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Employment grew by 2 million, or 0.5% in 2017: CMIE report

प्रतीकात्मक तस्वीर



After the disapponiting data by CSO on the growth of economy, the Centre for Monitoring Indian Economy has revealed another disappointment for the employment sector of the country , in a report published on 9th January it sated that in 2017 employment grew by only 0.5 percent.

Both the reports raises questions over the Government’s claim of a healthy and rapidly growing economy. The CMIE has claimed that employment increased from 405.3 million in 2016 to 407.4 million (preliminary estimates) in 2017.

This implies an increase of 2 million jobs during the year. This is very low compared to the estimated 11.5 million who should have come into the labour force during the year.

Distinguishing between the rural and Urban employment growth in 2017 the report states that in rural areas employment increased by 2 percent whereas the employment in rural areas decreased by 0.3 per cent.
According to the CMIE-BSE surveys, the LPR (Labour Participation Rate) (daily status) fell from 46.6 per cent in 2016 to 43.9 per cent in 2017.

With Inputs From CMIE Report


Equity indices surge as banks stocks gain, Sensex climbs mount 35k



Mumbai, Jan 17: Key Indian equity indices on Wednesday traded with substantial gains during the mid-afternoon session, with the barometer 30-scrip Sensitive Index (Sensex) of the BSE hitting the 35,000-mark on an intra-day basis for the first time.

The Sensex has so far hit an intra-day high of 35,024.55 points.

According to market observers, optimism around quarterly corporate earnings, along with a surge in banking, healthcare and IT stocks, lifted the equity indices to trade at fresh high levels.

Around 2.45 p.m., the wider Nifty50 of the National Stock Exchange rose by 59.70 points or 0.56 per cent to trade at 10,760.15 points.

On the BSE, the Sensex traded at 35,023.65 points — up 252.60 points or 0.73 per cent — from its previous session’s close.

However, the BSE market breadth was bearish as 1,509 stocks declined against 1,343 advances.

On Tuesday, the benchmark indices closed in the negative zone as sentiments were dampened by higher crude oil prices as well as the country’s widening trade deficit.

The Nifty50 fell by 41.10 points, or 0.38 per cent to close at 10,700.45 points, while the Sensex closed at 34,771.05 points — down 72.46 points or 0.21 per cent.


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Bitcoin falls over 20% in Asia over new restriction fears




Tokyo, Jan 17: The price of Bitcoin fell by more than 20 per cent over the last 24 hours in major markets in Asia over fears of fresh restrictions in South Korea and China.

Bitcoin was valued at an average price of 1,394 million yen ($12,562) in Japanese exchange houses at 3.20 p.m. (local time) on Wednesday, and 13,513 million won ($12,628) in South Korea, according to the CryptoCompare website.

The prices of the cryptocurrency — that has been on a downward trend since the beginning of January — indicated a fall of 22.7 per cent in Japan and 24.14 per cent in South Korea over the last 24 hours, Efe news reported.

Ethereum, another cryptocurrency, also fell more than 20 per cent, whereas Ripple and Bitcoin Cash lost between 10 and 15 per cent of its value.

Analysts attributed the drop to concerns over possible new regulations, including perhaps a ban on its sale in South Korea, where some of the major cryptocurrency markets are located.

On Tuesday, South Korean Finance Minister Kim Dong-yeon said the government will take measures to check any irrational speculation in the local cryptocurrency markets.

Moreover, China had also been planning to ban the use of foreign websites and mobile applications that provide access to virtual currencies and restrict Bitcoin mining — computer systems to generate the cryptocurrency — in the country.

Last year, Beijing had ordered the closure of domestic cryptocurrency exchanges.

The current price of Bitcoin is around 40 per cent lower than the record high it touched in the middle of December, when its value had crossed $19,000.


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Equity indices shed gains on widened trade deficit, crude prices



Mumbai, Jan 16: Breaking a three-day streak of record closing highs, the two key Indian equity indices on Tuesday ended the day in the negative zone with heavy selling pressure in almost all the sectors, except the IT and Teck (technology, media and entertainment) indices.

According to market observers, the key indices retreated from their record high levels as sentiments were dampened by higher crude oil prices, as well as the country’s widening trade deficit.

On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) fell by 41.10 points, or 0.38 per cent, but managed to sustain the 10,700-mark at 10,700.45 points.

On the BSE, the barometer 30-scrip Sensitive Index (Sensex), which opened at a fresh high of 34,877.71 points, closed at 34,771.05 points — down 72.46 points or 0.21 per cent — from its previous session’s close.

The BSE market breadth was bearish with 2,259 stocks being declined as compared to 721 advances.

In the broader markets, the S&P BSE mid-cap index closed lower by 1.74 per cent and the small-cap index by 2.21 per cent.

“Markets snapped a three-day winning streak as it corrected on Tuesday. Selling was seen throughout the day. IT large-caps cushioned the fall,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Major Asian markets have closed on a positive note. European indices like FTSE 100, DAX and CAC 40 traded in the green,” he added.

Tokyo stocks closed higher on Tuesday, with the benchmark Nikkei stock index finishing at its highest level in more than 26 years as the yen’s softer tone against the US dollar lifted exporters’ issues and raised hopes for earnings results at the end of the month.

“Tuesday’s session was range-bound as Indian markets took the volatile path. India’s December trade deficit widened to its highest in more than three years as higher import bills for gold and crude oil weighed on rising exports,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Oil refiners fell as global oil prices rose to near three-year highs due to production curbs in OPEC nations and Russia and robust demand from healthy global economic growth,” added Desai.

On the currency front, the Indian rupee weakened by 54 paise to close at 64.03 against the US dollar from its previous close at 63.49.

Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 693.17 crore, while domestic institutional investors divested stocks worth Rs 246.38 crore.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Widened fiscal deficit and increasing fuel price on account of volatility in crude prices dampened the market sentiment.”

Official data released on Monday evening showed that India’s merchandise trade deficit widened to $14.88 billion during last month, as against $10.54 billion in the corresponding period of the previous year.

Sectorwise, the S&P BSE metal index gave up the most and plunged by 449.11 points, followed by consumer durables index by 310.17 points, and oil and gas index by 299.22 points.

On the other hand, the S&P BSE IT index surged by 386.21 points and the Teck index by 160.69 points.

Major Sensex gainers on Tuesday were: Wipro, up 4.88 per cent at Rs 331.90; Infosys, up 3.93 per cent at Rs 1,122.90; Tata Consultancy Services, up 3.77 per cent at Rs 2,850.85; ICICI Bank, up 1.43 per cent at Rs 334.15; and Dr. Reddy’s Lab, up 1.17 per cent at Rs 2,461.70.

Major Sensex losers were: Coal India, down 4.57 per cent at Rs 291.50; Reliance Industries, down 2.54 per cent at Rs 923.50; Tata Motors, down 2.30 per cent at Rs 421.80; Tata Steel, down 2.16 per cent at Rs 766.30; and ITC, down 2.06 per cent at Rs 261.75.


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