RURAL UNEMPLOYMENT
Budget must address fundamental questions, why is private investment very sluggish: Congress
The Congress challenged the government's claims of sharp economic growth and job creation. It urged the forthcoming budget to address issues of sluggish private investment, stagnant private consumption, plummeting household savings, and rising household debt, among other concerns. Finance Minister Nirmala Sitharaman prepares to present the Budget for 2024-25 on July 23 amidst debates on the economy's performance and the need for tax relief to boost consumption and accelerate growth.
Budget 2024: Time for Modi 3.0 to focus on rural India and jobs
Budget 2024 Expectations: India's budget may targets rural economy, job creation, and a 5.1% fiscal deficit. Focus includes labor-intensive sectors, MSME credits, services exports, and agricultural infrastructure, addressing unemployment and inflation. Goldman Sachs notes food supply emphasis, while Citi suggests extending incentive schemes. Modi's government returned with Bharatiya Janata Party allies. Sengupta highlights long-term policy impact.
'Jobless growth': Congress slams govt over 'accentuated unemployment crisis'
The Congress criticized the Modi government for exacerbating India's unemployment crisis due to failed policies like demonetization and GST. Citing a Citigroup report, they highlighted the urgent need for job creation and reforms to address the high unemployment rates in the country.
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.
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.
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.
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.
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.
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.
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