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Jobs needed to prevent demographic disaster
It’s raining trains
Railways earmark Rs
57k cr in annual plan
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Railways surplus projected to increase 28 pc
Wagon cos’ scrips tank
‘Open FDI in multi-brand retail’
Forex reserves 4th largest in world
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Jobs needed to prevent demographic disaster
This admission is contained in the 2010-2011 Economic Survey which notes with urgency the need to award skills training to India’s growing working population lest the demographic dividend becomes a demographic disaster. “While a skilled, trained and healthy young population with the right kind of education is an asset, an uneducated or ill educated, unskilled and unemployed population could lead to a demographic disaster,” the Survey warns the Government. It seeks immediate restructuring of the National Skill Development Mission under the Prime Minister and says though the Council is a step in the right direction, “much more was required in terms of achievement and speed”. To create an environment for vocational training of the youth, the Survey calls for reforms in higher and technical education and increased private investment in education but adds: “Private sector participation in health and education could be a possible alternative to supplement the ongoing efforts of the Government. But to put such mechanisms in place, risks and returns need to be suitably addressed to ensure that there are enough takers for such high cost projects on a self-sustainable basis. Regulatory oversight of the Government should not be diluted.” By the end of the 11th Plan in 2012, 12 per cent of India’s population would require jobs, being in the age group 18 to 24 years. Considering majority jobs right now are in the private sector, the onus of further expanding the organized employment market lies on the Government. While employment in the establishments covered under the Ministry of Labour grew at 1.20 per cent per during 1983-94, the employment growth decelerated (as number of job seekers increased) to 0.05 per cent per year between 1994 and 2008. The Economic Survey attributes this decline to reduced job availability in public sector establishments at a time when the private sector showed accelerated employment growth from 0.44 per cent to 1.75 per cent per year over the corresponding period. That being the case, the Government now plans to add skilled personnel to the market pool to increase the employment opportunities in the country. By the end of 2010, 28 states and five UTs had set up Skill Development Missions which are assessing skill gaps in major sectors. The National Skill Development Corporation under the PM, which was set up in July 2008, has the mandate to train 150 million persons in various skills by 2022. It has concluded a skill gap study for 21 key sectors to build a strategy for job creation and has approved 22 projects with public-private participation. The target is to create 38.59 million skilled workforces over the next 10 years from today.
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It’s raining trains
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Railways earmark Rs
57k cr in annual plan
New Delhi, February 25 “The annual plan for the year 2011-12....is the highest ever plan investment by the Railways in a single year,” Mamata Banerjee said while presenting the Railway Budget for the next financial year. "The Plan is proposed to be financed through gross budgetary support(GBS) of Rs 20,000 crore, diesel cess of Rs 1041 crore, internal resources of Rs 14,219 crore and market borrowings of Rs 20,594 crore through Indian Railway Finance Corporation (IRFC)," the Railway minister said. Banerjee said an additional amount of Rs 10,000 crore would be raised next year through tax free bonds for financing select capacity enhancement works. The Minister said greater thrust this year would be on expanding rail network with a larger allocation of Rs 9,583 crore for new lines. "It is planned to complete 1,000 km of new lines in 2011-12. In addition, the left over new lines from last year's target will also be completed. Apart from this, Rs 5406 crore and Rs 2,470 crore has been given for doubling and gauge conversion projects to complete 867 km and 1017 km, respectively," Banerjee said. She added that Rs 13,820 crore has been earmarked for acquisition of rolling stock
— PTI |
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Railways surplus projected to increase 28 pc
New Delhi, February 25 The surplus in 2011-12 is expected at Rs 5,258.41 crore, a growth of 28.11 per cent over the revised estimate of Rs 4,104.50 crore for the current year, according to the Railway Budget 2011-12 presented in Parliament today. This increase in surplus is expected on account of greater gross traffic receipts. Gross traffic receipts are projected to be Rs 1,06,239 crore in the next fiscal, up 12.02 per cent from the revised estimate of Rs 94,840.44 crore in 2010-11. According to the Budget presented by Railways Minister Mamata Banerjee, the total receipts of the Indian Railways is also to witness an increase of 12.6 per cent in 2011-12 at Rs 1,09,393.13 crore. This is against a revised projection of Rs 97,151.20 crore for the current fiscal. — PTI
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Wagon cos’ scrips tank
Mumbai, February 25 In her third annual budget in parliament on Friday, Railways Minister Mamata Banerjee proposed to set up two wagon units with the assistance of private partners. "The rail minister has announced setting up of rail wagon units. So the share of private sector allocation for wagon orders will be reducing," said an analyst. —
Reuters |
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‘Open FDI in multi-brand retail’
New Delhi, February 25 Even as the debate over FDI continues, the survey said during 2011-12, projects worth Rs 24,143 crore are expected to be completed adding a capacity of 168.6 lakh square feet. "Permitting FDI in retail in a phased manner beginning with metros and incentivising the existing retail shops to modernise could help address the concerns of farmers and consumers," the Economic Survey 2010-2011 said. At present, India allows 100 per cent FDI in cash and carry wholesale trading, while it is prohibited in multi-brand retail. Up to 51 per cent FDI has been allowed in single-brand retail since 2006. The survey pointed out that FDI in retail may also help bring in technical know-how to set up efficient supply chains which could act as models of development. According to it, during April 2006 to March 2010, India witnessed FDI inflows valued at $194.69 million in the retail sector, accounting for 0.21 per cent of total FDI inflows in the country during the period. — PTI
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Forex reserves 4th largest in world
New Delhi, February 25 India's foreign exchange reserves touched $297.3 billion in December, 2010 from $279.1 billion
in March. "It needs to be acknowledged that foreign exchange reserves have helped insulate India from the worst impact of the crisis," it said. Unlike many Western nations, India was relatively less affected by the global financial meltdown in 2008-09 that had pushed many advanced economies into recession. India had the fourth largest foreign exchange reserves at $297.3 billion at the end of December 2010, it said. At the same time, the foreign exchange reserves of Japan and Russia stood at $1.12 trillion and $479.4 billion, respectively. Neighbouring China's foreign exchange reserves was at $2.45 trillion in June, 2010. According to the Survey, the country's reserves mainly comprise portfolio investment (FII), "which are more vulnerable to sudden stops and
reversals and borrowings from abroad". India's foreign exchange reserves have increased over the years from just $5.8 billion in March, 1991. "The reserves reached a peak at $314.6 billion at May-end, 2008 before declining to $252 billion at the end of March
2009.” — PTI |
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New Delhi, February 25
The Railway Budget has proposed the introduction of 56 new Express trains, three new Shatabdis and nine new
Durontos