India's unemployment rate hit a four-month high in December, data from the Centre for Monitoring Indian Economy (CMIE) showed
India's unemployment rate hit a four-month high in December, data from the Centre for Monitoring Indian Economy (CMIE) showed on Monday.
The unemployment rate rose to 7.9% in December from 7.0% in November, its highest since 8.3% in August.
Economic activity and consumer sentiment have been hit in the South Asian nation after a rise in cases of the Omicron coronavirus variant and social distancing restrictions in many states.
Urban unemployment rate rose to 9.3% in December from 8.2% in the previous month while the rural unemployment rate was up 7.3% from 6.4%, the data showed.
Many economists worry that the Omicron variant could reverse the economic recovery seen in the previous quarter.
Mumbai-based CMIE data on unemployment is closely watched by economists and policymakers as the government doesn't release monthly figures.
Increasing per capita steel consumption and production of special steel as well as enhancing raw material security will remain the key focus areas of the government in 2022. Increasing per capita steel consumption and production of special steel as well as enhancing raw material security will remain the key focus areas of the government in 2022. Minister of State (MoS) Faggan Singh Kulaste said the focus will also be on finding new markets as the production of steel continues to grow in the country. As per the National Steel Policy 2017, the government has set a target to ramp up the country's crude steel production output to 300 million tonnes (MT) by 2030. The policy also seeks to increase the domestic per capita steel consumption to the level of 160 kg by 2030. In an interview with PTI, Kulaste said the per capita steel consumption in the country is at around 72.3 kg at present, while the capacity is at 143.9 MTPA (million tonnes per annum), and the focus will also be on increas...
The Indian economy grew at 8.4 per cent in the second quarter of the current fiscal, as against a growth of 20.1 per cent in the April-June quarter The country's real gross domestic product (GDP) is likely to maintain a 9 pc growth rate in fiscal 2022 and 2023, amid concerns over the Omicron variant of COVID-19, says a report. The Indian economy grew at 8.4 per cent in the second quarter of the current fiscal, as against a growth of 20.1 per cent in the April-June quarter. "We are maintaining our forecast of a 9 per cent GDP expansion in FY2022, with a clear K-shaped divergence amongst the formal and informal parts of the economy, and the large gaining at the cost of the small. "Looking ahead, we expect the economy to maintain a similar 9 per cent growth in FY2023," domestic rating agency Icra Ltd Chief Economist Aditi Nayar said in the report. She expects the percentage of double-vaccinated adults to rise to 85-90 per cent by March 2022. While the announcement of bo...
The deadline for filing IT return is drawing close. Many wait till the last moment to finish the exercise, but that is not advisable. Find out the different categories of ITR forms that taxpayers fill Economy & Policy : For individuals who are not subject to audit, the income-tax return filing deadline for the financial year 2020-21 was extended by three months from September 30 to December 31. It was first extended from the usual deadline of July 31 because of glitches in the new income tax portal developed by Infosys. Taxpayers also have the option to choose between the old and new income tax regimes while filing the return. Those who choose the new regime will not be able to claim certain deductions such as the standard deduction, house rent allowance and those under Section 80C and 80D. It is also important to select the right ITR form based on your sources of income and residential status. For instance, ITR-1 can only be used by a resident individual having an income of up to ...
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