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<ul><li>The <keyword id="7829013" type="UNKNOWN" weightage="20" keywordseo="Economic-Survey-2018-19">Economic Survey 2018-19</keyword> has called for a national floor minimum wage. </li><li>Indian states would be allowed to fix the wages which cannot be lower than the floor wage. </li><li>The government also wants to leverage technology to monitor the implementation of the national minimum wage. </li></ul>As the Economic Survey 2018-19 was tabled in the Rajya Sabha, the Indian government is looking to establish a national floor minimum wage. The idea behind the move is to bring in uniformity in the minimum wages in India. The government would then allow states to find allow states to fix the wages which cannot be lower than the floor wage. Furthermore, the decision of fixing the minimum wage would be based upon primarily two factors – the skill category, that is whether the person is unskilled, semi-skilled, skilled or highly skilled, and the geographical region. In India, currently there are 1,915 minimum wages, with the liberty given to each state to fix their own wages. The government believes that the establishment of minimum wage which will also lead to reduction in labour migration in the country as it will push industries in India to move to interior areas. A day before the Economic Survey was tabled the Cabinet had also approved the Code Wages Bill which allows the Centre to fix minimum wages for the entire country. The<a href="https://www.business-standard.com/article/economy-policy/national-minimum-wage-will-hurt-jobs-states-must-fix-earnings-cii-119062300514_1.html"> Confederation of Indian Industry</a> had said that the establishment of a national minimum wage could possibly hurt job creation and that the states should be in charge of fixing the minimum wages. The technological push The digitally savvy Modi government wants to ensure that the minimum wages are paid to Indian workers and for that, it wants to leverage the use of technology. The Economic Survey 2018-19 stated, “Use of a variety of online, mobile phone and networking technologies have the potential to facilitate the collection and analysis of labour statistics, assist with the dissemination of information about labour laws and policies, reduce costs and improve transparency.” The government also wants to build a national level dashboard that will regulate the minimum wages and will also issue ‘red alerts’ if any state fails to follow the mandate. The Survey also talks about a toll-free number which can be used to address grievances. See Also: <a href="https://www.businessinsider.in/budget/india-economic-survey-2019-recommends-subsidy-to-save-water/articleshow/70070808.cms">Give money to farmers who save water, India’s chief economic advisor tells government</a> <a href="https://www.businessinsider.in/indias-latest-economic-survey-makes-a-case-to-use-aadhaar-create-a-master-database-of-every-citizen/articleshow/70069756.cms">India's latest economic survey makes a case to use Aadhaar to create a master database for every citizen</a>

India has nearly 2,000 different minimum wages and the latest Economic Survey has called for ‘uniformity’— an idea corporates won’t like

India is facing a "Great Slowdown" with its economy headed for intensive care unit primarily due to a "second wave" of the twin balance sheet crisis at banks, <keyword id="8462612" type="UNKNOWN" weightage="20" keywordseo="former-Chief-Economic-Adviser-Arvind-Subramanian">former Chief Economic Adviser Arvind Subramanian</keyword> has said. Subramanian, who was Modi government's first chief economic adviser but quit in August last year, in new paper co-authored with the former head of the International Monetary Fund's India office Josh Felman said India is facing a "Four Balance Sheet" challenge -- comprising banks, infrastructure, plus NBFCs and real estate companies -- and is trapped in an adverse interest growth dynamic. "Clearly, this is not an ordinary slowdown. It is India's Great Slowdown, where the economy seems headed for the intensive care unit," he wrote in a draft working paper of the <keyword id="97117" type="COMPANY" weightage="20" keywordseo="Harvard-University">Harvard University</keyword>'s Centre for International Development. Subramanian had flagged the twin balance sheet (TBS) problem - debt accumulated by private corporates becoming non-performing assets (NPA) of banks - back in December 2014, while he was CEA to the <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government. In his new paper, he has made a distinction between the original TBS and "TBS-2".
 TBS-1 was about bank loans made to steel, power, and infrastructure sector companies during the investment boom of 2004-11 turning bad. TBS-2 is largely a post-demonetization phenomenon, involving non-banking financial companies (NBFCs) and real estate firms.
 "Since the Global Financial Crisis, India's long-term growth has slowed as the two engines propelling rapid growth -- investment and exports -- sputtered. Today, the other engine -- consumption -- has also stalled. As a result, growth has plummeted precipitously over the past few quarters," he wrote.
 India's GDP growth in the July-September quarter slowed to a six-year low of 4.5 per cent. This was the sixth consecutive quarter when the growth rate had fallen.
 "Indeed, the economy seems locked in a downward spiral," he said. "Best capturing this stark reality is the astonishingly high interest-growth differential. The corporate cost of borrowing now exceeds the GDP growth rate by more than 4 percentage points, meaning that interest on the debt is accumulating far faster than the revenues that companies are generating."
 This, he said, has caused "a resurgence in the amount of stressed debt, a second wave of the Balance Sheet Crisis".
 If this process is left unchecked, the economy will continue to spiral downward, as stress reduces growth, which then intensifies the stress, he said.
 "Clearly, action must be taken to stabilize the economy and get it back on the path of rapid growth," he said. "But in the current circumstances, the standard macroeconomic tools are not very useful. There are actions that the government cannot do (further significant fiscal stimulus); must not do (reducing personal income tax rates or raising GST rates); can do with only limited effectiveness (easing monetary policy)."
 According to Subramanian, first major action -- almost a pre-condition for righting the economy -- could be a Data Big Bang, which instill confidence and produce a reliable basis for policy making.
 "This must comprise the publication of unreleased reports together with a strategy for improving official statistics in at least three areas: the real sector (GDP, consumption, and employment), fiscal accounts, and stressed assets in the banking system," he said.
 Next, a new asset quality review to cover banks and NBFCs must be conducted. Also changes to the Insolvency and Bankruptcy Code (IBC) be made to ensure that participants actually have incentives to solve the problem.
 He also advocated the creation of two executive-led public sector asset restructuring companies (bad banks), one each for the real estate and power sectors, while at the same time strengthening oversight, especially of NBFCs. Recapitalization of banks should be linked to resolution and reforms such as shrinking public sector banking should be undertaken.
 "There is, of course, a reason why these policies have not been implemented before. They are politically difficult and other, easier alternatives have seemed more attractive. But, the government currently has a tremendous amount of political capital. And by now all the alternatives have been tried and found wanting. So, finally, after a long and difficult decade, the government has both the opportunity and the clear need to resolve the Four Balance Sheet (FBS) problem," he said.
 Dwelling into the current problem facing the economy, he said, after demonetization, considerable amounts of cash made their way to banks, who on-lent a major part of that to NBFCs. The NBFCs, in turn, channelled this money to the real estate sector. By 2017-18, NBFCs were accounting for roughly half of the estimated Rs 5 lakh crore of outstanding real estate loans.
 The collapse of IL&amp;FS in September 2018 was a "seismic event" not only because of the Rs 90,000 crore-plus debts of the infrastructure-cum-lending behemoth, but also its "prompting markets to wake up and reassess the entire NBFC sector," he said.
 What the markets discovered was profoundly disturbing. A lot of NBFC lending in the recent period was concentrated in one particular industry -- real estate -- which itself was in a precarious situation.
 The current slowdown, the paper says, is worrisome not just because GDP growth has slowed down to 4.5 per cent in the second quarter of 2019-20. Even more distressing is the disaggregated data.
 "The growth of consumer goods production has virtually ground to a halt; production of investment goods is falling. Indicators of exports, imports, and government revenues are all close to negative territory," it said. "These indicators suggest the economy's illness is severe, unusually so. In fact, if one compares the indicators for the first seven months of this year with two previous episodes, the current slowdown seems closer to the 1991 slowdown than the 2000-02 recession."
 Electricity generation figures suggest an even grimmer diagnosis: growth is feeble, worse than it was in 1991 or indeed at any other point in the past three decades, it added. ANZ ANZ BAL
BAL

India facing 'Great Slowdown', economy headed to ICU: Modi govt's 1st CEA Subramanian

(Eds: Changing headline) New Delhi, May 14 () Ruling out any impact of stimulus on the price situation, Chief Economic Advisor K V Subramanian on Thursday said the COVID-19 pandemic has severely dented the demand for non-essential or discretionary goods, creating deflationary conditions. He also said that a good part of the Rs 20 lakh crore stimulus package is designed in a manner that the fiscal deficit remains under control. "COVID has a significant deflationary impact because demand especially for non-essential or discretionary goods and services will go down significantly. Therefore, it is unlikely that there would be too much inflationary impact through fiscal deficit or stimulus package," Subramanian told in an interview. The proposed stimulus package will generate demand by infusing liquidity into the system and thus perk up the economy, the CEA said. "A good part of stimulus is utilising leverage to deliver...while at the same time ensuring that the fiscs remain actually under control," he said. Last week, the government raised its market borrowing programme by a whopping 54 per cent of the Budget estimate to Rs 12 lakh crore for the current fiscal to fund a comprehensive stimulus package of Rs 20 lakh crore to fight the COVID-19 crisis. According to some estimates, Rs 4.2 lakh crore additional borrowing by the government will push the fiscal deficit to 5.8 per cent of the GDP in FY21 as against the budget target of 3.5 per cent. With regards to proposed structural reforms, Subramanian said Prime Minister Narendra Modi in his recent address touched some important aspects like land, labour, laws and liquidity. "Land and labour are really factor market reforms because these are factor inputs that really affect the cost of doing business and you have seen a lot of changes on these recently at state level," he said. Uttar Pradesh, Madhya Pradesh and Gujarat have announced fundamental labour reforms and other states are also in line to follow up, he said, adding, Karnataka had just gone ahead and changed the regulation on acquisition of land for business. Land can now be directly bought from farmers in the state and other states will also imbibe the model, he said. "Land and labour are state-level subjects. What the PM has outlined is what states are implementing. I think from the perspective of the cost of doing business, these are very important," he said. On growth he said, India will witness a V shape rebound rather than U shape post COVID-crisis. "It is possible that there may be a lot of pessimistic assessments, I would rather be aware of that bias while making judgement. When you look at researches around Spanish Flu of (1918), it was far more devastating. even then it was V shaped recovery," he said. That is the best estimate that one can make at this point of time, he said. Pointing out that the Spanish Flu was far more devastating than the current COVID crisis, he said, that flu had affected one-third of the global population in contrast to one per cent now by coronavirus and despite all that it was a V shaped recovery then. DP CS MKJMKJ

COVID-19 to have significant deflationary impact: CEA

New Delhi, May 14 () Ruling out any impact of stimulus on the price situation, Chief Economic Advisor K V Subramanian on Thursday said the COVID-19 pandemic has severely dented the demand for non-essential or discretionary goods, creating deflationary conditions. He also said that a good part of the Rs 20 lakh crore stimulus package is designed in a manner that the fiscal deficit remains under control. "COVID has a significant deflationary impact because demand especially for non-essential or discretionary goods and services will go down significantly. Therefore, it is unlikely that there would be too much inflationary impact through fiscal deficit or stimulus package," Subramanian told in an interview. The proposed stimulus package will generate demand by infusing liquidity into the system and thus perk up the economy, the CEA said. "A good part of stimulus is utilising leverage to deliver...while at the same time ensuring that the fiscs remain actually under control," he said. Last week, the government raised its market borrowing programme by a whopping 54 per cent of the Budget estimate to Rs 12 lakh crore for the current fiscal to fund a comprehensive stimulus package of Rs 20 lakh crore to fight the COVID-19 crisis. According to some estimates, Rs 4.2 lakh crore additional borrowing by the government will push the fiscal deficit to 5.8 per cent of the GDP in FY21 as against the budget target of 3.5 per cent. With regards to proposed structural reforms, Subramanian said Prime Minister Narendra Modi in his recent address touched some important aspects like land, labour, laws and liquidity. "Land and labour are really factor market reforms because these are factor inputs that really affect the cost of doing business and you have seen a lot of changes on these recently at state level," he said. Uttar Pradesh, Madhya Pradesh and Gujarat have announced fundamental labour reforms and other states are also in line to follow up, he said, adding, Karnataka had just gone ahead and changed the regulation on acquisition of land for business. Land can now be directly bought from farmers in the state and other states will also imbibe the model, he said. "Land and labour are state-level subjects. What the PM has outlined is what states are implementing. I think from the perspective of the cost of doing business, these are very important," he said. On growth he said, India will witness a V shape rebound rather than U shape post COVID-crisis. "It is possible that there may be a lot of pessimistic assessments, I would rather be aware of that bias while making judgement. When you look at researches around Spanish Flu of (1918), it was far more devastating. even then it was V shaped recovery," he said. That is the best estimate that one can make at this point of time, he said. Pointing out that the Spanish Flu was far more devastating than the current COVID crisis, he said, that flu had affected one-third of the global population in contrast to one per cent now by coronavirus and despite all that it was a V shaped recovery then. DP CS MKJ

COVID-19 to have significant deflationary impact due to demand evaporation: CEA

India’s ruling party <keyword id="14666" type="ORGANIZATION" weightage="100" keywordseo="BJP">BJP</keyword> tried to steer away from giving an appropriate reaction to all the slurs that senior party leader <keyword id="6370187" type="PERSON" weightage="100" keywordseo="Subramanian-Swamy">Subramanian Swamy</keyword> hurled against Narendra Modi government's chief economic advisor (CEA) <keyword id="6355547" type="PERSON" weightage="100" keywordseo="Arvind-Subramanian">Arvind Subramanian</keyword>. 
 
Here is what Swamy had tweeted about Arvind Subramanian: 
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Who said to US Cong on 13/3/13 the US should act against India to defend US Pharmaceuticals interests? Arvind Subramanian MoF !! Sack him!!!
	— Subramanian Swamy (@Swamy39) <a href="https://twitter.com/Swamy39/status/745429777234825216">June 22, 2016</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en">
	
		Guess who encouraged Congi to become rigid on GST clauses ? Jaitely's economic adviser Arvind Subramanian of Washington DC
	— Subramanian Swamy (@Swamy39) <a href="https://twitter.com/Swamy39/status/745439703013302273">June 22, 2016</a></blockquote>
The BJP, however, stayed away from commenting on his public disapproval by calling it as his personal opinion. 
 
"That's his opinion. We do not have to say anything," BJP spokesperson Gopal Krishna Agarwal told <a href="http://economictimes.indiatimes.com/news/politics-and-nation/bjp-fumbles-over-swamys-attack-on-modi-governments-chief-economic-advisor/articleshow/52865205.cms">ET</a>. 
 
"This is his statement. You can ask him, he is an MP. Party has nothing to say on this," Agarwal added. 
 Party leaders struggled to exude confidence in what was called his "individual opinion," because of the credibility that Swamy has attained after his public attack on RBI Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>. 
 
<a href="https://i.ytimg.com/vi/ehibLNo6J2k/maxresdefault.jpg">Image source</a>

BJP tries to steer away from Swamy's slurs against Modi’s chief economic advisor

With only weeks from the most important UN climate event or COP27 happening in Egypt's coastal city of Sharm El-Sheikh amid a growing realisation that the impact of climate change is here and the world needs to come together to act now, <keyword id="105681" type="General" weightage="20" keywordseo="IANS" source="Orion">IANS</keyword> takes a look about how <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s updated climate plan, comprising 45 per cent reduction in emissions intensity by 2030, adds to set a good momentum. According to a new study published in the prestigious journal Nature Communications and authored by researchers at Lappeenranta-Lahti University of Technology (LUT), who modelled the Indian power sector transition in a state-wide resolution on an hourly timescale up to 2050 for the first-time, the authors estimated that the cost of electricity can come down by 40 per cent. Solar will become cheaper to be one-fifth of coal by 2030 and one-tenth of it by 2050. They say coal plants will be at a risk of becoming stranded during the transition period as they have very low capacity factors. And coal can phase out from some of the major coal dependent states like <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, Odisha, West Bengal, <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword>, Gujarat and Jharkhand by 2040. "Moving to solar is the obvious choice for <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>. Not just the cost of solar, the cost of battery storage is expected to drop further making it even easier for grid balancing and managing peak demand. Our study shows that any new investments in fossil fuel based thermal power capacity today is economically unviable and could be a burden for a future flexible power system," Manish Ram, an author of the study, told <keyword id="105681" type="General" weightage="20" keywordseo="IANS" source="Orion">IANS</keyword>. The recent slew of policies show that India is serious about meeting its 2030 decadal targets, which can set the pathway for its 2070 net-zero decarbonisation, pledged by Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> in November at the COP26 climate summit in Glasgow, UK. The draft National Electricity Plan 2022 (NEP2022) sees significant increase in installed solar power capacity by 2027, 2030, and a downward revision of installed coal capacity when compared to Central Electricity Authority's (CEA) Optimal Generation Capacity Mix report that was released in 2020. According to NEP22, solar targets for 2032 have increased by 18 per cent compared to India's earlier estimates. India also increased its battery storage target from 27GW of four-hour storage to 51GW of five-hour storage. Whereas 2031-32 installed coal capacity was reduced by 18GW when compared to CEA's Optimal Generation Capacity Mix 2029-30 report released in 2020. According to the International Energy Agency's 2021 India Energy Outlook, India is on track to reach net-zero emissions beyond the modelling horizon -- in the mid of 2060s. R.R. Rashmi, Distinguished Fellow at The Energy and Resources Institute, said, "We should be focussing on 2030 instead of net-zero in the long run. While net-zero is of course part of the discourse now, it needs to be seen from the context of strategic and sectoral decarbonisation policies, which are part of the long-term strategy and India is also moving in that direction. "Further enhancement of the NDCs (Nationally Determined Contributions) should await the outcome of the global stocktake, which is about a year away." While there seems to be a positive environment for India's decarbonisation with the political and policy leadership on the front, the market momentum cannot be ignored and it will drive and accelerate this pickup. A CEEW-IEA report analysed that there is a 300 per cent surge in the total value of acquisitions in India's renewable energy sector in the first 10 months of 2021, this signals an enhanced appetite for companies to invest in climate-friendly technologies. Big businesses like Adani and Reliance are betting big on clean energy as the next big pillars of their business portfolios, setting the trends for market and capital. Global energy think tank Ember released its latest analysis last week, showing that India by August had achieved two-thirds of its end of year 175 GW renewable target. Gujarat joined Telangana, Rajasthan and <keyword id="6354780" type="General" weightage="50" keywordseo="karnataka" source="Orion">Karnataka</keyword> in achieving this target. Four states account for the majority of the shortfall, namely <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword>, <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, Andhra Pradesh, and <keyword id="6355554" type="General" weightage="50" keywordseo="madhya-pradesh" source="Orion">Madhya Pradesh</keyword>. The analysis shows that solar is becoming mainstream in India. It has experienced strong solar growth in 2022, with new solar installations rising by 22 per cent in the first eight months of the year compared to the same period last year. With the UNFCCC COP27 coming up in November, India's Environment Ministry is in the middle of developing its long-term strategy, which will give shape and contours to the net-zero target by 2070. Experts told IANS while internationally India's NDCs may not seem ambitious enough, domestically it is going much further and keeping the eye on how the next decade will chart the path for 2070.

India 2030 climate targets set momentum ahead of COP27

New Delhi, Jan 31 () The Congress on Friday hit out at the government on the Economic Survey, saying it is "completely disconnected" with the reality as the country is facing difficult times on the economic front and it is not bothered about the problems faced by the common man.
Congress spokesperson Rajeev Gowda also attacked the government on its "thalinomics" concept given by Finance Ministry's Chief Economic Adviser Krishnamurthy V Subramanian.
He also accused the government of "fudging data" and committing a "fraud" as the numbers presented by it are not believable by the world.
"Thanks to monumental mismanagement by the Modi government, the Indian economy is going through very difficult times. Yet the Economic Survey (ESI) 2019-20 released today is completely disconnected from this grim reality. But this is not surprising as all of the Modi government's chief economic advisers have ignored the ground realities in all these years," Gowda said.
He said the CEA begins economic survey by singing the praises of wealth, drawing more upon historical references than economic theory.
He added that there was lack of attention to inequality in the survey, in which there is no prescription to revive demand, boost investment and create jobs.
"It is important to stop dwelling in an imaginary past and to pay attention to the realities of India's economy in the last 100 years," he said.
Taking a swipe at 'Thalinomics' concept, he said, "'Thali' will soon be 'Khali'".
"Thalinomics is another obfuscation. The claims of affordable thalis are misleading especially after the NSS consumption survey pointed out how food consumption has reduced, we are facing fears of rising poverty and malnutrition. What we have are shrinking thalis," he said.
"The thalinomics sets stage for an attack on the poor of India," he said.
Gowda also said the growth projections are erroneous as projections of 6-6.5 pc made in this survey are not credible. "One look at last year's projections of 7pc growth versus the actual below 5pc reality tells us we need to be prepared for even worse fiscal year in FY 2021. Optimism is welcome but the Economic Survey needs to have realistic believable projections," he said. 
He also noted that this survey certainly prepares the defence and ground for higher fiscal slippage in the budget on February 1 and a higher fiscal deficit.
The Congress leader also said that the survey talks about shifting the focus to 'Assemble in India' as an alternative to 'Make in India'. "This is a clear admission of failure of the catchy slogan of 'Make in India'. This government did not bring in real reform on the ground to make manufacturing growth a reality, he said.
Congress spokesperson Gaurav Vallabh said the government has not taken any concrete steps to end tax terrorism. He said the government should have written a chapter in the economic survey on the noteban and wrong implementation of GST, then people would have understood the measures better.
Another spokesperson Supriya Shrinate said the party would welcome any relief given to the income tax payees, but demanded more rationalisation of indirect taxes.
She said India has to grow at 9 per cent and investment rates have to be 38 per cent to achieve the USD 5-trillion economy dream to come true by 2024.
Shrinate said "tax terrorism" under this regime has peaked and there is a spike in trust deficit.
Gowda noted that Congress governments focused on growth and development steered by public sector spending and had built a strong, liberalised economy and that India's subsequent growth benefited from its policies. "Unfortunately, our efforts to catch up with the rest of the world has not been helped by Modi government's policies or by its CEA's Economic Surveys," he said.
"We find the CEA's inattention to distribution and inequality totally objectionable. Even now inequality is worsening. According to Oxfam's January, 2020 Report, India's richest one percent hold 42 percent of national wealth i.e. more than four-times the wealth held by 953 million people who make up for the bottom 70 per cent of the country's population," he said.
The Congress leader said the Economic Survey makes grand claims while the reality is that India has the worst economy in 42 years, unemployment is at a historic high and for the first time in four decades consumption has fallen, raising the fear of increasing poverty and malnutrition, with revenues are drying up drastically.
"The government has now resorted to spending slowdowns and delays in transferring the states' share in the GST. Yet, the Economy Survey will not tell you this. The entire exercise is now of chicanery and obfuscation," he said.
Gowda said India is amidst an unprecedented demand slump one way to revv up this is through cash transfers to the poorest and by raising incomes of the worst affected by the misadventures of the Modi government. 
"We need to put money back in the hands of our farmers, agricultural labourers, urban poor, and middle classes. What is the government's plan of action on this front? You will not find a clue in the Economic Survey," he noted.
He said investments remain tepid despite the announcement of the 100 lakh crore National Infrastructure Pipeline, which should actually be renamed 'National Infrastructure Pipedream'.
The Survey, he said, talks about trust which is completely lacking in the present regime. Tax terrorism has peaked, industry is fearful, well-meaning voices have been, he said. SKC SKC ABH
ABH

Eco Survey completely disconnected with problems faced by common man: Congress

<ul><li>Bangalore, India’s IT capital, is the highest paying city in the country. </li><li>Hyderabad took the second spot for junior level roles with CTC at ₹5 lakhs. But for mid and senior levels, Mumbai is the second highest paying city with ₹15.07 lakhs 33.95 lakhs, respectively. </li><li>It has the highest average CTC at ₹5.27 lakh for junior levels (0-6 years), ₹16.45 lakh at mid level (6-15) and ₹35.45 lakh at senior level. </li></ul>If you want to draw a good salary, it might be a good idea to move to Bangalore. The IT capital offers the best salaries according to the Randstad Insights Salary Trends Report 2019. In the city, a junior employee is paid as an average CTC of ₹5.27 lakh. While mid level employees make ₹16.45 lakh and seniors around ₹35.45 lakh per annum. The city offers the highest pay for all three levels. Hyderabad took the second spot for junior level roles with CTC at ₹5 lakhs. But for mid and senior levels, Mumbai is the second highest paying city with ₹15.07 lakhs 33.95 lakhs, respectively. The next best cities are Pune and NCR. “Against the backdrop of the current economic growth scenario, this report comes as an eye opener for both companies and professionals on building their talent pools and competencies. A period of stasis is the best time to push pause, reset the priorities and build towards future proofing of the organization,”said Paul Dupuis, MD &amp; CEO, Randstad India. In May this year, government data showed that joblessness in the country was 6.1% of total labour force during 2017-18, the highest in 45 years. 
 
 
 
 
 
 
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 IT is the highest paying industry in India There are no surprises when it comes to the best paying industry which is IT. Juniors in the field are paid ₹4.96 lakhs per annum and seniors at ₹35.84 lakhs. “The renewed demand for professionals with digital skills – cloud, product management, analytics, AI and automation – could be the major factors for the sector’s strong showing this year,” said the report. There is a huge demand-supply gap between Artificial Intelligence and Machine Learning experts. As a result, there’s a cut throat competition for people in AI/ML. “Talent with the ‘right-fit’ skills commands a significant premium over their peers and companies are not constrained by bell curves and averages when it comes to the salary structure for professionals with in-demand skills; evidenced by the findings of this report,” said Dupuis. Professional services sector — that includes GST compliance specialists, accountants, management consultants and lawyers — ranked as the second highest paying sector for junior and senior levels, while topping the salaries for mid-level (₹15.3 lakhs) professionals. See also: <a href="https://www.businessinsider.in/careers/news/ai-and-machine-learning-jobs-are-in-demand-but-hiring-is-difficult/articleshow/72879872.cms">Indian CEOs are having a tough time retaining AI, ML, and data science experts</a> <a href="https://www.businessinsider.in/business/news/india-facing-great-slowdown-economy-headed-to-icu-modi-govts-1st-cea-subramanian/articleshow/72868717.cms">India facing 'Great Slowdown', economy headed to ICU: Modi govt's 1st CEA Subramanian</a>

These are the average corporate salaries in top Indian cities

(Eds: Adding more quotes) New Delhi, Feb 10 () Former Finance Minister P Chidambaram on Monday tore into Narendra Modi government's handling of the economy, saying it was "perilously close to a collapse" and was being attended to by "incompetent doctors". The economy, he said, was facing twin problems of rising unemployment and falling consumption but the government continues to live in denial. Initiating the debate on the Union Budget for 2020-21 in the Rajya Sabha, Chidambaram said more money needs to be put in hands of people and not give "extraordinary powers" to junior taxmen to unleash "tax terrorism." He offered Finance Minister Nirmala Sitharaman the same advice that Modi as BJP's prime ministerial candidate had offered him in November 2013. On "November 2, 2013, a very distinguished political leader said and I quote: "Economy is in trouble. The youth wants jobs. Devote more time to the economy, not on petty politics. Please focus on the job at hand. Very wise advice. I can't do anything better than reading this piece of advice to the Finance Minister", he noted. According to him, the economy was facing structural problems but the government continues to believe they were cyclical in nature. Modi government's chief economic adviser for four years, Arvind Subramanian, has stated that the economy is in the ICU (Intensive Care Unit). But "I would say the patient has been kept out of the ICU and incompetent doctors are looking at the patient," Chidambaram said. "It is dangerous to have a patient out of the ICU and being looked upon by incompetent doctors. What is the point standing around and chanting slogan 'Sab ka Saath, Sab ka Vishwas'," he said. According to Chidambaram, the BJP government lives in denial, refuses to acknowledge its mistakes and has an "outdated" predisposition towards protectionism and a strong rupee, and is against bilateral as well as multilateral trade agreements. "We have an economy which is perilously close to collapse. It has to be attended to by very competent doctors. In the last few years, we have found the doctors are not so competent," he said. "We are living in denial and we are ignoring two big elephants in the room -- one is rising unemployment and the other is fall in consumption. Unemployment rises, consumption falls, the Indian economy becomes poorer and not richer," he noted. Chidambaram called demonetisation of old 500 and 1,000 rupee notes as well as the hurried implementation of a "flawed" Goods and Services Tax (GST) with wrong design, rates, structure and procedure and an unprepared system as "monumental blunders" that ruined the economy. "Because of its refusal to admit mistakes, because it lives in denial, because of its predisposition, the government either does not know or if it knows is not willing to make it clear that this is the state of the economy," he said. With an unprecedented six consecutive quarters of falling growth, the economy is facing demand constraints and is investment-starved, he said. "When we point out the mistake of the government, the government must have an open mind to debate and if it is a mistake, admit it." "It is living in denial. It simply does not accept that the state of the economy is extremely bad," Chidambaram said as he reeled out the government's own statistics to drive home the point. While GDP has fallen to an 11-year low of 4.5 per cent in 2019 July-September quarter, agriculture is growing by just 2 per cent, while consumer price inflation has risen from 1.9 per cent in January 2019 to 7.4 per cent in a matter of 11 months. Also, food inflation is at 12.2 per cent. Bank credit is growing 8 per cent with non-food credit rising by 7-8 per cent and credit to the industry by just 2.7 per cent. Credit to agriculture has declined from 18.3 per cent to 5.3 per cent and that for MSMEs from 6.7 per cent to 1.6 per cent, he said. "Who are your doctors?, I want to know," he said, adding the government considers Congress as an untouchable and does not think of any good about the rest of the Opposition and so doesn't consult them. Chidambaram charged that instead of putting money in the hands of people, the Modi government "puts money in hands of 200 corporates" by way of cut in corporate tax. Stating that every competent doctor that the Modi government could ever find has left the country, he listed out former RBI governors Raghuram Rajan and Urjit Patel, former CEA Arvind Subramanian and former NITI Aayog Vice Chairman Arvind Panagariya as persons who quit during the BJP rule. "Fear and uncertainty prevail in the country," he added. Chidambaram also attacked Sitharaman for reading out a 160-minute speech without talking about the state of the economy and its management. "Question on my mind is what was the Finance Minister trying to say? If you take 160 minutes to read the speech and still few pages are left to read, what is the narrative, what is the story you are trying to say. "You are living in echo chambers. You want to hear your own voice," he said. Chidambaram said overall industrial index showed just 0.6 per cent growth with every major industry being at either near-zero or in the negative zone. Thermal power plants are operating at just 55 per cent of the capacity as factories have either closed or are on the verge of closure, he added. "That gives you a good picture of the state of the economy. You don't require a MRI," he said. "You are in management for six years. How long can you blame previous managers," he added. Further, Chidambaram said the government was burying unfavourable reports such as the labour survey that put unemployment at 45-year high of 6.1 per cent at the end of 2017-18. As also the one that talked of consumer expenditure falling to 3.7 per cent between 2011-12 and 2017-18, he noted. ANZ RAM MKJ

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