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The Supreme Court on Wednesday asked the Union government if a change in law is warranted on the legal question of whether a person holding a driving licence for a light motor vehicle is entitled to legally drive a <keyword id="1049502" type="General" weightage="20" keywordseo="transport-vehicle" source="Orion">transport vehicle</keyword> of a particular weight. Observing that these are policy issues impacting the livelihood of lakhs of people, a five-judge constitution bench headed by Chief Justice <keyword id="445662" type="General" weightage="50" keywordseo="d-y-chandrachud" source="Orion">D Y Chandrachud</keyword> said the government needs to take a "fresh look" at the matter while asserting that it needs to be taken up at the policy level. The top court asked the Centre to wrap up the exercise within two months and apprise it about the decision taken. It said any interpretation of the law must duly take into account valid concerns of road safety and the safety of other users of public transport. The top court had earlier sought the assistance of Attorney General R Venkataramani in dealing with a legal question about whether a person holding a driving licence for a light motor vehicle is entitled to legally drive a transport vehicle of a particular weight. The constitution bench had said knowing the position of the Ministry of Road Transport and Highways will be necessary after it was argued that the apex court's 2017 verdict in the case of Mukund Dewangan versus Oriental Insurance Company Limited was accepted by the Centre and rules were amended to align them with the judgement. In the Mukund Dewangan case, a three-judge bench of the top court had held that transport vehicles, the gross weight of which does not exceed 7,500 kg, are not excluded from the definition of LMV. "There may be lakhs of drivers across the country who are working on the basis of Dewangan judgment. This is not a constitutional issue. It is purely a statutory issue," the bench, also comprising Justices Hrishikesh Roy, P S Narasimha, Pankaj Mithal and Manoj Misra, said. "This is just not the question of law but also the social impact of the law... Road safety has to be balanced with the social purpose of the law and you have to see if this causes serious hardships. We cannot decide issues of social policy in a constitution bench," it said. The apex court said once the government informs its stand to the court, the hearing in the constitution bench will be taken up thereafter. The Constitution bench is dealing with a legal question which reads: "Whether a person holding a driving licence in respect of 'light motor vehicle' could on the strength of that licence, be entitled to drive a 'transport vehicle of light motor vehicle class' having unladen weight not exceeding 7,500 kg." On July 18, the constitution bench commenced hearing as many as 76 petitions to deal with the legal question. It had then heard the arguments of senior advocate Siddharth Dave, appearing for one of the petitioners, on alleged anomalies in the Motor Vehicle Act with regard to regimes for dealing with the grant of driving licenses for different categories of vehicles. The lead petition was filed by M/s Bajaj Allianz General Insurance Co Ltd. The legal question has given rise to various disputes over payment of claims by insurance companies in accident cases involving transport vehicles being driven by those having licences to drive LMVs. The Motor Vehicle Act provides for different regimes for the granting of driving licences for different categories of vehicles. The matter was referred to the larger bench on March 8, 2022, by a three-judge bench headed by Justice U U Lalit, since retired. It was said that certain provisions of the law were not noticed by the apex court in the Mukund Dewangan judgement and "the controversy in question needs to be revisited".

Can you drive a light transport vehicle if you have an LMV licence? SC asks Centre to respond

<ul><li>In initial trade, the rupee also touched ₹81.75 against the American currency.</li><li>On Wednesday, the rupee plunged below the 82-mark for the first time in intraday trade. </li><li>Most Asian and emerging market peers started weak on Thursday morning. </li></ul> The rupee appreciated 35 paise to ₹81.58 against the US dollar in early trade on Thursday as the American currency retreated from its elevated levels. At the interbank foreign exchange, the domestic unit opened at 81.60 against the dollar, then touched ₹81.58, registering a gain of 35 paise over its previous close. In initial trade, the rupee also touched ₹81.75 against the American currency. On Wednesday, the rupee plunged below the 82-mark for the first time in intraday trade before settling 40 paise down at 81.93 against the dollar. According to <keyword id="12163709" type="General" weightage="80" keywordseo="sriram-iyer" source="Orion">Sriram Iyer</keyword>, Senior Research Analyst at <keyword id="197560" type="General" weightage="80" keywordseo="reliance-securities" source="Orion">Reliance Securities</keyword>, the rupee opened stronger on Thursday, tracking the overnight weakness of the dollar and <keyword id="6374832" type="General" weightage="80" keywordseo="treasury" source="Orion">treasury</keyword> yields. However, concerns on fiscal loosening and monetary tightening will keep the dollar supported and cap gains for the local currency. Most Asian and emerging market peers started weak on Thursday morning and will also cap gains in the rupee. "Investors now await the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>'s monetary policy committee's decision on Friday, with growing expectations of a 50-basis points hike due to the pressure on the rupee from hefty interest rate hikes in the US," Iyer noted. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.61 per cent to 113.28. Brent crude futures, the global oil benchmark, fell 0.46 per cent to $ 88.91 per barrel. In the domestic equity market, the 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> was trading 361.13 points or 0.64 per cent up at 56,959.41 and the broader <keyword id="372424" type="General" weightage="80" keywordseo="nse-nifty" source="Orion">NSE Nifty</keyword> rose 133.75 points or 0.79 per cent to 16,992.35. <keyword id="6438315" type="General" weightage="80" keywordseo="foreign-institutional-investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets as they offloaded shares worth ₹ 2,772.49 crore on Wednesday, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/after-a-long-suspension-pornhubs-account-has-been-permanently-banned-from-instagram/articleshow/94524189.cms">After a long suspension, Pornhub's account has been permanently banned from Instagram</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/r-venkataramani-appointed-as-the-attorney-general-of-india-for-three-years/articleshow/94523487.cms">R Venkataramani appointed as the Attorney General of India for three years</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/akash-ambani-named-in-time100-next-list-as-an-emerging-leader/articleshow/94523030.cms">Akash Ambani named in Time100 NEXT list as an emerging leader</a>

Rupee appreciated 35 paise against the US dollar

<ul class="summary-list"><li><keyword id="6361649" type="UNKNOWN" weightage="60" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> has informed employees of a new cryptocurrency trading desk, the bank confirmed.</li><li>It is the first time the US bank has formally acknowledged involvement in crypto-trading.</li><li>The <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> team will report to Goldman partner, Rajesh Venkataramani.</li></ul><a href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> formally announced the launch of its newly-formed cryptocurrency trading desk to <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> employees, according to an <keyword id="511324" type="PERSON" weightage="60" keywordseo="internal-memo">internal memo</keyword> obtained by Insider.The team has successfully executed two types of <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>-linked trades - bitcoin non-deliverable futures and CME BTC futures, the bank said.Members will report to Goldman partner Rajesh Venkataramani. It will function as part of the bank's global currencies and emerging markets trading team within a division led by the global head of digital assets, Mathew McDermott.Goldman had been weighing plans to create a crypto trading desk as early as 2017, according to <a href="https://www.cnbc.com/2021/05/07/goldman-sachs-unveils-new-cryptocurrency-trading-team-in-employee-memo.html">CNBC</a>. Thursday's memo is the first time the US bank has formally acknowledged its involvement in the reported plans.It plans to broaden its market presence by "selectively onboarding" crypto trading institutions to expand offerings, according to the memo.CEO David Solomon said last month he <a href="https://markets.businessinsider.com/currencies/news/bitcoin-regulation-cryptocurrencies-goldman-sachs-ceo-predicts-big-evolution-2021-4-1030280731">expects a "big evolution</a>" in the way bitcoin and other cryptocurrencies are regulated in the United States. "I'm not going to speculate on where the rules will go for regulated financial institutions, but we're going to continue to find ways to serve our clients as we move forward," he told CNBC in an interview.<h3>A copy of the internal memo obtained by Insider is seen below:</h3>May 6, 2021 Formation of Cryptocurrency Trading Team I am pleased to announce the formation of the firm's cryptocurrency trading team, which will be our centralized desk for managing cryptocurrency risk for our clients. The Crypto trading team will be a part of Global Currencies and Emerging Markets (GCEM), reporting to me, within the firm's Digital Assets effort led by Mathew McDermott. As a part of our initial launch, we have successfully executed Bitcoin (BTC) NDFs and CME BTC future trades on a principal basis, all cash settling. Looking ahead, as we continue to broaden our market presence, albeit in a measured way, we are selectively onboarding new liquidity providers to help us in expanding our offering. In addition, yesterday we launched our Digital Assets dashboard which provides daily and intraday cryptocurrency market data and news to our clients. We invite you to highlight the dashboard to your clients. For more information on trade approval and onboarding, contact the Digital Assets team. Please note, the firm is not in a position to trade Bitcoin or any Crypto Currency (inc. Ethereum) on a physical basis. Rajesh VenkataramaniCNBC <a href="https://www.cnbc.com/2021/05/07/goldman-sachs-unveils-new-cryptocurrency-trading-team-in-employee-memo.html">first reported</a> the bank's announcement.Other large investment <keyword id="6368751" type="UNKNOWN" weightage="60" keywordseo="banks">banks</keyword> are also warming up to cryptocurrencies. JPMorgan, the largest US investment bank by assets, is actively working on offering a <a href="https://markets.businessinsider.com/currencies/news/jpmorgan-bitcoin-fund-wealthy-clients-access-summer-actively-managed-crypto-2021-4-1030346164">bitcoin fund to its private rich clients</a>. Citi plans to launch crypto trading services after seeing surging interest from clients, according to the <a href="https://markets.businessinsider.com/currencies/news/citi-plans-to-launch-crypto-trading-services-boom-client-interest-2021-5-1030401405">Financial Times</a>.

Goldman Sachs announces a new crypto trading team in an internal memo

<ul><li><keyword id="1558972" type="General" weightage="20" keywordseo="vim" source="Orion">Vim</keyword>'s campaign speaks to the mindset that when a man does the dishes, he's 'helping' the woman of the house.</li><li>It is conceptualised by Lowe Lintas. </li></ul>Indian women are successfully thriving in numerous fields. They have big dreams and take pride in expressing themselves – as homemakers, as mothers, as artists or as CEOs! Caregiving and household chores are only a part of and not their only responsibilities. But societal limitations of defining them only through chores obstruct them. VIM’s latest ad campaign - ‘Nazariya Badlo, Dekho Bartano Se Aage’ is a nudge to society to see women beyond archaic roles. The TVC is a story of a prospective matrimonial arrangement, where the ‘independent guy’ under the implicit assumption that it is the wife’s job to cook and clean, tries to impress the girl by offering to ‘help’ her with cooking. The girl immediately offers to ‘help’ him with dishes, gently nudging him to be independent in household chores as well, as she could get late from work. The boy’s initial shock and eventual change of perspective drives home the campaign message of ‘Nazariya Badlo, Dekho Bartano Se Aage’. The girl in the ad is not only ‘more than her chores’ but also a change-maker who calls for equal partnership. <div type="Youtube" id="cWIo7lTfdqs" title="Vim Liquid | Making dishwashing easy (Hindi)" thumbUrl="https://i.ytimg.com/vi/cWIo7lTfdqs/mqdefault.jpg"></div> Commenting on the launch of the campaign, <keyword id="7230683" type="General" weightage="20" keywordseo="prabha-narasimhan" source="Orion">Prabha Narasimhan</keyword>, Executive Director &amp; VP – Home Care, South Asia said, “Vim is the market leader in Dishwash by far and has helped make the dishwashing process easier and hassle-free over the ages. We are inspired by the successful women around us who excel in whatever they do, being homemakers and decision-makers. They are already way more than chores, but sometimes get limited by society’s definition of chores being a woman’s primary responsibility. If we offload them from these societal stereotypes and the stress caused by them, there is so much more they can and will be. At Vim, that is precisely going to be our endeavour with ‘Nazariya Badlo, Dekho Bartano Se Aage’. Speaking about the same, <keyword id="3433640" type="General" weightage="20" keywordseo="prateek-bhardwaj" source="Orion">Prateek Bhardwaj</keyword>, Chief Creative Officer – Lowe Lintas said, “This campaign speaks to the mindset that when a man does the dishes, he's 'helping' the woman of the house. An act for which society applauds him, when in fact it’s something that he should be doing as a member of the household. Nudging the society to realize this double standard that exists was at the heart of this campaign." Brand Team: Prabha Narasimhan: Executive Director &amp; VP – Home Care, South Asia Aditya Kashyap: General Manager Home and Hygiene, Home Care, South Asia Agency Credits: Chief Creative Officer: Prateek Bhardwaj Chief Operating Officer: Anaheeta Goenka Strategy President: Kunal Joshi VP, Planning: Sundernarayan Venkataramani Regional Creative Director: Shayondeep Pal Group CD and Copywriter: Sidhant Mago Group CD (Art): Zeth AP &amp; Sushant Joshi AVP Account Management: Arjun Hari Client Services Director: Arpita Chakraborty Account Manager: Triptesh Mehta Production House: Chrome Pictures Director: Amit Sharma Executive Producer: Abhishek Notani Producer &amp; Editor: Richa Sharma

Vim's new ad is a nudge to society to see women beyond archaic roles

<div class="KonaFilter image-container display-table"><div><div class="image on-image">RocksetRockset co-founders Venkat Venkataramani (CEO) and Dhruba Borthakur (CTO)</div></div></div><ul class="summary-list"><li>On Thursday, Rockset - a serverless search and analytics startup founded in 2016 by two ex-Facebook employee - announced that it has formally launched its new data platform and raised $21.5 million in funding.</li><li>For the past two years, Rockset has been lying low, as its engineers have been working on developing a platform targeted at developers and data scientists.</li><li>Venkat Venkataramani, Rockset co-founder and CEO, tells Business Insider about how his experience working with Facebook's data instructure influenced his startup today.</li></ul>For the past two years, a startup founded by two ex-Facebook employees has been lying low. Since 2016, the employees at Rockset have been quietly working on a new kind of data platform. But on Thursday, the now startup has formally launched its product, and announced it had raised $21.5 million in seed and Series A funding from top-tier Silicon Valley venture firms Greylock Partners and Sequoia Capital. Rockset's new cloud-based data platform is targeted at developers building data-driven applications and data scientists managing this data. Right now, software teams using traditional databases - like those from Oracle - have to take extra steps to prepare data to be read by software. Rockset aims to cut the middleman, speeding the process by which data and apps can "talk" to each other."There's nothing like this out there," Venkat Venkataramani, Rockset co-founder and CEO, tells Business Insider. "One of the challenges has been how quickly we can build for the market. We've been working very, very hard."Before leaving to start Rockset, Venkataramani spent eight years at <a href="https://www.businessinsider.com/facebook-workplace-url-change-2018-10">Facebook</a> managing online data and search infrastructure, which supported <a href="https://www.businessinsider.com/facebook-warns-security-and-safety-costs-will-rise-in-2019-2018-10">Facebook</a>'s growth from 40 million up to a peak of <a href="https://www.businessinsider.com/facebook-daily-active-users-q4-2014-2015-1">1.5 billion users</a> at the time. He credits <a href="https://markets.businessinsider.com/news/stocks/facebook-stock-price-earnings-decelerating-growth-what-wall-street-says-2018-10-1027676111">Facebook</a> with much of the philosophy he learned and applies at Rockset. For example, he says, <a href="https://markets.businessinsider.com/news/stocks/facebook-stock-price-earnings-reaction-2018-10-1027675660">Facebook</a> is known for being fast and never going down (well, <a href="https://www.businessinsider.com/news-website-traffic-jumps-facebook-goes-down-chartbeat-data-2018-9">almost</a>). And from <a href="https://www.businessinsider.com/facebook-mark-zuckerberg-give-evidence-by-global-lawmakers-2018-10">Facebook</a>, he realized that he wanted Rockset to make complex problems as simple as possible."I walked away thinking, the world [of data infrastructure] is way too complex," Venkataramani said. "It's not available for everyone. We started thinking, why does it have to be complex? What's the simplest product we can build?"Read more: <a href="https://www.businessinsider.com/facebook-workplace-url-change-2018-10">Facebook's product for businesses, Workplace, is taking a step to distance itself from the social network after a string of scandals</a>Leaving Facebook to start something completely new was a risk. Venkataramani left in 2015, but it still "feels like yesterday." Ultimately, he says, he settled into a groove to the point where things were "really comfortable" at Facebook, to the point where he "personally got uncomfortable.""I didn't feel like I was learning as much as I used to. I wanted to make myself uncomfortable again."He and co-founder Dhruba Borthakur, another ex-Facebook employee, started talking to other developers about his vision, writing out the problems on a whiteboard. The two would ultimately team up to make Rockset a reality.With the funding, Rockset plans to hire more employees as it grows its customer base. Rockset now has 16 employees, and they're about to add four more employees who have been hired but have not yet started. "Product engineers should be bottlenecked by their creativity, not what the data infrastructure can do for me," Venkataramani said. "We value how much we can add to customers' lives. We take complex, hard things and make them as easy as possible." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/valentina-tereshkova-first-woman-space-travel-russia-2015-11">The first woman in space almost didn't make it back to Earth and she had to keep it a secret for 30 years</a></h3> <div> </div> </div>

Two ex-Facebook employees just came out of nowhere with $21.5 million in funding for their new startup

New Delhi, Mar 20 () State-owned NBCC Ltd will float a tender for development of eight stalled housing projects of crisis-hit Amrapali group in Noida and Greater Noida with an estimated value of over Rs 5,000 crore. In a regulatory filing, NBCC said the company has received a letter from R Venkataramani, court receiver appointed by the Supreme Court, dated March 18 "to call the tender for 8 Housing projects comprising 23013 Housing Units at Noida and Greater Noida having estimated project value of Rs 5075.75 crore." The apex court had appointed NBCC to develop these projects and fixed the project management fees at 8 per cent. In August last year, NBCC had said it will not "invest any money" in completing Amrapali's stalled projects that require a whopping Rs 8,500 crore. MJH ABM

NBCC to float tender for development of 8 housing projects of Amrapali

<ul class="summary-list"><li>After dismal jobs numbers in the spring, about half of states in the US ended federal <keyword id="11898806" type="UNKNOWN" weightage="60" keywordseo="unemployment" source="Orion">unemployment</keyword> early.</li><li>But research has continually shown that ending benefits had little effect on states' employment.</li><li>However, it did cause a big dip in spending - and unemployment is associated with cutting down food insecurity.</li></ul>Americans who've already lost <keyword id="11898807" type="UNKNOWN" weightage="60" keywordseo="unemployment-benefits" source="Orion">unemployment benefits</keyword> aren't going back to work in droves - instead they are spending less and may not be getting enough to eat.Federal unemployment benefits have become one flashpoint in the debate over pandemic economic recovery. When the spring's jobs number showed that people weren't flocking back to the workforce as quickly as expected, 25 GOP governors (and one Democratic governor) pointed to enhanced benefits as a deterrent - and opted to <a href="https://www.businessinsider.com/republican-states-cutting-unemployment-benefits-expanded-300-weekly-biden-stimulus-2021-5">cut off</a> most, or all, of them completely ahead of the September expiration.The result: Millions of Americans <a href="https://www.businessinsider.com/republican-governors-ending-unemployment-benefits-continuing-claims-labor-shortage-jobs-2021-7">losing benefits early</a>, <a href="https://www.businessinsider.com/laid-off-workers-unemployment-aid-lawsuits-gop-governors-2021-7">ongoing lawsuits</a> from workers cut off, and an <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> where workers <a href="https://www.businessinsider.com/record-number-workers-quitting-in-third-month-here-to-stay-2021-8">continue to quit</a> at elevated rates.However, there's one thing that increasingly hasn't happened. Research has continually found that cutting off the benefits early had little difference on job growth and employment. The latest analysis comes from the <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fstates-that-cut-unemployment-benefits-saw-limited-impact-on-job-growth-11630488601">Wall Street Journal</a>, which found that there was "roughly similar job growth" in states that did and did not opt out of benefits. Economist Peter Ganong, who co-authored a <a href="https://cpb-us-w2.wpmucdn.com/voices.uchicago.edu/dist/1/801/files/2018/08/disincentive_effects_of_expanded_ui.pdf">paper</a> that found the disincentive effect of benefits was small, told the Journal: "If the question is, 'Is UI the key thing that's holding back the labor market recovery?' The answer is no, definitely not, based on the available data." That aligns with other early research on the impact of benefits ending. <a href="https://www.cnbc.com/2021/08/04/early-end-to-federal-unemployment-pay-in-26-states-not-getting-people-to-work.html">CNBC reports</a> that analyses from payroll firms UKG and Homebase both found that employment didn't go up in the states cutting off the benefits; in fact, that <a href="https://joinhomebase.com/wp-content/uploads/2021/08/Homebase-July-Report.pdf?sscid=91k5_o85j&amp;utm_source=affiliate&amp;utm_medium=partner&amp;utm_campaign=314743paign=314743">Homebase analysis found</a> that employment declined in the states opting out of federal benefits, while it went up in states that chose to retain benefits. In June, Indeed's Hiring Lab <a href="https://www.hiringlab.org/2021/06/22/job-postings-through-june-18-2021/">found</a> that job searches in states ending benefits were below April's baseline.In July, Arindrajit Dube, an economics professor at University of Massachusetts Amherst, <a href="https://www.businessinsider.com/unemployment-benefits-jobs-growth-employment-ui-states-cutting-early-gop-2021-7">found</a> that ending benefits didn't make workers rush back."Even as there was a clear reduction in the number of people who were receiving unemployment benefits - and a clear increase in the number of people who said that they were having difficulty paying their bills - that didn't seem to translate, at least in the short run, into an uptick in overall employment rates," Dube told Insider at the time.<h2>But the impact on people and economies is very real</h2>In August, Dube - along with researchers from Harvard University, Columbia University, and University of Toronto - released a new paper looking at 19 states who withdrew benefits early. They found that ending benefits had a small impact on employment in those states: "For every 8 workers who lost their benefits, 1 worker found a new job."But the bigger hit came to spending and states' economies. The <a href="https://www.businessinsider.com/ending-unemployment-benefits-early-cost-states-2-billion-in-spending-2021-8">researchers</a> found that consumer spending in those states dropped by $2 billion - "for every $1 of reduced benefits, spending fell by 52 cents." A <a href="https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2775731">January paper</a> from Julia Raifman, Jacob Bor, and Atheendar Venkataramani looked at the link between unemployment insurance and food insecurity. They concluded that UI "was associated with a 35% reduction in reporting any food insecurity and a 48% decline in eating less due to financial constraints."Now, an estimated 7.5 million Americans are set to lose all of their federal benefits in a matter of days, according to an <a href="https://tcf.org/content/report/7-5-million-workers-face-devastating-unemployment-benefits-cliff-labor-day/?session=1">analysis</a> from the left-leaning Century Foundation. Dube's research extrapolates that that could lead to $8 billion less in spending in September and October. It could also lead to a reversal in those food insecurity trends.

The research keeps coming about how governors hurt their states when they cut off unemployment benefits early

<ul><li>The drop in automobile sales will cost India nearly a million jobs. </li><li>The auto sector employs roughly 5 million workers in India, including 3.5 million contractual roles. </li><li>The auto sector saw a 17% drop in passenger vehicles sale in April. </li><li>Employers hire contractual staff at the time of growth while nearly 20% jobs are lost during production cuts.</li></ul><keyword id="46211" type="ORGANIZATION" weightage="20" keywordseo="Auto-sales">Auto sales</keyword> have been going down for over a year now, and it has resulted in production cuts. So much so, many dealerships have shut down too. The trickle down effect for the sector has started— as a <a href="https://economictimes.indiatimes.com/auto-component-industry-fears-loss-of-10-lakh-jobs-due-to-prolonged-slowdown/articleshow/70362395.cms">million contractual workers are at risk of losing their jobs</a>. This accounts for nearly 10%-15% layoffs per company. What’s worse is that the industry pegs this number much higher, owing to its tepid sales. The passenger vehicle sales in India saw a dip in April at 17% — the lowest in the last eight years, shows the data by Society of Indian Automobile Manufacturers (SIAM). This unprecedented decline has impacted both contractual and permanent employees. The <keyword id="6369865" type="UNKNOWN" weightage="20" keywordseo="job-loss">job loss</keyword> is largely due to the slowdown in sales in Gurugram-Manesar belt of Haryana, Pune, Jamshedpur and some parts of Madhya Pradesh, according to Automotive Component Manufacturers Association of India (ACMA). The auto sector employs roughly 5 million workers in India — including 3.5 million employed contractually. The sector employs a high percentage of contractual workers due to vagaries in production and demand in the sector. Employers hire contractual staff at the time of growth while <a href="https://www.livemint.com/auto-news/slowdown-in-auto-sales-10-15-people-lost-jobs-in-auto-component-industry-1563960909599.html">nearly 20% jobs</a> are lost during production cuts, explained Vinnie Mehta, director general, ACMA. “The industry needs urgent government intervention. There is an immediate need to stimulate vehicle demand and also sustain it post BS-VI implementation, as vehicles will become significantly expensive thereafter,” Ram Venkataramani, President, ACMA <a href="https://www.thehindubusinessline.com/economy/auto-component-industry-fears-loss-of-10-lakh-jobs-due-to-prolonged-slowdown/article28697949.ece">told</a> BusinessLine. “Whenever there is production cut of 20% by OEMs then there is job losses across the value chain of component manufacturers," he added. The exports in the sector also dropped to 17% during the last fiscal, which accounts to roughly ₹1 trillion. The industry exports nearly 26% of its components and products. See also: <a href="https://www.businessinsider.in/mahindra-mahindra-joins-maruti-suzuki-to-announce-a-car-price-hike/articleshow/69868857.cms">Car sales are woefully slow in India but prices are rising due to new green norms</a> <a href="https://www.businessinsider.in/maruti-mahindra-had-the-toughest-quarter-in-a-decade-as-car-sales-are-slow/articleshow/70287195.cms">A global investment firm has 'SELL' rating on 70% of Indian car makers because sales may not pick up speed</a> <a href="https://www.businessinsider.in/cellestial-e-mobility-has-raised-funds-to-launch-electric-tractors/articleshow/70344435.cms">A Hyderabad-based startup has raised funds to launch its electric tractors</a>

Auto sector slowdown puts one million contractual jobs at risk

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>It's partner day at Goldman Sachs!
The list of the 78 new partners is out. 
Being named a partner at Goldman is a huge deal. It's one of the most highly-coveted titles on Wall Street. 
Partners are picked every two-years during an extremely intense and secretive selection process.
In 2012, the bank tapped only 70 partners compared to 110 in the previous cycle. The size of the partner class isn't pre-dictated, though. However, it usually tends to be between 1.5 and 1.9% of the full-time employee population at the firm.
This morning, CEO Lloyd Blankfein and president/COO Gary Cohn personally called folks at their desks to let them know they've been made a partner.
The calls usually begin around 5 a.m. EST with the Asia offices and continue until around 9 a.m. EST. 
Here's the list: 
<table style="width: 780px;" border="1">
<tbody>
<tr>
<td>Fadi Abuali</td>
<td>Jan Fritze</td>
<td>Etsuko Kobayashi</td>
<td>Kunal Shah (London)</td>
</tr>
<tr>
<td>Aaron Arth</td>
<td>Dino Fusco</td>
<td>Nyron Latif</td>
<td>Richard L. "Jake" Siewert</td>
</tr>
<tr>
<td>Jennifer Barbetta</td>
<td>Huntley Garriott</td>
<td>Greg Lee</td>
<td>Jason Silvers</td>
</tr>
<tr>
<td>Thomas Barrett</td>
<td>Jeff Gido</td>
<td>Dirk Lievens</td>
<td>Kevin Sterling</td>
</tr>
<tr>
<td>Gerard Beatty</td>
<td>Littleton Glover</td>
<td>Kyri Loupis</td>
<td>Umesh Subramanian</td>
</tr>
<tr>
<td>Shane Bolton</td>
<td>Cyril Goddeeris</td>
<td>John Madsen</td>
<td>Dan Swift</td>
</tr>
<tr>
<td>Will Bousquette</td>
<td>Alexander Golten</td>
<td>Richard Manley</td>
<td>Ben Thorpe</td>
</tr>
<tr>
<td>Kane Brenan</td>
<td>Jason Gottlieb</td>
<td>Michael Marsh</td>
<td>Oliver Thym</td>
</tr>
<tr>
<td>Tavis Cannell</td>
<td>Joanne Hannaford</td>
<td>Ali Meli</td>
<td>Joe Todd</td>
</tr>
<tr>
<td>T.J. Carella</td>
<td>Julie Harris</td>
<td>David Miller</td>
<td>Hiroyuki Tomokiyo</td>
</tr>
<tr>
<td>Gary Chropuvka</td>
<td>Edouard Hervey</td>
<td>Joseph Montesano</td>
<td>Thomas Tormey</td>
</tr>
<tr>
<td>Darren Cohen</td>
<td>Matthias Hieber</td>
<td>Eric Muller</td>
<td>Mark Van Wyk</td>
</tr>
<tr>
<td>Stephanie Cohen</td>
<td>Charles Himmelberg</td>
<td>Manikandan Natarajan</td>
<td>Rajesh Venkataramani</td>
</tr>
<tr>
<td>Kathleen Connolly</td>
<td>Sean Hoover</td>
<td>Fergal O'Driscoll</td>
<td>Matthew Verrochi</td>
</tr>
<tr>
<td>Sara Devereux</td>
<td>Pierre Hudry</td>
<td>Kristin Olson</td>
<td>Owen West</td>
</tr>
<tr>
<td>Iain Drayton</td>
<td>Irfan Hussain</td>
<td>Jernej Omahen</td>
<td>Ronnie Wexler</td>
</tr>
<tr>
<td>Carlos Fernandez-Aller</td>
<td>Kevin Kelly</td>
<td>Nicholas Phillips</td>
<td>Xiaoyin Zhang</td>
</tr>
<tr>
<td>Jonathan Fine</td>
<td>Tammy Kiely</td>
<td>Rob Pulford</td>
<td>Adam Zotkow</td>
</tr>
<tr>
<td>Meena Lakdawala Flynn</td>
<td>Maxim Klimov</td>
<td>Colin Ryan</td>
<td> </td>
</tr>
<tr>
<td>David Friedland</td>
<td>Edward Knight</td>
<td>Carsten Schwarting</td>
<td> </td>
</tr>
</tbody>
</table>

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