Employment Current Affairs

India will grow at 7.3% in 2018: World Bank Report

The World Bank in its twice-a-year South Asia Economic Focus report has projected growth rate of 7.3% for India in 2018 and 7.5% for 2019 and 2020. The growth is expected to accelerate from 6.7% in 2017 to 7.3% in 2018 and to subsequently stabilise supported by sustained recovery in private investment and private consumption.

Key Facts

India’s recovering growth will drive South Asia to the fastest growing region. Indian economy has recovered from effects of demonetisation and the Goods and Services Tax (GST). India should strive to accelerate investments and exports to take advantage of recovery in global growth.

Disruptions from demonetisation and events surrounding implementation of GST led to setback in economic activity and potentially larger negative effect on poor and vulnerable. Private consumption will remain primary driver of growth while services sector and increasingly, industrial sector will lead production growth.

Every month, the working age increases by 1.3 million people and India will need to create 8.1 million jobs a year to maintain its employment rate. The employment rate is declining based on employment data analyzed from 2005 to 2015, largely due to women leaving the job market.

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CCEA approves enhancing coverage of Pradhan Mantri Rojgar Protsahan Yojana

The CCEA chaired by Prime Minister Narendra Modi, has approved proposal of enhancing scope of Pradhan Mantri Rojgar Protsahan Yojana (PMRPY).  The Central Government will now contribute Employer’s full admissible contribution for first 3 years from date of registration of new employee for all sectors including existing beneficiaries for their remaining period of 3 years. It will benefit the informal sector workers as the will get social safety net and result in more job creation.

Pradhan Mantri Rojgar Protsahan Yojana (PMRPY)

PMRPY has been in operation since August 2016. Under it, Government is paying 8.33% contribution of Employers to Employees’ Pension Scheme (EPS) in respect of new employees (joined on or after 1st April 2016) having new Universal Account Number (UAN), with salary up to Rs. 15,000/- per month.

The scheme has dual benefit i.e. it incentivize employers for increasing employment base of workers establishments and enables large number of workers to find jobs in such establishments. Its direct benefit is that these workers get access to social security benefits of organized sector. Till now, the scheme has produced quite encouraging results and has added about 31 Lakhs beneficiaries to formal employment involving expenditure of more than Rs. 500 crore.

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