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The Dollar Business Bureau  Andhra Pradesh will create about two lakh jobs in the field of electronics manufacturing and information technology (IT) sector in the coming two years, said the state’s IT minister Nara Lokesh. “In order to fulfil the target, the focus will be on manufacturing medical devices, in addition to the manufacturing of consumer durables and mobile phones” Lokesh, who is the son of Chief Minister N Chandrababu Naidu and holds the portfolio of Panchayati Raj said. He met Ravi Shankar Prasad, Union Minister for Information Technology on Wednesday and asked for his assistance in a variety of IT-related projects which are in the pipeline and have the possibility to create jobs. “The Union minister assured us help as Andhra Pradesh is growing fast in both the ...

The Dollar Business Bureau Refuting the claims of any slowdown in the Indian IT sector, Law and IT Minister Ravi Shankar Prasad said on Tuesday that the sector will generate 25-30 lakhs jobs by 2025. “As (the) IT minister of the nation, I completely deny and refute that there is any downturn in the employment in this sector. It is robust, slated for great growth and once digital economy ushers then you can fathom its development,” said Prasad, while sharing the achievements of the Ministry of Electronics and IT in the past three years. The Minister said that the IT companies in India have created 6 lakh jobs in the past three years. “IT firms directly employ around 40 lakh people and about 1.3 crore indirectly. ...

The Dollar Business Bureau  After dropping to a 7-week low previously in the trading session, gold moved up marginally on Monday on bargain-hunting and the euro strengthened against the dollar after Emmanuel Macron won France’s presidential election. Spot gold increased 0.3% to $1,230.88 an ounce at 0401 GMT, after reaching $1,224.86 per ounce earlier in the trading session, the lowest since March 17. Gold futures at US exchanges also rose 0.3% at $1,230.60 per ounce. On Monday, the euro touched a high of six months against dollar after Macron, a pro-European Union candidate, won the presidential election in France, defeating the far-right nationalist, Marine Le Pen, who threatened to pull out the country from the EU. “Leading into the election, with many polls predicting Macron's ...

The Dollar Business Bureau The government has yet to come to a decision with regards to tax on banking transactions, but it has got various recommendations from the Committee of Chief Ministers, constituted by the NITI Aayog, said Economic Affairs Secretary, Shaktikanta Das on Thursday. “The government is carefully examining the report, no decision has been taken so far, as and when a decision is taken, naturally government will give it out,” said Das, while speaking at the ASSOCHAM’s 96th Annual Function in New Delhi. Mentioning the strong fiscal foundation of India, he said that the fiscal deficit of the country has gradually been cut down,and that it is essential to find the perfect balance between the public expenditure requirements and fiscal consolidation by focussing those ...

The Dollar Business Bureau  Demonetisation would leave a negative effect on the small and medium enterprises (SMEs), job creation and rural consumption in the short-term whereas the large and well-organised sectors stand to benefit in the long-term, according to a recent ASSOCHAM Bizcon Survey.  The contrast in perception pointed out by the survey is quite stark. According to the survey, 81.5% of the participants felt that SMEs have been impacted and would still suffer the lingering impact for one more quarter. However, an equal number of respondents said that for big enterprises, the unprecedented measure of demonetisation impact would be positive.  On the other hand, on a holistic level, majority of respondents felt that the effect could be seen in the declining sales ...

The Dollar Business Bureau Unemployment rates are on the rise, especially in commodity exporting countries like Russia, Brazil and South Africa, the International Labour Organisation (ILO) said on Thursday, due to a slowdown in global growth, especially in developing nations like China, and decline in commodity prices. Due to uncertainty in the investment climate all over the world, driven by a new wave of protectionism and isolationism, employment rate is expected to contract as job creation suffers. Global trade and investment growth, after expanding annually at 6% from 1990 to 2011, fell to 2.7% over the period 2012-14. Despite growth in global savings, investment isn't flourishing. Guy Ryder, Director General at ILO, said that the rate of unemployment increased from 5.7% to 5.8% in 2017, citing deteriorating labour market conditions in emerging economies as the main contributor to the rise in unemployment. In 2017, ...

The Dollar Business Bureau Indian companies have generated more than 10,000 jobs in South Africa with a total investment of more than $4 billion since 2003, South Africa’s Trade Minister Rob Davies said on Monday. "A total of 82 Indian projects in South Africa with a total capital expenditure of 62 billion rand ($4.2 billion) between January 2003 and January 2016 were recorded from 60 companies. These investments have created 10,660 jobs," Davis said, ahead of Prime Minister Narendra Modi’s upcoming visit to this African nation later this week. The prime minister is expected to take along a high level business delegation, to participate in two business meetings, including a Business Forum in Pretoria, preceded by a meeting of the South Africa-India CEOs ...

The Dollar Business Bureau While agriculture sector has limited potential, job creation in industry and services is the key to India’s prosperity, said Arvind Panagariya, Vice-Chairman, NITI Aayog. He said even though half of India’s workforce is engaged in agricultural activities, the sector contributes only 15% to the country’s Gross Domestic Product (GDP). The remarks came as Panagariya launched the organisation’s website www.niti.gov.in on Monday. “Unless workers have the opportunity to migrate to better paid jobs in these sectors, they will be unable to fully share in the prosperity experienced by a fast-growing economy,” Panagariya wrote in his first blog posted on the website. Expressing concern over low rate of growth in agriculture sector, he said that those engaged ...