Niti Aayog suggests labour reforms for high productivity
The Dollar Business Bureau According to Niti Aayog, the government's think-tank that replaced the planning commission, labour reforms are needed to induce productivity and create jobs in the market. The report on labour importantly suggests unifying 44 labour laws into four central ones. The reforms mooted by a panel headed by Arun Jaitley, the Finance Minister, offers an overview of development activities as part of a three-year draft action-agenda. The logic behind the labour-reforms stems from challenges relating to industrial relations, establishing commensurate wages, social-security and safety for labourers as well as adopting a global labour code. Reforms in labour laws, or centralizing labour codes would also provide a fillip for investments in many sectors, besides reducing the burden of compliance. The draft-agenda ...
New export orders spur Indias manufacturing sector in July: Survey
The Dollar Business Bureau Increasing number of fresh export orders have led to a robust growth in India’s manufacturing sector in the past six months, a market survey said. The country’s manufacturing purchasing managers’ index (PMI)—a performance indicator of manufacturing sector—has reached 52.7%, the highest in six months, the latest Nikkei survey said. The index was 51.3% in June. The figure below 50 indicates contraction in business activity. The report said that growth of new export business accelerated in July and was the “most pronounced in five months”. A majority of respondents of the survey reported to have secured new contracts in tandem with successful price negotiations with clients. “Growth in India’s manufacturing economy rebounded in July, with the PMI rising since ...
Gold monetisation scheme to help in curbing imports, say experts
Himanshu Vatsa | The Dollar Business The proposed gold monetisation scheme, aimed at recycling of jewellery and bringing them into the market system, will ultimately help in reducing the country’s gold import bill, say experts. The Finance Ministry is in the process of bringing in a scheme, under which people will be encouraged to deposit their gold jewellery in banks and recycle them for future use. Experts believe that such a scheme will enhance the supply of the precious metal domestically and traders may need to import less quantity from abroad. Although the monetisation scheme is aimed at reusing the idle household gold, it will help in cutting the import of the yellow metal in the long run. “The first intent of ...
Indias agricultural exports to cross $33 billion by 2023, says study
The Dollar Business Bureau India’s agricultural exports are expected to cross $300 billion mark by 2023 with the implementation of stable policy, strict rules and awareness about safety standards, a study has said. Factors like policy stabilization, institutional support, awareness about safety norms, implementation of strict regulations and infrastructure development will make the country a major player in global agricultural market, said the latest study conducted by ASSOCHAM. Assessing the agriculture sector’s annual growth rate at 21% in the past one decade, the industry body said that the exports of agro products including tea and coffee have grown from around $5 billion in 2003 to over $39 billion in 2013. However, the country’s agricultural trade is currently challenged by inefficient economics ...
Hiring in Indian IT sector to decline in FY16
Sai Nikesh | The Dollar Business NASSCOM (National Association of Software and Services Companies) on Friday, called upon the need to protect India’s interests, even as the World Trade Organization (WTO) endorsed to change the 18-year old Information Technology Agreement (ITA). “What is happening in trade is happening, but restrictions are coming up outside the trade agreements. I think it is important that we need to ensure that protect our interests in service and technology even as these global trade agreements are reached,” said NASSCOM president, R Chandrasekhar, speaking on the sidelines of a summit organized by Indian Chamber of Commerce (ICC) in Kolkata. These trade agreements give the global companies an access to India’s market, but, ‘what are we getting ...
Free trade agreement with China will not benefit India
The Dollar Business Bureau Time is not yet ripe for India to go ahead and sign a Free Trade Agreement (FTA) with China, says the Associated Chambers of Commerce of India (ASSOCHAM). This was stated by the ASSOCHAM in its paper on ‘Should India sign a Free Trade Agreement with China?’, released on Monday. In its study, the ASSOCHAM further suggested that such FTA may not fit at this point of time, even though such an arrangement is a key issue of economic cooperation in order to face Chinese competitiveness in the international markets. The Sino-India economic cooperation is huge and important, but, at this juncture, it would bring gains in favour of China and will further reinforce the existing ...
India must focus on skilled and un-skilled labour for inclusive growth: Economic Survey
The Dollar Business Bureau Ahead of the Union Budget for FY2015-16 on Saturday, the Economic Survey said on Friday that India can herewith concentrate on increasing investments instead of depending on borrowings. The Survey also stressed on the role of Make in India and the government’s supposed objectives to be achieved under that initiative. In this regard, the survey raised point on what should be India’s focus under ‘Make in India’, referring to two aspects of manufacturing and services. Pointing to the categorization of manufacturing in formal and informal sectors, the Survey suggests that in order to achieve expansion and a structural transformation, India need to concentrate on unskilled labour, which is its dominant resource. While mentioning that ...
