US durable goods shipments increased in June suggesting increase in business spending
The Dollar Business Bureau Key US-made consumer durable goods shipments showed an increase in June for the 5th consecutive month indicating that business spending on equipment has increased boosting the economic growth in the second quarter. That the US economy is bettering gained weight as data gathered showed a sharp narrowing of the trade deficit in goods while there has been an increase in retail and wholesale inventories. Government reports on the second quarter GDP estimates on Friday prompted economists to raise growth forecasts to 3.5% annual rate. Voicing cautioned optimism, Chris Rupkey, the Chief economist at Mitsubishi UFJ Financial Group (MUFG), New York told reporters that, ‘the economy still has legs in this long expansion from the end of the recession. The ...
Two key labour reform bills to come up in Parliament: Dattatreya
The Dollar Business Bureau The Government, as a part of its Labour reforms, will present two major bills in the Parliament, related to wages and industrial relations in March for rationalisation and simplification of Labour Laws, said Bandaru Dattatreya, Minister of Labour and Employment. “Next week at the inter-ministerial meeting under the chairmanship of Finance Minister Arun Jaitely, we will take the final decision and after that we will go to the Cabinet. In the March (leg of Budget Session) both the bills would be introduced and I am hopeful it would be passed,” Dattatreya said, while speaking at the ASSOCHAM 96th Annual Function on Thursday in New Delhi. “All the 43 Labour Laws would be simplified and codified into 4 major ...
Govt envisions creating 5 crore jobs in India by 2022
The Dollar Business Bureau Reiterating Prime Minister Narendra Modi’s commitment to foster skill development across the country, Labour Minister Bandaru Dattatreya said the government would create five crore jobs in the country by 2022 “By 2022, crores of new jobs will be created for youngsters in the private sector. I am sure, the initiatives launched by the PM would drastically reduce unemployment in the country by 2022,” Dattatreya said, inaugurating a job fair in Hyderabad. He also said the state government would conduct similar fairs in the states to help jobseekers find jobs. He announced that the government has sanctioned Rs.170 crore for setting up skill development centres in Telangana. "As the Centre is giving importance to skill development, the state governments too should provide skill ...
Govt working to facilitate cashless transaction for workers
The Dollar Business Bureau The government on Thursday announced it is currently working on facilitating cashless transfer of wages to workers with an aim to encourage digital transactions in the country. The MoS for Labour & Employment, Bandaru Dattatreya, said the ministry has already taken several initiatives to support measures taken towards this objective. On November 26, the government launched a campaign for opening bank accounts for workers in the unorganised sector like beedi, construction, Anganwadi and daily wage labourers who still do not possess bank accounts. “The objective of the campaign is to ensure that all workers come into the banking fold and their wages are paid directly into their account. This will not only prevent exploitation of workers and payment of wages without ...
Manpower exporters appeal to govt to revoke min wage directives
The Dollar Business Bureau The Federation of Overseas Recruitment Associations of India (FORAI) has requested the government to scrap the minimum referral wages (MRWs) directive to foreign employers as, they said, it has negatively impacted the manpower export industry. Recently, the foreign ministry had finalised MRWs for different nations in the Gulf countries and others. The ministry also wanted the host employers to provide free accommodation, food, medical facilities, transportation and applicable overtime wages. "Though well-intentioned, the MRWs are totally at gross variance with the ground reality in the Gulf region and it needs to be scrapped forthwith," said Forai Chairman V S Abdul Kareem. Kareem highlighted that recruitment of Indians in the Gulf region has declined by over 50%, and the number of emigration clearances ...
Country-wide camps to open bank accounts for all workers
The Dollar Business Bureau Labour and Employment Ministry, in association with Department of Financial Services, Ministry of Finance, is going to launch a country-wide campaign to open bank accounts for those workers in organised as well as unorganised sectors who do not have any bank account so far. Special camps will be organised in each district at a certain location to facilitate workers to open the bank accounts, starting from November 26 2016. The government has taken a decision to vigorously pursue this route of digital transactions. “We have already sent communications to all the state governments in this respect requesting their active cooperation,” stated Bandaru Dattatreya, Minister of State (IC) for Labour and Employment on Friday. Dattatreya said that the team consisting of ...
National Policy for Skill Development and Entrepreneurship 2015, gets Cabinet's nod
Source: PIB, Government of India. The Union Cabinet chaired by the Prime Minister, Narendra Modi, today gave its approval for the India’s first integrated National Policy for Skill Development and Entrepreneurship 2015. The Policy acknowledges the need for an effective roadmap for promotion of entrepreneurship as the key to a successful skills strategy. The previous National Policy on Skill Development was formulated by the Ministry of Labour and Employment in 2009 and provided for a review after five years to align the policy framework with emerging national and international trends. The vision of the policy is “to create an ecosystem of empowerment by 'skilling' on a large Scale at 'speed' with high 'standards' and to promote a culture of ...
