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<keyword id="20779198" type="General" weightage="20" keywordseo="Chief-Economic-Advisor" source="keywords">Chief Economic Advisor</keyword> V Anantha Nageswaran emphasized the crucial and positive role that artificial intelligence (<keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>) can play for the <keyword id="22505095" type="General" weightage="20" keywordseo="Indian-demography" source="keywords">Indian demography</keyword> and <keyword id="20278114" type="General" weightage="20" keywordseo="labour-force" source="keywords">labour force</keyword> during a press conference on the <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24. He noted that within the next decade, India is poised to become the world's third-largest economy and will benefit significantly from its demographic dividend. However, Nageswaran also acknowledged potential challenges posed by AI, particularly for India's <keyword id="20811086" type="General" weightage="20" keywordseo="business-process-outsourcing" source="keywords">Business Process Outsourcing</keyword> (BPO) sector. He stated, "The short-term challenge of generative AI could slow <keyword id="22505093" type="General" weightage="20" keywordseo="BPO-sector-growth" source="keywords">BPO sector growth</keyword>, affecting <keyword id="21300718" type="General" weightage="20" keywordseo="customer-services" source="keywords">customer services</keyword>. It is possible that the jobs related to BPO will be under threat whereas AI may actually turn out to be a booster." Furthermore, Nageswaran also pointed out that the emergence of AI might reduce annual <keyword id="21420133" type="General" weightage="20" keywordseo="productivity-growth" source="keywords">productivity growth</keyword> by approximately 0.3 percentage points in the coming years. This indicates a potential short-term dip in productivity as industries adapt to new technologies. Despite these challenges, Nageswaran added that the long-term potential of AI is promising. The broader adoption of AI could lead to significant improvements in critical areas such as healthcare and education, thereby enhancing human capital. The economic survey presented in the Parliament by finance minister Nirmala Sithraman says in the medium term Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector." Achieving a sustained growth rate of over 7 per cent will require a tripartite compact between the Union Government, State Governments, and the private sector. India's financial sector is undergoing critical transformations. During FY24, primary capital markets facilitated capital formation of Rs 10.9 lakh crore, accounting for approximately 29 per cent of the gross fixed capital formation of private and public corporates in FY23. It further adds India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI)

AI could slow BPO sector growth: Chief Economic Advisor Nageshwaran

<ul><li><keyword id="93845" type="General" weightage="100" keywordseo="unemployment-rate" source="Orion">Unemployment Rate</keyword> in India has come down to 3.2% in 2022-23 from 4.1% in 2021-22.</li><li>In rural areas, the rate has decreased from 5.3% in 2017-18 to 2.4%.</li><li>The reference period for the <keyword id="159764" type="General" weightage="80" keywordseo="nsso" source="Orion">NSSO</keyword> data is from July 2022 to June 2023.</li></ul> India's unemployment rate for persons aged 15 years and above was recorded at a six-year low of 3.2% during July 2022-June 2023, as per the Periodic <keyword id="1830313" type="General" weightage="20" keywordseo="Labour-Force-Survey" source="Orion">Labour Force Survey</keyword> Annual Report 2022-2023 released by the National Sample Survey Office. Joblessness or unemployment rate is defined as the percentage of unemployed persons in the labour force. Considering the importance of the availability of labour force data at more frequent time intervals, the NSSO launched the Periodic Labour Force Survey (PLFS) in April 2017. The reference period here is from July 2022 to June 2023. The Unemployment Rate (UR) in usual status for persons of age 15 years and above at the all-India level came down to 3.2% in 2022-23 from 4.1% in 2021-22. The UR was 4.2% in 2020-21, 4.8% in 2019-20, 5.8% in 2018-19 and 6% in 2017-18, showed the PLFS data released on Monday. The usual status means that the employment (status of a person) is determined based on the reference period of 365 days preceding the date of the survey. The statement on the data said that 2022-23 refers to the period of July 2022 to June 2023 and likewise for 2021-22, 2020-21, 2019-20, 2018-19 and 2017-18. "In rural areas, UR decreased from 5.3% in 2017-18 to 2.4% in 2022-23 while for urban areas it decreased from 7.7% to 5.4%. The UR for male in India decreased from 6.1% in 2017-18 to 3.3% in 2022-23 and corresponding decrease in UR for females was from 5.6% to 2.9%," it stated. The survey also showed that the Labour Force Participation Rate (LFPR) in usual status for persons of age 15 years and above increased to 57.9% from 49.8% in 2017-18. The LFPR is defined as the percentage of persons in the labour force -- working or seeking or available for work -- in the population. "In rural areas, LFPR increased from 50.7% in 2017-18 to 60.8% in 2022-23 while for urban areas it increased from 47.6% to 50.4%. The LFPR for male in India increased from 75.8% in 2017-18 to 78.5% in 2022-23 and corresponding increase in LFPR for female was from 23.3% to 37.0%," it stated. The Worker Population Ratio (WPR) in usual status (ps+ss) for persons of age 15 years and above also increased to 56% in 2022-23 from 46.8% in 2017-18. The WPR is defined as the percentage of employed persons in the population. "In rural areas, WPR increased from 48.1% in 2017-18 to 59.4% in 2022-23 while for urban areas it increased from 43.9% to 47.7%. The WPR for male in India increased from 71.2% in 2017-18 to 76.0% in 2022-23 and the corresponding increase in WPR for female was from 22.0% to 35.9%," it stated. Five Annual Reports are brought out on the basis of the data collected in PLFS during July 2017-June 2018, July 2018-June 2019, July 2019-June 2020, July 2020-June 2021 and July 2021-June 2022. Now the sixth annual report has been brought out by the NSSO on the basis of the Periodic Labour Force Survey conducted during July 2022-June 2023. "The field work for the collection of information in respect of the samples, allotted for the period of July 2022-June 2023, was completed timely for the first visit as well as revisit samples, except for 51 first visit and 68 revisit FSUs for the state of Manipur, allotted in the last quarter, April-June 2023, which were treated as casualties, due to disturbed field situation and unavailability of internet services," the report said. (With text input from PTI)

India's unemployment rate dips to a six-year low; rural areas report improvement

<ul class="summary-list"><li>The unwind of the global yen "carry trade" is a force battering stocks. </li><li>Investors in recent years borrowed at low rates in Japan to invest in higher-yielding assets.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-plunge-warren-buffett-cuts-stake-berkshire-hathaway-2024-8">Stocks plunged on Monday,</a> and market pros say a lot of it has to do with the global unwind of the yen "carry trade."The carry trade refers to investors borrowing money at near-zero interest rates in Japan, and then redeploying that cash into higher-yielding assets around the world, such as stocks and bonds. "The selloff here is to a large extent attributable to the unwind of the so-called carry trade," Ed Yardeni <a target="_blank" class="" href="https://www.youtube.com/watch?v=l5o3EIb1i_w">told Yahoo Finance on Monday.</a>Typically, the cheap cash raised in Japan is redirected into higher-yielding US Treasurys, with investors collecting the difference between the interest rates set by the Bank of Japan and the Federal Reserve.But in times of strong risk-on sentiment, like the long period of bullishness that's fueled the stock market since the rally began in November 2022, the yen carry trade has spilled over into other assets like stocks."They took that money in and invested it in assets around the world including the Magnificent 7, Mexican assets, Brazillian assets, and some of that didn't go that far, they went into the Japanese stock market," Yardeni said.But after the Bank of Japan <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/japanese-stock-market-selloff-boj-rate-hike-us-economy-s2024-8">unexpectedly raised interest rates 15 basis points last week</a> amid the prospect of rate cuts by the Federal Reserve, the yen has strengthened. That's sparked a wave of margin calls, leading to speculators unwinding their positions and selling stocks."I think the proof of that is that it's a global sell-off, which suggests a lot of money was raised in Japan at 0% interest rates and used to speculate in other parts of the world, so I think that's all coming unglued and I think it's a lot of margin calls and I think it's going to happen pretty quick and the unwind should be over by the end of the week," Yardeni explained.The unwind in the yen carry trade will go down as the biggest ever, according to a Monday note from Societe Generale.SocGen's chief global currency strategist Kit Juckes said that while he is treating Monday's plunge in stock prices with suspicion, as big moves on Monday tend to "happen in a vacuum," there is still room for downside in the stock market and economy.The risk going forward for markets isn't what the Japanese yen does, but rather what US tech stocks do, according to Juckes."The rally was huge, the valuations were stretched and Warren Buffett's liking for cash is making headlines again. If that market keeps falling, it will affect the economy and the Fed," Juckes said.Juckes added: "The labour market remains tight, the economy is still growing. That would change if equities fell too far/fast, and it would change if the August jobs report at the start of September was very weak."Yardeni maintained his positive outlook on stocks despite the sharp rise in market volatility."It's too late to panic is sort of my attitude towards this sell-off," Yardeni said. "I think the economy is doing better, and I'm blaming the weather for a lot of the weakness in July's employment report… and I still don't think we're going to get a recession out of all of this."

The global 'carry trade' is unwinding. Here's why it's a brutal force crushing stocks worldwide.

Gender discrimination is the reason for 98 per cent of employment gap between males and females in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, according to a new report of <keyword id="69945" type="General" weightage="50" keywordseo="oxfam-india" source="Orion">Oxfam India</keyword>. The report highlighted that woman in India despite their same educational qualification and work experience as men will be discriminated in the labour market due to societal and employers' prejudices. The Oxfam India's 'India Discrimination Report 2022' shows that discrimination causes 100 per cent of employment inequality faced by women in rural areas in labour market and 98 per cent in urban areas. The report said self-employed males earn 2.5 times more than females, 83 per cent of which is attributed to gender-based discrimination and 95 per cent of the gap between the earnings of male and female casual wage workers is due to discrimination. According to the report, gender discrimination is the reason for 98 per cent of the employment gap between males and females. Woman in India despite their same educational qualification and work experience as men will be discriminated in the labour market due to societal and employers' prejudices, it said. The report further said that 93 per cent of the gap in earnings of males and females is due to discrimination. Rural self-employed males earn twice of what females earn in rural areas. Male casual workers earn Rs 3,000 per month more than females, 96 per cent of which is attributed to discrimination, it said. As high as 91.1 per cent of the gap in earnings between males and females is explained by discrimination. The academically recognised statistical model applied in the report is now able to quantify the discrimination women face in the labour market. The lower wages for salaried women are due to 67 per cent of discrimination and 33 per cent due to lack of education and work experience, the report said. Oxfam India called on the government to actively enforce effective measures for the protection and right to equal wages and work for all women. The Government of India should also incentivise the participation of women in workforce, including enhancement in pay, upskilling, job reservations and easy return-to-work options after maternity, the report said. What the report finds is if a man and woman starts on an equal footing, the woman will be discriminated in the economic sphere where she will lag behind in regular/salaried, casual and self-employment, said <keyword id="1594237" type="General" weightage="50" keywordseo="amitabh-behar" source="Orion">Amitabh Behar</keyword>, CEO of Oxfam India. "The inequality in the labour market for gender and other social categories, the report finds, is not just due to poor access to education or work experience but because of discrimination," he said. These findings are based on the government data on employment and labour from 2004-05 to 2019-20. The Oxfam India report refers to unit level data from 61st round <keyword id="179132" type="General" weightage="50" keywordseo="national-sample-survey" source="Orion">National Sample Survey</keyword> (NSS) data on employment-unemployment (2004-05), the <keyword id="3429286" type="General" weightage="50" keywordseo="periodic-labour-force-survey" source="Orion">Periodic Labour Force Survey</keyword> in 2018-19 and 2019-20 and All India Debt and Investment Survey by the government. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/online-education-platform-upgrad-acquires-centum-learning-to-upskill-enterprise-workforce/articleshow/94216993.cms">Online education platform upGrad acquires Centum Learning to upskill enterprise workforce</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/fitch-slashes-indias-fy23-gdp-growth-forecast-to-7-from-7-8-earlier/articleshow/94213633.cms?utm_source=google_newsstand&amp;utm_medium=google_rssfeed&amp;utm_campaign=news_referral">Fitch slashes India's FY23 GDP growth forecast to 7% from 7.8% earlier</a>

Self-employed males earn 2.5 times more than females: Oxfam

Indias urban unemployment rate improved remarkably in the April-June quarter, revealed the <keyword id="7734679" type="General" weightage="50" keywordseo="national-statistical-office" source="Orion">National Statistical Office</keyword>. It dipped to 7.6 per cent during the April-June quarter from 12.6 per cent during the corresponding quarter a year ago. It is a clear indication that the country's economy is coming out the grip of Covid-induced slowdown. India's urban unemployment rate improved across genders and age groups to its best-ever level in the quarter ending June 2022.India's headline urban unemployment rate was 7.6 per cent in the quarter ending June, compared to 8.2 per cent in the quarter ending March, 12.7 per cent in the June quarter of 2021-22, and 8.9 per cent in the June quarter of 2019-20. Joblessness was high in April-June 2021 mainly due to the staggering impact of Covid-related restrictions in the country. The 15th <keyword id="3429286" type="General" weightage="50" keywordseo="periodic-labour-force-survey" source="Orion">Periodic Labour Force Survey</keyword> (<keyword id="1697741" type="General" weightage="80" keywordseo="plfs" source="Orion">PLFS</keyword>) showed that the unemployment rate among females (aged 15 years and above) in urban areas declined to 9.5 per cent in April-June, 2022 from 14.3 per cent a year ago. It was 10.1 per cent in January-March, 2022.Among males, the unemployment rate in urban areas dipped to 7.1 per cent in April-June 2022 compared to 12.2 per cent a year ago. It was 7.7 per cent in January-March 2022. Since some kinds of jobs, like those in agriculture, are seasonal in nature, unemployment rate comparisons are best made for the same quarter across years. However, the remarkable improvement in this rate can be seen from the fact that it is the lowest rate since the quarter ending June 2018, the first quarter for which the quarterly bulletins have data, revealed media reports. That the improvement in unemployment rate was not lopsided can be seen from the fact that it improved across groups. The quarterly bulletin gives a breakup of unemployment rate by gender and by three age groups: all ages, 15-29 years, and 15 years and above. Unemployment rates for all these groups was the best in the quarter ending June, media reports said. Similarly, at 37.2 per cent, the labour force participation rate (<keyword id="4279410" type="General" weightage="80" keywordseo="lfpr" source="Orion">LFPR</keyword>) - or the share of population working or seeking work - in the first quarter of the current financial year was the highest for this quarter for any year since 2018-19 and 10 basis points (100th of a percentage point) higher than in the first quarter of last year. While LFPR was not at its best level in the quarterly bulletin's history like the unemployment rate, it is enough for it to be best for the June quarter because of the seasonality factor. The broad industry-wise breakup of workers further showed that employment prospects also improved. The share of workers in agriculture, secondary sector (which includes sectors like manufacturing and mining), and tertiary sector (comprises services) was 5.7 per cent, 34 per cent and 60.3 per cent, respectively. The share in agriculture is an improvement over the June quarters of FY 2021-22 and FY 2020-21, both affected by lockdowns, but not over FY 2019-20, when only 4.9 per cent were in agriculture. The share in tertiary sector was similarly a higher 62 per cent in FY 2019-20, a clear sign that though people are seeking and finding jobs with the pandemic under control, they may not be earning as much as they did before the pandemic. These signs will be confirmed or rejected when the unit-level data becomes available, the report stated. Labour force refers to the part of the population which supplies or offers to supply labour for pursuing economic activities for the production of goods and services and, therefore, includes both employed and unemployed persons. The NSO launched PLFS in April 2017. On the basis of PLFS, a quarterly bulletin is brought out giving estimates of labour force indicators namely unemployment rate, worker population ratio (<keyword id="1966243" type="General" weightage="50" keywordseo="wpr" source="Orion">WPR</keyword>), labour force participation rate (LFPR), distribution of workers by broad status in employment and industry of work in Current Weekly Status. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/gromo-raises-11-million-plans-to-double-headcount-in-6-12-months/articleshow/94031705.cms">GroMo raises $11 million, plans to double headcount in 6-12 months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-beats-grey-market-expectations-lists-at-a-55-premium/articleshow/94017839.cms">DreamFolks Services stock slips 8% from its listing price</a>

You Searched For "labour force" and got 6 results

AI could slow BPO sector growth: Chief Economic Advisor Nageshwaran

ANI

India's unemployment rate dips to a six-year low; rural areas report improvement

BI India Bureau

The global 'carry trade' is unwinding. Here's why it's a brutal force crushing stocks worldwide.

Matthew Fox

Self-employed males earn 2.5 times more than females: Oxfam

PTI

India's urban unemployment rate dips to 7.6% in the April-June quarter

IANS

As it happened: Boris Johnson should quit or be forced out after by-election results, former Conservative leader says

Catherine Neilan,Henry Dyer

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