Month: May 2019

Unemployment data not comparable with previous surveys, says chief statistician Pravin Srivastava

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Unemployment rate in India touched 6.1 percent of the total workforce in FY 2018,  according to labour ministry figures.  The government data confirms that the rate is at a 45-year high.

According to Chief Statistician Pravin Srivastava, the latest unemployment rate cannot be compared to previous surveys. The present sample emphasises the level of education in a household where at least one person should have studied up to secondary level or above. The earlier employment surveys were based on monthly per capita expenditure.

“The metric that has been designed now for the periodic labour force survey has got several interventions —  innovations in terms of rotational panel, in terms of getting urban quarterly estimates and rural and urban combined annual estimates —  all these are new interventions and we have to appreciate that when you start something new it has to be on a clean slate.” Srivastava told CNBC-TV18.

“Many educational courses are not making the youth employable. The skill development activity needs to be improved so that the industry gets employable youth. To do that you have to look at the demand-supply gap, not only in terms of numbers but also in skill levels,” he pointed out.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

First Modi 2.0 Cabinet extends PM Kisan scheme to more farmers, launches pension cover for farmers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a major push to boost rural consumption, the Modi government in its first Cabinet meeting decided to cover all the farmers, irrespective of their land holdings, under PM Kisan scheme that promises to transfer Rs 6,000 in their bank accounts.

The revised scheme envisages to cover 2 crore more farmers with an estimated expenditure of Rs 87,217.50 crore in 2019-20. The previous government had estimated annual expenditure of Rs 75,000 crore in the earlier version of the scheme.

“The Union Cabinet chaired by Prime Minister Narendra Modi approved the extension of PM-Kisan Yojana to all farmers. Nearly 14.5 crore farmers would now benefit from the scheme,” said Agriculture Minister Narendra Singh Tomar, briefing the media about cabinet decisions.

The Union Cabinet also approved a proposal to provide pension cover to crores of farmers. The Centre would spend Rs 10,774.5 crore for a period of three years on this.

The decision is expected to address the farm sector distress that has gripped the rural economy for some time now. One of the key contributors to the GDP growth, the agriculture and allied activities shrank in the financial year 2018-19.

As per the official data released on Friday, the agriculture sector grew at 2.9 per cent in FY-19 as against the growth rate of 5 per cent in the previous year.

A month before the Union Budget, the decision to expand the PM Kisan scheme shows government’s priority accorded to the farm sector. Many policy experts have stated that higher spending in rural areas would boost economy and could be growth driver.

Announced in the Interim Budget last February, the PM Kisan had covered 12 crore farmers in the country promising to transfer Rs 6,000 in equal instalments directly into the bank accounts of farmers holding up to 2 hectares of land. The scheme helped the Modi government win over the voters ahead of the general election.

The previous Modi government had promised to double farmers’ income by 2022 by raising farm output and prices. It had raised minimum support price (MSP) of various crops including rice, wheat and pulses.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

MCA issues lookout circular against Jet Airways former CEO Vinay Dube

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The ministry of corporate affairs (MCA) on Friday has issued a look-out circular (LOC) against the former chief executive officer of Jet Airways Vinay Dube in connection with the financial irregularities in the running of the grounded airline, sources privy to the developments told CNBC-TV18.

According to multiple people familiar with the development, LOC against Dube was to restrict his travel outside the country and to ensure that investigations were not hampered.

Last week, founder of Jet Airways Naresh Goyal and his wife Anita Goyal were stopped from leaving the country by the immigration officials at the Mumbai airport. Later, the couple was released after their documents were checked.

On May 14, Dube resigned with immediate effect citing personal reasons, “We wish to inform you that Vinay Dube, Chief Executive Officer of the Company, vide his letter dated 14 May 2019, has resigned from the services of the company with immediate effect due to personal reasons,” Jet Airways said in a communication to stock exchanges.

Dube had joined Jet Airways in August 2017 after varied roles at Delta Airlines Inc, Sabre Inc and American Airlines. Prior to Jet Airways, he was the senior vice president for the Asia Pacific at Delta Airlines.

A lookout notice is an intimation to immigration authorities at all the ports of exit to intimate the investigation agency in case the accused tries to leave the country. The immigration authorities may also detain the person if requested by the agency.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold scales seven-week peak as Trump’s Mexico threat rattles markets

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold climbed to a seven-week high on Friday and was headed for its first monthly gain in four as investors scurried into the safe-haven bullion following Washington’s shock threat of tariffs on Mexico, which heightened fears of a global downturn.

Spot gold jumped 1.1% to $1,302.62 an ounce by 10:38 a.m. ET (1438) GMT, having hit its highest since April 11 at $1,304.24.

Bullion has risen by about 1.5% so far this month and is also on track for a second consecutive weekly gain, advancing by about 1.5%.

US gold futures rose 1.1% to $1,301.60.

“People are doing fear trade now and running towards gold,” said Michael Matousek, head trader at US Global Investors, adding, investors were becoming very unsure of what US President Donald Trump was planning to do.

“That tells you need to have higher allocation to gold in your portfolios.”

Trump on Thursday said that Washington will impose a 5% tariff on all goods coming from Mexico, starting on June 10, until the flow of illegal immigrants into the United States ceases.

Meanwhile, Mexico’s President Andres Manuel Lopez Obrador, said he would respond with “great prudence” to the threats and called on Mexicans to unite to deal with the challenge.

US stocks opened sharply lower, hit by fears that Trump’s threat of tariffs on Mexico could prove the trigger that pushes the world’s largest economy into recession.

“The dollar index is still in the 98-area, which is normally a headwind for gold but because of the extreme stock tumbling, it seems to be ignoring the normal headwind,” said George Gero, managing director at RBC Wealth Management.

“Gold is probably going to stay in this $1,300 area as long as the selloff (in equities) continues.”

The dollar briefly trimmed its losses versus a basket of currencies on Friday as stronger-than-forecast data on US consumer spending and income in April tempered some worries about a slowing US economy.

Meanwhile, expectations of a cut in interest rates by the US Federal Reserve increased after recent weak economic readings from the United States added to concerns raised by the prolonged US-China trade dispute.

US interest rate futures rose on Friday as traders increased their bets on more than one rate cut from the Fed.

Lower interest rates would support gold because they reduce the opportunity cost of holding non-yielding bullion.

Elsewhere, silver rose 0.7% higher to $14.61 an ounce but looked poised to register for a fourth consecutive monthly loss.

Platinum was up 0.5% at $795.53, but was on track for its biggest monthly loss since November 2015, down about 10%.

Palladium slipped 1.7% to $1,344.41 and was down about 3.4% for the month.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Modi government clears pension scheme for shopkeepers, traders

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Modi 2.0 government in its first Cabinet meeting Friday approved a new scheme, which assures minimum monthly pension of Rs 3,000 to all shopkeepers, retail traders and self employed persons after attaining the age of 60 years, fulfilling its poll promise.

The decision taken at the Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi will benefit 3 crore retail traders and shopkeepers.

Five crore traders are expected to join the scheme in the next three years, Union Minister Prakash Javadekar said while briefing reporters at a press conference.

“All shopkeepers and self employed persons as well as retail traders with GST turnover below Rs 1.5 crore and aged between 18-40 years can enrol for the scheme,” an official statement said.

Interested persons can enrol themselves through over 3.25 lakh common service centres spread across the country. The government will make matching contribution in the subscribers’ account, the statement added.

“It is a landmark initiative of the Prime Minister for which traders across the country are really happy.

“It shows the concern of the Prime Minister towards the trading community of the country and we hope that in this tenure, small traders will be on the government’s priority list,” Confederation of All India Traders Secretary General Praveen Khandelwal told PTI.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Nirmala Sitharaman to present union budget for FY20 on July 5

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The newly appointed union finance minister Nirmala Sitharaman will present the full-year budget for 2019-20 on July 5 in the Lok Sabha.

This will be first full Budget of Modi 2.0 government.

The 17th Lok Sabha session is set to begin on June 17 and will continue till July 26, while the election for the Speaker of the Lok Sabha will be held on June 19.

The interim budget for the year 2019-20 was presented by the union finance minister Piyush Goyal on February 1, 2019.

The union cabinet, chaired by Prime Minister Narendra Modi, in its first meeting has approved the summoning of the 17th Lok Sabha on Monday, June 17, 2019, and subject to the exigencies of Government Business, the session will conclude on Friday, July 26, 2019, an official statement said.

The Rajya Sabha will be convened on Thursday, June 20, 2019, and subject to exigencies of government business, the session will conclude on Friday, July 26, 2019, it said.

The union budget for 2019-20 will be presented in the Lok Sabha on Friday, July 5, 2019, at 11.00 am and after presentation/laying of the Budget, the respective Houses will be adjourned for the day, it said.

The president will be requested to address both the Houses of Parliament assembled together in the Central Hall of Parliament on Thursday, June 20, 2019, in term of article 87(1) of the Constitution, it said.

(With inputs from PTI)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Modi govt delivers on poll promise, extends PM Kisam Samman Nidhi to all farmers, launches pension scheme for farmers, traders

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prime Minister Narendra Modi extended the National Democratic Alliance’s flagship scheme, Pradhan Mantri Kisan Samman Nidhi, for all farmers across the country.

The PMKSN provides Rs 6,000 annually to farmers in three instalments as an income support scheme.

The move will burden the exchequer with an additional expense of around Rs 12,000 crore. With this, the scheme will now cover 14 crore farmers.

In its manifesto for 2019 general elections, the BJP had promised to extend the scheme to all farmers.

The Rs 75,000 crore Pradhan Mantri Kisan Samman Siddhi (PMKSS) was announced in the interim budget in February earlier this year. Under the scheme, the Modi government decided to provide Rs 6,000 per year (in three equal instalments) to an estimated 12 crore small and marginal farmers holding land up to 2 hectares.

#Cabinet approves extension of PM-Kisan yojana to all farmers. Nearly 14.5 crore farmers to benefit from the scheme. pic.twitter.com/v4zTCCEi4u

— Sitanshu Kar (@DG_PIB) May 31, 2019

Already, 3.11 crore small farmers have so far received the first tranche of Rs 2,000 each under the PM-Kisan scheme and 2.75 crore peasants have got the second instalment as well, as per the official data.

#Cabinet approves a path breaking scheme that will provide pension cover to crores of farmers.The Central Government would spend Rs 10774.5 crores for a period of 3 years.#CabinetDecision pic.twitter.com/xaYfdAtuMS

— Sitanshu Kar (@DG_PIB) May 31, 2019

The Modi governemnt also announced a new Central Sector Scheme, the Pradhan Mantri Kisan Pension Yojana, to provide pension cover to farmers. The scheme is a voluntary and contributory pension scheme for all Small and Marginal Farmers across the country, with entry age of 18 to 40 years with a provision of minimum fixed pension of Rs 3,000 per month on attaining the age of 60 years.

The Central government will contribute to the Pension Fund an equal amount as contributed by the eligible farmer. The government would spend Rs 10,774.5 crores for a period of 3 years.

The scheme aims to cover minimum 5 crore small and marginal farmers in the first three years.

Apart from farmers, the Central governemnt also launched pension scheme for traders to provide universal social security to all shopkeepers, retail traders and self-employed persons a minimum monthly pension of Rs 3000 per month after attaining the age of 60 years.

Under the scheme, all small shopkeepers and self-employed persons as well as the retail traders with GST turnover below Rs 1.5 crore and age between 18-40 years, can enroll for the scheme.

The government will make matching contribution in the subscribers’ account.

Pension scheme for traders: 3 crore retails traders and shop keepers to benefit from this move.

#Cabinet clears pension scheme for traders. 3 crore retails traders and shop keepers to benefit from this move.#CabinetDecision@PMOIndia @narendramodi @FinMinIndia pic.twitter.com/UVaEmxtlzi

— Sitanshu Kar (@DG_PIB) May 31, 2019

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow