He also says that this is a big step towards reducing the gap between job seekers and recruiters. He further requested all the migrant workers to come back to Delhi as the situation becomes more and more stable day by day
According to a survey conducted by IANS CVoter Economic Battery Wave, half of the Indian population may not survive more than a month without salary.
With the lockdown being implemented and fall in the economy has resulted in job cuts and losses in pay. All these together are scaring the families about how long they can continue without proper salary and support.
According to the survey, 28.2% of males have said that they cannot survive a month without getting a salary. 20.7% said that they could survive a month. Surprisingly, 10.7% said that they can survive for a whole year without getting any salary
The survey also shows that 10.2% can survive for about 2 months without salary. 8.3% for 3 months, 9.7% for 4-6 months, and 5.7% for less than a year.
The sample data on which the survey has been conducted is from the first week of June with a sample size of 1397 people. This survey has covered more than 500 seats of Lok Sabha throughout the country.
The data for females is almost similar. The surviving population for more than a month is higher than that of less than a month without any income. 19.9% said that they could survive less than a month, while 28.4% said that they can survive more than a month. Around 11.5% of females said that they might survive more than a year without a salary.
The results of the survey has showed that senior citizens have a higher rate of surviving than the rest. This is mostly due to their savings. In the age bracket greater than age 60, 19.2% population said that they could go on about a year without any salary
As expected, the youth ranging from ages 25-40 has the highest percentage to survive less than a month. It is 28%. Although the survival rate is higher among people with higher education and high-quality income group. In the higher education group, 31.6% can survive for more than a year and for the highest income group 29% can survive for more than a year without income
Among Muslims, 38% can survive less than a month while 30% can survive exactly a month without any salary. This sums up to 68% of the Muslim population which cannot survive for more than a month
Among the regions, in the industrialized Western region, the survival rate for less than a month is comparatively less than the Eastern region. In the Western region, it is about 17%, while it is 30.4%. 15% of the Western region can survive more than a year without any salary.
Delhi government is planning to launch a special program in the upcoming week to help the job seekers in the state by bringing the employers in the city to generate job offers.
An official of AAP recently disclosed that the government will soon come up with reforms to restore the state’s economy which has been altered due to the widespread of coronavirus since the start of March 2020
Earlier this month, the Lt. Governor Anil Baijal had addressed the chief minister of Delhi, Mr.Kejriwal suggesting him to create a panel consisting of the industries commissioner in order to come up with the measures which could help people and businesses of the state. He also requested the CM to give special focus to the daily workers and improve their situation who are greatly affected due to coronavirus
The daily workers have moved out of Delhi due to the corona impact and most of them have already lost jobs. The government is planning to help the daily laborers by creating a portal where the employer can hire the workers
The government said that the plans to release the web portal are set to next week or later this week. The government is optimistic about this plan, as many industries are looking to restart their operations in a phased manner
Mr. Baijal had asked the government to also concentrate on attracting new investments into the state. Recently, TamilNadu had announced that it has agreed on deals with various big industries to set up manufacturing plants in their state. He also said that the sub-cities like Dwaraka, Narela, and Rohini can be developed by attracting various investors who are looking to establish their firms in the respective places.
Since Independence, it is the fourth recession India is facing. This is also the first since liberalization. On Tuesday, CRISIL said that this is the worst of all the recessions the country has faced. It predicted that the economy will shrink by 5% due to the coronavirus in the current fiscal year
While assessing the country’s GDP, CRISIL said that the first quarter of this fiscal year, which is from April to June will see a massive drop of about 25%. In real terms, about 10% of the GDP will be lost permanently, by the country. So, whatever the growth rates the country has seen before the pandemic is very unlikely for the country to achieve.
In the past, India has only ever faced a recession three times according to the available data. It is during 1958, 1966, 1980 fiscal years. All those years the recession has occurred due to the rainfall hitting the agriculture heavily and it impacted the economy of the county.
India could face the worst recession it has ever seen
This time agriculture could help reduce the impact of the recession unlike the previous recessions
GDP could fall drastically
Non-agriculture sectors will be impacted heavily
Help package of Rs.20 lakh crores will help the country’s economy in the short term
CRISIL said that this current recession could be different as the agriculture looks to soften the blow with normal crop yield expected due to the normal monsoons. The lockdown in the country, due to the coronavirus has been implemented from March 25 and will be there until May 31. This had a huge impact on economic activity in the country.
According to CRISIL, the first quarter is the one which is greatly affected due to the recession. Non-agriculture sectors like education, travel, tourism are some of the sectors greatly impacted with this recession and will show an effect on the upcoming quarters as well. The jobs and incomes of the people working in these sectors will see a heavy loss.
According to the stats, industrial production has fallen over 16% this quarter, exports reduced by 60%, and new telecom subscribers have been reduced by 35%. According to CRISIL, April month could be the worst of all in this fiscal year.
S&P Global had issued numbers that say that one month of lockdown implemented in the country will reduce the annual GDP by 3% on an average in the Asia-Pacific region. CRISIL forecasts that India’s GDP will fall by 5% in the 2021 fiscal year. This could be helped a little bit by the agriculture which could see an increase of 2.5%
The government had announced an economic relief package of Rs.20.9 lakh crores which could soften the blow of the recession in the short term.
On Tuesday PM Narendra Modi had announced lockdown 4.0 which is a continuation of the existing lockdown in the country for several weeks. He also said that this lockdown, named lockdown 4.0 will be different from the previous lockdowns which are being implemented in the country since March 2020
This new lockdown will be based on the suggestions of the state governments. The fourth phase of lockdown will be declared from May 18. He asked the state governments to submit their suggestions by May 15. Some of the states had asked for the initiation of economic activities in their regions while some are cautious about it.
As part of the announcement, Prime Minister Modi had said that the virus will be part of our lives for some time and we should continue to live with it by following safety measures like social distancing, wearing masks, keeping the environment clean, etc. He also said that even though this virus affects us a lot, our world cannot just revolve around the virus only.
As part of social distancing, the asked the country to maintain a distance of 2 meters between each individual. With the third phase of lockdown ending on May 17, the fourth phase will immediately start on May 18.
PM Modi had also announced a humongous economic relief package worth Rs. 20 lakh crore. This new package is aimed at businesses and workers to relieve them from the devastating effects of the lockdowns so far. Most of the businesses are under the brink of bankruptcy.
This new deal for self-reliant India will consist of around 10% of the country’s GDP and will mainly focus on land, labor, liquidity, and laws. This also includes the full year of India’s gross tax revenue along with the Reserve Bank of India’s monetary ease.
The Union ministry also said that the non-essential movement will be allowed within the 7 am to 7 pm window. The government is also planning to allow the delivery of non-essential items in the green and orange zone in the coming days. Liquor, paan, and gutka stores will also be opened in safe areas;
Every country in the world has been affected by Covid. The economies are crashing. Everyone was worried about how to overcome this crisis. Even in India as the lockdown appears to end soon, everyone was wondering how to start the revival of the country once this lockdown is over. Several experts are sharing their own plans to help the country. One such person is Infosys co-founder Mr. Narayana Murthy. He shared his view on how the country can come up with a plan of revival
Mr. Murthy said the factories to be reopened should be based on the data about who is the most vulnerable. He thinks that as the elderly are most vulnerable the factories must supply them with protective gear like masks, goggles, suits, etc. Also, he said if he had a chance to come up with the plan he would make sure that all the younger people would work at the firms with this protective gear and all the elderly would work from home.
He said that the government should analyze the data and make decisions. Relying on data is necessary rather than relying on opinions.
He also said that even if the government is going to test 1 lakh, people, a day, it would take the last person to get tested only after 37 years. Hence the country should learn to live with the virus for the next 12-18 months at least with no vaccine in sight.
He said that Indians should take a vow and help the country to revive the economy by working 10 hours per day and 6 days a week. He feels that only this is necessary to help the government in reviving the country’s economy. Also, he thinks that the govt. should appoint a committee of experienced individuals who can guide the government to handle the businesses.
For the startups and small companies, the govt. should look to allocate loans. In this way, the govt. can make sure that there is enough capital for these firms to run for at least 6 more months. He also further added that the need of the hour is productivity. Whatever it is that improves productivity should be given a priority. Even if it is working from home or working from office if it is improving your productivity and the productivity of the organisation, it should be made a priority.
Several Indian investors are looking to buy US stocks to escape the falling markets at home and get exposure to global markets that are rising in the current situation
Until now the situation of investing in the stocks of the foreign markets is just a hobby for many experienced stockbrokers or individuals in the country. But the situation now has changed. With the ease in the cross border investment rules, many people are looking to invest in the foreign economy/ stocks.
Vested finance, an investment firm that helps Indians to buy/sell US stocks has seen around 4000 new accounts being opened in March, which is double compared to February. Each month, the company expects a 30% increase in the overall new account openings. But this time, it has increased.
According to the official statistics, Vested finance has seen a $3.5 million invested by Indians in the US stocks in 3 months, until March. This is a huge increase, almost 5 times the stats in the previous quarter. Most of these investments are first-time investments from the app. The CEO of vested said that many people are investing in US markets as this gives exposure to not just the market of US but global markets as well since most of the company’s operations are carried out somewhere in the US.
Many of the retail investors are interested to invest in brands like Google, Netflix, and Facebook. Even there are sector belonging to cannabis and gene-editing CRISPR technology, which are not available in India
The equity markets of India has lost about one-fifth of their value this year. Even the value of the rupee is very weak currently. The dollar is up 6% against rupee this year. This also led to investments in foreign stocks, especially the US
With the spread of coronavirus, almost all the companies are laying off their employees due to the huge demand which they couldn’t handle. But there are some companies which are in need of candidates who can work for them in this period. For some people working these jobs might be a career switch but for some its normal.
Here are some of the companies which are having a hiring spree.(Note: These jobs are of US-based companies)
Domino’s: Domino’s is planning to hire 10,000 members to fill the positions ranging from pizza makers to delivery guys. Domino’s also looking to hire highly experienced Class A CDL drivers to make sure it’s supply chain doesn’t stop. Apply here: https://jobs.dominos.com/
GE Healthcare: The company is looking to fill the positions of ventilators and office workers to expand its manufacturing capacity at the offices.
Amazon: Amazon is hiring around 1,00,000 workers to handle the high demand it needed to maintain its warehouses. Also, for the existing employees, it has increased the pay by 2$ per hour to help them overcome this tough situation.
Papa John’s: To serve people who are craving pizza in these tough times, Papa john’s want to hire staff to help with deliveries and carry out orders. Around 20,000 jobs of this kind are open with Papa John’s
Pepsi: Pepsi is looking to add 6000 staff to its current count of employees in full-benefit positions. Although no more details were told about these jobs, candidates can apply here Pepsi Jobs
Pizza Hut: There are a total of 30,000 openings in this pizza chain. The company has greatly reduced the hiring time in which within 5 hours after getting selected, the driver would be on road as part of the duty. Along with drivers, pizza hut is looking for chefs, Virtual call center agents, Restaurant managers.
Walmart: Along with Amazon, Walmart is looking to add 1,50,000 more temporary staff to its company. Most of these jobs will be converted to full-time jobs once the period is over. The company has streamlined its hiring process from two weeks to 24 hours.
Some other companies which are hiring are Walgreens, Publix, Instacart, Kroger, Dollar General, Dollar Tree/Family Dollar, Albertsons, Aldi, 7-Eleven. Some of these jobs are temporary, some of them are permanent. But the critical point here is these companies are somehow helping the individuals and saving the economy by introducing these jobs.
Recently, Anand Mahindra has appreciated the government of India for doing a good job in crisis management.
In India, the cases due to COVID is around 152. Anand Mahindra has made a suggestion to the government on Twitter. India contains around 52 medical research facilities for testing the COVID virus. Anand Mahindra believes the testing done by Indians can be considered as Achilles heel. He also said that any support from the private sector is needed to begin the testing and increase our capacity.
He said that these tough times bring in opportunities and review status. Also, he feels that the business should be ready whenever the crisis is over. He feels that the young associates in the company should think of new ideas to solicit the business. He also added the business should ready to take a U-turn or V-turn if it has to be started earlier. This can be achieved by the associates having deeper relations with the customers.
The global economy is also in downfall with Corona declared as a pandemic. It has killed over 6000 people and infected lakhs of people across the globe.
Recently, AON conducted a salary hike survey which is its 24th edition. According to this survey, the salary hike may be lower this year. The employees belonging to various firms may get a lower hike than expected.
The projected salary hike by the survey was around 9.1% for the Indian employees in 2020. This is the lowest since 2009 which was around 6.6%. This survey was conducted based on the responses of employees of over 1000 organizations belonging to more than 20 industries.
The good part of this survey is that the salary hike this year is just 20 basis points lower than the 2019’s data which is 9.3%. In 2018, it is 9.5%. Also, the forecasted salary hike is better than in other Asian countries.
More than 30% of the companies participated in the survey are willing to give a double-digit hike, even though the results of the survey are saying otherwise. E-commerce and Professional Service Complaints are the two areas that are going to get higher hikes which is around 10%. Pharma, consumer durables, chemicals, engineering, and manufacturing are going to get a hike of around 9%.
Employees who are working for firms belonging to transportation and logistics are going to get around 7.6% of hike. Hospitality and Restaurants are going to get an 8.2% hike this year. While Real-estate and automobiles are getting a hike of 8.3%.
Tzeitel Fernandes, Partner, Rewards Solutions, Aon said that the pay increase in India is higher than other Asian countries and this is due to the high inflation rate and increase in demand for key talent and skills.
The National Association of Software and Services Companies,
NASSCOM said that India’s IT sector could grow 7.7%, which is 191$ billion in
the fiscal year 2020. This includes, the exports reaching up to 147$ billion. India’s
Information Technology and back-office sector are the main contributors to this
Around 2,05,000 jobs were added in the information sector during
this fiscal year and around 1,85,000 jobs were added in the fiscal year 19. The
officials are hoping for a similar successful fiscal year 21.
According to the NASSCOM president, Mr.Debanji Ghosh it was a good performance by the IT sector. He also said that any sector which registers a growth percentage of 7 or higher is a good, strong industry when the world economy is growing around 3 percent.
NASSCOM discontinued the annual forecast for the upcoming year since the last year, but instead, it states the CEO’s confidence. According to 57$ of CEOs, the next fiscal year 2021 will be as successful or better than the current fiscal year.
The national association of recycling industries, Material Recycling Association of India (MRAI) has recently said that it has suggested to the government to implement the National Recycling Policy for furthering the Nation Building Objectives.
India’s e-waste generation has accounted for 2 million tones in 2017 according to United Nations University’s Global E-waste monitor. Out of this, 82% was because of computer and telecom equipment. By 2020, the prediction for the increase in e-waste in the country is around 500 percent.
The producers, recyclers, and policy-makers need to work
together simultaneously to cover the gap in waste management. MRAI is said to
have taken responsibility, being the apex body to work with the government and
companies for the introduction of e-waste management policies.
On the occasion of its 7th International Material Recycling Conference, the members of the committee said that by implementing such policies could boost the country’s economy and could really help the country in becoming a 5 trillion-dollar economy. Along with this, it could also generate millions of jobs.
Important notes of the meeting are, according to the MRAI government should strictly implement the policies of e-waste in the country. It should also have a separate ministry for recycling. Recycling zones should also be implemented. These, along with the shredding centers will be part of sustainable smart cities. It also said that the implementation of recycling and its advantages in the curriculum is very important for the next generation to understand its benefits. Also, removing the import duty is also one important step to help facilitate this process.
Sanjay Mehta, President of MRAI said that recycling has the capability of boosting the economy if this can also be implemented on the scale of other campaigns in the country like Swatch Bharat, Make in India, Sagarmala, and Development of Smart Cities.
Also, the recycling could help the environment in being clean and has the actual ability to reduce pollution according to the members of MRAI.