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<ul><li>Nearly 93% of the population in India did not receive any vocational or <keyword id="639521" type="UNKNOWN" weightage="20" keywordseo="technical-training">technical training</keyword>, according to <keyword id="3429286" type="PERSON" weightage="20" keywordseo="Periodic-Labour-Force-Survey">Periodic Labour Force Survey</keyword> (PLFS) 2017-18. </li><li>In contrast, as many as 1.5 million(21%) people have gained skills and jobs under the country’s <keyword id="2473582" type="PERSON" weightage="20" keywordseo="Skill-India-mission">Skill India mission</keyword>. </li><li>Globally, nearly 73 million young people are unemployed, according to the <keyword id="6355833" type="LOCATION" weightage="20" keywordseo="united-nations">United Nations</keyword>. </li><li>In the last budget speech, the government had announced industry relevant skill training for 10 million youth in India.</li></ul>Despite Indian government’s Skill India initiative, a large chunk of its population — nearly 93% — never received any vocational or technical training. According to the Periodic <keyword id="1830313" type="PERSON" weightage="20" keywordseo="Labour-Force-Survey">Labour Force Survey</keyword> (PLFS) 2017-18, merely 1.8% of the population received formal training on technical aspects and employment-ready skills, Mint <a href="https://www.livemint.com/politics/policy/a-third-of-skilled-youth-in-india-jobless-official-survey-1565161972818.html">reported</a>. While roughly 6% received informal training on job skills, self-learning, etc. Pass percentage As per the recent developments, as many as 1.5 million people have gained skills and jobs under the country’s Skill India mission. However, it is only 21% of the total trainees — 7.2 million — who enrolled for the programme. Adding to the trouble, nearly half of the youth that is trained is not employed, as per the PLFS data. Approximately three in every five skilled women were recorded as unemployed. This clearly indicates an alarming rate of unemployment in India. Globally, nearly <a href="https://news.un.org/en/story/2019/07/1042421">73 million</a> young people are unemployed, with 40 million joining the labour market each year. And, that calls for the need to create 475 million new jobs over the next decade, according to the United Nations. <div type="twitter" handle="UN" handlename="United Nations" image="http://pbs.twimg.com/profile_images/950749155575541760/MZoiVs3G_normal.jpg" favoritecount="621" retweetcount="354" status="Young people are almost 3 times more likely to be unemployed than adults. On Monday's World Youth Skills Day, learn… https://t.co/vxtwr9yW7V" createdat="1563141720000" id="1150525880369762304"></div>

 In a bid to boost employment in the country, the government announced industry relevant skill training for <a href="https://www.businessinsider.in/skill-india-mission-employment-rate-is-too-low/articleshow/70459576.cms">10 million youth</a> during the budget speech. The focus will be on building skills in technologies like — Artificial Intelligence, Big Data, Virtual Reality, 3D printing and Robotics — to promote higher remuneration. See also: <a href="https://www.businessinsider.in/skill-india-mission-employment-rate-is-too-low/articleshow/70459576.cms">Only one in five people trained under government's Skill India Mission found jobs</a> <a href="https://www.businessinsider.in/goa-will-reserve-4-in-every-5-private-jobs-for-locals-making-it-the-third-indian-state-to-crackdown-on-migration/articleshow/70476187.cms">Goa will reserve 4 in every 5 private jobs for locals-- making it the third Indian state to crackdown on migration</a> <a href="https://www.businessinsider.in/urbanclap-partners-with-national-skill-development-corporation/articleshow/70229453.cms">Urbanclap to become Skill India certified, will create a million micro-entrepreneurs in the country</a>

Nearly 93% of the population in India lacks vocational and technical skills: Report

<ul><li>The number of salaried <keyword id="32919" type="PERSON" weightage="20" keywordseo="women-employees">women employees</keyword> in the urban workforce has increased by 2.1%, compared to 1.5% amongst men, according to the <keyword id="3429286" type="PERSON" weightage="20" keywordseo="Periodic-Labour-Force-Survey">Periodic Labour Force Survey</keyword> (PLFS) released by the National Statistical Organisation (NSO). </li><li>The overall share of salaried employees improved from 48.3% in 2018 to 50% in March 2019. </li><li>The unemployment rate dropped to 11.6% among women against 12.8% in June last year. </li><li>According to the Monster Salary Index, women earn 19% less than men in India. </li></ul>Fewer Indian women are a part of its labour market. But their participation seems to be growing at a faster rate than that of men. Salaried women employees in the urban workforce increased by 2.1% as compared to 1.5% among men, according to the <a href="https://economictimes.indiatimes.com/jobs/rise-in-salaried-workers-women-fare-better-nso/articleshow/72217767.cms?from=mdr">Periodic Labour Force Survey (PLFS) </a>released by the National Statistical Organisation (NSO). The overall share of salaried employees improved from 48.3% in 2018 to 50% in March 2019. However, the survey also says that unemployment is higher among women. The rate of unemployment in women dropped to 11.6% as against 12.8% in June last year. But it is yet to match that of men where unemployment rate is at 8.7%. <keyword id="2191211" type="PERSON" weightage="20" keywordseo="gender-pay-gap">Gender pay gap</keyword> remains However, the pay gap remains an area of concern for the government and organisations. According to the<a href="https://www.businesstoday.in/current/economy-politics/gender-pay-gap-still-high-women-in-india-earn-19-per-cent-less-than-men-report/story/325378.html"> Monster Salary Index,</a> women earn 19% less than men in India. The online job search platform shows that the gender pay gap widens with higher skill level but exist all across. This could be one of the many reasons why women participation in the workforce is low. Even after five years, merely 22% of the females between the age bracket of 15-30 years are expected to enter the labour force, according to the <a href="https://indianexpress.com/article/india/skills-study-over-next-5-years-just-1-in-5-entrants-to-labour-force-a-woman-6127848/">National Skills Development Corporation</a>. That means, of the 59 million people who enter the job market, only one in five will be women. Education Statistics Though fewer women are expected to work, there has been no change in women who are keen on an education. Female participation at the higher secondary level stood at 70.8% over the last decade. But this is changing as the skill levels increase. The share of women in engineering and management courses dropped in 2018, the survey highlighted. While the students enrolling in vocational courses rose by 3.9% in the last four years. See also: <a href="https://www.businessinsider.in/unemployment-in-india-highest-among-urban-youth-says-government-data/articleshow/69631185.cms">Unemployment in India highest among urban youth, says government data</a> <a href="https://www.businessinsider.in/male-workforce-is-reportedly-shrinking-in-india-reveals-job-survey-by-nsso/articleshow/68498030.cms">Male workforce is reportedly shrinking in India, reveals job survey by NSSO</a> <a href="https://www.businessinsider.in/business/news/over-200-economists-academicians-ask-govt-to-release-nsso-data-reports/articleshow/72172989.cms">Over 200 economists, academicians ask govt to release NSSO data, reports</a>

More women are drawing salaries in India but the gender pay gap persists

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>

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

<ul><li><keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> does not feature in the list of the 10 countries to have the best conditions for working women. </li><li>Over 90% of the 10 million job job lost last year were reported by women according to CMIE.</li></ul>The female <keyword id="7446716" type="UNKNOWN" weightage="20" keywordseo="Workforce-in-India">workforce in India</keyword> has seen a striking decline over the years. Only a quarter of women who can work, are working, as per periodic labour force survey (PLFS) data published by National Sample Survey Office (NSSO). India has a significantly low female labour participation rate (LFPR)-- the percentage of working age women who are employed, or are available to work. This is at 23% in 2017-2018, which came down from 31% in 2011-12. Unsurprisingly, India is behind nine others in terms of the lowest proportion of working women, the data says. It also does not feature in the list of the 10 countries which have the best conditions for working women. Ireland, Sweden, New Zealand are amongst those which occupied the coveted spots. Those who were working did not have it easy either. Over 90% of the 10 million jobs lost last year were<a href="https://in.reuters.com/article/india-election-women-jobs/from-farms-to-slums-indian-women-on-sharp-end-of-jobs-crisis-idINKCN1R1073"> reported by women,</a> according to the Centre for Monitoring Indian Economy (CMIE). The women working in the informal sector are going through job crisis, said a <a href="https://in.reuters.com/article/india-election-women-jobs/from-farms-to-slums-indian-women-on-sharp-end-of-jobs-crisis-idINKCN1R1073">Reuters report.</a> Fewer women managers According to media reports, Asia and the Pacific had the lowest percentage of women in managerial positions, at 24%. For other continents, including Europe, this number is at 70.8%. What is worse is that educated women are failing to contribute to the economy. Women<a href="https://www.news18.com/news/india/union-budget-2019-millions-of-women-are-dropping-out-of-work-heres-how-indias-first-full-time-woman-finance-minister-can-stop-it-2182263.html"> constitute 42% of graduates </a>in the country but only 24 percent of them turn up as entry-level professionals. This curve tapers sharply at the top. The number of women at senior management role is as low as 10%. As a result, a miniscule 1% of women occupy CEO-level positions. According to the <a href="https://www.news18.com/news/india/union-budget-2019-millions-of-women-are-dropping-out-of-work-heres-how-indias-first-full-time-woman-finance-minister-can-stop-it-2182263.html">Ministry of Corporate Affairs,</a> 21% of publicly listed companies do not adhere to the mandate of appointing women directors to the board.

A large section of women are vanishing from the workforce in India

<ul><li>The Ministry of Statistics and Program Implementation has released employment data, projecting the unemployment rate at 6.1% in 2017-18. </li><li>Joblessness among the educated urban workforce was higher that the uneducated among men and women. </li><li>Unemployment rate among young urban jobseekers has been on the rise for three quarters now — which stood at 23.7% in the December quarter of 2018.</li></ul>As the Modi government enters its second term, unemployment remains the biggest challenge in India. The latest employment survey has highlighted worrying trends in the job market. The <a href="https://www.livemint.com/politics/policy/unemployment-on-the-rise-among-urban-youth-finds-survey-1559500104301.html">Periodic Labour Force Survey (PLFS) </a>put out by the National Statistic Office(NSO) has shown that the unemployment rate among young urban jobseekers has been on the rise for three quarters now — which stood at 23.7% in the December quarter of 2018. According to the figures released by the Ministry of Statistics and Program Implementation (MoSPD), the <keyword id="1958282" type="PERSON" weightage="20" keywordseo="unemployment-rate-in-India">unemployment rate in India</keyword> hit 6.1% — proving the disputed NSSO survey to be statistically correct. On an average, Indian students spend nearly 11 years in formal education. However, the report noted that the country projected higher unemployment rate as the <a href="https://www.businessinsider.in/indias-unemployment-rate-stands-at-13-2-among-graduates-and-post-graduates-cmie/articleshow/68517075.cms">education level increases</a>. While unemployment stood at 2.1% among the illiterate urban men, nearly 9.2% of the men with secondary education were unemployed, the report added. Moving to the female unemployment rate, the unemployment among the educated women — secondary or higher education — hit <a href="https://timesofindia.indiatimes.com/india/its-now-official-joblessness-rises-with-education-level/articleshow/69615943.cms">20% in 2017-18</a>. Overall, the unemployment among urban men stood at 7.8%, while the joblessness was recorded as 5.7% among women. The official release of the report has reopened the debate on India’s job crisis. The National Sample Survey Office(NSSO) job survey for 2017-18 revealed that the unemployment rate in India is on a <a href="https://www.businessinsider.in/unemployment-in-india-is-at-its-highest-in-45-years-says-an-indian-daily-citing-an-undisclosed-jobs-survey/articleshow/67769020.cms">45-year high</a>. The Finance Ministry released an official statement that said "There can be nothing farther away from the truth than saying that unemployment in India is at a 45 year low," India Today reported. See also: <a href="https://www.businessinsider.in/indias-unemployment-rate-stands-at-13-2-among-graduates-and-post-graduates-cmie/articleshow/68517075.cms">Fewer jobs for better educated: India’s unemployment rate stands at 13.2% among the highly educated segment</a> <a href="https://www.businessinsider.in/as-unemployment-swells-in-india-educated-millennials-favour-government-jobs/articleshow/69267943.cms">As unemployment swells in India, educated millennials favour government jobs</a> <a href="https://www.businessinsider.in/may-day-2019-indias-labour-day-comes-at-the-cost-of-570000-job-losses-and-297-deaths/articleshow/69129435.cms">May Day 2019: India’s labour day comes at the cost of 570,000 job losses and 297 deaths</a>

Unemployment in India highest among urban youth, says government data

<ul><li><keyword id="3080230" type="PERSON" weightage="20" keywordseo="gig-economy">Gig economy</keyword>, which constitutes for over 1.4 million working professionals in India, has added 40,000 more women gig workers, according to an ET report. </li><li>According to Employment Outlook Report by TeamLease Services, the total number of women gig workers in India stands at 67,900. </li><li>The wage bracket of such employees ranges from ₹15,000 to ₹30,000.</li></ul>More women are finding work, thanks to the increasing gig economy but they are being paid less, widening the gender parity. India’s 1.4 million strong gig economy added 40,000 women this year, according to an <a href="https://economictimes.indiatimes.com/jobs/women-bag-frontline-roles-in-gig-economy-but-lag-behind-in-wages/articleshow/70442660.cms?from=mdr">ET report.</a> But, they are making 10% less than men. On an average, women make an average of ₹15,000 to ₹30,000 per month in the newly emerging gig economy. According to Employment Outlook Report by TeamLease Services, the total number of women gig workers in India stands at 67,900 — including employees at delivery hubs and fulfillment centres. In 2017, the percentage of women in salaried jobs stood at nearly 52%, as per the data by <a href="http://www.mospi.gov.in/sites/default/files/publication_reports/Annual%20Report%2C%20PLFS%202017-18_31052019.pdf"> Periodic Labour Force Survey (PLFS) 2017-18</a>. Startup Hiring Food-tech and <keyword id="35621" type="PERSON" weightage="20" keywordseo="e-commerce">e-commerce</keyword> players such as Uber, Ola, <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> and Swiggy, account for nearly 90% of the total gig workers in India. It includes workforce that is remotely managed by online platforms. Walmart owned e-commerce platform Flipkart has around 300 women working at sorting centres, packaging and in charge of hubs. Flipkart offers the best wages and provides for safety and health at workplace for gig workers in India, as per <a href="https://www.businessinsider.in/in-india-flipkart-tops-the-fairness-quotient-for-gig-economy-workers-report/articleshow/68593359.cms">Oxford Internet Institute</a>. It is followed by food delivery platform Foodpanda, cab services platform Ola and Uber. Food aggregators like Swiggy and Zomato too have female delivery partners, thanks to flexible working hours. Swiggy has over 700 women employees at its delivery hubs while Zomato has 500 all across. E-commerce platform Amazon has nearly 1,200 women employees in operational and managerial roles. India is the fifth largest country in terms of growth in flexi staff — which includes leased employees, contractual workers and temps hired from agencies. The country added nearly 1.2 million flexi workers in the last three years. See also: <a href="https://www.businessinsider.in/in-india-flipkart-tops-the-fairness-quotient-for-gig-economy-workers-report/articleshow/68593359.cms">In India, Flipkart tops the ‘fairness’ quotient for gig economy workers: Report</a> <a href="https://www.businessinsider.in/6-million-indians-will-be-in-the-gig-economy-within-two-years-thats-nearly-twice-the-current-size/articleshow/69854133.cms">6 million Indians will be in the gig economy within two years -- that's nearly twice the current size</a>

Gig economy added 40,000 new women workers, but at low wages

<ul><li>In a joint statement released on March 14th, <keyword id="7428828" type="UNKNOWN" weightage="20" keywordseo="108-economists">108 economists</keyword> and social scientists in India and abroad decried the political interference in India’s statistical institutions like the <keyword id="109702" type="ORGANIZATION" weightage="20" keywordseo="CSO">CSO</keyword> and <keyword id="159764" type="COMPANY" weightage="20" keywordseo="nsso">NSSO</keyword>. </li><li>The statement included signatories such as Jean Dreze, Amartya Lahiri and Satish Deshpande. </li><li>Terming economic data a “public good, it appealed to all the country’s economists to raise their voices against the “suppression of uncomfortable data” </li></ul> In a joint statement released on March 14th, 108 economists and social scientists in India and abroad decried the political interference in India’s statistical institutions like the Central Statistical Office (CSO) and National Sample Survey Organisation (NSSO). The statement included signatories such as Jean Dreze, Amartya Lahiri and Satish Deshpande. Terming economic data a “public good, it explained the risk to the credibility of India’s statistics bodies and appealed to all the country’s economists to raise their voices against the “<a href="https://www.business-standard.com/article/pti-stories/108-economists-social-scientists-concerned-over-political-interference-in-data-estimation-119031400979_1.html">suppression of uncomfortable data</a>” and lobby the government to “ re-establish institutional independence and integrity to the statistical organisations. The statement specifically highlighted the problems inherent in the <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> administration’s release of back-dated series of <keyword id="401117" type="PERSON" weightage="20" keywordseo="GDP-data">GDP data</keyword>. It also said that the government’s base-year system of revision inflated growth rates when compared with estimates by independent economists. In November last year, India’s Ministry of Statistics, in conjunction with government think tank, Niti Aayog, <a href="https://www.businessinsider.in/indias-bjp-led-government-has-released-a-set-of-revised-gdp-data-that-dramatically-reduces-growth-during-the-previous-administrations-tenure/articleshow/66861828.cms">released a revised set of GDP data</a> that showed that growth under the previous <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> government between 2004-05 and 2013-14 was less than what the current BJP-led administration has achieved over the last four years. The joint statement also cited the government’s concealment of its latest jobs report - the Periodic <keyword id="1830313" type="PERSON" weightage="20" keywordseo="Labour-Force-Survey">Labour Force Survey</keyword> (PLFS) - owing to its unfavourable findings. In an election year, anything that calls into question its economic track record is sure to be used by its opponents. At the end of January 2019, PC Manohan and JV Meenakshi - the only external members of India’s National Statistics Commission - <a href="https://www.businessinsider.in/a-hidden-jobs-survey-in-india-casts-doubt-on-data-integrity-under-narendra-modi-government/articleshow/67750383.cms">resigned from the body</a> after the government shelved the report. The report, which was subsequently leaked, showed that unemployment hit a <a href="https://scroll.in/latest/911462/unemployment-was-at-45-year-high-after-note-ban-shows-centres-buried-report-business-standard">45-year high</a> in 2017-18. In response to the statement, PC Manohan said that India’s political parties should <a href="https://www.business-standard.com/article/pti-stories/pol-parties-should-take-note-of-economists-concerns-over-statistical-data-ex-nsc-chief-mohanan-119031401247_1.html">pay attention to the economists’ concerns</a>. SEE ALSO: <a href="https://www.businessinsider.in/a-hidden-jobs-survey-in-india-casts-doubt-on-data-integrity-under-narendra-modi-government/articleshow/67750383.cms">Modi government has a hidden jobs report — say two independent bureaucrats who just quit</a> <a href="https://www.businessinsider.in/indias-bjp-led-government-has-released-a-set-of-revised-gdp-data-that-dramatically-reduces-growth-during-the-previous-administrations-tenure/articleshow/66861828.cms">India’s BJP-led government has released a set of revised GDP data that dramatically reduces growth during the previous administration’s tenure</a>

108 economists and academics just asked the Indian government to stop interfering with economic data

<ul><li>Six months after India’s Ministry of <keyword id="66017" type="ORGANIZATION" weightage="20" keywordseo="Statistics">Statistics</keyword>, along with government think tank Niti Aayog, released a back-dated series of <keyword id="401117" type="PERSON" weightage="20" keywordseo="GDP-data">GDP data</keyword>, sparking a huge outcry, India’s growth numbers have once again been questioned. </li><li>The current system of GDP calculation, which was introduced in 2015, uses numbers from a database of Indian companies, MCA-21 - which is compiled by the Ministry of Corporate Affairs (MCA). </li><li>However, a study by the National Sample Survey Office (<keyword id="159764" type="COMPANY" weightage="20" keywordseo="nsso">NSSO</keyword>), found that 15% of the companies in the database were either inactive or untraceable while another 21% were incorrectly classified. </li></ul> Six months after India’s Ministry of Statistics, along with government think tank Niti Aayog, released <a href="http://www.mospi.gov.in/sites/default/files/press_release/Press-Note-28Nov2018.pdf">a back-dated series of GDP data</a>, sparking a huge outcry, India’s growth numbers have once again come under the scanner. The current system of GDP calculation, which <a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=115084">was introduced in 2015,</a> uses numbers from a database of Indian companies, MCA-21 - which is compiled by the Ministry of Corporate Affairs (MCA). However, as per a report <a href="https://www.livemint.com/news/india/new-gdp-series-faces-fresh-questions-after-nsso-discovers-holes-1557250830351.html">by Mint</a>, a study by India’s survey office, National Sample Survey Office (NSSO), found that 15% of the companies in the database were either inactive or untraceable while another 21% were incorrectly classified. The study, which was focussed on the services sector, extended from June 2016 to June 2017. The companies in question had been designated as “active” by the MCA. To be deemed active, a firm has to have filed tax returns at least once in the last three years. The MCA-21 database isn’t public. Hence, the existence of “ghost firms” or shell companies likely pushed GDP numbers during the <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> administration’s tenure upwards. The findings of the NSSO study once again call into question the accuracy of India’s GDP data. When the government released the back-dated series of GDP in November last year, the numbers raised quite a few eyebrows as it showed that growth under the previous <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> government between 2004-05 and 2013-14<a href="https://www.businessinsider.in/indias-bjp-led-government-has-released-a-set-of-revised-gdp-data-that-dramatically-reduces-growth-during-the-previous-administrations-tenure/articleshow/66861828.cms"> was less than what the current BJP-led administration</a> has achieved over the last four years. At the time, the government justified the move by saying the revised data took into account wider changes in the primary, secondary and tertiary sectors of the economy as well as different data sources and methods of calculation. In March 2019, 108 economists and social scientists in India and abroad<a href="https://www.businessinsider.in/108-economists-and-academics-just-asked-the-indian-government-to-stop-interfering-with-economic-data/articleshow/68420732.cms"> signed a joint letter</a> that decried the political interference in India’s statistical institutions like the Central Statistical Office (CSO) and NSSO. The joint statement also cited the government’s concealment of its <a href="https://www.businessinsider.in/a-hidden-jobs-survey-in-india-casts-doubt-on-data-integrity-under-narendra-modi-government/articleshow/67750383.cms">most recent jobs report</a> - the Periodic <keyword id="1830313" type="PERSON" weightage="20" keywordseo="Labour-Force-Survey">Labour Force Survey</keyword> (PLFS) - owing to <a href="https://scroll.in/latest/911462/unemployment-was-at-45-year-high-after-note-ban-shows-centres-buried-report-business-standard">its unfavourable findings</a>. In fact, the only non-government appointed members of the National Statistical Commission resigned from the body at the end of January owing to the shelving of data. SEE ALSO: <a href="https://www.businessinsider.in/indias-bjp-led-government-has-released-a-set-of-revised-gdp-data-that-dramatically-reduces-growth-during-the-previous-administrations-tenure/articleshow/66861828.cms">India’s BJP-led government has released a set of revised GDP data that dramatically reduces growth during the previous administration’s tenure</a> <a href="https://www.businessinsider.in/a-hidden-jobs-survey-in-india-casts-doubt-on-data-integrity-under-narendra-modi-government/articleshow/67750383.cms">Modi government has a hidden jobs report — say two independent bureaucrats who just quit</a>

A big chunk of companies in India's GDP calculation don't exist: Report

Mumbai, Apr 16 () India's GDP growth may slide to 1.1 per cent in the current financial year, on account of the impact of coronavirus outbreak on the economy, a research report by SBI said on Thursday.The economic growth rate during 2019-20 is estimated to come down to 4.1 per cent from 5 per cent projected by several agencies before the outbreak of deadly virus, which affected more than 20 lakh persons around the world and took lives of over 1.3 lakh people.In order to check the spread of COVID-19, the government has decided to extend the lockdown to May 3, with some relaxations for specified sectors.According to the SBI Ecowrap report, the extension of the lockdown would result in economic loss of Rs 21.1 lakh crore or 6 per cent of the nominal Gross Value Added (GVA)."With the lockdown now being extended till May 3 and simultaneously Government providing some relaxations from April 20, we estimate the overall loss for FY21 around Rs 12.1 lakh crore/6 per cent of nominal GVA taking the nominal GVA growth for entire year to be around 4.2 per cent."Nominal GDP for FY21 could be lower/closer to 4.2 per cent, as there is a strong possibility of subsidies outstripping tax collections. However, taking nominal GDP growth at 4.2 per cent, the real GDP growth for FY21 would be around 1.1 per cent," said the report.The lockdown, the report said, will have a significant impact on several macroeconomic parameters.Quoting PLFS survey 2017-18, the report said, there are 37.3 crore workers engaged as self-employed, regular and casual workers, with share of self employed at 52 per cent, casual worker at 25 per cent and the rest engaged as regular wage earners and others."We estimate the income loss per day of these 37.3 crore workers due to lockdown is around Rs 10,000 crore, which translates into a loss of Rs 4.05 lakh crore for the entire lockdown period. For causal labourers, this income loss it at least Rs 1 lakh crore. Thus any fiscal package should at least strive to more than make up for this Rs 4 lakh crore income loss," it added.Secondly, "as our GDP forecasts change, fiscal estimates will also change accordingly. Net Tax Revenue will have a shortfall of at least around Rs 4.12 lakh crores, and Revenue shortfall for states will be Rs 1.32 lakh crores. The revised fiscal deficit would be at 5.7 per cent of GDP and after taking into account only the current EBR the deficit rises to 6.6 per cent of GDP," it noted.The fiscal deficit of the states is expected to rise to 3.5 per cent of GDP from the budgeted 2 per cent in FY21."We estimate that the EBR number will rise significantly as Government will try to mobilise resources more through unconventional means like COVID Bonds, monetisation of deficit and others," as per the report.The consolidated fiscal deficit might rise to 10 per cent of GDP on an unchanged EBR, it said, adding a 4 per cent slippage in nominal GDP tantamount to Rs 8 lakh crore of fiscal support. NKD CS BAL

Economic growth may fall to 1.1 pc this fiscal: SBI report

The current retail inflationary pressures are expected to ease with fresh Kharif arrivals and a pass-through of lower input costs to consumers - also affirmed by <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>'s inflation projections for the next two quarters, the monthly economic review for October compiled by the department of economic affairs said. On inflation, the report by the department of economic affairs said domestic prices of some food items have gone up in the wake of the rise in international prices. <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s grain availability was impacted by the untimely heatwaves and deficiency of the southwest monsoon in the current year. However, export restrictions have ensured that the country's needs are fully met. The department of economic affairs in its report said India's food security has remained intact. Sharp rise in tractor sales in September and October also point towards improved sentiments and an expected increase in crop area sown. The report also indicated the UNDP Multi-Dimensional Poverty Index (MPI) released in October 2022 showed 41.5 crore people exiting multidimensional poverty in India during the last 15 years. India's success in reducing poverty has also contributed to a decline in poverty in South Asia with South Asia no longer remaining the most multi-dimensionally poor region. The report also deals with a global outlook, inflation, food security, poverty, health and employment and <keyword id="6354507" type="General" weightage="80" keywordseo="world" source="Orion">World</keyword> and monetary policy. On domestic inflation, the report said consumer price index (CPI) inflation was largely driven by food inflation with major contributors being imported food items like oil and fats during the first five months of 2022. Since June 2022 however, domestic seasonal factors have increased the inflation of vegetables, cereals and their products, which have contributed to elevating food inflation. On the global outlook, the department of economic affairs said the prospect of a global economic slowdown had led to an outflow of portfolio investments from most countries into safe-haven US treasuries. This, combined with higher policy rates deployed by the <keyword id="6355253" type="General" weightage="50" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> to counter inflation, has significantly strengthened the US dollar vis-a-vis other currencies. According to the report, the depreciation of most currencies has also led to a global drawdown of foreign exchange reserves to protect their values and prevent volatility in the foreign exchange market. On food security, the report said global food security has deteriorated and India may turn out to be an outlier with proactive and pre-emptive government interventions. 2022 brought to the forefront not only the issues of macroeconomic and geopolitical risks but also the vulnerability and interconnectedness of the global food system to shocks. The geopolitical conflict and climatic events have moved the focus to the issues of fragility and over-dependence on a few countries or regions for global food security. The report said, "Russia and Ukraine are among the most important producers of essential agricultural commodities, including wheat, maize, sunflower seeds and inputs like fertilisers. Together with other countries bordering the <keyword id="391209" type="General" weightage="80" keywordseo="black-sea" source="Orion">Black Sea</keyword>, they constitute the world's breadbasket." The Black Sea serves as a critical supply and transit hub to move food commodities from these countries to the rest of the world. As the conflict choked the hub, the movement of food items from these countries to the rest of the world got affected, threatening people's livelihoods directly/indirectly connected with the food business in the Black Sea region. Rising economic activity has led to a decline in the unemployment rate, the department of economic affairs wrote in the report. With the recovery in economic activities across sectors, the overall employment situation has also improved, overcoming the impact of the pandemic. It added that the Periodic Labour Force Survey (PLFS) shows the urban unemployment rate for people aged 15 years and above declining from 12.6 per cent in the quarter ending June 2021 to 7.6 per cent one year later (quarter ending June 2022). This is accompanied by an improvement in the labour force participation rate (LFPR) as well, reflecting that by the time the current year was one-quarter over, the economy had come out of the grip of the Covid-19-induced slowdown, according to the monthly review. In a world where monetary tightening has weakened growth prospects, the finance ministry said India appears well-placed to grow at a moderately brisk rate in the coming years on account of the priority it accorded macroeconomic stability. It added the financial system stress in the second decade of the millennium, a consequence of the lending boom witnessed in the first decade-plus, is now behind us. It also added that private sector financial and non-financial balance sheets are healthy and incipient signs of a new personal sector capital formation cycle are visible. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-16-paise-to-81-54-against-us-dollar/articleshow/95758455.cms">Rupee gains 16 paise to 81.54 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-hc-grants-bail-to-yes-bank-co-founder-rana-kapoor-in-rs-466-51-cr-money-laundering-case/articleshow/95760025.cms">Delhi HC grants bail to Yes Bank co-founder Rana Kapoor in Rs 466.51 cr money laundering case</a>

Retail inflationary pressures expected to ease with fresh Kharif arrivals: Finance Ministry

Mumbai, Jul 3 () The recommencement of commercial passenger flight services in a graded manner is unlikely to help the domestic aviation industry recover in the current financial year with domestic air traffic expected to shrink by 41-46 per cent and international travel demand by a negative 67-72 per cent year-on-year owing to COVID-19, a report said on Friday. The domestic passenger flight services restarted from May 25 after a two months hiatus due to the lockdown in the wake of coronavirus pandemic. The international operations, however, remained suspended since March 22 for similar reasons. The government on Friday extended the suspension of scheduled international flights till July 30. It, however, said that some international scheduled routes may be permitted on a case-to-case basis. "As per our study, though restricted recommencement of domestic air traffic has begun, this will in no case help the industry to recover the lost ground in FY2021. However, H2 FY2021 will witness some recovery, with Q4 FY2021 witnessing a degrowth of just 3-14 per cent y-o-y in domestic with improved passenger load factors (PLFs)," ratings agency Icra said in the report. Icra said it expects the impact of the COVID-19 outbreak to be more profound and long lasting on international travel compared to domestic travel, and "overall FY2021 is expected to witness around 41-46 per cent de-growth in domestic passenger traffic while the international passenger volume are likely to witness a significant de-growth of about 67-72 per cent y-o-y." The international traffic may improve sequentially, with the March quarter of the fiscal likely to witness a de-growth of 30-40 per cent y-o-y, it added. "The domestic passenger traffic has gradually increased from 30,550 on Day 1 (of recommencement) with a peak of 72,583 on Day 21. Since then, the same has remained above 58,000 (till Day 37, which was June 30, 2020). "In the similar period, the number of flights departing has also gradually increased from 416 on Day 1 to 723 on Day 37, with a peak of 826 flights on June 22, 2020. However, this is significantly lower than the average daily departures of 2,882 flights in June 2019," said Kinjal Shah, Vice President, Icra. According to Shah, the domestic airlines are operating at a lower capacity – total 21,696 departures in June 2020, as against 86,456 departures in June 2019, resulting in a 74.9 per cent reduction y-o-y in capacity deployment. For June, the domestic passenger traffic was 19.5 lakh, as against 119.9 lakh in June 2019, a de-growth of 83.7 per cent over the year-ago period. The average number of passengers per flight during June was 90, as against an average of 139 passengers per flight in June last year, Icra said. "Thus, it is estimated that the domestic aviation industry operated at a PLF of about 58 per cent in June, as against 89.3 per cent in June 2019, that too on a very low capacity. For May (25th to 31st), the first week domestic passenger traffic was 2.6 lakh, as against 115.6 lakh in May 2019, resulting in a y-o-y de-growth of 97.7 per cent," she said. However, under the Vande Bharat Mission (VBM) for evacuation of Indian citizens from foreign shores, which started from May 7, the international passenger traffic (in-bound and outbound) has been 2,26,675 for the period between May 7 and June 30, which is a de-growth of 93.7 per cent over May and June 2019, Icra said. As for aviation turbine fuel (ATF) prices, following the pandemic outbreak, crude oil prices declined materially – reached a low of around USD 19/ barrel in April, thereby leading to a decline in ATF prices, as per the ratings agency. However, crude oil prices have increased gradually since then, and currently ranges around USD 41/ barrel. Consequently, the ATF prices have also increased sequentially by 13.3 per cent in June, and by 24.1 per cent in July, it said. IAS MR

You Searched For "plfs" and got 11 results

Nearly 93% of the population in India lacks vocational and technical skills: Report

Prerna Sindwani

More women are drawing salaries in India but the gender pay gap persists

Prerna Sindwani

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

IANS

A large section of women are vanishing from the workforce in India

BI India Bureau

Unemployment in India highest among urban youth, says government data

Prerna Sindwani

Gig economy added 40,000 new women workers, but at low wages

Prerna Sindwani

108 economists and academics just asked the Indian government to stop interfering with economic data

Dilsher Dhillon

A big chunk of companies in India's GDP calculation don't exist: Report

BI India Bureau

Economic growth may fall to 1.1 pc this fiscal: SBI report

PTI

Retail inflationary pressures expected to ease with fresh Kharif arrivals: Finance Ministry

ANI

Domestic air traffic to decline by 41-46pc in FY21 due to COVID impact: Icra

PTI

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