Indian Economy: News and Discussion

[indiatester]

For record sake without going into merit or demerits..

Majority of these 4.79 ct are those who switched jobs...each time you switch.. you have a new PF account number. So that is not a correct bench mark to look upon statistically. .. If we have data on UAN numbers .. that might be 80-90 percent correct as UAN number get ported to new org.

Moreover above is true for formal sector.. Informal sector too adds lots of low / high skilled jobs for whom no data is available ( read as salary is paid in CASH)

Correct. However with the UAN you mentioned, its harder to have a new PF number without actually having a new Aadhar or the like. So, recent data can be taken more seriously!
Your point on informal sector is bang on. And, its not a small number.

 

[sameer3694]

https://www.outlookindia.com/business/samsung-to-invest-in-smart-manufacturing-capability-research-and-development-in-india-news-271630?prev

Samsung To Invest In Smart Manufacturing Capability, Research And Development In India

 

[Kumata]

Correct. However with the UAN you mentioned, its harder to have a new PF number without actually having a new Aadhar or the like. So, recent data can be taken more seriously!
Your point on informal sector is bang on. And, its not a small number.

Not sure if i understood it correctly or not..

Here is how it's working on ground..

If you have a UAN number, PF office will continue to use the same UAN but they will create a New PF account based on EPFO office location. So you will see 2-3 PF account numbers under one UAN. Once you have transferred the PF, you get form 60 and all your amount & EPS services gets xferred.


EPFO is getting new UAN only if you are new to job.. else merging et all is a big headache for them...

Problems are opaque rules..

 

[indiatester]

Not sure if i understood it correctly or not..

Here is how it's working on ground..

If you have a UAN number, PF office will continue to use the same UAN but they will create a New PF account based on EPFO office location. So you will see 2-3 PF account numbers under one UAN. Once you have transferred the PF, you get form 60 and all your amount & EPS services gets xferred.


EPFO is getting new UAN only if you are new to job.. else merging et all is a big headache for them...

Problems are opaque rules..

You are correct.
I thought I said the same too....

Well anyway. When EPFO said x number of new subscribers are added, I thought they meant new UAN numbers, not the job shifting guys.
Not so sure anymore.

 

[sauntheninja]

Indian economy gets the jobs boost it was lacking

Indian economy gets the jobs boost it was lacking - Times of India

Business News: The year 2019-22 saw India’s fastest ever phase of employment growth, with women being the main beneficiaries

timesofindia.indiatimes.com

View attachment 197360

Any granular data on where this jobs were created yesterday there was an article in economic times saying more people after covid were forced in the agricultural sector. Every day we have conflicting articles about the economy some say it's doing well others say it's doing crap

 

[Cheepek]

Any granular data on where this jobs were created yesterday there was an article in economic times saying more people after covid were forced in the agricultural sector. Every day we have conflicting articles about the economy some say it's doing well others say it's doing crap

It's citing plfs and not contradicting what you claim to read yesterday.

 

[Cheepek]

Claims of spike in poverty in India during COVID-19 patently false, says paper co-authored by Arvind Panagariya

Claims of spike in poverty in India during COVID-19 patently false, says paper co-authored by Arvind Panagariya

Claims of a spike in poverty and inequality in India during the COVID-19 pandemic are patently false, according to a paper co-authored by eminent economist Arvind Panagariya

www.thehindu.com

"One of the studies the paper critiques is the Azim Premji University Report (2021) based on the household income and expenditure survey, namely, Consumer Pyramids Household Survey (CHPS) conducted by the Center for Monitoring Indian Economy (CMIE).

The paper notes that the Azim Premji University study found massive employment losses, an increase in rural, urban and overall poverty and an increase in rural, urban and overall inequality.

In its criticism of this study, the paper by Mr. Panagariya and Mr. More notes that “rather than measure poverty and inequality directly from the expenditure survey, the report invents an event study to measure them. This is odd and suspect and we do not find it at all persuasive”. In its concluding remarks, the paper said “there remains a widespread belief that COVID-19 resulted in a massive increase in poverty in India”.

“But this observation sits awkwardly against the facts that the poor in India reside disproportionately in rural areas; They are heavily dependent on agriculture; Agriculture showed no deviation from its trend in earlier years and exhibited healthy growth throughout the COVID-19 era; and the government was quick to double down on its anti-poverty initiatives soon after the onset of COVID-19.” It said these factors suggest that there ought to be no perceptible rise in rural poverty."

 

[thebakofbakchod]

Foxconn’s Rs 8,000 crore mobile phone unit among 18 investments cleared by Karnataka’s high level panel

The new plant that will come up on a 300-acre plot near the Bengaluru international airport will be Foxconns largest such unit in India and is expected to add about 100,000 jobs over the next 10 years.

economictimes.indiatimes.com

This usually means land has been allocated IIRC. Looks like Foxconn's next plant is near bangalore.

 

[sauntheninja]

Foxconn’s Rs 8,000 crore mobile phone unit among 18 investments cleared by Karnataka’s high level panel

The new plant that will come up on a 300-acre plot near the Bengaluru international airport will be Foxconns largest such unit in India and is expected to add about 100,000 jobs over the next 10 years.

economictimes.indiatimes.com

This usually means land has been allocated IIRC. Looks like Foxconn's next plant is near bangalore.

Why no plants in Maharashtra Or Gujarat

 

[Jimih]

Bangladesh offering its ports to India to use

 

[sameer3694]

Foxconn’s Rs 8,000 crore mobile phone unit among 18 investments cleared by Karnataka’s high level panel

The new plant that will come up on a 300-acre plot near the Bengaluru international airport will be Foxconns largest such unit in India and is expected to add about 100,000 jobs over the next 10 years.

economictimes.indiatimes.com

This usually means land has been allocated IIRC. Looks like Foxconn's next plant is near bangalore.

Any news on the Telangana plant?

 

[Haldilal]

Ya'll Nibbiars old data but still gives a perspectives.

 

[gslv markIII]

Smartphone exports top $2 billion in first 2 months of 2023

Smartphone exports in the April 2022-February 2023 period have doubled from the corresponding period a year ago, when exports hovered around $4.5 billion, according to industry body India Cellular and Electronics Association (ICEA) data exclusively made available to ET.

m.economictimes.com

.

24 billion USD Smartphone exports for CY2023??

 

[BhumiPutra627]

Foxconn’s Rs 8,000 crore mobile phone unit among 18 investments cleared by Karnataka’s high level panel

The new plant that will come up on a 300-acre plot near the Bengaluru international airport will be Foxconns largest such unit in India and is expected to add about 100,000 jobs over the next 10 years.

economictimes.indiatimes.com

This usually means land has been allocated IIRC. Looks like Foxconn's next plant is near bangalore.

Why no plants in Maharashtra Or Gujarat

Karnataka just ammended it's Labour Laws. Which helped them secure the deal. Check this out.

The Karnataka Legislative Assembly on February 22 passed a bill amending the Factories Act.

• 4-day work week: increasing the number of hours of work from the existing nine hours up to twelve hours inclusive of rest intervals in any day subject to a maximum of 48 hours in any week subject to the written consent of such worker for such work, and the remaining days of the said week for the worker shall be paid holidays.
• Extending the total number of hours of work by a worker without an interval to six hours to any group or class or description of factories to facilitate the increase in the maximum daily hours of work due to provisions of flexibility in working hours.
• Women Workforce Related: Women permitted to work at night and work overtime
• Overtime: Overtime payable for a six-day work week, five-day work week and four-day work week
• Overtime hours per quarter extended from seventy-five to one hundred and forty-four hours, allowing factories to engage workers on overtime for an increased period in a quarter.

Explained: How A Series Of Amendments In Factories Act Helped Karnataka Seal Foxconn Deal And Will Boost Its Ambition As Manufacturing Hub

swarajyamag.com

 

[Cheepek]

Smartphone exports top $2 billion in first 2 months of 2023

Smartphone exports in the April 2022-February 2023 period have doubled from the corresponding period a year ago, when exports hovered around $4.5 billion, according to industry body India Cellular and Electronics Association (ICEA) data exclusively made available to ET.

m.economictimes.com

.

24 billion USD Smartphone exports for CY2023??

$1B per month, so should be around $12B by December

 

[Cheepek]

Car Makers Revive India Plans as China Market Sags

Car Makers Revive India Growth Plans as China Market Sags

Nissan, Renault, Hyundai and Volkswagen have announced new plans for India, a market that executives say has become too big to neglect despite historical challenges.

www.wsj.com

 

[Blademaster]

Smartphone exports top $2 billion in first 2 months of 2023

Smartphone exports in the April 2022-February 2023 period have doubled from the corresponding period a year ago, when exports hovered around $4.5 billion, according to industry body India Cellular and Electronics Association (ICEA) data exclusively made available to ET.

m.economictimes.com

.

24 billion USD Smartphone exports for CY2023??

Now the next key thing is to find how much of the money will stay in India instead of being expatriated out.

 

[sameer3694]

Apple lobbying for changes in labor laws

Apple seeks changes in India labor laws in push to diversify beyond China

Apple Inc. is requesting new labour law reforms in India as it seeks to expand local production; governments there prefer manufacturing its iPhone over in China. The southern state of Tamil Nadu, where Apple's top supplier Foxconn operates the nation's main iPhone plant, is believed to be...

economictimes.indiatimes.com

 

[sauntheninja]

Apple lobbying for changes in labor laws

Apple seeks changes in India labor laws in push to diversify beyond China

Apple Inc. is requesting new labour law reforms in India as it seeks to expand local production; governments there prefer manufacturing its iPhone over in China. The southern state of Tamil Nadu, where Apple's top supplier Foxconn operates the nation's main iPhone plant, is believed to be...

economictimes.indiatimes.com

Already done in Karnataka and now in TN wait till Congress hears about this suit book ki sarkar will be shouted loudly by them

 

[thebakofbakchod]

Already done in Karnataka and now in TN wait till Congress hears about this suit book ki sarkar will be shouted loudly by them

Will be funny if the posterchild of muh worker rights Tamil nadu passes the laws as well