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Surya Sarathi Ray

Articles By Surya Sarathi Ray

915 Articles

Vehicle scrapping business now open to all

But auto firms can’t directly own testing centres.

MGNREGA: 100 days of work? Barely a quarter 

In fact, 2020-21 saw only 4.1% of the registered families find 100 days of employment under MGNREGA, though it was again the peak level achieved between 2015-16 and 2020-21.

MGNREGA

Gujarat had lowest jobless rate in Oct-Dec 2020

According to the CWS, a person is considered as unemployed in a week if she did not work even for one hour on any day during the reference week but sought or was available for work at least for one hour on any day during the

jobless rate

Atal Pension Yojana: Income losses force workers to opt out

Meanwhile, the government is considering combining APY with two popular insurance schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana

atal pension yojana

Auto enrolment to help broaden pension cover: Supratim Bandyopadhyay, chairman, PFRDA

NPS is a pension scheme. At the end of the term, if one is not able to provide pension when he/she needs that, then the purpose of the scheme is defeated.

Supratim Bandyopadhyay, chairman, PFRDA

NPS base to jump by a quarter in FY22: PFRDA chairman Supratim Bandyopadhyay

Helped by distribution partners — mainly banks and banking correspondents —, the NPS subscriber base, which stood at 4.24 crore at the end of FY21, will get to expand by a record one crore in the current financial year, P

Total enrollment grew by nearly 23% (thanks to Atal Pension Yojana and individuals) in FY21 and by about 7% from March 31 till August 28, to the current number of 4.53 crore.

Dream run for steel sector likely to continue on back of favourable factors: Ranjan Dhar, chief marketing officer, AM/NS India

After a dent in demand during the second wave that hit in May and July; we are witnessing a good broad-based demand recovery since August, particularly from the auto, white goods and infrastructure sectors, he says.

Personal income growing by 62% on year to Rs 2.88 lakh crore till September 23 of the current fiscal indicated that use of technology and goods and services tax (GST) data is leading to much better compliance.

Hesitancy to turn up for MGNREGS work on the decline as Covid scare subsides

Around 82% of the individuals who were 'offered' work under MGNREGS turned up for it till September 3 in the current financial year as against around 84% in the last two years

This goal has never been met, but the achievement this year could be closer to the threshold.

Labour code rollout to be delayed further beyond October 1 deadline

There is also a demand from trade unions to implement the labour codes on wages and social security at the earliest, but industry bodies want sufficient preparation time for adhering to the new rules.

The development will also hit India’s prospects of attracting fresh investments at a time when fixed asset creation in the economy needs to gather pace for an economic rebound.

Demand for MG-NREGS work still high, supply seems curbed

In March 2021, 3.59 crore persons demanded MG-NREGS work, which rose to 4 crore in April, 4.14 crore in May and further to 5 crore in June. In July, 4.26 crore persons demanded work under the job guarantee scheme.

This goal has never been met, but the achievement this year could be closer to the threshold.

Specialty steel PLI scheme to help save forex: Steel minister Ram Chandra Prasad Singh

The project monitoring agency within the ministry will be appointed in the next few days and detailed guidelines will be issued without any delay.

Ram Chandra Prasad Singh, steel minister

Labour codes: Keen on October rollout, govt may address employers’ concerns

A source in the government said all the four labour codes – code on wages, industrial relations, social security and occupational safety & health – will be implemented at one go.

“Since the new labour minister, Bhupender Yadav, has taken charge, it is obvious that the draft rules under the codes will be reviewed, but that does not mean an overhauling,” another source said.

Alleged diversion: Centre takes complete control of district mineral funds from states

The move is seen by many states as yet another bid by the Narendra Modi government to usurp the states' fiscal powers and undermine their constitutionally defined role in governance, so might spark a political storm.

The DMFs are required to use these funds for the welfare of persons and areas affected by mining-related operations, the tribal population being the principal intended beneficiaries. The scheme is called Pradhan Mantri Khanij Kshetra Kalyan Yojana.

Slow-paced? Rural jobs scheme: Works down a quarter

Apparently, the government has turned more economical on MG-NREGS spend this time around, while it was much more liberal in spending on the scheme in May-June last year following the April lock-down which hit people's livelih

The spread of Covid-19 in rural areas may be the reason for this; but it is also possible that a section of job seekers is not aware of the 'work offers' shown in the official data.

PLI scheme for steel sector: 4-15% incentives to be offered

The financial outgo under the scheme is expected to reach to its peak in 2026-27 and come down to its lowest towards the end of the scheme period in 2029-30.

NMDC in talks with banks, FIs to raise Rs 5,000 crore to part-fund Nagarnar Steel Plant

The CCEA had on October 14, 2020, gave its ‘in-principle’ approval to the demerger of Nagarnar Steel Plant from NMDC and strategic disinvestment of the demerged company by selling entire stake of the government to a strat

The Cabinet Committee on Economic Affairs (CCEA) had on October 14, 2020 gave its ‘in-principle’ approval to the demerger of NSP from NMDC and strategic disinvestment of the demerged company by selling entire stake of the government to a strategic buyer.

Iron ore export to Japan to continue despite withdrawal of duty waiver: NMDC chief

To start with, NMDC will look at Japan as its export destination because it has certain level of comfort with the Japanese mills. Subsequently, however, the company would also look at the feasibility of exporting to South Kor

Govt removes end-use curbs for auction of mines to lure investments

The decision will cover minerals like iron ore, bauxite, limestone, lead, copper and precious metals.

It also said that the states would need to intimate the centre about the outcome of any auction of mining lease within 15 days of completion of the auction and also in cases of termination and lapsing the letter of intent for a mining lease within 15 days.

Iron ore exports: India puts an end to decades-old pacts with Japan, Korea

Supply shortage of the key steel-making raw material in the domestic market is due to truncated production in Odisha as a result of output stoppage from a number of merchant mines as their leases expired.

The agreement will enable India to secure international market for its ores and ensure stable economic ecosystem which provides direct and indirect employment in mining, logistics and related sectors.

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.

During the April-June period of the current fiscal, project awards also marginally increased to 1,681 km from 1,658 km in the same period last fiscal. In the same period of 2019-20, only 743 km project length was awarded.

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

NDMC

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.

Else, the country faces an employment problem that could get increasingly challenging with each year of delay.
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