Central Statistics Office Current Affairs - 2020

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ESIC payroll data suggests 2 crore jobs created in 16 months

The Employees State Insurance Corporation (ESIC) payroll data released by the Central Statistical Office (CSO) suggests 2 crore jobs created in 16 months. The ESIC data is one of payroll numbers released by the Central Statistics Office (CSO) in its reports based on people joining various social security schemes run by Employees Provident Fund Organisation (EPFO) and Pension Fund Regulatory Development Authority (PFRDA). The data shows that:

  • During September 2017 and December 2018, as many as 1.96 crore new subscribers joined the scheme
  • Employment generation in the formal sector almost trebled to touch a 16-month high of 7.16 lakh in December 2018 compared to 2.37 lakh in the year-ago month.
  • Around 72.32 lakh new subscribers were added to social security schemes of the EPFO from September 2017 to December 2018.
  • An estimated number of new NPS (National Pension Scheme) subscribers during the period of September 2017 to December 2018 is 9,66,381.

The report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level.

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IMF growth Prospects for India: Key Facts

The World Economic Outlook of the International Monetary Fund (IMF) has given the following prospects about the growth trends for India:

  • IMF has retained its growth projection for the country at 7.5 per cent for 2019-20 and said it is likely to accelerate to 7.7 per cent in 2020-21. This brings cheers for India as the world growth rates have been revised downwards.
  • India will remain the fastest-growing economy in the world, at least for the next two years.
  • India’s growth rate is poised to pick up in 2019, benefiting from low oil prices and a slower pace of monetary tightening than previously expected as inflation pressures ease.

The projection by IMF is higher than the Central Statistics Office’s (CSO) estimate of 7.2 per cent and lower than the RBI’s estimate of 7.4 per cent. IMF’s estimates are in line with the World Bank’s estimate of 7.3 per cent.

China’s GDP growth on the decline

The GDP figures from China shows that it recorded its lowest growth rate in 28 years at 6.6 per cent in 2018. IMF had estimated growth rate of 6.6 per cent in 2018 and 6.2 per cent in 2019 and 2020. As a result, India is poised to be the fastest-growing economy in the world, at least for the next two years.

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