RURAL UNEMPLOYMENT
Drought gripping Morocco is bad omen for global food supplies
Facing severe droughts, Morocco's farming sector struggles with plummeting wheat yields, impacting fruit and vegetable exports and widening income disparities.
India's roaring growth may not change the story of its great divide, finds economists' poll
A nearly 85% majority of development economists and policy experts, 43 out of 51, in a May 15-June 18 Reuters poll, said they were not confident economic inequality would significantly reduce over the next five years, including 21 who said they had no confidence at all.
Job creation is India's top economic challenge, policy experts say
According to a poll of policy experts by Reuters, tackling India's chronic joblessness will be the biggest challenge for the government over the next five years, despite the country's status as the world's fastest-growing major economy. The economy grew more than 8% last fiscal year, but this growth has not translated into sufficient job creation, particularly for young people. The recent parliamentary elections saw Prime Minister Narendra Modi's BJP losing its majority, partly due to issues such as widening inequality, inflation pressure, and a lack of well-paying jobs.
Informal manufacturing and services gained during FY23, trade share declined: Govt data
The gross value added of unincorporated manufacturing companies increased by 19.14% to ₹3.6 lakh crore in 2022-23 (October-September) compared with ₹2.77 lakh crore in 2021-22 (April-March), data released by the Ministry of Statistics and Programme Implementation showed.
In Modi's stronghold, voters chose jobs over new Hindu temple
India's grand Hindu temple opening, aimed at bolstering PM Modi's Hindu-first agenda ahead of elections, backfired as BJP lost key seats due to voter discontent over unemployment and inflation. Despite retaining power, BJP's reduced margin reflects public focus shifting from religious issues to economic concerns. The opposition Samajwadi Party capitalised on these grievances, signaling a potential shift in political priorities away from religious symbolism.
Rural vote fall cost Modi a decisive election win
In last month's election, BJP lost a third of its rural parliamentary constituencies, reflecting rural discontent over lack of jobs and high inflation. This cost the ruling party its majority in parliament, forcing Modi to rely on regional allies to govern. The BJP retained only 126 of the 201 rural seats it previously held. Issues like rural distress and economic disparities were cited by voters.
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UP CM Yogi Adityanath asks govt officers to push filling up vacancies
After BJP's loss of 29 Lok Sabha seats in Uttar Pradesh, Chief Minister Yogi Adityanath instructed heads of administrative departments to expedite filling up vacant government positions. Unemployment, tardiness in filling government posts, and paper leaks were key issues during the Lok Sabha season, impacting the BJP's performance in the state.
A humbled Modi needs allies, and answers to India's unemployment, inflation
Indian Prime Minister Narendra Modi is set to win a rare third term in office, but with a smaller-than-expected mandate. He will have to rely more on allies to form government. Populism and welfare policies will "gain currency" as Modi will have to depend on regional leaders, said an analyst.
Election Result 2024: Narendra Modi-led NDA wins world's largest elections, but there's a lot to brood over
Election Result 2024: The BJP-led National Democratic Alliance (NDA) is struggling to achieve the 400-seat target set by Prime Minister Narendra Modi in the 2024 Lok Sabha election. Falling short of the 272-seat majority mark, the BJP will need support from key allies like Chandrababu Naidu's TDP and Nitish Kumar's JD(U) to form the next government. Unemployment, inflation, inequality, farmers' protests, and concerns over a repressive government are major challenges for the new NDA coalition government.
Lok Sabha elections results: A win by any margin is just as sweet
The recent election results in India have shown a decline in BJP's performance, challenging Narendra Modi's authority. The BJP fell short of expectations, signaling a shift in the country's political landscape.
Election Result 2024: Be a friend of the people, not Supreme Leader
The 2024 elections showed a shift in voter priorities from charisma to development. Modi's campaign lacked a clear agenda, focusing on nationalism instead. This didn't resonate with voters seeking inclusion and jobs. Despite Modi's strong campaign, especially in West Bengal, the BJP didn't make significant gains. Unemployment, arrogance of power, and fear of government agencies also affected the outcome. Modi's victory offers a chance to focus on inclusive growth and a more empathetic leadership style.
Lok Sabha elections: What the new govt's road-ahead might look like
Vote counting is scheduled for June 4, and analysts anticipate Prime Minister Narendra Modi securing a third consecutive term.
Growth momentum likely to stay in Q1FY25: FinMin
The finance ministry's April report predicts strong economic activity in FY25, with rising industrial activity and fixed investments. Positive macro-economic indicators include a bright manufacturing outlook and improved services sector, supported by increased capacity utilization and EPFO data.
Haryana Lok Sabha Elections 2024: Spotlight on Agnipath as youth seek job stability
Haryana's political landscape is witnessing significant upheaval as the Agniveer scheme, under which soldiers are engaged for four years without a pension, becomes a focal point of discontent among rural youth. Political parties are pledging to revert to the old recruitment system, highlighting the scheme's impact on job security and aspirations, with many youngsters now favoring police or overseas jobs over military service.
Why Mark Mobius will be looking at largecaps going forward
Mark Mobius discusses the potential of largecaps in India, particularly in the infrastructure and power sectors. He highlights NHPC's entry into hydropower and emphasizes global growth opportunities, while addressing the valuations of public sector entities. Mobius suggests one should keep some cash on the side in the event of a correction where you can buy at much lower prices.
BJP's Allahabad Lok Sabha candidate Neeraj Tripathi banks on development, father's goodwill
Neeraj Tripathi, a former additional advocate general for the Uttar Pradesh government, follows the footsteps of his father, a political luminary, in his campaign for the Lok Sabha seat in Allahabad.
'Have delivered on 2019 promise of putting corrupt behind bars, our govt leveraged technology to tackle corruption': PM Modi
Prime Minister Narendra Modi, currently vying for a third consecutive term, reaffirms his 2019 pledge to incarcerate corrupt individuals, asserting that he has fulfilled this promise. In an extensive discussion with ET, PM Modi addressed various topics. He reiterates the government's dedication to ensuring that the benefits of progress extend to all individuals in need, irrespective of their caste, creed, or geographical location.
Kanthi: BJP gains ground as TMC battles to retain foothold in Suvendu Adhikari's backyard
Political observers note that Kanthi presents a unique dynamic, as compared to other constituencies of the state, featuring a distinctly bipolar electoral landscape where voters face a clear choice between supporting the BJP and its national agenda or favouring the TMC government in Bengal and its welfare schemes. The constituency will go to polls on May 25 in the sixth phase.
Why India needs three salary wedges to look beyond reservations to reduce injustices
Rahul Gandhi's quota cap strategy echoes Indira Gandhi's tactics on quotas from Neerja Chowdhury's book. In 1980, she guided P Shiv Shankar on handling the Mandal Commission report, emphasizing the delicate balance of quotas' impact. India in 2047 aims to move beyond reservations and adopt an abundance mentality focusing on employment and education, shifting from scarcity thinking.
Ayodhya's electoral crossroads: BJP's temple run faces challenges
The BJP's bid for a third consecutive term at the Centre is centered around the recently inaugurated Ram temple in Ayodhya. While optimism abounds, there's also uncertainty until the results are in. Local businesses see opportunities, but concerns arise among rural voters about potential displacement due to development projects. The renaming of Faizabad to Ayodhya sparks debate among residents.
Cattle smuggling crackdown, slot booking policy, economic woes: Bongaon's struggle amidst transition
Bongaon, a border town in West Bengal, has experienced a crackdown on cattle smuggling and changes in goods truck movement regulations, leading to alternative smuggling activities, youth migration to other states, and rising unemployment. The region has been known for its clandestine cattle trade, which was worth hundreds of crores of rupees and accounted for the region's parallel economy. However, stringent measures by the Bangladesh Security Force (BSF) have led to a complete shutdown of cattle smuggling in the area over the last few years.
Bundelkhand battleground: How is BJP combating anti-incumbency here
Bundelkhand: Amidst murmurs of anti-incumbency in Bundelkhand, the BJP is deploying a unique strategy centred around ration distribution and effective governance to maintain its stronghold in the region. With projects like Har Ghar Nal and Bundelkhand Industrial Development Authority (BIDA) gaining traction, the BJP aims to counter opposition challenges and secure victory in the upcoming elections.
If choice is between Narendra Modi & Rahul Gandhi, I have no doubt people will opt for Modi: Swaminathan Aiyar
Swaminathan Aiyar analyzes the critical role of Mr Modi for BJP's success, the impact of historical events on inflation, challenges in the employment sector, the communalization of reservation issues, and the government's technological initiatives for growth amid public perception challenges. Aiyar says: "Our real problem is that we are producing millions of school and college graduates who are unemployable."
ET Graphics: Women's employment in India shows improvement, but reaching top a challenge
India registered significant improvements in employment parameters for women last year, according to official data. However, getting to the top remained an uphill task.
Jobless rate declines to record 3.1% in 2023
India's unemployment rate dropped to 3.1% in 2023, the lowest in recent years, from 3.6% the previous year. Female labor force participation crossed 40% for the first time. Urban unemployment fell to 5.2% from 5.9%, and rural unemployment dropped to 2.4% from 2.8%. Despite this, the gender gap in unemployment widened as female unemployment declined slower than male unemployment. Female labor force participation rose to 41.3%, but their participation in certain sectors, like legislators, senior officials, and managers, decreased.
Unemployment rate declined to the lowest level of 3.1% in 2023, from 3.6% in 2022: Govt data
Global rating agency Moody’s, Monday, raised India’s growth estimate for 2023 by a percentage point to 7.7% from 6.7% projected earlier. Growth is expected to ease to 6.8% in 2024 and 6.4% in 2025, it noted. India recorded over 8% growth during the April-December period.
Budget 2024: A pressing issue that may not wait till full budget
The fiscal deficit target of 5.3% will be set by the government in FY25, keeping in view the fiscal consolidation path till FY26, as it normalises capital spending and refrains from any major announcements in the interim budget before the general elections, Icra and Barclays economists have said. ICRA expects the fiscal deficit target for FY25 to be set at 5.3% of GDP, midway through the expected print of 6.0% for FY2024 and the medium-term target of sub-4.5% by FY26.
ET Explains: Is unemployment in India rising or falling?
The government in India relies on a survey called the Periodic Labour Force Survey to calculate the unemployment rate or the ratio of persons unemployed in the labour force. The labour force is determined based on the participation rate or number of people aged 15 years and above willing to work or already working in the country. The exercise is conducted for both urban and rural areas.
India jobless rate rises to more than two-year high, CMIE says
India's unemployment rate increased to its highest level in over two years in October, primarily due to rising joblessness in rural areas, according to data from the Centre for Monitoring Indian Economy Ltd. The overall unemployment rate rose to 10.05% in October, up from 7.09% in September, marking the highest rate since May 2021.
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