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India needs to grow at 8% in order to provide employment to new entrants: McKinsey Report

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5 months ago

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India needs to sustain 8-8.5% annual growth to gainfully employ the 60 million new workers expected to join the workforce by 2030, according to a McKinsey report released on Wednesday. The report titled ‘India’s turning point – An economic agenda to spur growth and jobs’, said the economy would have to create 90 million new non-farm jobs by 2030 along with increasing productivity of the labour force by 7% to avoid a decade of low 5% annual growth.

The 90 million figure accounted for people seeking to shift from the agriculture sector to other sectors for employment, it said. “Compared to the need of creating 12 million jobs per year, we have been creating 4 million jobs per year over the last 5-6 years. So this calls for tripling of the annual job creation rate to keep unemployment in check,” said Gautam Kumra, MD, McKinsey India. The rate of economic growth was a function of both employment and productivity growth, according to Kumra, and both would have to rise for India to achieve the envisaged high level of growth.

The report highlighted the role of construction and manufacturing in contributing to job, productivity and GDP growth. “Manufacturing alone has the potential to deliver 20% of the incremental GDP that’s needed and at the same time create some 11 million more jobs,” said Anu Madgavkar, partner at the McKinsey Global Institute, adding that this would have to be accompanied by a high productivity-oriented model involving automation.

Similarly, the construction sector had the potential to create one in four of the non-farm jobs needed along with improvements in productivity by application of modern techniques. “Construction is actually the heavy lifter that will provide millions of job opportunities to workers moving out of agriculture. So this is a 24 million job creation potential opportunity,” Madgavkar said. Businesses would also have to scale-up from midsize to large and from small to midsize to achieve the envisioned growth. According to the report, India had only 600 large companies with over $500 million in revenue. It called for 1,000 mid-sized firms to scale up to large size and for 10,0000 small firms to climb up to midsize.

This ‘missing middle’ was the most vibrant and dynamic part of the economy which spurred innovation and there was a need for easier financing and structural reforms to enable their growth, according to Madgavkar. In order to finance such high levels of growth, the report estimates India will need $2.4 trillion of annual investment capital by 2030. The issue here is not so much the amount as it is the mix of capital, said Madgavkar. “We need it in equity and equity-related risk capital type of instruments because that’s really what companies find challenging,” she said.

The report suggested a range of reforms to deepen capital markets like addressing tax and regulatory barriers in the insurance and pension fund sectors. It also recommended creating a bad bank to take on the non-performing assets of the banking sector. Such a move would address the risk-aversion of the sector and lower the elevated cost of credit for Indian commercial borrowers, it said.

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How Effective Is Sonus Complete?

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3 months ago

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November 10, 2020

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Sonus complete Review – Real Customer Experience Here! Sonus complete is a powerful natural remedy for those suffering from ringing in the ears. This natural tinnitus-blocking supplement does not contain any harmful ingredients and actually works very effectively to eliminate the constant buzzing in your ears.

The cause of tinnitus is caused by the loss of natural tinnitus relief. It is a very annoying problem, particularly for the younger population. In fact, some people may even consider themselves to be “deaf”diseased.” I have personally experienced it firsthand and was told by one doctor that if I did not hear the clicking and buzzing, I would either need to get surgery or have a hearing aid fitted. That’s pretty scary.

So what is this perfect solution? It is all natural, completely safe, and effective. The main ingredients found in this remedy are: ginkgo biloba, ginseng, lemon balm, and olive leaf extract. These plant extracts have been shown to reduce or completely eradicate tinnitus naturally. Plus, they do so without leaving a negative effect on your body.

One of the most important things that you should know about Sonus complete is that it contains no alcohol, sugar, artificial flavors, or colors. It also contains no added preservatives, fillers, coloring, or flavors. There are absolutely no toxins, synthetic ingredients, or artificial flavors or fragrances included in this product.

One of the reasons that Sonus complete is such a great option is because of its ability to eliminate all the stress from your life, whether you are a parent a business owner, or simply working to earn a living. Some of us are under the constant pressure of a stressful lifestyle and can suffer from tinnitus as a result. I know one of my clients who is constantly being bombarded with phone calls, emails, and Facebook messages because he works all day long and then goes home to his family.

When you take Sonus complete, you will no longer have to worry about being bombarded by irritating sounds. Because it is all natural, you will never have to worry about having an anxiety attack or feeling stressed out. When you take Sonus complete, you will no longer have to worry about being constantly bombarded by irritating sounds.

Another reason that Sonus complete is so effective is because it eliminates your stressors in your life and leaves you free from the buzzing, clicking, popping, and humming that you are used to experiencing. You will no longer be subjected to any noise when you listen to the radio, watch television, or even read your book. Sonus complete will not only provide you with relief for tinnitus, but it will also help you achieve peace of mind. It has even been proven to help with depression and other emotional problems that can cause you to suffer from ringing ears.

Another thing that makes Sonus complete different from other remedies is that you will not have to worry about going to the store to buy a new product or spending money on the medications prescribed by your doctor. It does not come with any side effects. I have used other products before that claimed to work in the past but have been filled with a multitude of symptoms including insomnia, headaches, and dizziness. With Sonus complete, you will get results that last. for days.

Another great thing about Sonus complete is that it is completely organic. This means that you do not have to worry about chemicals being added to your food or water that could potentially harm you. If you are concerned about using organic products, you should check out Sonus complete. because it does not contain any harmful chemicals.

Another important benefit of using Sonus complete is that it has a guarantee. Since it is all natural, you can be sure that if you decide to stop using it, you can get the same results as soon as possible. without having to spend money on new products. You can also purchase Sonus complete online at a discount.

No matter what you want to hear, I highly recommend Sonus complete. if you want relief from tinnitus and you are tired of suffering with ringing ears. Take a few minutes and check out this website today!

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ESIC: Govt may retrospectively relax conditions for unemployment benefits under Employees’ State Insurance

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5 months ago

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September 13, 2020

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The labour ministry has proposed to provide 50 per cent average per day earnings of the subscriber during four contributory periods in the past two years for 90 days of unemployment, as against 25 per cent provided earlier.

Synopsis

The labour ministry has moved a proposal to amend the conditions under the Atal Beemit Vyakti Kalyan Yojana from March, when the government imposed a nationwide lockdown, which will be taken up by the Employees’ State Insurance Corporation (ESIC) board on Thursday.

New Delhi: The government is likely to retrospectively relax conditions for unemployment benefits under the Employees’ State Insurance, which saw zero contribution from eight million subscribers in April and May.The labour ministry has moved a proposal to amend the conditions under the Atal Beemit Vyakti Kalyan Yojana from March, when the government imposed a nationwide lockdown, which will be taken up by the Employees’ State Insurance

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EPFO records 6.55 lakh net new enrolments in June from 1.72 lakh during May 2020

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5 months ago

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September 13, 2020

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NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) saw a robust rebound in net new subscribers with addition of 655,000 subscribers in June as industries and services resumed operations after two months of lockdown. Barely 20,000 and 172,000 subscribers were added to the EPFO in April and May respectively, resulting in net additions of about 847,000 in the first quarter of this financial year.

“The month of June has seen speedy recovery with addition of 6.55 lakh net subscribers registering a remarkable 280% month on month growth,” the EPFO said in a statement on Thursday. “The subscriber base growth is on account of increased number of new subscribers, lower exits and higher rejoining by exited members.”

New subscribers increased about 64% to 498,000 in June from 303,000 in May while exits from EPFO subscriber base declined nearly 33% to 296,000 in June from 445,000 in May. The EPFO saw net addition of 1.2 million subscribers in June this year while 2019-20 saw one million new subscribers on average every month.

EPFO

Even the number of members who exited and then rejoined increased 44% in June from May, with more subscribers choosing to retain membership by transferring funds rather than opting for final settlement, said the EPFO. The data comprises all the new members who joined during the month and whose contribution was received.

The EPFO payroll data showed the enrolment of female workers went up to 106,059 in June from 37,085 in April in absolute terms, even though the overall female participation in the workforce remained low.

However, the highest jump in formal employment creation was in the expert service category which predominantly consist of manpower agencies, private security agencies and small contractors.

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