India's National Sample Survey Organisation to analyze why informal firms choose to locate in certain districts. It finds that agglomeration economies like buyer-supplier linkages and industrial diversity make districts more attractive for firms. Infrastructure quality is also important. The study concludes that while agglomeration forces drive location of informal firms, public policy may have limited ability to encourage relocation of these firms due to the strong influence of geography on their location decisions.
Information Technology - Industrial AnalysisSanjay Mishra
Information technology is playing an important role in India today & has transformed India’s image as a land of innovative entrepreneurs. The IT sector in India is generating 2.5 million direct employment. India is now one of the biggest IT capitals of the modern world and all the major players in the world IT sector are present in the country.
Economic Policies of Telangana: its Impact and Successijtsrd
Telangana had a history as the Telugu-speaking region of the princely state of Hyderabad, ruled by the Nizam of Hyderabad. It joined the Union of India in 1948. In 1956, the Hyderabad State was dissolved as part of the linguistic reorganisation of states and Telangana was merged with former Andhra State to form Andhra Pradesh. Following a movement for separation, Telangana was awarded separate statehood on 2 June 2014. The government of Telangana in the last 3 years had progressively made reforms in policies, processes and the Governance, on the whole, to enhance the business ecosystem in the state across sectors in a simplified manner. The aim of the Government is to increase the potential to run businesses in the State, which in turn would help the growth of the states economy. The focus of these reforms is to ensure the ˜Ease of Doing Business is attained in its true sense. Chukka Srinivas"Economic Policies of Telangana: its Impact and Success" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-1 , December 2017, URL: http://www.ijtsrd.com/papers/ijtsrd7114.pdf http://www.ijtsrd.com/economics/other/7114/economic-policies-of-telangana-its-impact-and-success/chukka-srinivas
The document examines the performance of India's Income Tax Department over the last decade. It finds that direct tax revenue, including personal income tax and corporate tax, has grown significantly faster than total tax revenue. Corporate tax growth and variation has exceeded that of personal income tax. Additionally, the share of direct taxes in total central government tax revenue has increased, indicating a positive shift toward more equitable direct taxation compared to indirect taxes.
This document provides an overview and salary ranges for jobs in the banking and finance industry in Indonesia in 2017. It discusses the outlook for the banking industry, which is expected to see continued growth. It also mentions opportunities in the emerging sharia finance and financial technology industries. The main body provides salary ranges for various roles in retail/corporate banking, accounting/finance, and insurance. Salaries range from IDR3.3 million to IDR250 million depending on role, qualifications, and experience.
First india lucknow edition-23 november 2020FIRST INDIA
Read all Latest News from Uttar Pradesh and from every corner of India.Start your morning with First India E-Paper Lucknow News edition.Read English News on politics, Bollywood, business, sports, economy,Lifestyle and our upto date Uttar Pradesh News section.Visit First India.
CLICK:- https://firstindia.co.in/newspaper
The document summarizes employment trends in India from January to December 2010 based on a survey of 660 companies across 13 industry sectors. Some key findings:
- A total of 1,133,764 jobs were created during this period, with 739,064 in January-September and 394,700 in October-December.
- The top job-generating sectors were IT & ITES (116,700 jobs), Healthcare (260,052 jobs), and Real Estate & Construction (150,512 jobs).
- The sectors adding over 50,000 jobs each were BFSI (57,500 jobs), Pharma (41,600 jobs), and Hospitality (165,700 jobs).
- In
Blackbook on Lead generation by Distribution channels in Real Estate Jayesh Dhanur
Summer internship Project at Godrej Properties on topic Lead generation by Distribution channels in Real Estate. The primary aim of this Project is to find out Lead generation by distribution channels from potential channel partners, Web site, Newspaper, Emails, Billboards, Radio, Exhibition, SMS, Referral, Corporate or by Existing Customer.This Project includes the process which developers use to generate leads by various Distribution Channels. In this project I have focus on Distribution Channels used for Godrej Emerald Project, which is in Thane, Bhayander pada.
First focus was on Channel Partners Here, the Team was Divided for Retail Channel Partners and Institutional Channel Partners and allocated all Sales managers geographically and main aim was to make Channel Partner Active. So that he brings Clients for our Project.
Apart from this Godrej Properties Focused on other Distribution Channels Like Hoarding, Emails, SMS, and Website etc. To create awareness about the project in Market.
Fitch and Crisil have lowered their GDP growth forecasts for India to 7.2% and 7.4% respectively due to higher financing costs, reduced credit availability, and lower global trade. Meanwhile, manufacturing and services PMIs rose in November, indicating expansion. The CAD widened to 2.9% of GDP in Q2 due to a rise in trade deficit. The government will continue its plan to merge CPSEs like PFC-REC to meet disinvestment targets and is providing funds to loss-making PSU insurers. It has also raised its contribution to the National Pension Scheme to 14% of basic salary.
GST came to India as a medicine that would treat taxable diseases at one go. It was described by economists as the biggest economic reform after independence. Till the year 2017 indirect tax structure in India was a complex mixture of central taxes and state taxes, here different types of taxes were levied at different stages, which made the tax structure difficult and most of the taxes were not adjusted for this system tax. Increases effect such as taxes on taxes that increase the value of products and services. This economic reform is extremely essential for an emerging economic power like India. Impact of The last deputy speaker from the government, the government and the economy will present its influence in both positive and negative forms. This research of mine will throw light on the study of these two sides. Dr. Sumit Trivedi "Impact of GST on Different Classes" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42333.pdf Paper URL: https://www.ijtsrd.commanagement/accounting-and-finance/42333/impact-of-gst-on-different-classes/dr-sumit-trivedi
The document provides an overview of the Indian economy and recent developments. It notes that India has emerged as the fastest growing major economy and is expected to grow between 6.75-7.5% in FY 2017-18. Several reforms and initiatives like Make in India, Digital India, and demonetization are fueling economic growth. The road ahead looks promising, with India's consumption expected to triple by 2025 and its economy projected to become the second largest globally by 2040 in terms of purchasing power parity.
Real Estate Facilities Management | Project Services | Vestianvallispvm
Vestian is an end-to-end service provider in the Commercial Real Estate space providing investment & consultancy services, transaction advisory, project services and real estate facility management services
https://www.vestian.com/
The document discusses jobless growth in India after economic liberalization. It summarizes employment growth and GDP growth from 1956 to 2012, showing that while GDP growth increased after 1994, employment growth declined. Several reasons for jobless growth are provided: higher productivity growth through technology outpacing labor productivity increases; increasing real wages and falling costs of capital making technology replacement of labor more viable; lower labor productivity in India; service sector-led growth rather than growth in manufacturing; and unequal geographical growth benefiting some states more than others. Proposed solutions to promote job creation include focusing on skill development, labor law reforms, promoting labor-intensive sectors, supporting MSMEs and free movement of labor.
- India has a large consumer base and talent pool that is driving growth in its science and technology sector. It has the third largest scientific and technical manpower in the world.
- Policy support from the government and rising investments are helping to position India as a major player in science and technology. R&D spending and investments have been growing rapidly.
- Key sectors like pharmaceuticals are driving R&D growth in India. The country is now the sixth largest investor in R&D globally.
Evaluation Of Indian Companies Act 1956- Is It Capable Enough To Accelerate T...IOSR Journals
This study is to highlight the hassles being struggled by the industry in view of the compliance requirement focusing theimpact of the requirement of prior approval from the Central Govt. under Section 297 of the Indian Companies Act 1956. The impact of the said section on the industrial development is evaluated in this study based on the core issue of opportunity cost involved in this regard.
This weekly media update from Balmer Lawrie provides summaries of news articles from various media sources related to Balmer Lawrie, public sector enterprises (PSEs), and industries relevant to Balmer Lawrie's business. The articles summarized include reports on declines in core sector output and manufacturing activity in India, fiscal deficit numbers, a survey ranking India third in Asia for environmental sustainability among companies, efforts by the Ministry of Finance to identify land from PSEs for asset monetization, and plans to issue more shares in CPSE and Bharat ETF funds to meet disinvestment targets.
The document provides an overview of India's IT & ITeS sector. It highlights that the sector has grown at a CAGR of 13.7% over 2010-2016, outpacing global growth. India is a leading sourcing destination globally, accounting for 56% of the global services outsourcing market. The sector contributes significantly to India's GDP and exports. It is also the largest private sector employer and most attractive sector for foreign investment. Emerging technologies are further driving growth opportunities in the industry.
The document summarizes India's science, technology and research landscape. It notes that India has a large consumer base and talent pool that support its growing investments in research and development (R&D). India's R&D spending has increased significantly in recent years and it now ranks among the top six countries globally in annual R&D spending. The pharmaceutical industry is a major driver of R&D growth in India. Government policies aim to further promote public and private sector involvement in research.
India's spending on research and development is growing rapidly and helping the country emerge as a global innovation hub. R&D spending in India grew from US$62 billion in 2014 to an estimated US$77 billion in 2017, making India one of the top 10 countries in terms of R&D investment. India also has a large talent pool for R&D, with over 3 million science and engineering graduates annually and 162 universities awarding over 35,000 postgraduate degrees each year. The government is also supporting R&D growth through various policies and initiatives such as setting up of innovation centers and increasing funding for research. With rising investments from multinational companies and growing domestic spending, India's R&D sector is expected to
The document discusses recent trends in India's IT & ITeS sector. It notes that India has a large global delivery model with over 670 global delivery centers across 78 countries. India has a 56% market share in global services sourcing and a 38% share of the BPM sourcing market, making it a leading sourcing destination worldwide. The IT & ITeS sector also attracts significant foreign investment, ranking 4th in India's total FDI and accounting for 37% of private equity investments in the country.
The document provides an overview of India's science and technology sector. It notes that India has a large consumer base and talent pool that is driving demand for innovative products and R&D investments. Some key points:
- India has the 3rd largest scientific workforce globally and is emerging as a top R&D investor.
- R&D spending in India is growing rapidly and was estimated at $77 billion in 2017.
- The pharmaceutical sector is a major driver of R&D growth and global companies are establishing numerous R&D centers in India.
- Government policies aim to promote India as an S&T leader and encourage both public and private sector R&D.
Effect of demonitisation on employementAastha Chopra
Demonetization has negatively impacted employment in India. According to a 2016 Labour Bureau survey, job creation fell 67% in sectors like textiles, metals, and automobiles compared to the previous year. The unemployment rate rose to 5% overall and 8.7% for women. Various industries will see slowed hiring due to demonetization. Ecommerce and IT/ITeS may see some hiring while manufacturing, infrastructure, and FMCG anticipate muted growth and hiring. Telecom and pharma are expected to increase hiring in specialized roles to drive their businesses forward.
The year 2010 saw major economies registering modest growth and India on a balanced growth path. India story gained primacy at the beginning of 2010, with the changing market scenarios across the world.
The outlook is more or less stable across sectors over the
months. The optimism of early 2010 was further
strengthened due to a positive economic outlook, but the
recent political developments marked with scandals have
made an impact on the overall business confidence, albeit
marginal. Employment generation has remained stable and
upbeat in most of the sectors. However, continuous
inflation, price of raw materials and intermediate industrial
products, scams involving ministers and so on have created
some caution in the minds of entrepreneurs. The
movement of skilled workforce within the sector continued
during the 4th Quarter of 2010. The change in
employment across sectors is given in the table below.
The employment scenario during any specific time period
needs to be viewed from the perspective of various
activities and at several fronts, for a considerable period.
This section has presented the estimated employment
numbers with expectations for different sectors of the
Indian economy. It also lists some of the issues that might
have an impact on the employment scenario, either directly
or indirectly. This will help correlate between the trends
observed regarding employment and economic as well as
political fundamentals.
The BFSI sector is expected to add 116,240
jobs in 2011.
The stable and positive sentiment at the economic front continues
to help the BFSI sector to grow further during the 4th Quarter of
2010. Responses from the BFSI companies indicate that almost
similar condition will prevail during the first two quarters of 2011
as well as for the entire year. The sector is cautiously optimistic
about growth of employment numbers.
The raise of Repo and Reverse Repo rates by RBI on 25th January
2011 has caused an increase of Repo rate by 175 basis points and
Reverse Repo rate by 225 basis points, since March 2010. CRR has
increased by 100 basis points during the same time.
Inflation has remained a cause for concern over the past months
and is expected to continue for a few more months to come.
However, the response to structural causes of inflation needs to be
through reallocation of resources across sectors. Short term
measures like interest rate hikes, though manage to contain
inflation to a moderate level are not strong enough to sustain
growth. .
The recent RBI report on the Micro Finance sector has
recommended several checks to resolve the issues and improve
transparency. However, observations have also been made
regarding the “Recovery Culture” in the financial sector and its
adverse effects on the customers. This is an important observation
made by RBI, in view of the recent measures taken by the Andhra
Pradesh Government to regulate the recovery of loans from the
small borrowers by the MFIs. However, the drive towards financial
inclusion will certainly play a positive role in employment
generation in this sector.
Bank credit to commercial sector is increasing steadily, which is
one of the major driving forces for the banking sector in the
country.
Insurance sector, both life and general, has witnessed a positive
sentiment in the 4th Quarter as compared to the previous ones
and is expected to do better in coming months.
The Education, Training and Consulting sector
is expected to add 107,500 jobs in 2011.
Education sector continued to contribute significantly to the
employment base of the country during the last Quarter of 2010.
The sector is expected to grow at similar rate during the first
couple of Quarters of 2011. However, the expectation regarding
growth for the entire calendar year of 2011 is slightly lower
compared to the first two Quarters of the year.
The regulatory ambiguity still remains the biggest impediment that
holds back the sector’s transformation into one of country’s
largest industry
India's working age population increased by 84.1 million from 2011-12 to 2015-16. However, the actual labor force only increased by 20.1 million, meaning over three-fourths of the working age population did not join the labor force. While the share of agriculture in employment has declined, it remains over 45% and its performance directly impacts the size of the labor force. The number of jobs created during this period was only 14.6 million per year, insufficient to absorb the growing working age population. Certain states accounted for a disproportionately large share of the labor force and workforce.
The document discusses the improving job market in India as the economy recovers from slowdown. It notes that while recruitment is picking up, companies are now more focused on finding candidates with the right specialized skills and experience for roles. HR experts indicate hiring volumes are increasing but companies are linking compensation more closely to performance. The job market is becoming more nuanced as employers prioritize productivity and skills over just filling positions.
Abstract
Performance of firms either public or private sector largely depends on employees’ satisfaction hence their satisfaction need to be taken with utmost seriousness if firms’ immediate and strategic objectives must be attained. This study titled integrated personnel payroll and information system and employees’ satisfaction is carried out to examine the impact of integrated personnel payroll and information system on employees’ satisfaction. The research adopts research survey design and respondents were reached using a structured questionnaire. The population of the study is 1100 who are employees of the Federal Polytechnic Idah, Kogi state. The study adopts Godden sample size statistical formula which generated a sample size of 285. However, out of the total of 285 questionnaires distributed only 242 were duly completed and returned giving a retrieval rate of 85%. The data were analyzed using a five point’s likert scale and the analytical tool is linear regression analysis. The finding revealed that adoption of integrated personnel payroll and information system has serve as a veritable tool in enshrining accountability but has threatened employees’ satisfaction owing to its non-domestication to carter for the peculiarity of the Polytechnic sector. Thus, the study recommends that adoption of the payroll system be reviewed and all critical stakeholders be consulted so as to enhanced and sustained employees satisfaction.
Keywords: Personnel, payroll, employee, satisfaction.
- India's GDP growth slowed to 5% in April-June 2019, the slowest pace in over 6 years, missing market expectations. High-frequency indicators show a slowdown in private consumption.
- Several reports and surveys predict continued economic slowdown in India over the next 2-3 years due to falling household savings, rising bad loans, weak global trade, and domestic factors like falling consumption.
- The government fiscal deficit for April-July 2019 period reached 77.8% of the target for the fiscal year, with a decline in capital expenditures compared to the same period last year. The government has identified over a dozen state-run firms to potentially dilute stake in to raise disinvestment funds.
First india lucknow edition-23 november 2020FIRST INDIA
Read all Latest News from Uttar Pradesh and from every corner of India.Start your morning with First India E-Paper Lucknow News edition.Read English News on politics, Bollywood, business, sports, economy,Lifestyle and our upto date Uttar Pradesh News section.Visit First India.
CLICK:- https://firstindia.co.in/newspaper
The document summarizes employment trends in India from January to December 2010 based on a survey of 660 companies across 13 industry sectors. Some key findings:
- A total of 1,133,764 jobs were created during this period, with 739,064 in January-September and 394,700 in October-December.
- The top job-generating sectors were IT & ITES (116,700 jobs), Healthcare (260,052 jobs), and Real Estate & Construction (150,512 jobs).
- The sectors adding over 50,000 jobs each were BFSI (57,500 jobs), Pharma (41,600 jobs), and Hospitality (165,700 jobs).
- In
Blackbook on Lead generation by Distribution channels in Real Estate Jayesh Dhanur
Summer internship Project at Godrej Properties on topic Lead generation by Distribution channels in Real Estate. The primary aim of this Project is to find out Lead generation by distribution channels from potential channel partners, Web site, Newspaper, Emails, Billboards, Radio, Exhibition, SMS, Referral, Corporate or by Existing Customer.This Project includes the process which developers use to generate leads by various Distribution Channels. In this project I have focus on Distribution Channels used for Godrej Emerald Project, which is in Thane, Bhayander pada.
First focus was on Channel Partners Here, the Team was Divided for Retail Channel Partners and Institutional Channel Partners and allocated all Sales managers geographically and main aim was to make Channel Partner Active. So that he brings Clients for our Project.
Apart from this Godrej Properties Focused on other Distribution Channels Like Hoarding, Emails, SMS, and Website etc. To create awareness about the project in Market.
Fitch and Crisil have lowered their GDP growth forecasts for India to 7.2% and 7.4% respectively due to higher financing costs, reduced credit availability, and lower global trade. Meanwhile, manufacturing and services PMIs rose in November, indicating expansion. The CAD widened to 2.9% of GDP in Q2 due to a rise in trade deficit. The government will continue its plan to merge CPSEs like PFC-REC to meet disinvestment targets and is providing funds to loss-making PSU insurers. It has also raised its contribution to the National Pension Scheme to 14% of basic salary.
GST came to India as a medicine that would treat taxable diseases at one go. It was described by economists as the biggest economic reform after independence. Till the year 2017 indirect tax structure in India was a complex mixture of central taxes and state taxes, here different types of taxes were levied at different stages, which made the tax structure difficult and most of the taxes were not adjusted for this system tax. Increases effect such as taxes on taxes that increase the value of products and services. This economic reform is extremely essential for an emerging economic power like India. Impact of The last deputy speaker from the government, the government and the economy will present its influence in both positive and negative forms. This research of mine will throw light on the study of these two sides. Dr. Sumit Trivedi "Impact of GST on Different Classes" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42333.pdf Paper URL: https://www.ijtsrd.commanagement/accounting-and-finance/42333/impact-of-gst-on-different-classes/dr-sumit-trivedi
The document provides an overview of the Indian economy and recent developments. It notes that India has emerged as the fastest growing major economy and is expected to grow between 6.75-7.5% in FY 2017-18. Several reforms and initiatives like Make in India, Digital India, and demonetization are fueling economic growth. The road ahead looks promising, with India's consumption expected to triple by 2025 and its economy projected to become the second largest globally by 2040 in terms of purchasing power parity.
Real Estate Facilities Management | Project Services | Vestianvallispvm
Vestian is an end-to-end service provider in the Commercial Real Estate space providing investment & consultancy services, transaction advisory, project services and real estate facility management services
https://www.vestian.com/
The document discusses jobless growth in India after economic liberalization. It summarizes employment growth and GDP growth from 1956 to 2012, showing that while GDP growth increased after 1994, employment growth declined. Several reasons for jobless growth are provided: higher productivity growth through technology outpacing labor productivity increases; increasing real wages and falling costs of capital making technology replacement of labor more viable; lower labor productivity in India; service sector-led growth rather than growth in manufacturing; and unequal geographical growth benefiting some states more than others. Proposed solutions to promote job creation include focusing on skill development, labor law reforms, promoting labor-intensive sectors, supporting MSMEs and free movement of labor.
- India has a large consumer base and talent pool that is driving growth in its science and technology sector. It has the third largest scientific and technical manpower in the world.
- Policy support from the government and rising investments are helping to position India as a major player in science and technology. R&D spending and investments have been growing rapidly.
- Key sectors like pharmaceuticals are driving R&D growth in India. The country is now the sixth largest investor in R&D globally.
Evaluation Of Indian Companies Act 1956- Is It Capable Enough To Accelerate T...IOSR Journals
This study is to highlight the hassles being struggled by the industry in view of the compliance requirement focusing theimpact of the requirement of prior approval from the Central Govt. under Section 297 of the Indian Companies Act 1956. The impact of the said section on the industrial development is evaluated in this study based on the core issue of opportunity cost involved in this regard.
This weekly media update from Balmer Lawrie provides summaries of news articles from various media sources related to Balmer Lawrie, public sector enterprises (PSEs), and industries relevant to Balmer Lawrie's business. The articles summarized include reports on declines in core sector output and manufacturing activity in India, fiscal deficit numbers, a survey ranking India third in Asia for environmental sustainability among companies, efforts by the Ministry of Finance to identify land from PSEs for asset monetization, and plans to issue more shares in CPSE and Bharat ETF funds to meet disinvestment targets.
The document provides an overview of India's IT & ITeS sector. It highlights that the sector has grown at a CAGR of 13.7% over 2010-2016, outpacing global growth. India is a leading sourcing destination globally, accounting for 56% of the global services outsourcing market. The sector contributes significantly to India's GDP and exports. It is also the largest private sector employer and most attractive sector for foreign investment. Emerging technologies are further driving growth opportunities in the industry.
The document summarizes India's science, technology and research landscape. It notes that India has a large consumer base and talent pool that support its growing investments in research and development (R&D). India's R&D spending has increased significantly in recent years and it now ranks among the top six countries globally in annual R&D spending. The pharmaceutical industry is a major driver of R&D growth in India. Government policies aim to further promote public and private sector involvement in research.
India's spending on research and development is growing rapidly and helping the country emerge as a global innovation hub. R&D spending in India grew from US$62 billion in 2014 to an estimated US$77 billion in 2017, making India one of the top 10 countries in terms of R&D investment. India also has a large talent pool for R&D, with over 3 million science and engineering graduates annually and 162 universities awarding over 35,000 postgraduate degrees each year. The government is also supporting R&D growth through various policies and initiatives such as setting up of innovation centers and increasing funding for research. With rising investments from multinational companies and growing domestic spending, India's R&D sector is expected to
The document discusses recent trends in India's IT & ITeS sector. It notes that India has a large global delivery model with over 670 global delivery centers across 78 countries. India has a 56% market share in global services sourcing and a 38% share of the BPM sourcing market, making it a leading sourcing destination worldwide. The IT & ITeS sector also attracts significant foreign investment, ranking 4th in India's total FDI and accounting for 37% of private equity investments in the country.
The document provides an overview of India's science and technology sector. It notes that India has a large consumer base and talent pool that is driving demand for innovative products and R&D investments. Some key points:
- India has the 3rd largest scientific workforce globally and is emerging as a top R&D investor.
- R&D spending in India is growing rapidly and was estimated at $77 billion in 2017.
- The pharmaceutical sector is a major driver of R&D growth and global companies are establishing numerous R&D centers in India.
- Government policies aim to promote India as an S&T leader and encourage both public and private sector R&D.
Effect of demonitisation on employementAastha Chopra
Demonetization has negatively impacted employment in India. According to a 2016 Labour Bureau survey, job creation fell 67% in sectors like textiles, metals, and automobiles compared to the previous year. The unemployment rate rose to 5% overall and 8.7% for women. Various industries will see slowed hiring due to demonetization. Ecommerce and IT/ITeS may see some hiring while manufacturing, infrastructure, and FMCG anticipate muted growth and hiring. Telecom and pharma are expected to increase hiring in specialized roles to drive their businesses forward.
The year 2010 saw major economies registering modest growth and India on a balanced growth path. India story gained primacy at the beginning of 2010, with the changing market scenarios across the world.
The outlook is more or less stable across sectors over the
months. The optimism of early 2010 was further
strengthened due to a positive economic outlook, but the
recent political developments marked with scandals have
made an impact on the overall business confidence, albeit
marginal. Employment generation has remained stable and
upbeat in most of the sectors. However, continuous
inflation, price of raw materials and intermediate industrial
products, scams involving ministers and so on have created
some caution in the minds of entrepreneurs. The
movement of skilled workforce within the sector continued
during the 4th Quarter of 2010. The change in
employment across sectors is given in the table below.
The employment scenario during any specific time period
needs to be viewed from the perspective of various
activities and at several fronts, for a considerable period.
This section has presented the estimated employment
numbers with expectations for different sectors of the
Indian economy. It also lists some of the issues that might
have an impact on the employment scenario, either directly
or indirectly. This will help correlate between the trends
observed regarding employment and economic as well as
political fundamentals.
The BFSI sector is expected to add 116,240
jobs in 2011.
The stable and positive sentiment at the economic front continues
to help the BFSI sector to grow further during the 4th Quarter of
2010. Responses from the BFSI companies indicate that almost
similar condition will prevail during the first two quarters of 2011
as well as for the entire year. The sector is cautiously optimistic
about growth of employment numbers.
The raise of Repo and Reverse Repo rates by RBI on 25th January
2011 has caused an increase of Repo rate by 175 basis points and
Reverse Repo rate by 225 basis points, since March 2010. CRR has
increased by 100 basis points during the same time.
Inflation has remained a cause for concern over the past months
and is expected to continue for a few more months to come.
However, the response to structural causes of inflation needs to be
through reallocation of resources across sectors. Short term
measures like interest rate hikes, though manage to contain
inflation to a moderate level are not strong enough to sustain
growth. .
The recent RBI report on the Micro Finance sector has
recommended several checks to resolve the issues and improve
transparency. However, observations have also been made
regarding the “Recovery Culture” in the financial sector and its
adverse effects on the customers. This is an important observation
made by RBI, in view of the recent measures taken by the Andhra
Pradesh Government to regulate the recovery of loans from the
small borrowers by the MFIs. However, the drive towards financial
inclusion will certainly play a positive role in employment
generation in this sector.
Bank credit to commercial sector is increasing steadily, which is
one of the major driving forces for the banking sector in the
country.
Insurance sector, both life and general, has witnessed a positive
sentiment in the 4th Quarter as compared to the previous ones
and is expected to do better in coming months.
The Education, Training and Consulting sector
is expected to add 107,500 jobs in 2011.
Education sector continued to contribute significantly to the
employment base of the country during the last Quarter of 2010.
The sector is expected to grow at similar rate during the first
couple of Quarters of 2011. However, the expectation regarding
growth for the entire calendar year of 2011 is slightly lower
compared to the first two Quarters of the year.
The regulatory ambiguity still remains the biggest impediment that
holds back the sector’s transformation into one of country’s
largest industry
India's working age population increased by 84.1 million from 2011-12 to 2015-16. However, the actual labor force only increased by 20.1 million, meaning over three-fourths of the working age population did not join the labor force. While the share of agriculture in employment has declined, it remains over 45% and its performance directly impacts the size of the labor force. The number of jobs created during this period was only 14.6 million per year, insufficient to absorb the growing working age population. Certain states accounted for a disproportionately large share of the labor force and workforce.
The document discusses the improving job market in India as the economy recovers from slowdown. It notes that while recruitment is picking up, companies are now more focused on finding candidates with the right specialized skills and experience for roles. HR experts indicate hiring volumes are increasing but companies are linking compensation more closely to performance. The job market is becoming more nuanced as employers prioritize productivity and skills over just filling positions.
Abstract
Performance of firms either public or private sector largely depends on employees’ satisfaction hence their satisfaction need to be taken with utmost seriousness if firms’ immediate and strategic objectives must be attained. This study titled integrated personnel payroll and information system and employees’ satisfaction is carried out to examine the impact of integrated personnel payroll and information system on employees’ satisfaction. The research adopts research survey design and respondents were reached using a structured questionnaire. The population of the study is 1100 who are employees of the Federal Polytechnic Idah, Kogi state. The study adopts Godden sample size statistical formula which generated a sample size of 285. However, out of the total of 285 questionnaires distributed only 242 were duly completed and returned giving a retrieval rate of 85%. The data were analyzed using a five point’s likert scale and the analytical tool is linear regression analysis. The finding revealed that adoption of integrated personnel payroll and information system has serve as a veritable tool in enshrining accountability but has threatened employees’ satisfaction owing to its non-domestication to carter for the peculiarity of the Polytechnic sector. Thus, the study recommends that adoption of the payroll system be reviewed and all critical stakeholders be consulted so as to enhanced and sustained employees satisfaction.
Keywords: Personnel, payroll, employee, satisfaction.
- India's GDP growth slowed to 5% in April-June 2019, the slowest pace in over 6 years, missing market expectations. High-frequency indicators show a slowdown in private consumption.
- Several reports and surveys predict continued economic slowdown in India over the next 2-3 years due to falling household savings, rising bad loans, weak global trade, and domestic factors like falling consumption.
- The government fiscal deficit for April-July 2019 period reached 77.8% of the target for the fiscal year, with a decline in capital expenditures compared to the same period last year. The government has identified over a dozen state-run firms to potentially dilute stake in to raise disinvestment funds.
- India's economy is projected to grow at a slower rate of 6.5% in 2017-18, which would be the lowest in 4 years, due to slower growth in agriculture and manufacturing.
- Several reports and indicators show signs of recovery in India's industrial growth, with core sector growth hitting a 13-month high and manufacturing PMI rising to a 5-year high.
- Global stock markets hit new record highs and oil prices rose to their highest since 2015, driven by strong economic data from major economies.
ANALYSIS THE EFFECT OF FINANCIAL LITERACY ON FINANCIAL PLANNING FOR RETIREMEN...Deja Lewis
This document summarizes a study that analyzed the level of financial literacy and retirement preparation among lecturers and administrative staff at Universitas Indonesia. It also analyzed the effect of financial literacy on retirement planning.
The study used a survey of 120 respondents and simple linear regression analysis. It found that the respondents' level of financial literacy was low, and their level of retirement preparation was moderate. The analysis revealed that financial literacy influenced retirement planning among the lecturers and staff.
This document provides a summary of news articles from various media sources related to the Indian economy. It discusses the IMF projecting India's growth rate to be 7.7% in 2018-19, India's factory output slowing in March 2017, retail inflation falling to 2.99% in April 2017 due to lower food prices, the government revising the base year for key economic indices like IIP and WPI to 2011-12 to provide more accurate data, and the oil and gas minister inaugurating a national conference on skill development in the hydrocarbon sector in Bhubaneswar, India.
This document provides a weekly media update from Balmer Lawrie, including news related to the company, PSEs, and industries relevant to Balmer Lawrie's business. Key articles summarize reports on the biolubricants market size and growth, Seychelles tourism events that recognized Balmer Lawrie, forecasts for India's GDP growth in 2016-17, updates on manufacturing and services sector growth, and discussions on India's proposed GST structure and rates. The document also includes brief snippets on other topics like business confidence, credit availability, global business optimism rankings, and the role of the private sector in energy security.
An appraisal of HR accounting in banking sectorNiharika Kumar
This project expresses an empirical study with the objective mainly to appraise the human resources in financial terms in banking sector and to analyze the Productivity of employees in the same. The data collected for this purpose is mainly by secondary authentic sources, the number of banks which we took for the study are 5 (SBI, HDFC, Axis, ICICI, Kotak Mahindra) contributing to approximately 80% of the market share in India and the period of study extends from the financial year 2013-14 to 2015- 2016.
Progressive India in Output and Employmentectijjournal
Keeping in view, the limitations present in literature, we try to analyze for, the pattern of growth of output and employment and its determinants in Organised Manufacturing Sector in India. States which contribute to more than eighty percent of the total output and employment in India are considered. We use Gross Value Added and Total Output for the indicator measuring for Output. Total persons engaged and Labour Index are the indicators for Employment. This is one of our major contributions to literature. The research design of the study is based on secondary data. The findings reveal the impact of New Economic Policy across India as a whole and the impact of Global financial crisis across selected states. Liberalization has been able to make a significant positive impact while Global financial crisis had no effective impact. Employment growth has been positive after liberalization. This has also been observed through structural breaks. Over the period of Study, there has been increase in the number of states with a rising growth rate. Output Elasticity of employment has proved the job creating capability of each state as of India as a whole. In addition to these, we have observed the effect of determinants of output and employment growth across States. Thus, our work is a concise study on the two main parameters of the Indian economy which shall enrich the existing literature as well as policy makers for progressive development and a sustainable development of our nation.
This document provides an introduction and overview of a report on the real state of the Indian economy in 2017 from the perspective of the Indian National Congress. Some key points:
- The report aims to present an accurate assessment of India's economic performance using data and expert inputs, as an alternative to the Economic Survey presented by the government.
- It highlights that job creation is the most important indicator of economic performance, yet official data shows a decline in new jobs created from around 11 lakh per year in 2010 to less than 1.5 lakh in 2016.
- Demonetization has further slowed economic growth and job creation, with experts estimating a 1-2% drop in GDP growth, costing 1.
The document discusses the growing gaps between jobs, investments, and infrastructure in India and the failure of government programs to create sufficient jobs. It notes that while the BJP promised to create millions of new jobs, actual job creation has declined sharply from 11 lakh new jobs in 2010 to less than 1.5 lakh in 2016. Government programs like Skill India, Make in India, and Startup India that aimed to boost jobs have largely been unsuccessful due to faulty design and poor implementation. As a result, India faces a looming "demographic disaster" if the trend of insufficient job creation is not reversed.
A Study Of Growth Of Mutual Fund Industry In IndiaLaurie Smith
The document discusses the growth of the mutual fund industry in India over the past year. Some key points:
- Equity mutual funds saw an inflow of over Rs. 20,000 crore in November 2017 due to strong participation from retail investors.
- There are now over 62 million investor accounts in mutual funds in India, with individual investors holding Rs. 10.67 lakh crore as of October 2017.
- Total assets under management by mutual funds have grown 30% from Rs. 16.86 trillion in October 2016 to Rs. 21.79 trillion in October 2017.
- Factors driving growth include demonetization, GST implementation, linking of Aadhaar and P
The document summarizes key findings from a recent Bureau of Labor Statistics report on employment in July. Some key points:
- Nonfarm payroll employment increased by 162,000 in July and the unemployment rate edged down to 7.4%. Several industries like retail trade and food services saw new job growth.
- The number of long-term unemployed (over 27 weeks) was little changed at 4.2 million, though it has declined by 921,000 over the past year.
- The civilian labor force participation rate was unchanged at 63.4% in July. No significant changes in other employment indicators like involuntary part-time employment or those marginally attached to the labor force were reported.
-
The document provides an overview and analysis of the Indian economy based on the Economic Survey 2016-17. Some key points:
1. The survey uses "Big Data" for the first time, analyzing goods and people movement across India from GSTN data.
2. Growth rates in 2016-17 are estimated at 7% overall, with agriculture at 4.1%, industry at 5.2%, and services at 8.8%.
3. Major events of the period include demonetization, GST implementation, setting up of the Monetary Policy Committee, and cleaning bank balance sheets of NPAs.
4. Key economic indicators show declining fiscal deficit, narrowing current account deficit, increasing F
Confederation of Indian Industry (CII) takes immense pleasure in presenting the third edition of Annual CSR Tracker 2017. Similar to the last two editions, this is the most comprehensive analysis of CSR disclosures of Bombay Stock Exchange (BSE-listed) companies obligated to practice CSR as per the Companies Act, 2013.
The Annual CSR Tracker 2017 is based on disclosures of 1,522 companies as compared to 1,270 companies in 2016 and 1,181 in 2015. Disclosures are broken into approximately, 41 indicators spread across six aspects of CSR legislation: governance, policy, financials, spends as per Schedule VII, spend channels, and spend locations. Also included is beneficiary data that companies voluntarily disclose in their annual reports.
Running head ECONOMIC DEVELOPMENT 1ECONOMIC DEVELOPMENT 8.docxtodd271
Running head: ECONOMIC DEVELOPMENT 1
ECONOMIC DEVELOPMENT 8
Economic Development
Student’s Name
Institutional Affiliation
History and Brief Backdrop of Indonesia
1. The introduction of indonesia’s econ history is too long. We only need to include a brief and clear background.
2. I think the majority of this paper is still displaying the facts rather than analyze them. Can you have more analysis of the facts you have? We need to focus on analyzing date we have and having our own conclusion rather than displaying facts and quoting others’ words. This paper is not a reading report of others’ research paper.
3. Can you have a main topic to focus on discussing rather than generally introducing the whole economy?
4. The paper should be
a. BRIEF intro of indonesia’s history of econ as a background knowledge
b. Choose a topic to focus on discussing and explain why it is important to the development of econ of Indonesia
c. Grab datas from reliable website like http://hdr.undp.org/en/countries and use the model and concepts to analyze the meaning of the statistics, and how do they reflect the econ situation of Indonesia
d. Base on your analyze, identify the current problem of Indonesia and come up proper and realistic solutions to solve them.
e. Explain why your solutions would be effective by estimating the expected benefits with the concepts and model on my list, and present the whole process of calculation and analyzing.
f. Explain how the country can execute the solutions you suggest, what resource they can use to do that etc.
Indonesia is one of the largest Southeast Asian countries with promising and sizeable economic growth in the region. The government is home to over 270 million people, making it the fourth largest country in terms of the population worldwide. According to Jomo (2019), Indonesia has the largest economy in South East Asia with a GDP of close, slightly over $ 863 billion, and records the highest economic growth of 6% in the region in the last few years. Jomo (2019) asserts that Indonesia, in recent years, has been recording a higher economic development during the global financial crisis than other Great 20 countries. The country has been able to achieve this economic prospects because of its sound macroeconomic policy. The faster economic growth and development of Indonesia has made economic analysts suggest that it will soon be a member of the BRIC group of leading in emerging markets.
To understand Indonesia's economic growth performance, one needs to understand the driving factors behind the economic story. Yudhistira & Sofiyandi (2018) suggest that Indonesia's good economic performance is attributed to the growth of the potent power of consumption, exports, and investments. They further point out that high export is because Indonesia is endowed by abundant natural resources and an increase in international commodity prices. In regards to investments, the country has set and implemented economic.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
The Impact of Generative AI and 4th Industrial RevolutionPaolo Maresca
This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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1. A presentation made by State Bank of India Chief Economist Soumya
Kanti Ghosh and Indian Institute of Management-Bangalore professor
Pulak Ghosh to the Prime Minister’s Office (PMO) in January captured
how subscriber data is shoddily maintained by the Employees’ Provident
Fund Organisation (EPFO) - something that the recently released study
on creation of seven million jobs in 2017-18 did not include.
Out of around 80 million accounts that the two researchers analysed,
there were 10 million records with only names and no other details about
the subscribers, including their date of joining, date of birth and father’s
name, among others, in the EPFO’s records.
Several records maintained by the EPFO had names such as A, a, xxx, 9,
z, with provident fund contribution against them.
Ghosh and Ghosh briefed these facts to the PMO in a presentation made
four days before making their report, Towards a Payroll Reporting in
India, was made public on January 16.
Top officials from the NITI Aayog, finance ministry, labour and
employment ministry and the Ministry of Statistics and Programme
Implementation were present at the meeting.
The slides in the presentation, Navigating Through Numerous
Challenges in EPFO Data, were not part of the study that was released
last month. The presentation was reviewed by Business Standard.
Only 20 per cent of the members had Permanent Account Numbers
(PANs) and there was “no consistency in capturing the members’ data
with some or the other details of the subscribers missing, that made it
really difficult to remove duplicates,” Ghosh and Ghosh told the PMO.
“(It) looks like there is 30-40 per cent of unclean data. Only few remain
useful with all the fields populated,” according to the presentation.
The EPFO has also captured the date of birth inaccurately for several
users, showing the members were either over 100 years old or less than
18 years.
2. “Since we cannot identify many members uniquely, we are not sure how
many new payrolls are created, or how many are in a job for a while but
are being counted as fresh,” Ghosh and Ghosh admitted, estimating that
seven million jobs would be added to the payroll in 2017-18.
The EPFO data analysed by the researchers also showed that in some
cases, members have received contribution even before their joining
date, “probably due to late registration”, and some members received
multiple provident fund contributions for months.
“EPFO should do a thorough job of cleaning the entire databases and
their systems should be structured,” the researchers said during the
presentation.
The study, however, made it clear that it removed all the accounts where
information was incomplete and also ensured “there was no duplication
by strict name matching across years.”
The EPFO gave the NITI Aayog 60 gigabytes of the EPFO database for
January 2015 to November 2017, including names, dates of birth,
permanent account numbers, provident fund contributions, and industry
names. NITI Aayog gave Ghosh and Ghosh access to the database.
EPFO has 184 million subscribers in its database, out of which around
40 million members were making active contributions, as on March 31,
2017.
Till the end of March 2016, there were around Rs 40,800 crore in the
inoperative provident fund accounts.
EPFO Central Provident Fund Commissioner V P Joy didn’t respond to
a series of questions mailed to him on Monday. However, a senior EPFO
official said it used to do manual entry into its system till 2012, after
which an electronic challan system was introduced.
“It is legacy data that is slowly being cleaned up as we have moved to an
electronic recording system.
3. "In fact, the database since July last year is even better as we are doing
Aadhaar-based verification,” the official said.
However, for Aadhaar-based verification, basic details such as name,
father’s name and date of birth should match with the Aadhaar detail
concerned.
The EPFO is facing several hurdles in linking provident fund accounts
due to the missing details.
“Particulars of some members are missing in their profile i.e. (name,
father’s or husband name, date of birth, gender) due to which
demographic verification is pending…. As a result, the member and
employer have to face hardship to get their Aadhaar seeded with the
UAN,” the EPFO had said in a missive to employers in September last
year.
Trade union leaders said workers face hardship due to irregularities on
the part of the employers in registering them under the EPFO.
“There are workers who are unable to claim the money due to missing
details. That is the reason that a huge amount is kept under inoperative
accounts.
"We have been telling the EPFO management that it is not unaccounted
but belongs to some workers who are not aware about their PF accounts.
"EPFO needs to identify these workers and keep records electronically,
which hasn’t happened in full swing,” Centre of Indian Trade Unions
vice-president and EPFO’s central board of trustees member A K
Padmanabhan said.
4. The jobs statistics debate:
A good starting point
An analysis of more than 900 listed companies with a
total employee base of 5 million shows that jobs growth
has been good at 3.7% during FY17 and 4% in FY16
Last Published: Thu, Jan 25 2018. 04 19 AM IST
Employment situation picked up in 2014 but did not take off until the second
half of last year. Photo: Hemant Mishra/Mint
2019 is the year of national parliamentary elections in India. In
2018, several states will elect their legislative assemblies. Both
the years will witness more noise than discussion, and more heat
than light. Even research that might have been in the works and
published this year or next will be viewed through tinted (or
tainted) glasses. A recent paper by Pulak Ghosh of the Indian
Institute of Management in Bengaluru and Soumya Kanti
Ghosh, chief economic adviser of the State Bank of India, is an
early victim of such a politicised interpretation.
If one searched for their report, one gets a summary and a full
report. The authors have been careful not to claim that their
work is the most authoritative one on the state of job creation in
India. Nor do they claim that they have come up with a model to
estimate job creation in the entire Indian economy: formal, or
informal and agricultural sectors. They are very clear that their
work is about whether jobs are being created in the organised
sector. Towards this end, they have looked at data from the
Employees’ Provident Fund Organisation (EPFO), the
5. Employees’ State Insurance Corporation (ESI) and the National
Pension System (NPS).
As far as one can tell, they seem to have erred only on the
conservative side. They have made their assumptions clear.
They claim that India is on track to create 5.5 million formal
sector jobs based on trend in the current financial year, up to
November 2017.
My initial reaction was one of scepticism. The first question that
came to mind was the reconciliation between job creation and
economic growth, and job creation and bank credit growth to
industry. India’s gross domestic product (GDP) growth has
slowed throughout the financial year 2016-17, and it appears to
have bottomed out in the first quarter of 2017-18. In the quarter
ending September 2017, there was a slight rebound in economic
growth. However, bank credit to industry has not really picked
up. Therefore, it would be reassuring if other evidence—direct
or indirect—reinforces their estimate of formal job creation.
I will now examine four issues—job creation by large listed
companies, Reserve Bank of India (RBI) surveys of
manufacturing companies, funding constraints for businesses
and, finally, informal employment.
Healthy growth in job creation by large corporations
First, India does not have a survey of business or commercial
establishments as the US has. So, there is no payroll estimate
available from employers. In October last year, Mahesh
Nandurkar, the India strategist at CLSA India, wrote in Business
6. Standard, “We looked at company annual reports of listed
companies and nearly all listed companies give number of
employees as at the end of the financial year. This is the most
authentic and high frequency (once every year) data that one can
get. Our analysis of more than 900 listed companies with a total
employee base of 5 million shows that jobs growth has been
good at 3.7% during FY17 and 4% in FY16. This is actually in
line with the jobs growth seen for these companies over the last
10 years. Thus, at least for this sample, the jobs creation has not
slowed down over the last two years.”
As Nandurkar correctly points out later in the article, these are
jobs created directly by India’s large listed companies on their
payroll. India’s tax policy and tax system favour capital over
labour, unfortunately. Yet, if their payroll growth has been
around 4% in the last two full financial years, then it is quite
likely that in the overall formal sector (including small but
unlisted firms), job creation has witnessed a higher percentage
growth. Yes, that would be still formal sector jobs, even if not
necessarily better-paying corporate jobs. Even employees hired
by contract labour firms (Teamlease for example) and placed in
companies would be counted as formal jobs because EPFO, ESI
contributions will have to be made for those workers. Ghosh and
Ghosh do not claim that all the formal sector jobs that have been
created have been created on the payrolls of the corporate sector.
Indeed, they do want India to start measuring corporate payroll.
Hiring and hiring intentions picked up in 2H2017
Second, the Reserve Bank of India conducts several useful
quarterly surveys. One of them is the Industrial Outlook survey
7. which asks more than a thousand businesses (companies) in the
manufacturing sector about various aspects of their business
conditions from inventory to working capital to exports to
imports and to employment conditions.
Two charts are shown below. One goes as far back as the data
permit. The other is from the time the National Democratic
Alliance government came to office.
Click here for enlarge
8. Click here for enlarge
These are net positive responses (increase–decrease of jobs) on
employment. The information content of the charts is high. Net
hiring by manufacturing businesses fell precipitously from 2011
until 2013 (three years) almost reaching the lows seen in the
aftermath of the global crisis of 2008. That is a reason to suspect
the economic growth numbers that are now reported for that
period. They are too rosy to be credible. The job situation was
dire. That is another story for another occasion.
That said, employment situation picked up in 2014 but did not
take off until the second half of last year. The uncertainty caused
by demonetisation is seen in the data and there was a dip in the
second quarter of 2017 (April-June). In 2017, hiring intentions
have taken off even more impressively than the present
9. employment situation. So, the RBI survey does not negate the
picture that Ghosh and Ghosh have painted.
Bank lending was not missed
Third, what about the fact that banks were not lending to
industry? In its assessment of the Indian financial system
(‘Financial system stability assessment—press release and
statement by the executive director for India’, December 2017),
the International Monetary Fund made two observations:
■ “The Indian financial system is undergoing a gradual
structural shift, with a greater role for non-bank intermediaries
and higher recourse to market funding for large corporates.
■ The financial system is diversifying, with market shares of
nonbank intermediaries (notably, mutual funds and nonbank
financial companies—NBFCs) and private sector players
increasing gradually—albeit from a low base. Banks’ share in
credit flows fell from 50% during FY2015/16 to 38% in
FY2016/17, as corporates increased private debt placements and
issued commercial paper, replacing bank funding with market
sources.”
Clearly, credit-worthy borrowers have been able to tap the
market and raise funding. Hence, meagre bank lending growth
need not have held back hiring by the formal and incorporated
entities that had access to capital markets.
Informal employment—do we know anything?
10. Finally, what about informal employment? Timely data are not
available. One must rely on surveys. Most surveys of informal
employment done after demonetisation start with a pre-
conceived conclusion and find responses that would validate
them. The case in point is a rather interesting study on the
response of the community in rural Tamil Nadu to
demonetisation (Insights on Demonetisation from Rural Tamil
Nadu—understanding social Networks and social protection—
Economic and Political Weekly, 30 December, 2017). The
authors mention that there was widespread support for
demonetisation. Yet, they write in dire tones about its impact.
They do not concede the possibility that they may be missing
something given the “wide public opinion support” that they
acknowledge twice in the report. Second, most non-agricultural
jobs in India have no written contract (see Chapter 2, Economic
Survey 2012-13). It is more likely the case for informal jobs.
Therefore, it is rather difficult to know if, on balance, jobs were
created or destroyed in the informal economy.
Clearly, much needs to be done to create good quality jobs in
India, from enabling job-seekers with the right and matching
skills and attitudes, to lowering the cost of hiring labour, to
making hiring workers desirable and to enable hiring in well-
paying jobs. The first thing the government can do is to work on
creating a better and timely jobs market data. Indeed, yours
truly wrote that a useful mission for NITI Aayog will be to
improve India’s economic data to first-world standards. America
sets the standard even among developed countries. In this
regard, what the Ghoshs have done is a very good starting point.
Critics have to do better than to set up strawmen arguments and
knock them down.
11. V. Anantha Nageswaran is an independent consultant based in
Singapore. Read his Mint columns here.
Comments are welcome at baretalk@livemint.com
First Published: Wed, Jan 24 2018. 12 55 PM IST