The economic slowdown has a huge impact on the employment rate as nearly 1.6 million fewer jobs in the financial year 2020 compared to 8.97 million fresh jobs in 2019.

According to research conducted by SBI- Ecowarp, there is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing of contractual labourers.

"In FY19, India had created 8.97 million new payrolls as per the EPFO data. In FY20, as per current projected this number could be at least 1.58 million lower," the report said.

The Employees' Provident Fund Organisation (EPFO) data covers low paid jobs as the salary is capped at Rs 15,000 per month. As per the calculation in April- October 2019, the net new payroll was 4.31 million which comes out to be 7.39 million for FY20.

The data doesn't cover government jobs, state government jobs and private jobs, such data have moved to National Pension Scheme, which began in 2014.&nbsp;

"Interestingly, even in the NPS category, state and central government are supposed to create close to 39,000 jobs less in FY20 as per current trends," the report said.

A sample of data shows that there's a decline in remittances in states like Assam, Bihar, Rajasthan, orisha, and UP.

"The delay in resolution of cases under bankruptcy proceedings may have prompted companies to downsize their contractual labourers," it said.

Migration has been an important livelihood for the poor and non-poor of the country in the last years.&nbsp;

People from agriculture and industries are migrating to more developed states in search of job openings. As a result of unequal growth people from Uttar Pradesh, Bihar, the southern part of Madhya Pradesh, Odisha, and Rajasthan are moving to states like Punjab, Gujarat, and Maharashtra.

New Delhi is one of the famous places amongst the migrants due to high job opportunities, the report said.&nbsp;

"These migrants have been making significant financial contributions to their families in their places of origin," it said.

The report further stated that in the last five years, the overall productivity growth has remained relatively stagnant between 9.4 per cent to 9.9 per cent.

This slow growth in productivity manifests in low wage growth, it said.

It also cautioned the policymakers of such slower productivity growth as it could cause over-borrowing by corporations and households and this can create a big risk to economies and fiscal systems. 
 
(With inputs from agencies)

The economic slowdown has a huge impact on the employment rate as nearly 1.6 million fewer jobs in the financial year 2020 compared to 8.97 million fresh jobs in 2019.

The economic slowdown has a huge impact on the employment rate as nearly 1.6 million fewer jobs in the financial year 2020 compared to 8.97 million fresh jobs in 2019. According to research conducted by SBI- Ecowarp, there is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing of contractual labourers. "In FY19, India had created 8.97 million new payrolls as per the EPFO data. In FY20, as per current projected this number could be at least 1.58 million lower," the report said. The Employees' Provident Fund Organisation (EPFO) data covers low paid jobs as the salary is capped at Rs 15,000 per month. As per the calculation in April- October 2019, the net new payroll was 4.31 million which comes out to be 7.39 million for FY20. The data doesn't cover government jobs, state government jobs and private jobs, such data have moved to National Pension Scheme, which began in 2014. "Interestingly, even in the NPS category, state and central government are supposed to create close to 39,000 jobs less in FY20 as per current trends," the report said. A sample of data shows that there's a decline in remittances in states like Assam, Bihar, Rajasthan, orisha, and UP. "The delay in resolution of cases under bankruptcy proceedings may have prompted companies to downsize their contractual labourers," it said. Migration has been an important livelihood for the poor and non-poor of the country in the last years. People from agriculture and industries are migrating to more developed states in search of job openings. As a result of unequal growth people from Uttar Pradesh, Bihar, the southern part of Madhya Pradesh, Odisha, and Rajasthan are moving to states like Punjab, Gujarat, and Maharashtra. New Delhi is one of the famous places amongst the migrants due to high job opportunities, the report said. "These migrants have been making significant financial contributions to their families in their places of origin," it said. The report further stated that in the last five years, the overall productivity growth has remained relatively stagnant between 9.4 per cent to 9.9 per cent. This slow growth in productivity manifests in low wage growth, it said. It also cautioned the policymakers of such slower productivity growth as it could cause over-borrowing by corporations and households and this can create a big risk to economies and fiscal systems. (With inputs from agencies)

Financial year 2020 to see fewer jobs compared to 2019: SBI report

The government is likely to increase the budget allocation for the &#39;Pradhan Mantri Fasal Bima Yojana&#39;&nbsp;(PMFBY) to Rs 13,000 crore for 2018-19 from Rs 10,701 crore for the current financial year, sources said.

The Union Budget for 2018-19 will be presented on February 1.

Under the upgraded crop insurance scheme PMFBY, launched early 2016, farmers pay a very nominal premium and get a full claim for the crop damage.

According to sources, the budget allocation for the PMFBY could go up to Rs 13,000 crore for the next fiscal taking into account about 10 per cent likely increase in the sum insured.

While the Agriculture Ministry has demanded Rs 11,000 crore budget for the next fiscal for the flagship scheme, but the ministry is hopeful of getting more funds from the Finance Ministry considering the importance of the scheme.

For the current fiscal, the government had initially given a budget of Rs 9,000.75 crore for the PMFBY. However, the additional requirement of Rs 1,701 crore was made through supplementary demands, taking the total allocation to

Rs 10,701 crore for the scheme, sources added.

Total crop insurance claim for 2016-17 crop year (July- June) is estimated to be Rs 15,500 crore. Already claims to the tune of Rs 13,661 crore have been reported, of which Rs 12,313 crore have been settled, according to official data.

As many as 5.70 crore farmers purchased the crop insurance policy PMFBY during the 2016-17 crop year.

Under the PMFBY, farmers&#39; premium has been kept lower between 1.5-2 per cent for foodgrains and oilseed crops, and up to 5 per cent for horticultural and cotton crops.

There is no cap on the premium and 25 per cent of the likely claim will be settled directly in farmers&#39; accounts.&nbsp;

The government is likely to increase the budget allocation for the Pradhan Mantri Fasal Bima Yojana (PMFBY) to Rs 13,000 crore for 2018-19

The government is likely to increase the budget allocation for the 'Pradhan Mantri Fasal Bima Yojana' (PMFBY) to Rs 13,000 crore for 2018-19 from Rs 10,701 crore for the current financial year, sources said. The Union Budget for 2018-19 will be presented on February 1. Under the upgraded crop insurance scheme PMFBY, launched early 2016, farmers pay a very nominal premium and get a full claim for the crop damage. According to sources, the budget allocation for the PMFBY could go up to Rs 13,000 crore for the next fiscal taking into account about 10 per cent likely increase in the sum insured. While the Agriculture Ministry has demanded Rs 11,000 crore budget for the next fiscal for the flagship scheme, but the ministry is hopeful of getting more funds from the Finance Ministry considering the importance of the scheme. For the current fiscal, the government had initially given a budget of Rs 9,000.75 crore for the PMFBY. However, the additional requirement of Rs 1,701 crore was made through supplementary demands, taking the total allocation to Rs 10,701 crore for the scheme, sources added. Total crop insurance claim for 2016-17 crop year (July- June) is estimated to be Rs 15,500 crore. Already claims to the tune of Rs 13,661 crore have been reported, of which Rs 12,313 crore have been settled, according to official data. As many as 5.70 crore farmers purchased the crop insurance policy PMFBY during the 2016-17 crop year. Under the PMFBY, farmers' premium has been kept lower between 1.5-2 per cent for foodgrains and oilseed crops, and up to 5 per cent for horticultural and cotton crops. There is no cap on the premium and 25 per cent of the likely claim will be settled directly in farmers' accounts.

Crop insurance scheme likely to get Rs 13,000 crore in FY19 budget

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Financial year 2020 to see fewer jobs compared to 2019: SBI report

Crop insurance scheme likely to get Rs 13,000 crore in FY19 budget