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Surya Sarathi Ray

Articles By Surya Sarathi Ray

896 Articles

Pradhan Mantri Shram Yogi Maandhan scheme: Enrolment in pension scheme for low earners dipping fast

In the two years and four months since PMSYM was launched, just a little over 45 lakh people secured the pension cover.

In the two years and four months since PMSYM was launched, just a little over 45 lakh people secured the pension cover. And even among those registered, there is an increasing rate of default, when it to comes to making the periodical contributions.

Rising Joblessness: EPF sops for industry, workers to be extended by 6 months

If the scheme is extended, a large section of the industrial and commercial establishments in the country and the relatively low-earning new employees joining them till the end of calendar year 2021 will be able to avail the

“As on 17.02.2021 benefits are to be provided (under ABRY) to 8.42 lakh beneficiaries through 38,320 establishments,” labour minister Santosh Kumar Gangwar said in the Lok Sabha on March 28, 2021.

Highway construction’s pace bulldozes pandemic barriers! Sets new record

Despite the pandemic-induced lockdown and restrictions on mobility in large parts of the country, highway construction grew by 74% on year in April-May of the current financial year to 1,470 km or 24.1 km/day.

The latest highway construction signals that the construction sector of the economy, which posted a recovery with 14.5% growth in gross value added (GVA) in Q4FY21, may somewhat retain the momentum in Q1 this fiscal.

Asset monetisation: NHAI to wait till traffic is normal

According to rating agency Icra, toll collections fell by around 10% in April 2021 over March 2021 and estimated to have declined by 25-30% in May 2021 over April 2021.

Apart from InvIT, NHAI has two other means to raise funds through monetisation of assets – toll-operate-transfer (TOT) model and toll securitisation. Proceeds from the asset monetisation programme are used to repay debt and develop highways.

Larger companies are opting for gig workforce: Rachit Mathur, co-founder and CEO, Avenue Growth

Avenue Growth is an on-demand work platform, which helps companies in find-hire-manage gig workers and get the work done on its platform. We offer two kinds of engagement models to clients: task-based and shift-based.

Rachit Mathur, co-founder and CEO, Avenue Growth

Rural jobs scheme: Curious gap between ‘offers’ & works picked up

Unlike in April 2020, which saw complete nationwide lockdown and a decline in demand for MGNREGS work, the demand for work under the scheme that provides subsistence wages, remained high in May 2021, which also witnessed a ne

Steel prices hiked again, HRC rate up Rs 3,000/tn

India was a net exporter of finished steel during the first month of the current fiscal year 2021-22, recording a net trade surplus of 0.59 million tonne in April 2021. During April 2021, steel export from India increased by

Unemployment rate soars to 11.9% in May, 10 m jobs seen lost in the month

According to the Centre for Monitoring Indian Economy (CMIE) data, barring April, May and June last year, the monthly unemployment had never breached the double-digit mark at least since January, 2016.

Unemployment in urban areas stood at a worrisome 17.88% for the week ended May 30; the rate has risen for the seventh straight week and 47 basis points over the previous week alone.

Urban joblessness at 17.88%, rural rate falls 9.58%

This is largely due to a near 400 bps fall in the rural unemployment rate to 9.58% for the week under review from 13.51% for the week ended May 23.

Unemployment in urban areas stood at a worrisome 17.88% for the week ended May 30; the rate has risen for the seventh straight week and 47 basis points over the previous week alone.

Pandemic Setback: ILO says India’s unemployment rate highest in 3 decades in 2020

According to the ILO database, India’s unemployment rate rose between 2008 (5.36%) and 2010 (5.65%), and then fell between 2013 (5.67%) and 2019 (5.27%). It then rose sharply to 7.11% in 2020.

Unemployment in urban areas stood at a worrisome 17.88% for the week ended May 30; the rate has risen for the seventh straight week and 47 basis points over the previous week alone.

Loss of manufacturing jobs: ‘Boost purchasing power to revive demand, launch urban job guarantee scheme’

She said that time was appropriate to launch an employment guarantee/ income support programme for the urban poor.

According to an analysis by the CEDA based on the CMIE monthly time-series of employment by industry, manufacturing employment in 2020-21 was nearly half of what it was five years ago.

Pandemic Lows: Formalisation of jobs takes a big hit

New subscribers to both EPF and ESIC fall by a quarter in FY21

In the case of ESIC also, the net addition to the subscriber base is much lower than what the number of new subscribers indicates as workers retire or lose their jobs or the units close down.

Covid-19 lockdown blues: Urban employment rises relentlessly; rate rises 270 bps to 17.41% in week ended May 23

The economy’s inability to create jobs amidst lockdowns and restrictions on mobility have contributed to the rise in urban joblessness.

Unemployment in urban areas stood at a worrisome 17.88% for the week ended May 30; the rate has risen for the seventh straight week and 47 basis points over the previous week alone.

Make in India? Half of manufacturing jobs lost in five years

According to an analysis by the Centre for Economic Data and Analysis (CEDA) based on the CMIE monthly time-series of employment by industry, manufacturing employment in 2020-21 was nearly half of what it was five years ago.

Among the service sectors, non-financial services, the largest component among service industries, the employment rose over the five-year horizon to 119.7 million to 127.7 million in 2020-21, but there was a sharp y-o-y decline in 2020-21, owing to the pandemic.

Labour unrest: Strikes, lockouts down in Modi era

If more than one trade union of workers registered under the IR Code are functioning in an industrial establishment, and no such trade union has 50% or more workers on the muster roll, a negotiating council will be constitute

Firms shifting scale more towards temps, gig workers & freelancers: Paul Dupuis, MD & CEO, and, Viswanath PS, CFO, Randstad India

We provide both staffing and permanent placement, where we place candidates in client organisations. For our staffing business, we hire the people in our payroll, but they are deputed to clients.

Lockdown woes: Joblessness rate near 1-year high; unemployment up in rural areas; virus threat hits demand for MGNERGS work

According to data released by Centre for Monitoring Indian Economy (CMIE), rural joblessness doubled to 14.34% in the week ended May 16 from 7.29% in the previous week. Urban unemployment rate went up to 14.71% in the latest

Job search through deployment of information and technology, must become more accessible and inexpensive.

NHAI InvIT to hit market by month-end, not open to retail investors

The sources said market regulator Sebi has approved the draft prospectus submitted by the National Highways Infra Investment Managers (NHIIM), the investment manager which will manage the InvIT.

NHAI has decided to the reserve much-sought-after InvIT IPO, through which it aims to monetise some of its assets, for institutional investors.

Highway construction: NHAI sets ambitious target of 4,600 km for FY22

Though the target for the current year appears to be a tall order, the NHAI believes that it could meet it with reliance on EPC projects and HAM projects. The authority has a robust stream of funds including budgetary outlays

Minister for road transport and highways hope that construction would touch 40 km/day in 2021-22 from 36.4 km a day in 2020-21.

Covid effect: Weakened economy can’t produce jobs, unemployment rate at 19-week high

There has in fact been a steady increase in unemployment in recent months – the relevant rate rising to a four-month high of 7.97% in April compared with 6.5% in March, 6.89% in February and 6.52% in January.

XLRI professor and noted labour market expert KR Shyam Sundar said since around 21 states have resorted to restrictions, including stricter curfews, it was but natural that the urban unemployment rate breached the double-digit level.

Steel makers raise prices by up to Rs 4,500 per tonne

Despite anaemic domestic demand primarily due to lockdown and restrictions on mobility, the price hike is mainly to align with the international prices, which have gone up continually in recent times thanks to China limiting

Roy said the ongoing second wave of the coronavirus makes demand outlook somewhat uncertain in the first half of FY22 while exports remain a viable alternative available to leading steel makers in India.

Covid-19 curbs push unemployment rate to four-month high of 8%

The spike in the unemployment rate was seen both in urban and rural areas. While the unemployment rate in urban areas was at 9.78%, the highest in eight months, in rural areas, it was 7.13%, a four-month high.

MGNREGA: April demand under rural jobs scheme highest in seven years

The MGNREGS dashboard, maintained by the rural development ministry, showed 2.6 crore households and 3.7 crore persons were looking for work in April this year, higher by 91% and 85%, respectively, over April 2020. In April 2

In the whole of 2020-21, 7.56 crore households and 11.19 crore individuals got work under MGNREGS and a total of 389.31 crore person-days of work was created, averaging 51.51 days of work for every household who got work.

Centre to direct states to utilise Rs 24.5k cr DMF funds for fight against Covid

As per the latest government data, states have spent only Rs 21,512 crore or less than 50% of the Rs 45,977 crore accumulated so far under the DMF fund with contribution from mining lease holders.

Highway construction bulldozes Covid-19 roadblocks, clocks record level in FY21

A host of govt measures saw construction touch a record level in FY21, with the numbers expected to improve further in the ongoing financial year

The latest highway construction signals that the construction sector of the economy, which posted a recovery with 14.5% growth in gross value added (GVA) in Q4FY21, may somewhat retain the momentum in Q1 this fiscal.

Lockdowns: No immediate financial aid to migrant workers

Though business and industry are yet to face labour crunch, the exodus of workers from cities like Delhi and Mumbai have forced the government to sit back and take note.

These control rooms will also address wage-related grievances of workers employed in the Central sphere like ports and mines.

Salaried jobs lost: 10 million & counting

Vyas estimates that overall there has been a 20% loss of household income saying it’s unlikely there would have been any improvement in rural wages since the data was announced in October last year.

“The stress is largely on salaried employees because it is harder for them to re-skill and find new jobs. A draughtsman today can’t become an agricultural worker tomorrow. And we are saying about 10 million salaried jobs are gone,” Vyas said.
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