TRENDS
Explained | What is the new Aadhaar seeding rule, who does the decision affect, what is the new deadline
The Employee Provident Fund Organisation has extended the last date to seed Aadhaar number with the Universal Account Number for filing electronic challan-cum-returns by three months to September 1, 2021
TRENDS
Unemployment falls as states unlock but experts caution slow recovery for formal sector jobs
The urban unemployment rate improved to 9.7 percent in the week and the rural rate to 8.2 percent, CMIE said.
TRENDS
States slash spending on material to increase income for poor under MGNREGA
In several labour-rich states, more than 80 percent of the scheme's funds have been used for wage payments; UP, Rajasthan, expenditure on material has been nil; Act provides for the wage and material costs to be in the proportion of 60:40
TRENDS
Labour ministry notifies draft rules for compensation under Code on Social Security
The ministry has sought comments from the stakeholders on the proposed draft Rules within 45 days from the date of the notification, following which it will be notified and become effective.
INDIA
Labour Codes: A status check on the draft rules published so far
Assembly elections and the pandemic are among the reasons cited for delaying implementation of the labour codes. However, the Central government hasn’t set any deadline for states to frame their rules.
TRENDS
Explained: Who fixes floor wages? Could the appointment of a new committee defer the rollout of the Wage Code?
The notification issued on the new panel is silent on the Code, making it a grey area. In other words, it should not affect its implementation, say experts, but opinion remains divided.
TRENDS
ESI coverage extended to casual, contractual workers of municipal bodies
ESI Corporation has been directed by the Ministry of Labour & Employment to take up the matter with the States and UTs for issue of notification for coverage of casual and contractual workers in the municipal corporations and councils in their respective jurisdictions.
TRENDS
FY22 GDP growth projected at 8.5%: ICRA
ICRA had earlier estimated the GDP to grow at 10-11 percent rate; however, it had later revised it down to 10-10.5 percent for FY22.
INDIA
Employment under rural job scheme plunges in May as COVID-19 fear looms large
While 50.83 crore persons were provided work under the scheme in May 2020, the figure has now almost halved to 26.38 crore.
TRENDS
Crisil revises down India's GDP growth forecast to 9.5% in FY22
Crisil had earlier estimated the GDP to grow by 11 percent in FY22
INDIA
Training, placement of rural youth plunges in FY21
Fewer takers for Deen Dayal Upadhyaya Grameen Kaushalya Yojana even after migrant workers returned to villages
TRENDS
Despite COVID-19, Khadi industry witnesses strong sales worth Rs 3,079 crore in FY21
Since 2019, e- commerce giants Flipkart and Amazon have been focussing on handicrafts and artisanal products to help local artisans and small businesses to come into the e commerce fold by launching Flipkart Samarth and Amazon Karigar.
TRENDS
COVID-19 second wave impacted mobility & services in May, making it the worst affected month: Nomura report
As per June 3 report published by the brokerage, auto sales took a hit in May as sales of passenger vehicles, two-wheelers and medium and heavy commercial vehicles fell by 75pp (percentage points) from their pre-second wave levels.
TRENDS
Labour Ministry sets up expert group to fix minimum and floor wages
The Group has been constituted for a period of three years from the date of notification.
TRENDS
EPFO wage subsidy scheme boosts job creation, provident fund enrolment in FY21
Unlocking of the economy was the key driver of job creation, but experts say that the wage subsidy scheme definitely made a contribution by encouraging establishments to hire more people
BUSINESS
Experts cheer expansion of ECLGS, but flag NPA risk from removal of loan ceiling
Civil aviation will gain from the Emergency Credit Line Guarantee Scheme but experts said the benefits may not be enough for airlines as they have suffered huge losses.
TRENDS
India GDP data | A look at the sectors that aided growth and those that dented it
India's economy recorded a growth of 1.6 percent in the fourth quarter indicating that the economy was in a revival mode before the second wave of the COVID struck the country.
TRENDS
India GDP data | Trade, hotel and transport slump 18.2% for full year, contract 2.3% in Q4FY21
The sector had reported a massive contraction of 47.6 percent in the first quarter. I
BUSINESS
India GDP data: Key things to watch out for in FY21 GDP estimates to be released today
The Centre will release India GDP data for Q4FY21 and full-year FY21 later today. Find out what to look for
TRENDS
Labour Ministry announces new measures to support COVID victims' dependents
The amount of maximum insurance benefit under EDLI has been increased from Rs 6 lakh to Rs 7 lakh and the provision for minimum insurance benefit of Rs 2.5 lakh has been restored and will apply retrospectively from February 15, 2020, for the next three years.
TRENDS
India’s unemployment rate in 2020 highest since 1991: Report
According to an analysis by the Centre for Economic Data and Analysis (CEDA), based on theInternational Labour Organization’s (ILO) ILOSTAT database, India’s unemployment rate in 2020 was the highest since 1991.
ECONOMY
GST Council Meeting: Major tax breaks with 'zero rating' of COVID essentials feasible, experts say
43rd GST Council Meeting: GST Council’s meeting on May 28 can consider total tax exemption for medical supplies needed for combating COVID-19, and may also discuss tax tweaks to help sectors that have been hit hard by the second wave as well as compensation for states, experts say.
TRENDS
New enrolments under EPFO, ESIC lowest in three years
Fresh subscribers, an indicative job creation data, drop by 22.56% and 24%, respectively, in 2020-21. Though they have been dropping over the years, COVID-induced disruptions in the economy saw the numbers falling drastically in 2020.
TRENDS
AUM under NPS, Atal Pension Yojana crosses Rs 6 lakh crore-mark, says PFRDA
As of May 21, 2021, the total number of subscribers under NPS and Atal Pension Yojana has crossed 4.28 crore and the asset under management (AUM) has grown to Rs 603,667.02 crore, the statement said.
