Employment News 17 – 23 October 2020
India has the most investment climate, Prime Minister Modi.
- Prime Minister Narendra Modi has praised the trilateral reforms in labor, education and agriculture, saying that India has undergone structural reforms in the wake of the global epidemic revolution. Addressing the Invest India Conference of Canada on October 8, 2020 through video conferencing, the Prime Minister said the reforms introduced have significantly improved the country’s ranking in terms of ease of doing business. Highlighting the key indicators of big interest in FDI in the country in 2019, he said the country has repealed many provisions in the law. Mr Modi said the country had emerged as the world’s pharmacy center during the epidemic and had extended a helping hand to more than 150 countries by ensuring the supply of life-saving drugs. The Prime Minister said the new India provides opportunities for all. Referring to the change in the mindset and perception of everyone about the country, he said that India has all the important ingredients it needs to make it a profitable investment destination. Mr Modi said vibrant democracy, government stability, business transparency and easy access to large markets in the country ensure the expected return of all investors.
Textile sector to build self-reliant India: PM
- Prime Minister Narendra Modi has said that the textile sector is a key sector that will help in building a self-reliant India or self-reliant India. Focusing on sector integration. We are helping our weavers continue to create world-class products. She said a vibrant textile sector would add more energy to women’s empowerment efforts.
The Air Force celebrated its 88th anniversary with an air show at Hindon Base.
- The Indian Air Force, IAF, celebrates its 7th anniversary on October 6, 2020. The IAF was established on October 8, 1932. A small aircraft air display of various aircraft was featured in the parade cum investment ceremony at Air Force Day at Hindon, Ghaziabad. The air display began with the famous Akash Ganges team flag bearer Akash Diver taking off from an AN-32 aircraft in their colorful canopy. The flypast includes vintage aircraft, modern transport aircraft and frontline fighter aircraft. The program concludes with a spell-binding aerobatic display. The President, the Vice President and the Prime Minister greeted all the Air Force personnel on the occasion.
The center issued guidelines for reopening the school.
- The Ministry of Education has issued Standard Operating System (SOP) for re-opening of schools in the country. The guidelines for the gradual opening of schools after October 15 have been broadly divided into two parts, which include health and safety aspects in accordance with the guidelines of the Ministry of Health to follow all necessary safety precautions for physical distance and wearing of masks. The second part of the guideline deals with the academic aspects and methods of teaching in epidemics. The guidelines emphasize the smooth transition of students from school-based schools to formal schooling during school authority lockdowns. States and Union Territories have been asked to set up their own SOPs for re-opening schools and training of various stakeholders as per the directions of the Ministry of Education.
To carry out agrarian reforms to increase the minimum support price, to increase the income of the farmers.
- Union Information and Broadcasting Minister Prakash Javadekar said the three agrarian reform bills passed by the central government would benefit farmers. He said the country is moving towards one nation, one market. He told the media at the Goa Secretariat in Panaji that it was a far-sighted move to transform agriculture and increase farmers’ incomes. He said the selling price for all manufactured products is fixed by the agents, but only in the case of agricultural production the agents fix the selling price. But now that this law has been passed, the producer that is the farmer will have priority in determining his selling price. Mr Javadekar added that farmers now have the freedom to sell at the highest price or at the price offered. The minimum support price cannot go up. In contrast, the government has provided much higher MSP to farmers, he said. Onions, potatoes and essential oils have been removed from the law. Now farmers can save their produce and sell it to whomever they wish.
The Center collected Rs 20,000 crore to the states collected as compensation cess.
- Of the amount collected by the Center as compensation cess this year among the states, about Rs 20,000 crore. Finance Minister Nirmala Sitharaman announced this effect after the 42nd GST Council meeting on 05 October 2020. Giving information to the media in New Delhi, the Finance Minister said that the Center will also disburse Rs 25,000 crore towards integrated GST for 2017-18 to those states which received lesser amount due to discrepancies. The GST Council has also recommended extension of indemnity cess beyond the transition period of five years, which is beyond June, 2022, for the period required to meet the revenue gap. Revenue Secretary Ajay Bhushan Pandey told that for the taxpayers from the first January next year, Rs. Five crore annual turnover will not be required for filing monthly GSTR-1 and GSTR-3B returns. He said that now he has to file it on a quarterly basis. Finance ministers from all states and union territories attended the GST Council meeting.
The RBI keeps key interest rates unchanged.
- The Reserve Bank of India, in its monetary policy announced on 9 October 2020, has maintained the status quo by keeping key interest rates unchanged. The reverse repo rate remains unchanged at 3.35 percent, the repo rate at four percent. The Monetary Policy Committee also noted its stance as at least through the current financial year and as long as next year as the Indian economy is entering a decisive phase in its fight against coronaviruses. Has decided to keep up. Reserve Bank of India Governor Shaktikanta Das proposed that RTGS system for real time fund transfer to become 24X7 from December 2020. He said, RBI is ready to take necessary measures to ensure market participants access to liquidity and easy finance conditions. By March 31, 2022, the weight of the new housing loan will be linked to the debt-to-income ratio for all new housing loans and the risk weight will also be rationalized. Also, banks will extend co-lending scheme to all NBFCs, HFCs. For GDP, growth may fall out of contraction and enter positive territory in the fourth quarter of the current fiscal year.
Quad calls for free, free, included Indo-Pacific.
- Foreign Minister Dr. S. Jaishankar strongly emphasized that while valued as a lucky and pluralistic democracy, the four quad member countries have jointly reaffirmed the importance of maintaining a free, open and inclusive Indo-Pacific Ocean. In his inaugural address at the 2nd Quad Cabinet Meeting in Tokyo, Dr. S. Jaishankar said member states should adhere to the rules of international order, transparency, freedom of international navigation, respect for territorial integrity and peaceful resolution of sovereignty and disputes in the region. He said the objectives of the quad member countries, which include India, the United States, Japan and Australia, continue to advance the security and economic interests of all countries with legitimate and vital interests. Quad countries, including Australia and Japan, have already promised huge investments in India’s infrastructure, technology and supply chain. As the United States also addresses India as a major power in the Indo-Pacific region, the Quad seems to have a key role to play in rebuilding the world’s energy dynamics in the coming years.
Yashswini, Vishnu won gold at the Online Shooting Championship.
- Indian shooters Yaswini Singh Deshwal and Vishnu won gold in the fifth edition of the International Online Shooting Championship. Indian Olympic quota winner in 10m air pistol event, 23-year-old World No. 4. Yashswini won the title by a clear margin of 2.1.1 points 241. of scores. Yashwini, who won gold at last year’s ISSF World Cup in Rio de Janeiro, scored the best qualification of qual 577. Vishnu Shivraj Pandian won the 10m air rifle event. 1 16-year-old Vishnu won the title by a clear margin of two points with a record of 251.4.
News Digest of Employment News (29 February – 6 March 2020)