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The rupee climbed 9 paise to 83.37 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Friday, tracking strong sentiment in the <keyword id="20226142" type="General" weightage="20" keywordseo="domestic-equity-markets" source="keywords">domestic equity markets</keyword> and a weak American currency against major rivals overseas. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said the outflow of foreign funds and elevated level of crude oil prices, however, weighed on the Indian currency. At the interbank foreign exchange, the domestic unit opened strong at 83.40 and touched the intra-day peak of 83.36 against the greenback. The local unit later traded at 83.37 against the dollar in the morning deals, registering a gain of 9 paise from its previous closing level. The rupee had settled 3 paise lower at 83.46 against the dollar on Thursday. According to Gaurang Somaiya, Forex and bullion analyst, Motilal Oswal Financial Services Ltd, the dollar was weighed down against major crosses after the US Federal Reserve kept the key interest rate unchanged for the sixth consecutive time. Also, the ongoing pressures and a tight labour market indicated a stall in progress toward bringing inflation back to its 2 per cent target this year. Analysts also said market participants are expected to keep a close watch on the US non-farm payroll data to be released on Friday. Besides, weekly unemployment claims, trade balance and factory order data from the US are likely to provide further cues. "Today, the focus will be on the non-farm payrolls data, which is expected to come in marginally lower and that could weigh on the greenback. Apart from payrolls, services PMI number is also likely to trigger volatility for the dollar. We expect USD-INR (Spot) to trade sideways and quote in a range of 83.20-83.50," Somaiya said. India's manufacturing PMI fell to 58.8 in April 2024 from 59.1 in the previous month, a monthly survey said on Thursday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI), however, recorded the second fastest improvement in operating conditions in three-and-a-half years supported by buoyant demand. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.04 per cent to 105.13. Brent crude futures, the global oil benchmark, rose 0.36 per cent to USD 83.97 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 463.87 points or 0.62 per cent higher at 75,074.98. The broader NSE Nifty soared 136.65 points or 0.60 per cent to 22,784.85. Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday, as they sold shares worth Rs 964.47 crore on a net basis, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank" style="">T20 World Cup: Here are the squads announced by major participating countries so far</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

Rupee jumps 9 paise to 83.37 against US dollar in early trade

Country's largest commercial lender <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (<keyword id="13222" type="General" weightage="100" keywordseo="sbi" source="Orion">SBI</keyword>) said that domestic GDP growth is now on firm footing with urban demand showing good traction, while the lagging rural demand is a cause of concern. The <keyword id="371573" type="General" weightage="80" keywordseo="apex-bank" source="Orion">apex bank</keyword> has also revised GDP growth marginally upwards from 6.4 per cent to 6.5 per cent for the current financial year. In its 'Ecowrap' research report, SBI said that the GDP growth forecast of the apex bank <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> for the current fiscal has undergone some change since April 2023. While RBI had projected GDP growth at 6.4 per cent in April, this has been slightly revised upwards to 6.5 per cent for the current fiscal, as announced in the latest Monetary Policy Committee (MPC) meeting which concluded on June eight. Inflation for the current financial year has been pegged by 5.1 per cent by the apex bank, perceived to be above the tolerance band of RBI at four per cent. The report said that the series of rate hikes in the recent past had resulted in a falling unemployment rate, signifying that the apex bank had been able to trim the excess labour demand in the market without contraction in employment. It further said that the declining current inflation as well as falling inflationary expectations for the next financial year gives a clear signal that the apex bank will be able to control the rate of the price rise by a series of previous rate hikes having its lagged impact, within the tolerance band. The inflation trajectory is now conditional on the spatial variation of the monsoon and possible development to EL Nino effect. The headline inflation trajectory, a measure of the total inflation of an economy, is likely to be shaped by food price dynamics, the report said. According to the report, the "outlook on the global economy is clouded in sideways movement in most of the indicators even when a slowdown in advanced economies, weak external demand, tight financial conditions and elevated debt levels pose risks to growth prospects. On Thursday, the MPC under the chairmanship of RBI governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> pressed the pause button on repo rates for the second time after April which is now at 6.5 per cent. The report said that supply-side factors contributed more than 50 per cent of the inflation in January 2023, plunged to 46 per cent due to ease in supply-side restrictions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/bmw-m2-launched-in-india-here-are-some-of-the-top-sports-cars-available-in-the-country/slidelist/100874746.cms">BMW M2 comes to India: Here’s how it compares with top sports cars available here</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/list-of-some-indias-most-brutal-murders/slidelist/100872813.cms">India’s most gruesome murders and their deadly modus operandi</a>

Domestic GDP growth on firm footing, growth slightly revised upwards: SBI study

Amid a shrinking domestic market, startup companies in <keyword id="6355311" type="General" weightage="80" keywordseo="japan" source="Orion">Japan</keyword> are starting to look to invest overseas, reports NHK World. For instance, the tech company <keyword id="2658366" type="General" weightage="50" keywordseo="opn" source="Orion">Opn</keyword> developed a system for restaurant customers to order and pay by smartphone. It has expanded to Southeast Asia. In November this year, it acquired a US firm with an eye on the North American market, reported NHK World. <keyword id="15973516" type="General" weightage="50" keywordseo="hasegawa-jun" source="Orion">Hasegawa Jun</keyword>, CEO of Opn said, "It's critical for every firm to find a market that can facilitate its growth and then try to break in," as Japanese startups cannot survive in the domestic market alone. Underscoring the rise in labour costs, another Japanese startup firm has decided to sell robots that prepare food such as soba noodles. It also wants to export a model that makes French fries to the US, reported NHK World. The Japan External Trade Organization supported startups that want to enter foreign markets. It said that in the fiscal year that ends in March over 120 companies are taking part, which is more than double the figure from two years ago, reported NHK World. Not only the startups, but the Japanese Government too is looking to spread its economic footprints in South Asia. <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> has become one of the favourite destinations owing to a shared common heritage of Buddhist ideals and a strong people-to-people bond that goes beyond economic alliances. The India-Japan relationship is manifested in multi-cornered cooperation and in the ever-widening scope of the bilateral alliance. The Delhi Metro - one of the largest metro networks in the world - recently commemorated 20 years of its operations. Japan has provided India with financial and technological assistance in developing several metro corridors. In another undertaking between India and Japan, the two sides have collaborated to manufacture India's first bullet train. With nearly 25 per cent of the work completed, India's first bullet train is expected to hit the tracks by 2027. The trade imbalance has been narrowed between India and Japan gradually with Indian exports to Japan rising each year, which primarily include petroleum products, chemicals, and elements. As per the India Ministry of External Affairs, the bilateral trade between India and Japan for Financial Year 2021-22 totalled USD 20.57 billion. India's exports to Japan amounted to USD 6.18 billion while India's imports from Japan amounted to USD 14.39 billion. On his visit to India last year, Prime Minister <keyword id="1499440" type="General" weightage="50" keywordseo="fumio-kishida" source="Orion">Fumio Kishida</keyword> announced a USD 42 billion investment in India within the next five years. Experts say Japanese power corridors consider India to be one of the most reliable partners in the world. With 14 bilateral premier-level summits, a continuous flow of people and tech, and uniquely integrated yet individual strategies to counter global threats, Indian-Japanese ties have become a curious case study for observers around the world. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/from-0-to-100-million-in-5-years-thats-how-long-startups-founded-in-2017-took-to-scale-up-says-redseer-report/articleshow/96739954.cms">From 0 to $100 million in 5 years – That’s how long startups founded in 2017 took to scale up, says Redseer report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/total-vehicle-retail-sales-jump-15-pc-to-2-11-crore-units-in-2022-fada/articleshow/96753919.cms">Total vehicle retail sales jump 15 pc to 2.11 crore units in 2022: FADA</a>

Japanese startups look overseas as domestic market shrinks

<ul><li>On Friday, the Central Statistics Office (CSO) in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> stated that the Indian economy has grown by 8.2% during <keyword id="6846461" type="UNKNOWN" weightage="20" keywordseo="Q1-2018">Q1 2018</keyword>. </li><li>While this may make India the <keyword id="104231" type="PERSON" weightage="20" keywordseo="fastest-growing-economy">fastest growing economy</keyword> in the world at present, the added benefits of a growing economy are not at par with that pace. </li><li>That being said, the growth numbers for India has resulted in a stronger rupee since the markets opened today morning.</li></ul>While the International Monetary Fund may have <a href="https://www.businessinsider.in/why-the-imf-revised-indias-growth-projection-and-why-it-doesnt-matter/articleshow/65024850.cms">revised</a> its estimates for India’s growth this year, the Central Statistics Office (CSO) <a href="https://www.bloomberg.com/news/articles/2018-08-31/india-s-economic-growth-continues-world-beating-pace-at-8-2">announced</a> that the Indian economy grew by 8.2% between the months of April to June. This puts India at the helm as the world’s fasting growing economy beating China’s top spot., which witnessed a growth of 6.7%. The Finance Minister tweeted that the reforms put in place by government as well as the fiscal prudence shown by the regulators that are allowing the economy to grow even in the midst of global turmoil. That being said, overtaking China might have a lot to do with the ongoing <a href="https://www.businessinsider.in/indian-products-can-be-more-competitive-in-the-shadow-of-the-us-china-trade-war/articleshow/65294615.cms">trade war</a> between the Asian nation and the United States. 
	
	<div type="twitter" handle="arunjaitley" handlename="Arun Jaitley" image="http://pbs.twimg.com/profile_images/378800000828197225/f1d53aeab8f0534c7d73b0fbd5651130_normal.png" favoritecount="13245" retweetcount="3372" status="India’s GDP for the first quarter this year growing at 8.2% in otherwise an environment of global turmoil represent… https://t.co/1aVLJCOifl" createdat="1535725757000" id="1035534996877049856"></div>





 
	
	<div type="twitter" handle="arunjaitley" handlename="Arun Jaitley" image="http://pbs.twimg.com/profile_images/378800000828197225/f1d53aeab8f0534c7d73b0fbd5651130_normal.png" favoritecount="3314" retweetcount="596" status="Reforms and fiscal prudence are serving us well. India is witnessing an expansion of the neo middle class." createdat="1535725836000" id="1035535329036525569"></div>





 The Economics Affairs Secretary, Subhash Chandra Garg, stated that India seems to be on track in its goal of meeting more than 7.5% growth for FY2018-19. 
	
	<div type="twitter" handle="SecretaryDEA" handlename="Subhash Chandra Garg" image="http://pbs.twimg.com/profile_images/893364676943241217/sYceriFF_normal.jpg" favoritecount="338" retweetcount="83" status="Excellent growth performance in I qrtr. 8.2% overall growth, 13.5% growth in manufacturing and over 10% in capital… https://t.co/0MGgQHxxWh" createdat="1535723306000" id="1035524719074635776"></div>





 The driving forces behind this growth are the country’s manufacturing and the consistent increase in the demand of consumption goods. A report <a href="https://www.businessinsider.in/local-phone-manufacturing-saves-india-3-trillion-through-make-in-india/articleshow/65517201.cms">published</a> by the Indian Cellular and Electronics Association (ICEA) analysed that the import substitution of cell phone manufacturing results in saving of ₹3 trillion for India. Growth without the benefits The main benefits of a growing economy, in theory, are employment generation, higher living standards, stimulating new investments, and a greater fiscal dividend. But the fact of the matter is that despite growth, the positive externalities are yet to present themselves. It’s not that jobs aren’t being created or that investments aren’t increasing, but their pace is at parity with the growth trajectory. The most recent report by the<a href="https://www.businessinsider.in/indias-wage-growth-significantly-trails-economic-growth-says-the-ilo/articleshow/65488218.cms"> International Labour Organisation (ILO)</a> highlights how India’s growth hasn’t been inclusive with a gaping rural-urban divide as well as a gender-wage inequality. And, speaking of <keyword id="44749" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Direct-Investment">foreign direct investment</keyword> (FDI), while there has been a steady increase, it’s important to remember that it’s largely <a href="https://www.bloombergquint.com/opinion/2018/05/18/where-is-all-the-fdi-into-india-really-coming-from-and-going-to#gs.hYSow9Y">due to</a> ‘preferential’ tax treaties between India and countries like Mauritius and Singapore. The top three sectors to gain from FDI have been services, telecommunications and computer services. While long-term benefits are yet to pick their pace, in the short run we can see that the rupee has already <a href="https://www.livemint.com/Money/PzIU47dwgmmKyIS2L8WdDP/Rupee-strengthens-against-US-dollar-after-GDP-beats-estimate.html">strengthened</a> against the dollar since the news of India’s growth broke on Friday. It has increased to trading at ₹70.84 a dollar from ₹71 a dollar at market opening on Monday.

India overtakes China to become the world’s fastest growing economy in Q1 2018

A new report by the the research arm of the State Bank of India (SBI), India’s largest bank, has a number of calls to action to its parent - the Indian government - some of which are put forth in an irreverent fashion. “Policymakers, wake up and smell the coffee!”, the report says, in the hope that the Indian government will get its act together and miraculously transform the country. There is an urgency to SBI’s assessment. It says that India has only 10 years to graduate to a “developed nation”. If it fails to do so, it will, in a likelihood, always be classified as a <keyword id="2343673" type="PERSON" weightage="20" keywordseo="developing-country">developing country</keyword>. The reason? If India’s youth isn’t given adequate skills and opportunities, then the country’s so-called “demographic dividend” - its large and young <keyword id="6356897" type="ORGANIZATION" weightage="20" keywordseo="labour">labour</keyword> force - will become a huge disadvantage by 2030. They won’t be able to contribute productively to the economy, and will hence, be a drag on resources and social programmes. Developed vs developing According to a number of multilateral organisations, such as the United Nations (UN) and the <keyword id="6366068" type="COMPANY" weightage="20" keywordseo="international-monetary-fund">International Monetary Fund</keyword> (IMF), developed countries are categorised as such because they’ve achieved a certain level of infrastructure or the general standard of living and are above a certain bracket with respect to <keyword id="6354971" type="DEFINITION" weightage="20" keywordseo="gross-domestic-product">gross domestic product</keyword> (GDP) per capita. The IMF categorises economies as developed or “high income” if their <keyword id="311782" type="ORGANIZATION" weightage="20" keywordseo="Gross-National-Income">gross national income</keyword> (GNI) per person <a href="https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups">is above $12,236</a>. India currently languishes in the “lower middle income” bracket since its GNI per capita is between $1,006 and $3,955. Despite a slightly larger population, China is in the “upper-middle income” category. A focus on <keyword id="6355445" type="UNKNOWN" weightage="20" keywordseo="education">education</keyword> reform The right to education does not translate into a right to quality education. In order to prevent its demographic dividend from turning into a disadvantage, SBI says that India will need to dramatically improved education and skill development outcomes in the next decade. This entails the reform and increased investment in government schools, which education a large portion of the country’s children. A few measures include the diversion of funds earmarked for private schools to government schools, for the purpose of upgrading facilities and infrastructure. In addition, teachers need to be better compensated. A new education policy has been stuck in the drafting stage ever since the Modi administration came to power in 2014. Prakash Javadekar, India’s minister for human resource development, told the Hindu yesterday that he will be presented with <a href="http://www.thehindu.com/opinion/interview/the-government-is-spending-nearly-4-of-gdp-on-education/article24146265.ece">a draft of the policy</a> next week. Higher education could also do with a revamp. The University Grants Commission, India’s higher education regulator, is currently <a href="https://www.business-standard.com/article/education/want-radical-reforms-in-higher-education-exams-ugc-invites-suggestions-118061300762_1.html">in the process of taking suggestions</a> from academics, students and university administrators on how to improve the higher education landscape in the country. The revamp is expected to cover entrance exams, the enhancement of technology and infrastructure and structural changes. However, based on how these things usually go, the report by the SBI is unlikely to spur the government into immediate action. India’s education system has been in need of an overhaul for decades now. It’s a extremely large problem to deal with, and ten years is a short amount of time. It seems that India will be stuck “developing” for the foreseeable future.

India’s large and young labour force could become a huge disadvantage by 2030

<ul class="summary-list"><li>The government must publish documents on how <keyword id="13224744" type="UNKNOWN" weightage="60" keywordseo="evgeny-lebedev" source="Orion">Evgeny Lebedev</keyword> became a peer despite security concerns.</li><li>Conservative MPs abstained on Labour's binding motion after originally being told to vote it down.</li></ul>The UK government must publish documents about the appointments process of Lord Evgeny Lebedev, the Russian-born newspaper proprietor son of a former KGB agent, after reports said he was made a peer by <keyword id="11911533" type="UNKNOWN" weightage="60" keywordseo="boris-johnson" source="Orion">Boris Johnson</keyword> overruling security advice advising against the peerage.Labour's binding motion on the government to publish the documents by April 28 was passed despite criticism of the debate from Lord Lebedev of Hampton and Siberia.Conservative MPs did not oppose the motion after being whipped to abstain. They were originally instructed to vote the motion down, but in the face of a rebellion from backbench Tory MPs, the party leadership backed down. <a href="https://twitter.com/CatNeilan/status/1508730282513477638">Tory MPs told Insider's Catherine Neilan</a> of resistance to blocking the motion.The debate followed <a href="https://www.thetimes.co.uk/article/boris-johnsons-russian-crony-evgeny-lebedev-got-peerage-after-spies-dropped-warning-3dp6sw29x">reports in the Sunday Times</a> alleging Johnson intervened after officials raised security concerns about Lebedev's peerage. <a href="https://www.thetimes.co.uk/article/boris-johnsons-russian-crony-evgeny-lebedev-got-peerage-after-spies-dropped-warning-3dp6sw29x">The newspaper reported</a> Johnson met Lebedev two days after he was initially rejected by the <keyword id="13498262" type="UNKNOWN" weightage="60" keywordseo="house-of-lords-appointments-commission" source="Orion">House of Lords Appointments Commission</keyword>, which vets all nominees. The Commission later approved the peerage after the security advice was changed following pressure from Johnson, according to <a href="https://www.thetimes.co.uk/article/boris-johnsons-russian-crony-evgeny-lebedev-got-peerage-after-spies-dropped-warning-3dp6sw29x">the Sunday Times</a>.Ahead of the debate, Lebedev said he had "nothing to hide" and that he would welcome the documents being published.As the debate began in the House of Commons, Lebedev tweeted what he claimed was a text message from Labour leader Keir Starmer concerning his peerage.Lebedev has not shared any of the conversations he may have had with Johnson over text message or WhatsApp. Other members of the House of Lords received the same message from Starmer upon their ennoblement, <a href="https://www.spectator.co.uk/article/lord-lebedev-burns-keir">The Spectator reported</a>.Lebedev, <a href="https://members.parliament.uk/member/4900/contributions">who has never contributed to a debate in the House of Lords aside from his maiden speech</a>, then criticised Labour for debating his appointment amidst rising cost of living and war in Ukraine.SNP MP Brendan O'Hara said Cabinet Office minister Michael Ellis had started his speech on the debate using the same "opening gambit" of criticising Labour's use of its opposition day to debate Lebedev's peerage amidst what Ellis had described as "a war in Europe" and "many pressing domestic concerns and issues".Several of Lebedev's tweets were later read out in the Commons debate, marking some of his most recent contributions to Parliamentary democracy since his maiden speech in May 2021. Labour MP Ben Bradshaw said Lebedev was "tweeting furiously, implying the inappropriateness of this House to even have this debate".The Deputy Speaker rebuked this claim, saying "that if it was inappropriate for any debate to be occurring in this Chamber, it would not be occurring."

Government must publish documents on Lord Lebedev's appointment after he slams Labour for debating his peerage

<ul class="summary-list"><li><keyword id="12068389" type="UNKNOWN" weightage="60" keywordseo="essential-workers" source="Orion">Essential workers</keyword> around the world are calling for a more equitable recovery.</li><li>That includes higher wages, better working conditions, and more protections.</li><li>Insider spoke to leading activist Ai-jen Poo about the importance of an equal recovery.</li></ul>When life began to shut down due to the spread of the coronavirus, some workers turned bedrooms into offices and adapted to Zoom calls from home. But many essential workers were disproportionately impacted by the <keyword id="11896136" type="UNKNOWN" weightage="60" keywordseo="pandemic" source="Orion">pandemic</keyword>, whether they lost jobs in private homes, or were forced onto the frontlines for low pay. As the world looks towards recovery, essential workers and activists are demanding a different type of <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>. One of those activists is Ai-jen Poo, the co-founder and executive director of the National <keyword id="12068390" type="UNKNOWN" weightage="60" keywordseo="domestic-workers" source="Orion">Domestic Workers</keyword> Alliance. Domestic workers include housekeepers, nannies, and home care workers. In the US, 2.2 million people normally work in private homes, according to <a href="https://www.epi.org/publication/domestic-workers-chartbook-a-comprehensive-look-at-the-demographics-wages-benefits-and-poverty-rates-of-the-professionals-who-care-for-our-family-members-and-clean-our-homes/">research</a> from the left-leaning Economic Policy Institute. Almost 92% of those workers are women, and over half of them are Black, Hispanic, or Asian American Pacific Islander.A <a href="https://news.un.org/en/story/2021/06/1094022">report</a> from the UN's International Labour Organization found that domestic workers were disproportionately impacted by the pandemic, with working hours falling by 50% in 13 countries.<div type="image" title="Ai-jen Poo" height="1841" width="2449" msid="86096819" hostid="261"></div>Poo has been at the forefront of the domestic labor movement, and was awarded a MacArthur grant in 2014. She spoke with Insider about what domestic workers need for an equitable recovery ahead of a three-day summit called "<a href="https://essentialforrecovery.org/">Essential for Recovery</a>," where international workers and activists alike - including Poo - will present a framework for recovery.There are three themes that essential workers around the world are calling for in an equitable recovery.<h2>Unite a disperse workforce for collective bargaining</h2>Domestic workers are far more likely to be part of the informal economy - meaning that they don't have the legal protections or benefits of a full-time job. A <a href="https://www.businessinsider.com/half-of-the-world-doesnt-have-access-to-social-protections-2021-9">recent report</a> from the ILO finds that, worldwide, eight out of 10 domestic workers are informally employed; according to the EPI report, one in five domestic workers in the US get health insurance through their jobs."The vast majority of domestic workers lost their jobs and income at the beginning of the pandemic; 82% of domestic workers didn't have a single paid sick day going into the pandemic, and there was no job security," Poo told Insider. "People lost their jobs and income overnight, and ever since then it's been a struggle of just a set of impossible choices." Domestic workers are also <a href="https://www.nlrb.gov/about-nlrb/rights-we-protect/the-law/employees/are-you-covered">excluded</a> from the National Labor Relations Act, which gives workers the right to create unions or other collective actions, the EPI report notes.For domestic workers, Poo said that change means "ensuring that workers have a voice in their workplace, where they are connected to unions or organizations where they can break out of the isolation of this work and work collectively to raise wages."<h2>Making sure workplaces are safe and healthy </h2>"That's everything from ensuring that people have clean water and sanitation to PPE," Poo said. A <a href="https://www.advancingjustice-alc.org/wp-content/uploads/2021/04/ALC-Workers-Rights-COVID-Report-202103-R8_digital.pdf">survey</a> of 636 primarily Asian and Latinx essential workers in California from Asian Americans Advancing Justice - Asian Law Caucus and UC Berkeley <a href="https://www.businessinsider.com/low-wage-asian-latinx-workers-received-less-covid-19-information-2021-4">found that</a> just 12% of domestic and home healthcare workers regularly got N-95 respirators. On a basic safety level, that means ensuring vulnerable workers receive PPE; the group is also calling for resources and protections to guard against sexual harassment and violence, from paid leave to flexible work arrangements for survivors.<h2>Ensuring social protections like childcare, healthcare, and education</h2>"If we are serious about creating economic mobility and economic security for the global workforce, we're going to have to really think about what kind of social protections can enable that," Poo said. She said that lack of caregiving infrastructure and universal paid sick time "are some of the most powerful drivers of <keyword id="11893571" type="UNKNOWN" weightage="60" keywordseo="inequality" source="Orion">inequality</keyword> that nobody talks about."The ILO report found that half of the world's population doesn't have access to social protections like healthcare, stable income, childcare, or retirement plans - and posited that the onslaught of the pandemic has created a moment where it's possible to change that."I think the pandemic really revealed just how interdependent we are in our economy and otherwise - nothing like a public health crisis to remind us that as societies, we are fundamentally interconnected and interdependent," Poo said. "And if there is a set of workers who are unprotected and highly insecure, it creates a downward gravitational pull where more and more of us will be at risk."

3 ways to fix the economy for essential workers, according to a leading labor activist

<ul class="summary-list"><li>A new <a href="https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_755875?lang=en">report</a> from the <keyword id="240184" type="ORGANIZATION" weightage="60" keywordseo="International-Labour-Organization">International Labour Organization</keyword> details worse-than-expected damage in the global <keyword id="409455" type="PERSON" weightage="60" keywordseo="labor-market">labor market</keyword> and forecasts pain lasting through the fourth-quarter of 2020.</li><li>The <keyword id="6355833" type="ORGANIZATION" weightage="60" keywordseo="united-nations">United Nations</keyword> agency expects working-hour losses to remain elevated through the third quarter at 12.1%, or 345 million full-time-equivalent jobs.</li><li>Global labor income is expected to shrink over the first three quarters of 2020 by 10.7%, or $3.5 trillion, the <keyword id="6456249" type="UNKNOWN" weightage="60" keywordseo="ilo">ILO</keyword> added.</li><li>The bulk of the fallout landed among middle-income nations, the agency said.</li><li>The ILO projected fourth-quarter working-hour losses to reach 8.6%, up from the previous estimate of 4.9%.</li></ul>The coronavirus's labor-market hit has mostly been quantified by the amount of jobs lost and a rising <keyword id="6358907" type="UNKNOWN" weightage="60" keywordseo="unemployment">unemployment</keyword> rate. The International Labour Organization — a United Nations agency — now projects the pandemic erased roughly $3.5 trillion in worker income year-to-date.The agency laid out its latest reading of the global labor market in a Wednesday <a href="https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_755875?lang=en">report</a>, highlighting lasting pain in the workforce while other economic indicators return to pre-pandemic highs.Working-hour losses are expected to remain elevated through the third quarter at 12.1%, or 345 million full-time-equivalent jobs, the ILO said. Those losses signal a global drop in labor income of 10.7% over the first three quarters of 2020 compared to the year-ago period.Second-quarter working-time losses landed above estimates. While the agency expected losses to reach 14%, or 400 million FTE jobs, Wednesday's report pegs the total at 17.3%, or 495 million FTE jobs.Read more: <a href="https://www.businessinsider.com/trading-strategy-fx-legend-randy-mckay-7-rules-made-millions-2020-9">Legendary trader Randy McKay turned $2,000 into $70,000 in just 7 months. Here are the 7 trading rules that contributed to his multi-year run of million dollar-plus returns.</a>Labor income losses were highest in middle-income countries, the agency said. Lower-middle-income countries saw losses reach 15.1%, while upper-middle-income countries' losses hit 11.4%. To be sure, ILO's tally of wages lost doesn't include income regained from government support measures, such as the US's expansion of unemployment benefits. The agency estimates that increases to stimulus spending by 1% of gross domestic product would've shaved 0.8 percentage points from working-hour losses.Had no stimulus been passed, global working-hour losses could've rocketed as high as 28% in the second quarter, ILO added.Read more: <a href="https://www.businessinsider.com/investing-advice-stocks-to-buy-amid-sell-off-morgan-stanley-2020-9" target="_blank" rel="noopener">Buy these 15 stocks right now before they rally higher, says the Morgan Stanley equity chief who nailed his call for a short-term market meltdown</a>A global stimulus gap is also dragging lower- and middle-income nations' economies at a disproportionate rate, according to the report. ILO estimates that such countries need to pass another $982 billion in relief spending to match the aid seen in high-income nations. The stimulus gap is just 1% of the total value of stimulus packages passed by high-income countries, the agency noted.ILO's fourth-quarter outlook doesn't leave much room for optimism. ILO estimated working-hour losses to total 8.6% from the year-ago period, or roughly 245 million FTE jobs. That's up from a previous estimate of 4.9%, or 140 million FTE jobs.The worsening outlook comes as Congress all but entirely gives up on passing new stimulus. Democrats and Republicans failed to reach a compromise through September as both parties stood apart on bill sizing and program allocations. Senate Republicans' push to confirm a new Supreme Court justice also overshadowed plans to pass new fiscal relief.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-on-the-dip-3-companies-marc-chaikin-2020-9" target="_blank" rel="noopener">A Wall Street expert explains why the market's ongoing turbulence could end within 2 weeks — and pinpoints 3 stocks to grab cheaper now as big investors buy the dip</a>

Coronavirus fallout has erased $3.5 trillion in workforce income, UN agency says

Aimed at ensuring basic rights and better conditions for about 3 crore people in the <a href="http://www.businessinsider.in/searchresult.cms?query=unorganized+sector">unorganized sector</a>, the government might come up with a proposal to make it incumbent on households to hire domestic workers through a placement agency. 
 
The new rule might include paid leave and other benefits for those people. If new rules got implemented, the violators could find themselves in a lot of trouble, reported the Economic Times. 
 
Other key elements of the proposal include proper accommodation. 
 
Moreover, if anyone would be hired outside the placement system, he or she would be treated as bonded labour and employers would be penalised accordingly. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=Ministry+of+Labour+">Ministry of Labour</a> would soon move a Cabinet note on a national policy for domestic workers. This idea was first mooted by the <keyword id="83449" type="ORGANIZATION" weightage="80" keywordseo="United-Progressive-Alliance">United Progressive Alliance</keyword> (<a href="http://www.businessinsider.in/searchresult.cms?query=UPA">UPA</a>) government in 2007. 
 
A senior official told the financial daily that the rules if implemented will make the employer liable to pay for the worker's social security apart from one month of paid annual leave, two months of paid <a href="http://www.businessinsider.in/searchresult.cms?query=maternity+leave+">maternity leave</a> and a weekly off. 
 
"For the first time, we would have a rights-based policy for <a href="http://www.businessinsider.in/searchresult.cms?query=domestic+workers+">domestic workers</a> in the country. It will be a game changer and would help in formalisation of the country's growing workforce," said the official. 
 
As per the proposal, employees and employers will have to sign a contract that lists standard practices which both sides will have to abide by. "The placement agencies involved will be the third party to the agreement besides two representatives from trade unions to ensure that the employee is not denied of his or her basic rights," he said. 
 The draft agreement, which is being finalised and could be taken up for stakeholder consultation in two weeks, has proposed that the employer will have to mandatorily contribute to the <keyword id="686752" type="ORGANIZATION" weightage="60" keywordseo="Employee-State-Insurance-Corporation">Employee State Insurance Corporation</keyword> and the <a href="http://www.businessinsider.in/searchresult.cms?query=Employee+Provident+Fund+Organisation+">Employee Provident Fund Organisation</a> (<keyword id="6372438" type="ORGANIZATION" weightage="100" keywordseo="EPFO">EPFO</keyword>) to ensure medical and life coverage to the employee. 
 
(Image: Indiatimes)

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