About 450 items would be included in the IIP basket as against 399 in the current series and data from at least eight factories per item would be collected to ensure lesser volatility.
According to the formula, the per day expenditure of such workers is estimated at Rs 211 per day or Rs 6,330 per month.
With Labour Minister Bandaru Dattatreya and Labour Secretary Shankar Agarwal away to attend the G-20 labour minister's conference, the labour ministry remained silent on the impact of the strike but trade unions leaders have termed it a “grand success”.
Significantly, the government has also finalised its team of key officials who would be responsible for the Union Budget 2016-17.
While this is much higher than the 6.7 per cent growth clocked in the first quarter of 2014-15, it is muted compared to the 7.5 per cent growth in the January to March quarter of last fiscal.
The finance ministry is banking on these savings to meet any shortfall in revenue from stake sales in public sector units that is necessary to meet the fiscal deficit target.
Initial indications reveal that growth remains on the same footing as the last quarter, if not lower.
The proposed amendments that were cleared by the Union Cabinet in May this year seek to completely bar children less than 14 years from working in any sector, barring entertainment industry.
While the Pradhan Mantri Jeevan Jyoti Bima Yojana has 2.75 crore subscribers as of August 22, the Atal Pension Yojana, in stark contrast, has witnessed just 6.83 lakh members enrolling.
The objective is to ensure that a standard minimum wage rate exists for all kinds of occupations.
Till now, the Pradhan Mantri Jeevan Jyoti Bima Yojana has received 1,184 claims while another 284 claims have been filed under the Pradhan Mantri Suraksha Bima Yojana.
With the government announcing plans to infuse Rs 25,000 crore capital in public sector banks this fiscal, financial services secretary Hasmukh Adhia said this will allow them to tap the markets when their valuations are improved. In an interview, Adhia also said the finance ministry is working to strengthen fraud detection processes at PSBs. Excerpts: Are […]
Accordingly, the finance ministry is now set to work with PSBs on a policy to recruit officers at the mid-level taking into account requirements of the lenders and expected vacancies.
The plan to hire laterally at the mid-level is partly fueled by the government’s wish to professionalise state run lenders and improve their efficiency.
The government had last week roped in private sector professionals to run two of its largest banks — Bank of Baroda and Canara Bank.
Accordingly, the Centre is talking to state governments to ask them to take steps to improve the economic health of discoms, including giving them funds.
Efforts are on to expand credit history coverage to include payments of mobile, insurance and utility services bills that can be used for background checks.
The revised bilateral investment treaty seeks to exclude taxation steps, commercial contracts between domestic and foreign firms from arbitration but is likely to have many changes to make it more investor-friendly.
Retail inflation has halved over the 19 months from double digit levels, giving the RBI scope to ease policy rates to help boost growth.
The $ 100 billion NDB is promoted by BRICS nations —Brazil, Russia, India, China, and South Africa for investments in infrastructure in the five nation bloc.
The Centre and the RBI are working on the contours of the MPC that would be responsible for deciding on policy rates required to keep inflation under control.
Will also work towards rationalising the number of state-level and Centrally-funded schemes.
Nishimoto who is on her first trip to India, said that the proposed amendments to the Child Labour Act need to be debated more.
Sources said official delegations from the two countries have met recently to discuss the totalisation pact that would allow citizens from the two countries to repatriate their social security savings when they return to their home country.
For 2015-16, the Centre has a more relaxed fiscal deficit target of Rs 5,55,649 crore or 3.9 per cent of the GDP.
The scheme would, however, be available only for low-cost housing and subscribers whose monthly salary is less than Rs 15,000. These workers constitute about 70 per cent of the EPFO’s five crore subscribers.
According to the proposal, foreign legal firms would be allowed to be invest in a partnership firm or a proprietary concern.
The Union Budget has set a target of Rs 69,500 crore from disinvestment in public sector unit this fiscal.
The revised IFC proposes to do away with the veto power enjoyed by RBI Governor on policy rates, instead suggesting a decision by a majority vote.
Prime Minister Narendra Modi had launched the two insurance schemes along with the Atal Pension Yojana on May 9 this year to improve social security and insurance coverage in the country.
Campaign for opening up of demat accounts likely to be undertaken
EPFO also plans to raise the age for withdrawal of up to 90 per cent of the accumulation from the current limit of 54 years to 57 years
Government to subsidise premium for those below poverty line by up to 90% through cash transfers.
The finance ministry is hopeful that capital spending will witness a significant rise in the current quarter as more projects get approved and Budget announcements are implemented.
Talking about different interest groups, Modi said that there was a thin line dividing the interest of industry and industrialists, government and nation, and labour and labour organisations.
The facility built on the lines of a similar service provided by the UK government aims to create a direct market place for workers and employers.