DMK chief MK Stalin on Friday slammed the Centre and the state government over engineers applying for the jobs of sanitary workers and urged them to examine unemployment and layoffs in IT sector.

"There is a peak in unemployment. It`s a curse on Tamil Nadu with no creation of industries and jobs. I urge the Centre and the state government to check the unemployment and layoffs in IT sector," Stalin said at a press conference.

"Already IT companies in Tamil Nadu are laying off employees citing many artificial reasons. Reports have stated that 40,000 IT employees will lose jobs across India and this is worrisome," he said.

As many as 7,000 graduates including engineers have applied for 549 posts of sanitary workers advertised by the Coimbatore City Municipal Corporation (CCMC).

Talking about the local body election, Stalin said the AIADMK was postponing the poll.

"For more than three years, the AIADMK has been trying to postpone the local body election. Media is blaming the DMK for this. We have approached the court for clarification in the electoral roll. We want the election but in compliance with all electoral norms," added Stalin.&nbsp;

DMK chief MK Stalin on Friday slammed the Centre and the state government over engineers applying for the jobs of sanitary workers and urged them to examine unemployment and layoffs in IT sector.

DMK chief MK Stalin on Friday slammed the Centre and the state government over engineers applying for the jobs of sanitary workers and urged them to examine unemployment and layoffs in IT sector. "There is a peak in unemployment. It`s a curse on Tamil Nadu with no creation of industries and jobs. I urge the Centre and the state government to check the unemployment and layoffs in IT sector," Stalin said at a press conference. "Already IT companies in Tamil Nadu are laying off employees citing many artificial reasons. Reports have stated that 40,000 IT employees will lose jobs across India and this is worrisome," he said. As many as 7,000 graduates including engineers have applied for 549 posts of sanitary workers advertised by the Coimbatore City Municipal Corporation (CCMC). Talking about the local body election, Stalin said the AIADMK was postponing the poll. "For more than three years, the AIADMK has been trying to postpone the local body election. Media is blaming the DMK for this. We have approached the court for clarification in the electoral roll. We want the election but in compliance with all electoral norms," added Stalin.

Tamil Nadu: Stalin expresses concern over shrinking jobs in IT sector

As many as 105 new posts have been created for the efficient functioning of Special Correctional Home, Pulwama, District Jail, Kupwara, and District Jail, Kargil.

According to the Department of Information and Public Relations, Jammu and Kashmir administration, 35 posts have been created in Special Correctional Home, Pulwama, District Jail, Kupwara, and District Jail, Kargil each.

The Block Development Council (BDC) elections were held in Jammu and Kashmir on Thursday, which witnessed a total of 98 per cent voting with cent per cent voting in Srinagar.

Jammu and Kashmir, Chief Electoral Officer (CEO) Shailendra Kumar said that the lowest voting percentage was witnessed at Pulwama and Shopian at 86 and 85 per cent respectively.

As many as 105 new posts have been created for the efficient functioning of Special Correctional Home, Pulwama, District Jail, Kupwara, and District Jail, Kargil.

As many as 105 new posts have been created for the efficient functioning of Special Correctional Home, Pulwama, District Jail, Kupwara, and District Jail, Kargil. According to the Department of Information and Public Relations, Jammu and Kashmir administration, 35 posts have been created in Special Correctional Home, Pulwama, District Jail, Kupwara, and District Jail, Kargil each. The Block Development Council (BDC) elections were held in Jammu and Kashmir on Thursday, which witnessed a total of 98 per cent voting with cent per cent voting in Srinagar. Jammu and Kashmir, Chief Electoral Officer (CEO) Shailendra Kumar said that the lowest voting percentage was witnessed at Pulwama and Shopian at 86 and 85 per cent respectively.

Jammu Kashmir: 105 posts created in Pulwama, Kupwara and Kargil

This system is common in Gulf states where large portions of the population is foreign. In Qatar it requires workers to obtain their employers' consent before changing jobs, which advocate groups say leaves them open to abuse. Qatar will abolish Kafala labour.

Qatar to abolish 'Kafala' labour

Belgium's candidate for the incoming European Commission, Foreign Minister Didier Reynders, faces a preliminary probe into accusations of money laundering in the Democratic Republic of Congo, Belgian authorities and two newspapers said.

The accusations were made by an ex-member of Belgium's intelligence services, Brussels's state prosecutor's office said late on Saturday, declining to give more details.

It was not available for further comment on Sunday.

First reported by Belgium's L'Echo and De Tijd newspapers on Saturday, the investigation is at a very early stage but comes as Reynders bids to become EU justice commissioner, which is responsible for ensuring rule of law across the bloc.

Reynders office was not immediately available for comment.

Hearings at the European Parliament into the suitability of the next group of commissioners start on September&nbsp;30, with European Commission President-elect Ursula von der Leyen seeking a strong mandate to challenges including climate change, better ties with Washington and a more assertive China.

Belgium's candidate for the incoming European Commission, Foreign Minister Didier Reynders, faces a preliminary probe into accusations of money laundering in the Democratic Republic of Congo, Belgian authorities and two newspapers said.

Belgium's candidate for the incoming European Commission, Foreign Minister Didier Reynders, faces a preliminary probe into accusations of money laundering in the Democratic Republic of Congo, Belgian authorities and two newspapers said. The accusations were made by an ex-member of Belgium's intelligence services, Brussels's state prosecutor's office said late on Saturday, declining to give more details. It was not available for further comment on Sunday. First reported by Belgium's L'Echo and De Tijd newspapers on Saturday, the investigation is at a very early stage but comes as Reynders bids to become EU justice commissioner, which is responsible for ensuring rule of law across the bloc. Reynders office was not immediately available for comment. Hearings at the European Parliament into the suitability of the next group of commissioners start on September 30, with European Commission President-elect Ursula von der Leyen seeking a strong mandate to challenges including climate change, better ties with Washington and a more assertive China.

Belgium's pick for European Commission faces graft inquiry

Major Focus on Education in J&K, 5 new medical colleges to be opened.

50,000 Jobs Announced for J&K

Edgar Fernandez keeps a mariachi suit in a rusty wardrobe at the public hospital in Caracas where he works as a nurse, donning it for performances that augment his meagre salary.

Given that he earns just $10 a month, the money from these shows has been his salvation in crisis-wracked Venezuela, where nurses have been forced to reinvent themselves as home entrepreneurs, security guards or builders just to survive.

Being a nurse in Venezuela is an almost impossible job these days: the country has seen an exodus of the profession, leaving those who remain short of colleagues and contending with problems such as major shortages of medical supplies and devastating electricity blackouts.

"A nurse's salary is worth nothing," Fernandez told AFP, saying the money he earns from a 12-hour shift "can't buy anything."

When a show clashes with his work shift, he has to pay a colleague to cover for him, meaning that his earnings -- which are not always money -- shrink.

"Sometimes they pay me... with flour, lentils... I prefer this to going home empty-handed," said the 40-year-old, who practically lives in the Perez Carreno hospital, sleeping on a dirty mattress since he cannot afford rent.

Decked out in his silver-lined outfit, Fernandez sings in bars and homes, and is even sometimes hired by former patients.

He saved up to record an album, which he peddles to radio stations. His hope is to one day find fame.

Home-made hairspray

Francis Guillen makes hairspray that she sells in Caracas's busy Catia market as she battles, like most Venezuelans, to make ends meet in a country whose inflation will reach a staggering one million per cent this year, according to the International Monetary Fund.

"If I didn't have another job, I don't know what would have become of me," said the 30-year-old nurse, who in a single day selling hairspray can earn the equivalent of her monthly salary.

Sometimes her father, also a nurse, helps her mix the chemicals in a bucket in her front room.

Her husband, who gave up his job as a fireman, also helps out with the business.

Guillen is tempted to resign from her job, but says the desire "to serve" her compatriots is keeping her from joining the 3.3 million people the United Nations estimates have left Venezuela since the start of 2016.

But since June 2018, 15,000 members of her profession -- or around 40 per cent -- quit and many of those emigrated, according to Ana Rosario Contreras, president of the Nurses College of Caracas, which has called for salaries to be paid in dollars to halt the exodus.

'In love' with nursing&nbsp;

By day, Carlos Ruiz works as a security guard for a metallurgy company and also does odd jobs.

The 42-year-old says he does "what's needed to survive."

But despite saving up as much as he can, he hasn't been able to buy a new nurse uniform for the last four years: he needs 10 months of salary for that.

He also has to deal with the scarcity of hospital supplies -- up to 80 per cent in some sectors, according to NGOs -- which President Nicolas Maduro blames on an economic war waged by the United States at the invitation of the opposition.

"There's no lack of those who accuse us of stealing medicines," according to Ruiz, who said he is "in love" with a job that allowed him to be present at the births of his four children.

In some hospitals, a single nurse has to look after up to four patients, something those in the profession decry as "labour persecution."

Working to save lives

Repeated major electricity blackouts have also taken their toll on the medical sector, knocking out power to hospitals -- many of which do not have working generators -- with potentially deadly consequences for patients.

Camilo Torres sells pastries and ice cream in his home in the southern state of Bolivar and goes to work at the local hospital on foot because of the lack of public transport. It takes him two hours.

Facebook photos attest to the toll his struggles have taken on his body: three years ago, he weighed 120 kilograms (264 pounds), but now weighs just 65 (143 pounds).

"I'm skinny and that's due to hunger," said the father of three, who wears broken shoes.

A neighbour helped him sew them up because a new pair costs three times his salary.

He can't even afford socks and his once white uniform looks yellow -- for Torres, detergent is a luxury.

But he won't give up.

"My job is to save lives. If there's no one in the hospital then I'm sure that if today 10 people die, tomorrow it will be 50 and that pain would never leave me," he said.

Edgar Fernandez keeps a mariachi suit in a rusty wardrobe at the public hospital in Caracas where he works as a nurse, donning it for performances that augment his meagre salary.

Edgar Fernandez keeps a mariachi suit in a rusty wardrobe at the public hospital in Caracas where he works as a nurse, donning it for performances that augment his meagre salary. Given that he earns just $10 a month, the money from these shows has been his salvation in crisis-wracked Venezuela, where nurses have been forced to reinvent themselves as home entrepreneurs, security guards or builders just to survive. Being a nurse in Venezuela is an almost impossible job these days: the country has seen an exodus of the profession, leaving those who remain short of colleagues and contending with problems such as major shortages of medical supplies and devastating electricity blackouts. "A nurse's salary is worth nothing," Fernandez told AFP, saying the money he earns from a 12-hour shift "can't buy anything." When a show clashes with his work shift, he has to pay a colleague to cover for him, meaning that his earnings -- which are not always money -- shrink. "Sometimes they pay me... with flour, lentils... I prefer this to going home empty-handed," said the 40-year-old, who practically lives in the Perez Carreno hospital, sleeping on a dirty mattress since he cannot afford rent. Decked out in his silver-lined outfit, Fernandez sings in bars and homes, and is even sometimes hired by former patients. He saved up to record an album, which he peddles to radio stations. His hope is to one day find fame. Home-made hairspray Francis Guillen makes hairspray that she sells in Caracas's busy Catia market as she battles, like most Venezuelans, to make ends meet in a country whose inflation will reach a staggering one million per cent this year, according to the International Monetary Fund. "If I didn't have another job, I don't know what would have become of me," said the 30-year-old nurse, who in a single day selling hairspray can earn the equivalent of her monthly salary. Sometimes her father, also a nurse, helps her mix the chemicals in a bucket in her front room. Her husband, who gave up his job as a fireman, also helps out with the business. Guillen is tempted to resign from her job, but says the desire "to serve" her compatriots is keeping her from joining the 3.3 million people the United Nations estimates have left Venezuela since the start of 2016. But since June 2018, 15,000 members of her profession -- or around 40 per cent -- quit and many of those emigrated, according to Ana Rosario Contreras, president of the Nurses College of Caracas, which has called for salaries to be paid in dollars to halt the exodus. 'In love' with nursing By day, Carlos Ruiz works as a security guard for a metallurgy company and also does odd jobs. The 42-year-old says he does "what's needed to survive." But despite saving up as much as he can, he hasn't been able to buy a new nurse uniform for the last four years: he needs 10 months of salary for that. He also has to deal with the scarcity of hospital supplies -- up to 80 per cent in some sectors, according to NGOs -- which President Nicolas Maduro blames on an economic war waged by the United States at the invitation of the opposition. "There's no lack of those who accuse us of stealing medicines," according to Ruiz, who said he is "in love" with a job that allowed him to be present at the births of his four children. In some hospitals, a single nurse has to look after up to four patients, something those in the profession decry as "labour persecution." Working to save lives Repeated major electricity blackouts have also taken their toll on the medical sector, knocking out power to hospitals -- many of which do not have working generators -- with potentially deadly consequences for patients. Camilo Torres sells pastries and ice cream in his home in the southern state of Bolivar and goes to work at the local hospital on foot because of the lack of public transport. It takes him two hours. Facebook photos attest to the toll his struggles have taken on his body: three years ago, he weighed 120 kilograms (264 pounds), but now weighs just 65 (143 pounds). "I'm skinny and that's due to hunger," said the father of three, who wears broken shoes. A neighbour helped him sew them up because a new pair costs three times his salary. He can't even afford socks and his once white uniform looks yellow -- for Torres, detergent is a luxury. But he won't give up. "My job is to save lives. If there's no one in the hospital then I'm sure that if today 10 people die, tomorrow it will be 50 and that pain would never leave me," he said.

Venezuela nurses turn to side jobs to survive economic crisis

India's biggest automaker,&nbsp;Maruti&nbsp;Suzuki, said it had cut the number of its temporary workers to cope with a slowdown in auto sales, adding to the jobless problem in Asia's third-largest economy.

The vehicle industry, accounting for nearly half of India's manufacturing output, is facing one of its worst slowdowns in nearly a decade, with vehicle sales falling rapidly. There is little sign of a swift revival.

Maruti&nbsp;Suzuki said&nbsp;it employed 18,845 temporary workers on average in the six months ended June 30, down 6% or 1,181 from the same period last year. The company also said job cuts had accelerated since April.

Two sources familiar with the matter said the company would freeze hiring new employees until the downturn reversed.

It is the first time the reduction has been reported. The listed firm is not required to disclose any reduction in its temporary workforce.

India's jobless rate rose to 7.51% in July 2019 from 5.66% a year earlier, according to private data group CMIE. Those figures do not include many people on the margins of society who are day labourers and are often unemployed or underemployed.

Economists say government jobless figures are out of date and lack credibility.

Maruti&nbsp;Suzuki, majority-owned by Japan's Suzuki Motor Corp, said it had not reduced its 15,892-strong more permanent workforce. It declined to say whether further reductions were planned or comment on the hiring freeze.

The automaker previously said it had cut production by 10.3% in the first six months of the year.

Maruti&nbsp;Suzuki, which produces every second passenger vehicle sold in India, reported a 33.5% decline in sales in July to 109,265 vehicles compared with July 2018.

Chairman RC Bhargava&nbsp;the workforce was being reduced to reflect the slowdown in business, adding that this was one reason carmakers liked to have some temporary workers, although he did not give details about the job losses.

"One of the consequences of a slowdown is that the marginal players and weaker players find it difficult to survive. When do consolidations happen in business? Only when times are difficult," he added.

Two temporary workers outside the Manesar plant in the northern Indian state of Haryana, who did not want to be named, said the number of days with three shifts had been reduce. They said some assembly lines at the plant were not operating.

Kuldeep Janghu, general secretary of the&nbsp;Maruti&nbsp;Udyog workers union, said the average wage of temporary workers were about $250 a month at the company's Manesar and Gurugram plants.

The two plants have combined the capacity to produce more than 1.5 million vehicles a year.

The company rolled out its popular&nbsp;Maruti&nbsp;800 model from the Gurugram plant in 1983.

The auto sales downturn has put jobs across the industry at risk. The Automotive Component Manufacturers Association of India (ACMA) said parts makers could slash a fifth of their 5 million workforce if the slump continued.

India's biggest automaker, Maruti Suzuki, said it had cut the number of its temporary workers to cope with a slowdown in auto sales, adding to the jobless problem in Asia's third-largest economy.

India's biggest automaker, Maruti Suzuki, said it had cut the number of its temporary workers to cope with a slowdown in auto sales, adding to the jobless problem in Asia's third-largest economy. The vehicle industry, accounting for nearly half of India's manufacturing output, is facing one of its worst slowdowns in nearly a decade, with vehicle sales falling rapidly. There is little sign of a swift revival. Maruti Suzuki said it employed 18,845 temporary workers on average in the six months ended June 30, down 6% or 1,181 from the same period last year. The company also said job cuts had accelerated since April. Two sources familiar with the matter said the company would freeze hiring new employees until the downturn reversed. It is the first time the reduction has been reported. The listed firm is not required to disclose any reduction in its temporary workforce. India's jobless rate rose to 7.51% in July 2019 from 5.66% a year earlier, according to private data group CMIE. Those figures do not include many people on the margins of society who are day labourers and are often unemployed or underemployed. Economists say government jobless figures are out of date and lack credibility. Maruti Suzuki, majority-owned by Japan's Suzuki Motor Corp, said it had not reduced its 15,892-strong more permanent workforce. It declined to say whether further reductions were planned or comment on the hiring freeze. The automaker previously said it had cut production by 10.3% in the first six months of the year. Maruti Suzuki, which produces every second passenger vehicle sold in India, reported a 33.5% decline in sales in July to 109,265 vehicles compared with July 2018. Chairman RC Bhargava the workforce was being reduced to reflect the slowdown in business, adding that this was one reason carmakers liked to have some temporary workers, although he did not give details about the job losses. "One of the consequences of a slowdown is that the marginal players and weaker players find it difficult to survive. When do consolidations happen in business? Only when times are difficult," he added. Two temporary workers outside the Manesar plant in the northern Indian state of Haryana, who did not want to be named, said the number of days with three shifts had been reduce. They said some assembly lines at the plant were not operating. Kuldeep Janghu, general secretary of the Maruti Udyog workers union, said the average wage of temporary workers were about $250 a month at the company's Manesar and Gurugram plants. The two plants have combined the capacity to produce more than 1.5 million vehicles a year. The company rolled out its popular Maruti 800 model from the Gurugram plant in 1983. The auto sales downturn has put jobs across the industry at risk. The Automotive Component Manufacturers Association of India (ACMA) said parts makers could slash a fifth of their 5 million workforce if the slump continued.

India's biggest carmaker Maruti Suzuki cuts temporary jobs as sales plunge

&nbsp;US&nbsp;job growth slowed in July and wages picked up moderately, which together with an escalation in<a href="https://www.wionews.com/.../us-china-trade-war-is-making-china-stronger- 234526"> trade tensions between the United States and Chin</a>a could give the Federal Reserve ammunition to cut interest rates again next month.

The Labour Department's closely watched monthly employment report on Friday came a day after President Donald Trump announced an additional 10% tariff on $300 billion worth of Chinese imports starting September 1, a move that led financial markets to almost fully price in a rate cut in September.

The U.S. central bank on Wednesday cut its short-term interest rate for the first time since 2008. Fed Chairman Jerome Powell described the widely anticipated 25-basis-point monetary policy easing as insurance against downside risks to the 10-year-old economic expansion, the longest in history, from trade tensions and slowing global growth. (Full Story)

Nonfarm payrolls increased by 164,000 jobs last month, the government said.

The economy created 41,000 fewer jobs in May and June than previously reported. July's job gains were in line with economists' expectations.

The average workweek fell to its lowest level in nearly two years.

Before the release of the employment report, fed funds futures implied traders saw a 96% chance of the Fed cutting rates again next month, according to CME Group's FedWatch tool.

The US-China trade war is taking a toll on manufacturing, with production declining for two straight quarters.

Business investment has also been hit, contracting in the second quarter for the first time in more than three years and contributing to holding back the economy to a 2.1% annualized growth rate.

The economy grew at a 3.1% pace in the first quarter.

July payrolls marked a further deceleration in job growth from an average of 223,000 per month in 2018.

Economists say it is unclear whether the loss of momentum in hiring was due to ebbing demand for labour or a shortage of qualified workers.

Still, the pace of job growth remains well above the roughly 100,000 needed per month to keep up with growth in the working-age population.

The unemployment rate was unchanged at 3.7% in July.

Despite the lowest jobless rate in nearly 50 years, wage growth remains moderate, contributing to a tame inflation environment, which could be supportive of another rate cut next month.

Inflation has undershot the Fed's 2% target this year, rising 1.6% on a year-on-year basis in June after gaining 1.5% in May.

Average hourly earnings rose 8 cents, or 0.3% in July, after the same increase in June.

That lifted the annual increase in wages to 3.2% in July from 3.1% in June.

The trend in wage gains has slowed from late 2018 when wages were rising at their fastest rate in a decade.

Even with the step-down in job and wage gains, the labour market is supporting the economy as the stimulus from last year's $1.5 trillion tax cut package fades. Economic growth in the third quarter is seen at around a 1.5% rate.

Construction payrolls increased by 4,000 jobs after shooting up by 18,000 jobs in June.

Manufacturing employment rose by 16,000 jobs after increasing by 12,000 in June.

The strong manufacturing job gains are at odds with weakening activity in the sector.

A survey on Thursday showed manufacturing employment hit its lowest level since November 2016 in July.

The sector, which accounts for more than 12% of the US&nbsp;economy, is being hobbled by trade tensions, weakening global growth, an inventory bulge - concentrated in the automotive industry - and design problems at aerospace giant Boeing Co BA.N.

Factory workers put in fewer hours last month.

The manufacturing workweek dropped 0.3 hours to 40.4 hours, the lowest since November 2011.

That contributed to the overall average workweek falling to 34.3 hours, the fewest since September 2017, from 34.4 hours in June.

Government employment increased by 16,000 jobs in July, adding to June's gain of 14,000.

US job growth slowed in July and wages picked up moderately, which together with an escalation in trade tensions between the United States and China could give the Federal Reserve ammunition to cut interest rates again next month.

US job growth slowed in July and wages picked up moderately, which together with an escalation in trade tensions between the United States and China could give the Federal Reserve ammunition to cut interest rates again next month. The Labour Department's closely watched monthly employment report on Friday came a day after President Donald Trump announced an additional 10% tariff on $300 billion worth of Chinese imports starting September 1, a move that led financial markets to almost fully price in a rate cut in September. The U.S. central bank on Wednesday cut its short-term interest rate for the first time since 2008. Fed Chairman Jerome Powell described the widely anticipated 25-basis-point monetary policy easing as insurance against downside risks to the 10-year-old economic expansion, the longest in history, from trade tensions and slowing global growth. (Full Story) Nonfarm payrolls increased by 164,000 jobs last month, the government said. The economy created 41,000 fewer jobs in May and June than previously reported. July's job gains were in line with economists' expectations. The average workweek fell to its lowest level in nearly two years. Before the release of the employment report, fed funds futures implied traders saw a 96% chance of the Fed cutting rates again next month, according to CME Group's FedWatch tool. The US-China trade war is taking a toll on manufacturing, with production declining for two straight quarters. Business investment has also been hit, contracting in the second quarter for the first time in more than three years and contributing to holding back the economy to a 2.1% annualized growth rate. The economy grew at a 3.1% pace in the first quarter. July payrolls marked a further deceleration in job growth from an average of 223,000 per month in 2018. Economists say it is unclear whether the loss of momentum in hiring was due to ebbing demand for labour or a shortage of qualified workers. Still, the pace of job growth remains well above the roughly 100,000 needed per month to keep up with growth in the working-age population. The unemployment rate was unchanged at 3.7% in July. Despite the lowest jobless rate in nearly 50 years, wage growth remains moderate, contributing to a tame inflation environment, which could be supportive of another rate cut next month. Inflation has undershot the Fed's 2% target this year, rising 1.6% on a year-on-year basis in June after gaining 1.5% in May. Average hourly earnings rose 8 cents, or 0.3% in July, after the same increase in June. That lifted the annual increase in wages to 3.2% in July from 3.1% in June. The trend in wage gains has slowed from late 2018 when wages were rising at their fastest rate in a decade. Even with the step-down in job and wage gains, the labour market is supporting the economy as the stimulus from last year's $1.5 trillion tax cut package fades. Economic growth in the third quarter is seen at around a 1.5% rate. Construction payrolls increased by 4,000 jobs after shooting up by 18,000 jobs in June. Manufacturing employment rose by 16,000 jobs after increasing by 12,000 in June. The strong manufacturing job gains are at odds with weakening activity in the sector. A survey on Thursday showed manufacturing employment hit its lowest level since November 2016 in July. The sector, which accounts for more than 12% of the US economy, is being hobbled by trade tensions, weakening global growth, an inventory bulge - concentrated in the automotive industry - and design problems at aerospace giant Boeing Co BA.N. Factory workers put in fewer hours last month. The manufacturing workweek dropped 0.3 hours to 40.4 hours, the lowest since November 2011. That contributed to the overall average workweek falling to 34.3 hours, the fewest since September 2017, from 34.4 hours in June. Government employment increased by 16,000 jobs in July, adding to June's gain of 14,000.

US employment growth slows in July; wages pick up

Deutsche Finally takes a Restructuring call. Bank aims to reduce $19b billion through restructuring

Deutsche Finally takes a Restructuring call

Temperatures in Alaska's largest city Anchorage have soared to a sweltering all-time record of 90 degrees Fahrenheit as a heat wave grips the US state which straddles the Arctic Circle.

Fourth of July fireworks were cancelled due to risk of wildfires caused by "extreme dry weather conditions," as temperatures matching those in Miami highlighted rapid warming in a region considered particularly vulnerable to climate change.&nbsp;

"At 5pm this afternoon, Anchorage International Airport officially hit 90 degrees for the first time on record," tweeted the National Weather Service (NWS) late Thursday.

The previous record was 85 degrees, set in June 1969.

The average high temperature for July 4 in Anchorage, located in southern Alaska, is a far cooler 65 degrees.

Giant high-pressure ridge

The abnormally warm weather is being caused by a "giant ridge of high pressure sitting right over us," NWS meteorologist Bill Ludwig told the Anchorage Daily News.

Alaska had earlier broken temperature records throughout a hot spring, particularly in the Arctic zone which is especially sensitive to fluctuations in climate.

All 30 days in June had above-average temperatures, the NWS said.

According to scientists, Alaska is warming at twice the rate of the global average.

"From 1901 to 2016, average temperatures in the mainland United States increased by 1.8 degrees Fahrenheit... whereas in Alaska they increased by 4.7 degrees," Rick Thoman, a climate specialist at the Alaska Center for Climate Assessment and Policy, told AFP in April.

Fast-melting ice

The dramatic warming Alaska has experienced in recent years -- linked partly to a decline in sea ice and Arctic ocean warming -- has wreaked havoc on local communities, wildlife and the state's economy.

Permafrost -- the frozen ground that covers almost 85 per cent of Alaska -- is thawing, affecting everything from building foundations to wildlife habitats and the picking of berries that grow on the tundra.

Frozen rivers usually serve as transport routes in winter, as two-thirds of communities in the state are not accessible by road.

But higher temperatures have made the ice dangerously thin and unsafe for truck or car travel.

Many recreational sled-dog races have had to be cancelled this year, and the famed Iditarod race had to be re-routed as what is normally solid sea ice was open water on part of the race course.

Crab fishing has also been affected as the sea ice that fishermen use as a platform is non-existent or too thin in some areas.

Alaska's seal population is likely to be affected this summer, as some species give birth on solid ice, Thoman said.

Global warming has led to the lowest ice levels in the Bering Sea -- which connects with the Arctic Ocean -- since 1850, when sea ice records were first kept, he added.

While it is unprecedented for the mercury to hit 90 degrees in coastal Anchorage, temperatures as high as 100 degrees have been recorded in Alaska's interior.

The high-pressure system causing the current spike in temperatures is expected to shift north to inland areas in the coming days, with further records likely to be broken, according to AccuWeather.&nbsp;

Temperatures in Alaska's largest city Anchorage have soared to a sweltering all-time record of 90 degrees Fahrenheit as a heat wave grips the US state which straddles the Arctic Circle.

Temperatures in Alaska's largest city Anchorage have soared to a sweltering all-time record of 90 degrees Fahrenheit as a heat wave grips the US state which straddles the Arctic Circle. Fourth of July fireworks were cancelled due to risk of wildfires caused by "extreme dry weather conditions," as temperatures matching those in Miami highlighted rapid warming in a region considered particularly vulnerable to climate change. "At 5pm this afternoon, Anchorage International Airport officially hit 90 degrees for the first time on record," tweeted the National Weather Service (NWS) late Thursday. The previous record was 85 degrees, set in June 1969. The average high temperature for July 4 in Anchorage, located in southern Alaska, is a far cooler 65 degrees. Giant high-pressure ridge The abnormally warm weather is being caused by a "giant ridge of high pressure sitting right over us," NWS meteorologist Bill Ludwig told the Anchorage Daily News. Alaska had earlier broken temperature records throughout a hot spring, particularly in the Arctic zone which is especially sensitive to fluctuations in climate. All 30 days in June had above-average temperatures, the NWS said. According to scientists, Alaska is warming at twice the rate of the global average. "From 1901 to 2016, average temperatures in the mainland United States increased by 1.8 degrees Fahrenheit... whereas in Alaska they increased by 4.7 degrees," Rick Thoman, a climate specialist at the Alaska Center for Climate Assessment and Policy, told AFP in April. Fast-melting ice The dramatic warming Alaska has experienced in recent years -- linked partly to a decline in sea ice and Arctic ocean warming -- has wreaked havoc on local communities, wildlife and the state's economy. Permafrost -- the frozen ground that covers almost 85 per cent of Alaska -- is thawing, affecting everything from building foundations to wildlife habitats and the picking of berries that grow on the tundra. Frozen rivers usually serve as transport routes in winter, as two-thirds of communities in the state are not accessible by road. But higher temperatures have made the ice dangerously thin and unsafe for truck or car travel. Many recreational sled-dog races have had to be cancelled this year, and the famed Iditarod race had to be re-routed as what is normally solid sea ice was open water on part of the race course. Crab fishing has also been affected as the sea ice that fishermen use as a platform is non-existent or too thin in some areas. Alaska's seal population is likely to be affected this summer, as some species give birth on solid ice, Thoman said. Global warming has led to the lowest ice levels in the Bering Sea -- which connects with the Arctic Ocean -- since 1850, when sea ice records were first kept, he added. While it is unprecedented for the mercury to hit 90 degrees in coastal Anchorage, temperatures as high as 100 degrees have been recorded in Alaska's interior. The high-pressure system causing the current spike in temperatures is expected to shift north to inland areas in the coming days, with further records likely to be broken, according to AccuWeather.

Alaska heat wave shatters city's record, disrupts jobs and lives

Most Asian markets drifted lower in subdued trade Friday as investors steeled themselves for the release of a crucial US jobs report that could have a major bearing on the size of an expected Federal Reserve interest rate cut.

With uncertainty over the China-US trade row put aside for now, this week has been dominated by speculation about the US central bank's plans to address a weakening economic outlook, both at home and globally.

The jobs report is a closely watched gauge of the state of the world's biggest economy and a below-forecast reading would ramp up hopes the Fed will announce a 50-basis-point reduction.

"A number in line with consensus probably delivers that July cut and I think that's what the market wants to see," Pepperstone Group head of research Chris Weston told Bloomberg Television.&nbsp;

But he warned: "If we get a really strong number, I think risk could really come off the table."

The clamour for a Fed rate cut comes as central banks around the world take a more accommodative footing to offset economic weakness blamed on trade uncertainty, particularly the China-US standoff.

Equity traders were shifting uneasily ahead of the jobs release, with Hong Kong and Shanghai each down 0.3 per cent and Tokyo ending the morning 0.1 per cent lower.

Singapore, Taipei and Seoul were each 0.1 per cent off as well, but Sydney, Wellington, Manila and Jakarta edged up slightly.

Oil prices struggle

Adding to the soft trading environment was the lack of a lead from Wall Street, which was closed for the Independence Day celebrations.

"If there is one thing financial markets hate it's a delicate balance between risk-on and off, suggesting something will give shortly," said Stephen Innes at Vanguard Markets.

"Over the short run, 'risk-on' sentiment should prevail on the back of the deluge on central banks easing. The Fed is critical to the 'risk-on' &nbsp;fever," he said, adding that "now is the time to shift easing policy into high gear".

Oil prices edged down as traders fret over the impact of weak global growth on demand, which is overshadowing this week's agreement by OPEC and Russia to extend their output caps.

Even the US-Iran crisis has been unable to perk up the commodity, with news that Britain had intercepted an Iranian oil tanker near Gibraltar -- suspected of carrying crude to Syria -- providing only a little support.

The US praised the move but Tehran called it an "illegal interception", adding to geopolitical tensions.

However, while Brent was slightly lower, WTI shed more than one per cent, hit by an increase in US production.

"The US is now positioned to become a net exporter and is not bound by the (OPEC-Russia) production limit agreement. This could further drive prices lower," said OANDA senior market analyst Alfonso Esparza.

Most Asian markets drifted lower in subdued trade Friday as investors steeled themselves for the release of a crucial US jobs report that could have a major bearing on the size of an expected Federal Reserve interest rate cut.

Most Asian markets drifted lower in subdued trade Friday as investors steeled themselves for the release of a crucial US jobs report that could have a major bearing on the size of an expected Federal Reserve interest rate cut. With uncertainty over the China-US trade row put aside for now, this week has been dominated by speculation about the US central bank's plans to address a weakening economic outlook, both at home and globally. The jobs report is a closely watched gauge of the state of the world's biggest economy and a below-forecast reading would ramp up hopes the Fed will announce a 50-basis-point reduction. "A number in line with consensus probably delivers that July cut and I think that's what the market wants to see," Pepperstone Group head of research Chris Weston told Bloomberg Television. But he warned: "If we get a really strong number, I think risk could really come off the table." The clamour for a Fed rate cut comes as central banks around the world take a more accommodative footing to offset economic weakness blamed on trade uncertainty, particularly the China-US standoff. Equity traders were shifting uneasily ahead of the jobs release, with Hong Kong and Shanghai each down 0.3 per cent and Tokyo ending the morning 0.1 per cent lower. Singapore, Taipei and Seoul were each 0.1 per cent off as well, but Sydney, Wellington, Manila and Jakarta edged up slightly. Oil prices struggle Adding to the soft trading environment was the lack of a lead from Wall Street, which was closed for the Independence Day celebrations. "If there is one thing financial markets hate it's a delicate balance between risk-on and off, suggesting something will give shortly," said Stephen Innes at Vanguard Markets. "Over the short run, 'risk-on' sentiment should prevail on the back of the deluge on central banks easing. The Fed is critical to the 'risk-on' fever," he said, adding that "now is the time to shift easing policy into high gear". Oil prices edged down as traders fret over the impact of weak global growth on demand, which is overshadowing this week's agreement by OPEC and Russia to extend their output caps. Even the US-Iran crisis has been unable to perk up the commodity, with news that Britain had intercepted an Iranian oil tanker near Gibraltar -- suspected of carrying crude to Syria -- providing only a little support. The US praised the move but Tehran called it an "illegal interception", adding to geopolitical tensions. However, while Brent was slightly lower, WTI shed more than one per cent, hit by an increase in US production. "The US is now positioned to become a net exporter and is not bound by the (OPEC-Russia) production limit agreement. This could further drive prices lower," said OANDA senior market analyst Alfonso Esparza.

Asian markets down as dealers bide time ahead of jobs report

Asian markets rose Thursday, tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut.

US traders went on a pre-July 4 spending spree Wednesday to push all three main indexes to their all-time highs as a string of weak economic indicators reinforced the case for the Fed to reduce borrowing costs.

With the relief-rally from Donald Trump and Xi Jinping's trade war ceasefire running its course, dealers were turning their attention to the global outlook and pinning their hopes on central bank support.

The release Friday of US non-farm payroll figures is key, analysts say, with a weak reading likely to reinforce expectations of a rate cut.&nbsp;

Talk of a reduction and concerns about the economy have seen the yield on safe haven 10-year Treasuries fall below two per cent.

"A lot of US economic data is wavering, as most key indicators are falling below trend, but the recent standouts have been labour and wage data," said OANDA senior market analyst Edward Moya.

"If the pillars of the economy begin to show some signs of weakness, this will disrupt the US consumer and support the calls for the Fed to cut in July and signal an additional one is on the way."

Dollar dips

In early Asian business, Hong Kong was up 0.5 per cent, Shanghai added 0.1 per cent, Tokyo climbed 0.3 per cent by the break and Sydney jumped 0.6 per cent.

Singapore was up 0.3 per cent, Wellington added 0.2 per cent and Taipei was 0.4 per cent stronger though Seoul was marginally lower.

Stephen Innes, at Vanguard Markets, said the fall in yields across several asset classes "has increased investor appetite for high dividend-yielding equity risk".

Investors were "hoping that this next wave central bank monetary infusion will provide a foundation to ensure the global cyclical bottom is set while offering a welcoming climate to extend this bullish trading cycle," he said.

The increasing likelihood of a Fed cut weighed on the dollar, with riskier currencies such as the South Korean won, Australian dollar and Indonesian rupiah all strengthening.

The Chinese yuan was also slightly higher.

However, Trump hit out at China on Wednesday in a Twitter rant, accusing it and Europe of artificially keeping the yuan and euro weak to gain an advantage over the US.

He said they were playing a "big currency manipulation game" and "pumping money into their system", adding that the US should step up to the fight by matching them.

Asian markets rose Thursday, tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut.

Asian markets rose Thursday, tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut. US traders went on a pre-July 4 spending spree Wednesday to push all three main indexes to their all-time highs as a string of weak economic indicators reinforced the case for the Fed to reduce borrowing costs. With the relief-rally from Donald Trump and Xi Jinping's trade war ceasefire running its course, dealers were turning their attention to the global outlook and pinning their hopes on central bank support. The release Friday of US non-farm payroll figures is key, analysts say, with a weak reading likely to reinforce expectations of a rate cut. Talk of a reduction and concerns about the economy have seen the yield on safe haven 10-year Treasuries fall below two per cent. "A lot of US economic data is wavering, as most key indicators are falling below trend, but the recent standouts have been labour and wage data," said OANDA senior market analyst Edward Moya. "If the pillars of the economy begin to show some signs of weakness, this will disrupt the US consumer and support the calls for the Fed to cut in July and signal an additional one is on the way." Dollar dips In early Asian business, Hong Kong was up 0.5 per cent, Shanghai added 0.1 per cent, Tokyo climbed 0.3 per cent by the break and Sydney jumped 0.6 per cent. Singapore was up 0.3 per cent, Wellington added 0.2 per cent and Taipei was 0.4 per cent stronger though Seoul was marginally lower. Stephen Innes, at Vanguard Markets, said the fall in yields across several asset classes "has increased investor appetite for high dividend-yielding equity risk". Investors were "hoping that this next wave central bank monetary infusion will provide a foundation to ensure the global cyclical bottom is set while offering a welcoming climate to extend this bullish trading cycle," he said. The increasing likelihood of a Fed cut weighed on the dollar, with riskier currencies such as the South Korean won, Australian dollar and Indonesian rupiah all strengthening. The Chinese yuan was also slightly higher. However, Trump hit out at China on Wednesday in a Twitter rant, accusing it and Europe of artificially keeping the yuan and euro weak to gain an advantage over the US. He said they were playing a "big currency manipulation game" and "pumping money into their system", adding that the US should step up to the fight by matching them.

Asian markets track record lead from Wall Street, focus on jobs

Robots are expected to take over some 20 million manufacturing jobs worldwide by 2030, extending a trend of worsening social inequality while boosting overall economic output, a new study shows.

The forecast set to be released Wednesday highlights growing concerns that automation and robots, while offering economic benefits, are disproportionately killing low-skill jobs and aggravating social and economic stress.

The study by Oxford Economics, private British-based research and consulting firm, said job displacement from the rise of robots will not be evenly spread around the world, or within countries.

Robots have already taken over millions of manufacturing jobs and are now gaining in services, helped by advances in computer vision, speech recognition and machine learning, the study noted.

In lower-skilled regions, job losses will be twice as high as those in higher-skilled regions, even in the same country, the study concluded.

The research comes amid intense debate on the rise of technologies such as self-driving cars and trucks, robotic food preparation and automated factory and warehouse operations and their impact on employment.

Many analysts point out that automation has generally led to more job creation than it destroys, but that in recent years the trend has created a skills gap that leaves out many workers.

According to the latest study, the current wave of "robotisation" is likely ultimately to boost productivity and economic growth, generating roughly as many new jobs as it destroys.

At the high end of the forecast, the researchers see a $5 trillion "robotics dividend" for the global economy by 2030 from higher productivity.

"We found that jobs, where repetitive functions are required, are most affected, with those such as warehouse work at imminent risk," the authors wrote.

"Jobs in less structured environments and which demand compassion, creativity or social intelligence are likely to be carried out by humans for decades to come."

It added that "robots will increasingly play in sectors including retail, healthcare, hospitality, and transport as well as construction and farming."

The impact will be uneven depending on the country and regions within each country, the study said.

"Automation will continue to drive regional polarization in many advanced economies -- and this trend will intensify as automation spreads to services," the authors wrote.

But they cautioned against policymakers acting to slow the adoption of robotic technology.

"Instead the focus should be to use the robotics dividend to help those in vulnerable regions ready themselves for the major upheaval ahead," they wrote.&nbsp;

"Preparing for and responding to the social impacts of automation will be the defining challenge of the next decade." 
&nbsp;

Robots are expected to take over some 20 million manufacturing jobs worldwide by 2030, extending a trend of worsening social inequality while boosting overall economic output, a new study shows.

Robots are expected to take over some 20 million manufacturing jobs worldwide by 2030, extending a trend of worsening social inequality while boosting overall economic output, a new study shows. The forecast set to be released Wednesday highlights growing concerns that automation and robots, while offering economic benefits, are disproportionately killing low-skill jobs and aggravating social and economic stress. The study by Oxford Economics, private British-based research and consulting firm, said job displacement from the rise of robots will not be evenly spread around the world, or within countries. Robots have already taken over millions of manufacturing jobs and are now gaining in services, helped by advances in computer vision, speech recognition and machine learning, the study noted. In lower-skilled regions, job losses will be twice as high as those in higher-skilled regions, even in the same country, the study concluded. The research comes amid intense debate on the rise of technologies such as self-driving cars and trucks, robotic food preparation and automated factory and warehouse operations and their impact on employment. Many analysts point out that automation has generally led to more job creation than it destroys, but that in recent years the trend has created a skills gap that leaves out many workers. According to the latest study, the current wave of "robotisation" is likely ultimately to boost productivity and economic growth, generating roughly as many new jobs as it destroys. At the high end of the forecast, the researchers see a $5 trillion "robotics dividend" for the global economy by 2030 from higher productivity. "We found that jobs, where repetitive functions are required, are most affected, with those such as warehouse work at imminent risk," the authors wrote. "Jobs in less structured environments and which demand compassion, creativity or social intelligence are likely to be carried out by humans for decades to come." It added that "robots will increasingly play in sectors including retail, healthcare, hospitality, and transport as well as construction and farming." The impact will be uneven depending on the country and regions within each country, the study said. "Automation will continue to drive regional polarization in many advanced economies -- and this trend will intensify as automation spreads to services," the authors wrote. But they cautioned against policymakers acting to slow the adoption of robotic technology. "Instead the focus should be to use the robotics dividend to help those in vulnerable regions ready themselves for the major upheaval ahead," they wrote. "Preparing for and responding to the social impacts of automation will be the defining challenge of the next decade."

Robots to take 20 million jobs, worsening inequality: Study

Wrestler Sushil Kumar on Wednesday expressed his solidarity with Bajrang Punia and said that the government should felicitate athletes to set a good example.

"Firstly, I would like to extend <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/sports/wrestling-federation-of-india-recommends-bajrang-punia-and-vinesh-phogat-for-rajeev-khel-ratna-award-214365&amp;sa=U&amp;ved=2ahUKEwiagaXYoIfjAhWKuY8KHbKHD_4QFjACegQIDhAC&amp;usg=AOvVaw2HohaSaXBokCaVaXijam-Q">Punia's </a>statement. He's like my small brother, we should all stand in solidarity with the national level athlete," Kumar told ANI.

"He should be given respect by the government. Haryana policy set the benchmark earlier on how to treat the athletes. I would like to say that the government should hold a ceremony to felicitate the athletes," he added.

Kumar said players do a lot of hard work and they should be felicitated to set a good example among the budding athletes.

"Athletes do a lot of hard work and if you felicitate the players, it would prove to be a good incentive for the budding athletes in the country. Everyone is standing together with Bajrang Punia," Kumar said.

Earlier in the day, Punia had said that he will return the prize money if athletes continue to be disrespected by the state government of Haryana.

"I will return my prize money if the players did not get respect. The government has cancelled the award ceremony and they are directly transferring the curtailed amount to athlete's account. I think the sports policy made by the government is totally bad," <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/sports/bajrang-punia-first-indian-wrestler-to-fight-at-new-yorks-iconic-madison-square-213876&amp;sa=U&amp;ved=2ahUKEwiagaXYoIfjAhWKuY8KHbKHD_4QFjAAegQIABAC&amp;usg=AOvVaw2lYWSMCR6lufrxIfZAfn9_">Punia </a>told reporters.

The wrestler, who hails from Haryana, on Tuesday had tweeted against the sports policy of the state government for curtailing the winning amount of the sportsperson.

Facing criticism from the gold medalist, Haryana sports minister Anil Vij on Wednesday claimed that his government has always given the biggest prize money as compared to the other states.

"We have not insulted any sportsmen in the state. In fact, we give them the highest winning amount in India. We give them the best job opportunities," Vij told reporters.

However, Punia further slammed the government, saying that it did not fulfil the promise of giving jobs to players.

"I want to ask the Sports Minister of Haryana that whom's sports policy are you talking about. How many jobs have you offered to players?," Punia asked.

Wrestler Sushil Kumar on Wednesday expressed his solidarity with Bajrang Punia and said that the government should felicitate athletes to set a good example. "Firstly, I would like to extend Punia's statement.

Wrestler Sushil Kumar on Wednesday expressed his solidarity with Bajrang Punia and said that the government should felicitate athletes to set a good example. "Firstly, I would like to extend Punia's statement. He's like my small brother, we should all stand in solidarity with the national level athlete," Kumar told ANI. "He should be given respect by the government. Haryana policy set the benchmark earlier on how to treat the athletes. I would like to say that the government should hold a ceremony to felicitate the athletes," he added. Kumar said players do a lot of hard work and they should be felicitated to set a good example among the budding athletes. "Athletes do a lot of hard work and if you felicitate the players, it would prove to be a good incentive for the budding athletes in the country. Everyone is standing together with Bajrang Punia," Kumar said. Earlier in the day, Punia had said that he will return the prize money if athletes continue to be disrespected by the state government of Haryana. "I will return my prize money if the players did not get respect. The government has cancelled the award ceremony and they are directly transferring the curtailed amount to athlete's account. I think the sports policy made by the government is totally bad," Punia told reporters. The wrestler, who hails from Haryana, on Tuesday had tweeted against the sports policy of the state government for curtailing the winning amount of the sportsperson. Facing criticism from the gold medalist, Haryana sports minister Anil Vij on Wednesday claimed that his government has always given the biggest prize money as compared to the other states. "We have not insulted any sportsmen in the state. In fact, we give them the highest winning amount in India. We give them the best job opportunities," Vij told reporters. However, Punia further slammed the government, saying that it did not fulfil the promise of giving jobs to players. "I want to ask the Sports Minister of Haryana that whom's sports policy are you talking about. How many jobs have you offered to players?," Punia asked.

Prize money row: Sushil Kumar backs Bajrang Punia

In this segment, we brings to a survey report that suggests Jobs, health care are the top priorities for voters. Watch full video to know more.

India Election Watch: Jobs, health care top priorities for reveals survey

Artificial Intelligence (AI) is all around us. From digital assistants to algorithms that suggest what music to listen to, are all now a part of our everyday lives.

While soon we may travel in self-driven cars, the area where AI is poised to most profoundly affect our lives is education. It is no surprise, therefore, that the education sector is witnessing remarkable uses of AI-based technologies.&nbsp;

For instance, AI-powered teaching assistants can take over time-consuming tasks like grading and record-keeping. This technology would also allow a student to enjoy continuous and individually customised inputs that would be required at her/his stage of learning.&nbsp;

It could also help flag issues at an early stage as well as assist in the feedback process between the teacher and students - thereby enabling healthy and relevant communication.&nbsp;

Students would get access to relevant additional tools and teachers would be able to know the efficacy of different pedagogies quickly.

AI would not just hold teachers accountable, but also strengthen best teaching practices. Current systems have the ability to analyse when a large group of students makes a mistake in a question. This can be expected to improve to the point where AI could provide live hints or suggest corrective action in a customised manner.&nbsp;

With such technology, students would be able to learn from anywhere and anytime, receive individual input and maybe have access to elements of a traditional classroom.

Another upcoming innovation is the use of blockchain technology. Its use in universities could remarkably alter how evaluations and credits are maintained and transferred - both within and across institutions.&nbsp;

Academic research within universities would also see increased protection and their due share of recognition. This would incentivise academicians to pursue research work without worrying about administrative hassles. We can expect a true revolution in academic research.

 
AI helps to inspire continuous, self-directed learning. One impact of AI-assisted learning is that the gap between traditional schoolroom education and online/self-directed learning can become blurred. AI tutors can enable students to choose the most effective tools and resources from among the multitude of options available out there.&nbsp;

The best effect of the personal AI tutor is that he could usher in a completely new mentality of continuous, self-directed learning in which all will remain students throughout their lives, whether they are in a classroom or not.

There is little doubt that there are new opportunities to set up education startups. AI is creating new opportunities for first-generation entrepreneurs in all segments like affordable health care, robot-assisted surgery, preliminary diagnosis, analysis of the history of a patient to cure, etc.&nbsp; 
 
In the same manner, AI is helping the education domain as well. In future, we will be able to educate our children through 360-degree learning, explanation in dimensions more than 3D - industrial training in a manufacturing company in Germany can be imparted by sitting in India. &nbsp;

Real-time action through robots with the help of augmented reality (AR) and virtual reality (VR) would be commonplace. The learning tools available today for English, Maths, Geography through Knowji, Splash Math, Oddizzi and others are applications of AI only.&nbsp;

Engagement of students is the key challenge for every educator and they always trying to find new ways of engagement for students.&nbsp;

AI, AR, VR, ML would be able to help us to face this challenge. We have seen students, who are more inclined towards videos rather than textbooks and so every second organisation is creating video content or acquiring startups working on the new trends of education.&nbsp;

Even traditional organisations RIL, Tata, &nbsp;Microsoft, Google and others have entered into AI-based education platforms.&nbsp;

To illustrate, RIL has acquired Embibe, Microsoft has taken Flipgrid and Google acquired Workbench to utilise the power of artificial intelligence. Thus, it is more than evident that AI will dominate the future in all walks of life. 
 
(This article was originally published on The DNA. Read the <a href="https://www.dnaindia.com/analysis/column-ai-holds-tremendous-potential-to-transform-education-2741846">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)&nbsp; 
&nbsp;

&nbsp;

Artificial Intelligence (AI) is all around us. From digital assistants to algorithms that suggest what music to listen to, are all now a part of our everyday lives.

Artificial Intelligence (AI) is all around us. From digital assistants to algorithms that suggest what music to listen to, are all now a part of our everyday lives. While soon we may travel in self-driven cars, the area where AI is poised to most profoundly affect our lives is education. It is no surprise, therefore, that the education sector is witnessing remarkable uses of AI-based technologies. For instance, AI-powered teaching assistants can take over time-consuming tasks like grading and record-keeping. This technology would also allow a student to enjoy continuous and individually customised inputs that would be required at her/his stage of learning. It could also help flag issues at an early stage as well as assist in the feedback process between the teacher and students - thereby enabling healthy and relevant communication. Students would get access to relevant additional tools and teachers would be able to know the efficacy of different pedagogies quickly. AI would not just hold teachers accountable, but also strengthen best teaching practices. Current systems have the ability to analyse when a large group of students makes a mistake in a question. This can be expected to improve to the point where AI could provide live hints or suggest corrective action in a customised manner. With such technology, students would be able to learn from anywhere and anytime, receive individual input and maybe have access to elements of a traditional classroom. Another upcoming innovation is the use of blockchain technology. Its use in universities could remarkably alter how evaluations and credits are maintained and transferred - both within and across institutions. Academic research within universities would also see increased protection and their due share of recognition. This would incentivise academicians to pursue research work without worrying about administrative hassles. We can expect a true revolution in academic research. AI helps to inspire continuous, self-directed learning. One impact of AI-assisted learning is that the gap between traditional schoolroom education and online/self-directed learning can become blurred. AI tutors can enable students to choose the most effective tools and resources from among the multitude of options available out there. The best effect of the personal AI tutor is that he could usher in a completely new mentality of continuous, self-directed learning in which all will remain students throughout their lives, whether they are in a classroom or not. There is little doubt that there are new opportunities to set up education startups. AI is creating new opportunities for first-generation entrepreneurs in all segments like affordable health care, robot-assisted surgery, preliminary diagnosis, analysis of the history of a patient to cure, etc. In the same manner, AI is helping the education domain as well. In future, we will be able to educate our children through 360-degree learning, explanation in dimensions more than 3D - industrial training in a manufacturing company in Germany can be imparted by sitting in India. Real-time action through robots with the help of augmented reality (AR) and virtual reality (VR) would be commonplace. The learning tools available today for English, Maths, Geography through Knowji, Splash Math, Oddizzi and others are applications of AI only. Engagement of students is the key challenge for every educator and they always trying to find new ways of engagement for students. AI, AR, VR, ML would be able to help us to face this challenge. We have seen students, who are more inclined towards videos rather than textbooks and so every second organisation is creating video content or acquiring startups working on the new trends of education. Even traditional organisations RIL, Tata, Microsoft, Google and others have entered into AI-based education platforms. To illustrate, RIL has acquired Embibe, Microsoft has taken Flipgrid and Google acquired Workbench to utilise the power of artificial intelligence. Thus, it is more than evident that AI will dominate the future in all walks of life. (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Artificial Intelligence holds tremendous potential to transform education

<a href="http://www.wionews.com/world/uk-economy-posts-slowest-growth-in-six-years-196677">A British departure from the European Union without a deal</a> could put 600,000 jobs around the world at risk, with Germany the hardest hit, a study published Monday found.

Researchers at the IWH institute in Halle, eastern Germany, examined what would happen if UK imports from the remaining EU fell 25 percent after Brexit.

They reckoned that some 103,000 jobs would be under threat in Europe's largest economy Germany and 50,000 in France.

Being affected by Brexit would not necessarily mean workers were laid off, the economists noted.

"Given the lack of skilled labour in many advanced economies, firms could also try to keep staff on by cutting hours or opening new markets," they said.

It is so far uncertain whether Britain will strike a deal with the EU before its legally-binding exit date of March 29, after a huge majority of lawmakers last month voted down Prime Minister Theresa May's painstakingly-negotiated accord with Brussels.

A "hard" departure without a deal would see tariffs imposed at the border, "tangling up global supply chains," study co-author Oliver Holtemoeller said in a statement.

The economists focused only on trade in goods and services, leaving out other possible economic impacts of Brexit like changes to investment flows.

They noted that "since markets are linked up across the globe, suppliers based outside the European Union are also affected" by a no-deal Brexit.

Within the 27 remaining EU countries, a total of almost 180,000 posts at firms directly exporting to the UK would be at risk.

But 433,000 more workers in the EU and around the world would be affected, as their employers sell to companies who in turn export to Britain.

For example, the study found some 60,000 workers in China and 3,000 in Japan could lose their jobs.

In the UK, the study turned up around 12,000 jobs dependent on supplying EU firms with inputs for products which are then sold back to Britain.

But a study published early last year by research firm Cambridge Econometrics estimated that a total of 500,000 British jobs would be at risk if there is no deal.

In European powerhouse Germany, the vital car industry would be the worst affected with 15,000 jobs, many of them in Volkswagen company town Wolfsburg and at BMW's factory in Dingolfing.

By contrast, France's service sector would be the worst hit, the IWH study found. 
&nbsp;

A British departure from the European Union without a deal could put 600,000 jobs around the world at risk, with Germany the hardest hit, a study published Monday found.

A British departure from the European Union without a deal could put 600,000 jobs around the world at risk, with Germany the hardest hit, a study published Monday found. Researchers at the IWH institute in Halle, eastern Germany, examined what would happen if UK imports from the remaining EU fell 25 percent after Brexit. They reckoned that some 103,000 jobs would be under threat in Europe's largest economy Germany and 50,000 in France. Being affected by Brexit would not necessarily mean workers were laid off, the economists noted. "Given the lack of skilled labour in many advanced economies, firms could also try to keep staff on by cutting hours or opening new markets," they said. It is so far uncertain whether Britain will strike a deal with the EU before its legally-binding exit date of March 29, after a huge majority of lawmakers last month voted down Prime Minister Theresa May's painstakingly-negotiated accord with Brussels. A "hard" departure without a deal would see tariffs imposed at the border, "tangling up global supply chains," study co-author Oliver Holtemoeller said in a statement. The economists focused only on trade in goods and services, leaving out other possible economic impacts of Brexit like changes to investment flows. They noted that "since markets are linked up across the globe, suppliers based outside the European Union are also affected" by a no-deal Brexit. Within the 27 remaining EU countries, a total of almost 180,000 posts at firms directly exporting to the UK would be at risk. But 433,000 more workers in the EU and around the world would be affected, as their employers sell to companies who in turn export to Britain. For example, the study found some 60,000 workers in China and 3,000 in Japan could lose their jobs. In the UK, the study turned up around 12,000 jobs dependent on supplying EU firms with inputs for products which are then sold back to Britain. But a study published early last year by research firm Cambridge Econometrics estimated that a total of 500,000 British jobs would be at risk if there is no deal. In European powerhouse Germany, the vital car industry would be the worst affected with 15,000 jobs, many of them in Volkswagen company town Wolfsburg and at BMW's factory in Dingolfing. By contrast, France's service sector would be the worst hit, the IWH study found.

No-deal Brexit 'could cost 600,000 jobs worldwide': Study

Women who face heavy psychological pressures at work are more likely to gain weight, a study claims.

The study, published in the journal International Archives of Occupational and Environmental Health, included data from over 3,872 participants in Sweden.

"We were able to see that high job demands played a part in women's weight gain, while for men there was no association between high demands and weight gain," said Sofia Klingberg, a researcher at the University of Gothenburg in Sweden.

The participants in the study were investigated on three occasions over a 20-year period with respect to such variables as body weight and demands and control at work.

They were followed either from age 30 to 50 or from 40 to 60.

To estimate the level of job demands, the respondents were asked about their work pace, psychological pressures, whether there was enough time for their duties and how often the demands made were contradictory.

The questions about control at work covered such matters as how often they learned something new; whether the job called for imagination or advanced skills; and whether the respondent was personally able to choose what to do and how to do it.

The results show that the respondents with a low degree of control in their work more frequently gained considerable weight, defined as a weight gain of 10 per cent or more, in the course of the study. This applied to women and men alike.

On the other hand, long-term exposure to high job demands played a part only for women. In just over half of the women who had been subjected to high demands, a major increase in weight took place over the 20 years.

This gain in weight was some 20 per cent higher than in women subject to low job demands.

"When it came to the level of demands at work, only the women were affected," Klingberg said.

"We haven't investigated the underlying causes, but it may conceivably be about a combination of job demands and the greater responsibility for the home that women often assume. This may make it difficult to find time to exercise and live a healthy life," Klingberg said.

Having had or not had an academic education does not explain the associations in the study. Neither does the quality of diet or other lifestyle factors. However, the information about dietary intake comes from the respondents themselves, with a certain risk of incorrect reporting.

At the same time, given the problems associated with work-related stress, the study is relevant in terms of public health.

The researchers think identification of groups who are susceptible to stress and efforts to reduce work-related stress would likely achieve a decrease not only in weight gain but also in the incidence of ill health, including cardiovascular disease and diabetes.&nbsp;

Women who face heavy psychological pressures at work are more likely to gain weight, a study claims. The study, published in the journal International Archives of Occupational and Environmental Health, included data from over 3,872 participants in Sweden.

Women who face heavy psychological pressures at work are more likely to gain weight, a study claims. The study, published in the journal International Archives of Occupational and Environmental Health, included data from over 3,872 participants in Sweden. "We were able to see that high job demands played a part in women's weight gain, while for men there was no association between high demands and weight gain," said Sofia Klingberg, a researcher at the University of Gothenburg in Sweden. The participants in the study were investigated on three occasions over a 20-year period with respect to such variables as body weight and demands and control at work. They were followed either from age 30 to 50 or from 40 to 60. To estimate the level of job demands, the respondents were asked about their work pace, psychological pressures, whether there was enough time for their duties and how often the demands made were contradictory. The questions about control at work covered such matters as how often they learned something new; whether the job called for imagination or advanced skills; and whether the respondent was personally able to choose what to do and how to do it. The results show that the respondents with a low degree of control in their work more frequently gained considerable weight, defined as a weight gain of 10 per cent or more, in the course of the study. This applied to women and men alike. On the other hand, long-term exposure to high job demands played a part only for women. In just over half of the women who had been subjected to high demands, a major increase in weight took place over the 20 years. This gain in weight was some 20 per cent higher than in women subject to low job demands. "When it came to the level of demands at work, only the women were affected," Klingberg said. "We haven't investigated the underlying causes, but it may conceivably be about a combination of job demands and the greater responsibility for the home that women often assume. This may make it difficult to find time to exercise and live a healthy life," Klingberg said. Having had or not had an academic education does not explain the associations in the study. Neither does the quality of diet or other lifestyle factors. However, the information about dietary intake comes from the respondents themselves, with a certain risk of incorrect reporting. At the same time, given the problems associated with work-related stress, the study is relevant in terms of public health. The researchers think identification of groups who are susceptible to stress and efforts to reduce work-related stress would likely achieve a decrease not only in weight gain but also in the incidence of ill health, including cardiovascular disease and diabetes.

High-stress jobs make women put on weight, not men: Study

US&nbsp;employers hired the most workers in 10 months in December while boosting wages, which could help to allay a recent upsurge in fears about the economy's health that has roiled financial markets.

The upbeat employment report from the Labour Department on Friday stood in stark contrast with reports this week showing Chinese factory activity contracting for the first time in 19 months in December and weak manufacturing across much of Europe and Asia.

Concerns about the economy had been boosted by surveys showing sharp declines in consumer confidence and manufacturing activity last month. Both were seen as more red flags that the economic expansion, now in its ninth year and the second longest on record, is losing steam.

Nonfarm payrolls increased by 312,000 jobs last month, the largest gain since February, as employment at construction sites snapped back after being restrained by unseasonably cold temperatures in November. There were also broad gains in hiring last month.

Data for October and November were revised to show 58,000 more jobs added than previously reported. The economy created 2.6 million jobs last year compared to 2.2 million in 2017.

Average hourly earnings rose 11 cents, or 0.4 per cent, in December after gaining 0.2 per cent in November. That lifted the annual increase in wages to 3.2 per cent, matching October's gain, from 3.1 per cent in November.

The unemployment rate increased to 3.9 per cent from a near 49-year low of 3.7 per cent in November as a strong labour market lured some jobless Americans from the sidelines. The labour force participation rate, or the proportion of working-age Americans who have a job or are looking for one, rose to 63.1 per cent last month from 62.9 per cent in November.

The December jobs gain pushed total US&nbsp;employment above 150 million jobs for the first time.

The Labour Department has not been affected by the partial shutdown of the US&nbsp;government and will continue to publish economic data compiled by its statistics agency, the Bureau of Labor Statistics.

Data releases from the Census Bureau and Bureau of Economic Analysis have been suspended during the shutdown, which started on Dec. 22 amid demands by President Donald Trump for $5 billion in border wall funding.

The strong employment report likely keeps the Federal Reserve on course to continue raising interest rate this year, deepening its rift with Wall Street and Trump, who has chastised the Fed and its chairman, Jerome Powell, repeatedly for the rate increases. Powell is due to appear on a panel with his two predecessors about two hours after the report's release.

The US&nbsp;central bank raised rates four times in 2018. The Fed last month forecast two rate hikes this year and signalled its tightening cycle is nearing an end in the face of financial market volatility and slowing global growth.

US&nbsp;financial markets are projecting no rate hikes in 2019. In the latest signal that investors see little room for the Fed to lift rates any further, yields on 2-year U.S. Treasury notes on Thursday dropped below the Fed's policy rate for the first time in more than a decade.

The S&amp;P 500 index suffered its worst December since the Great Depression and tumbled on Thursday after Apple Inc slashed its holiday-quarter revenue forecast, saying sales in China slowed more than expected.

Growth forecasts for the fourth quarter are around a 2.6 per cent annualised rate, with risks tilted to the downside amid fading stimulus from the Trump administration's $1.5 trillion tax cut package, a trade war with China and policy uncertainty in Washington.

The economy grew at a 3.4 per cent pace in the third quarter. It needs to create roughly 100,000 jobs per month to keep up with growth in the working-age population.

With the labour market viewed as at or beyond full employment, job growth is expected to slow this year as workers become more scarce. Anecdotal evidence has been growing of companies experiencing difficulties finding workers, and raising wages to retain and attract employees.

There are concerns that tightening financial market conditions because of the steep stock market sell-off could hurt hiring. The government shutdown, if it extends beyond next week, could weigh on January payrolls.

Hiring last month rose across all sectors. Retail employment increased by 23,800 jobs. Employment at construction sites rebounded last month, with companies hiring 38,000 employees after adding no workers in November.

Manufacturing payrolls increased by 32,000 jobs in December, but could surprise on the downside after a measure of factory employment fell last month.

Professional and business services employment increased by 43,000 jobs last month and government payrolls rose 11,000.

US employers hired the most workers in 10 months in December while boosting wages, which could help to allay a recent upsurge in fears about the economy's health that has roiled financial markets.

US employers hired the most workers in 10 months in December while boosting wages, which could help to allay a recent upsurge in fears about the economy's health that has roiled financial markets. The upbeat employment report from the Labour Department on Friday stood in stark contrast with reports this week showing Chinese factory activity contracting for the first time in 19 months in December and weak manufacturing across much of Europe and Asia. Concerns about the economy had been boosted by surveys showing sharp declines in consumer confidence and manufacturing activity last month. Both were seen as more red flags that the economic expansion, now in its ninth year and the second longest on record, is losing steam. Nonfarm payrolls increased by 312,000 jobs last month, the largest gain since February, as employment at construction sites snapped back after being restrained by unseasonably cold temperatures in November. There were also broad gains in hiring last month. Data for October and November were revised to show 58,000 more jobs added than previously reported. The economy created 2.6 million jobs last year compared to 2.2 million in 2017. Average hourly earnings rose 11 cents, or 0.4 per cent, in December after gaining 0.2 per cent in November. That lifted the annual increase in wages to 3.2 per cent, matching October's gain, from 3.1 per cent in November. The unemployment rate increased to 3.9 per cent from a near 49-year low of 3.7 per cent in November as a strong labour market lured some jobless Americans from the sidelines. The labour force participation rate, or the proportion of working-age Americans who have a job or are looking for one, rose to 63.1 per cent last month from 62.9 per cent in November. The December jobs gain pushed total US employment above 150 million jobs for the first time. The Labour Department has not been affected by the partial shutdown of the US government and will continue to publish economic data compiled by its statistics agency, the Bureau of Labor Statistics. Data releases from the Census Bureau and Bureau of Economic Analysis have been suspended during the shutdown, which started on Dec. 22 amid demands by President Donald Trump for $5 billion in border wall funding. The strong employment report likely keeps the Federal Reserve on course to continue raising interest rate this year, deepening its rift with Wall Street and Trump, who has chastised the Fed and its chairman, Jerome Powell, repeatedly for the rate increases. Powell is due to appear on a panel with his two predecessors about two hours after the report's release. The US central bank raised rates four times in 2018. The Fed last month forecast two rate hikes this year and signalled its tightening cycle is nearing an end in the face of financial market volatility and slowing global growth. US financial markets are projecting no rate hikes in 2019. In the latest signal that investors see little room for the Fed to lift rates any further, yields on 2-year U.S. Treasury notes on Thursday dropped below the Fed's policy rate for the first time in more than a decade. The S&P 500 index suffered its worst December since the Great Depression and tumbled on Thursday after Apple Inc slashed its holiday-quarter revenue forecast, saying sales in China slowed more than expected. Growth forecasts for the fourth quarter are around a 2.6 per cent annualised rate, with risks tilted to the downside amid fading stimulus from the Trump administration's $1.5 trillion tax cut package, a trade war with China and policy uncertainty in Washington. The economy grew at a 3.4 per cent pace in the third quarter. It needs to create roughly 100,000 jobs per month to keep up with growth in the working-age population. With the labour market viewed as at or beyond full employment, job growth is expected to slow this year as workers become more scarce. Anecdotal evidence has been growing of companies experiencing difficulties finding workers, and raising wages to retain and attract employees. There are concerns that tightening financial market conditions because of the steep stock market sell-off could hurt hiring. The government shutdown, if it extends beyond next week, could weigh on January payrolls. Hiring last month rose across all sectors. Retail employment increased by 23,800 jobs. Employment at construction sites rebounded last month, with companies hiring 38,000 employees after adding no workers in November. Manufacturing payrolls increased by 32,000 jobs in December, but could surprise on the downside after a measure of factory employment fell last month. Professional and business services employment increased by 43,000 jobs last month and government payrolls rose 11,000.

US jobs growth surged in December: Labour department

The Federal Reserve Bank of Kansas City organises the annual Jackson Hole Economic Policy Symposium in the Grand Tetons National Park, Wyoming, USA. The Symposium, held from August 23-25 this year, witnesses a number of prominent economists, central bankers and policymakers coming together to discuss pressing and dynamic economic issues. Given the presence of renowned economists and policymakers, it is no surprise that the Symposium commands considerable interest among the media, economists and central bankers.

This year, the Symposium sought to discuss issues surrounding market power and concentration and how it is shaping the discourse around unemployment, inflation and the role of the central bank in monetary policy. In the last few years, especially in the United States, firm concentration has increased. That is, there are a small number of extremely successful but large firms that dominate the entire market, while the smaller firms either consolidate into another large firm or are integrated into the value chains of the existing large firms. The rise of Internet and tech-based superstar firms like Google, Amazon, Apple and Facebook are a case in point. At the same time, although unemployment rates in the US are at historically low levels after the financial crisis of 2008, wage growth and inflation have been very sluggish. This upsets the traditional unemployment-inflation trade-off — called the Phillips Curve — used by central banks to determine the level of intervention in the money markets.

According to economists, rising concentration might be driving low wage and price growth. The large firms act as a monopsony — or, a single buyer — in the labour market. As the single employer in a particular market, they are able to hold wages down. In the absence of an alternative firm, workers are bound to the superstar firm and forced to accept lower or stagnant wages. Alan Krueger, a Princeton economist, argued further that some of these firms also collude, either explicitly or through more subtle signalling to bid wages down and restrict workers from switching firms.

Another paper by Alberto Cavallo of Harvard University found evidence that the algorithms used by internet-based retail giants like Amazon to constantly change and adjust prices have led to greater price fluctuations in response to various macroeconomic shocks. This so-called 'Amazon Effect' not only forces brick-and-mortar outlets to respond in a similar manner but also reduces the ability of the central bank to influence prices in the economy. This, therefore, calls into question the traditional tools available to central banks, such as the interest rate, in conducting monetary policy.

As far as India is concerned, the Amazon Effect is unlikely to be significant as e-commerce penetration is still relatively low and a large part of price fluctuations is primarily due to supply shocks arising from agriculture and crude oil imports. However, increasing firm concentration and consequent rise in market power is a cause for concern even in India as rising wages and job opportunities are absolutely essential for India to realise its demographic dividend. While the government embarks on its flagship 'Make in India' programme to generate new jobs, there is also an urgent need to ensure that large firms are not able to exercise undue influence on the job market. 
&nbsp;

(This article was originally published on DNA. Read the<a href="https://www.dnaindia.com/analysis/column-the-amazon-effects-and-monopsony-2677403"> original article)</a>

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

&nbsp;

The Federal Reserve Bank of Kansas City organises the annual Jackson Hole Economic Policy Symposium in the Grand Tetons National Park, Wyoming, USA. The Symposium, held from August 23-25 this year, witnesses a number of prominent economists, central bankers and policymakers coming together to discuss pressing and dynamic economic issues.

The Federal Reserve Bank of Kansas City organises the annual Jackson Hole Economic Policy Symposium in the Grand Tetons National Park, Wyoming, USA. The Symposium, held from August 23-25 this year, witnesses a number of prominent economists, central bankers and policymakers coming together to discuss pressing and dynamic economic issues. Given the presence of renowned economists and policymakers, it is no surprise that the Symposium commands considerable interest among the media, economists and central bankers. This year, the Symposium sought to discuss issues surrounding market power and concentration and how it is shaping the discourse around unemployment, inflation and the role of the central bank in monetary policy. In the last few years, especially in the United States, firm concentration has increased. That is, there are a small number of extremely successful but large firms that dominate the entire market, while the smaller firms either consolidate into another large firm or are integrated into the value chains of the existing large firms. The rise of Internet and tech-based superstar firms like Google, Amazon, Apple and Facebook are a case in point. At the same time, although unemployment rates in the US are at historically low levels after the financial crisis of 2008, wage growth and inflation have been very sluggish. This upsets the traditional unemployment-inflation trade-off — called the Phillips Curve — used by central banks to determine the level of intervention in the money markets. According to economists, rising concentration might be driving low wage and price growth. The large firms act as a monopsony — or, a single buyer — in the labour market. As the single employer in a particular market, they are able to hold wages down. In the absence of an alternative firm, workers are bound to the superstar firm and forced to accept lower or stagnant wages. Alan Krueger, a Princeton economist, argued further that some of these firms also collude, either explicitly or through more subtle signalling to bid wages down and restrict workers from switching firms. Another paper by Alberto Cavallo of Harvard University found evidence that the algorithms used by internet-based retail giants like Amazon to constantly change and adjust prices have led to greater price fluctuations in response to various macroeconomic shocks. This so-called 'Amazon Effect' not only forces brick-and-mortar outlets to respond in a similar manner but also reduces the ability of the central bank to influence prices in the economy. This, therefore, calls into question the traditional tools available to central banks, such as the interest rate, in conducting monetary policy. As far as India is concerned, the Amazon Effect is unlikely to be significant as e-commerce penetration is still relatively low and a large part of price fluctuations is primarily due to supply shocks arising from agriculture and crude oil imports. However, increasing firm concentration and consequent rise in market power is a cause for concern even in India as rising wages and job opportunities are absolutely essential for India to realise its demographic dividend. While the government embarks on its flagship 'Make in India' programme to generate new jobs, there is also an urgent need to ensure that large firms are not able to exercise undue influence on the job market. (This article was originally published on DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

The Amazon effects and monopsony

The Indian economy is expected to grow at 7.4 per cent in the current fiscal and accelerate further to 7.8 per cent as it recovers from the impact of demonetisation and GST roll out, IMF said today.

Asia continues to be the main engine of the world's economy, accounting for more than 60 per cent of global growth, three-quarters of which comes from China and India alone, as per IMF's Regional Economic Outlook: Asia and Pacific (REO).

"But there are risks and challenges ahead, including from a tightening of global financial conditions, a shift toward inward-looking policies, and ? over the longer run ? population aging, slowing productivity growth, and the rise of the digital economy," it said.

Also read:&nbsp;<a href="http://www.wionews.com/south-asia/why-is-indias-growth-not-creating-more-jobs-16771">Why is India's growth not creating more jobs?</a>

Asia is expected to grow at 5.6 per cent this year and next, it said, adding that the outlook is supported by strong global demand, as well as still accommodative policies and financial conditions.

"In India, growth is forecast to rebound to 7.4 percent in FY 2018/19 as the economy recovers from disruptions related to the currency exchange initiative and the rollout of the new Goods and Services Tax," it said.

China, it said, is projected to grow at 6.6 per cent in the current year which will moderate to 6.4 per cent next year.

Noting that present rates of inflation in Asia are some of the lowest in decades, it said, it has seen some upward movement since September 2017 on the back of rising oil prices.

"But core inflation ? which excludes food and energy ? remains low and below target in many economies. In 2017, headline inflation on average was 0.6 percent lower than target in Asian advanced economies, and 0.8 percent under target in Asian emerging market economies," it said.

The latest report explores why inflation has been so low. And it finds that first that temporary global factors, including commodity prices and imported inflation, have been key drivers of low inflation.&nbsp; 
But these factors could reverse, and inflation could rise.

According to the report, inflation has become more backward-looking, meaning that past inflation drives current inflation more than future expectations. This suggests that if inflation rises, it may persist.

"Further, there is some evidence that the sensitivity of inflation to economic slack has decreased (i.E., the Phillips curve has flattened), suggesting that if inflation rises, there may be a large hit to output when reducing it," it said.

All of these mean that central banks should watch out closely for signs of inflation pressure now and stand ready to respond.&nbsp;

India's growth rate is expected to increase to 7.8% in 2019, the IMF said. China on the other is expected to grow at 6.6% in 2018 and 6.4% next year

The Indian economy is expected to grow at 7.4 per cent in the current fiscal and accelerate further to 7.8 per cent as it recovers from the impact of demonetisation and GST roll out, IMF said today. Asia continues to be the main engine of the world's economy, accounting for more than 60 per cent of global growth, three-quarters of which comes from China and India alone, as per IMF's Regional Economic Outlook: Asia and Pacific (REO). "But there are risks and challenges ahead, including from a tightening of global financial conditions, a shift toward inward-looking policies, and ? over the longer run ? population aging, slowing productivity growth, and the rise of the digital economy," it said. Also read: Why is India's growth not creating more jobs? Asia is expected to grow at 5.6 per cent this year and next, it said, adding that the outlook is supported by strong global demand, as well as still accommodative policies and financial conditions. "In India, growth is forecast to rebound to 7.4 percent in FY 2018/19 as the economy recovers from disruptions related to the currency exchange initiative and the rollout of the new Goods and Services Tax," it said. China, it said, is projected to grow at 6.6 per cent in the current year which will moderate to 6.4 per cent next year. Noting that present rates of inflation in Asia are some of the lowest in decades, it said, it has seen some upward movement since September 2017 on the back of rising oil prices. "But core inflation ? which excludes food and energy ? remains low and below target in many economies. In 2017, headline inflation on average was 0.6 percent lower than target in Asian advanced economies, and 0.8 percent under target in Asian emerging market economies," it said. The latest report explores why inflation has been so low. And it finds that first that temporary global factors, including commodity prices and imported inflation, have been key drivers of low inflation. But these factors could reverse, and inflation could rise. According to the report, inflation has become more backward-looking, meaning that past inflation drives current inflation more than future expectations. This suggests that if inflation rises, it may persist. "Further, there is some evidence that the sensitivity of inflation to economic slack has decreased (i.E., the Phillips curve has flattened), suggesting that if inflation rises, there may be a large hit to output when reducing it," it said. All of these mean that central banks should watch out closely for signs of inflation pressure now and stand ready to respond.

India to grow at 7.4% in 2018, says IMF

Former prime minister Manmohan Singh today launched a scathing attack on the Modi government for its "disastrous policies" and "economic mismanagement", and said the country was facing crises that were avoidable.

Singh attacked the government over a series of banking sector frauds, saying the money swindled almost quadrupled from Rs 28,416 crore in September 2013 to Rs 1.11 lakh crore in September 2017.

"Perpetrators of these frauds meanwhile escape with impunity. The economic mismanagement of the Modi government, and I say this with great care and responsibility, is slowly eroding the trust of the general public in the banking sector," he said.

"Our nation today is experiencing difficult times. Our farmers are facing an acute crisis, our aspirational youth are not finding opportunities, and the economy is growing below its potential," Singh told reporters here.

He said the "unfortunate truth" was that each of these crises was "entirely avoidable".

"It pains me to see how rather than standing up to all these challenges, the governments response has been to stifle dissent when deficiencies are pointed out," he said.

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Noting that economic policy has a significant impact on the lives of people, he said it was essential that those tasked with decision making pay careful attention to policies and programmes and not act on mere whims and fancies.

"India is a complex and diverse country and no one person can be the repository of all wisdom," he said in an apparent dig at Modi.

He said every time an answer was sought for any of the "disastrous policies" of the BJP government, "all we hear is that the intentions are virtuous".

Singh said the intentions of the Modi government which it claimed were good, had resulted in "massive" losses for the country.

"Its lack of reasoning and analysis is costing India and our collective future."

The former prime minister said under the UPA governments the growth rate averaged 7 per cent. It was 8 per cent at one point of time despite turbulent global conditions, he said.

The NDA government, he said, clocked inferior growth rate despite a favourable international climate and low oil prices. In fact, growth rate under the NDA is lower in spite of the change in the methodology to determine it "which paints a rosier picture than reality", Singh said. 
According to Singh, two "major avoidable blunders" of the Modi government had been demonetisation and hasty implementation of GST.

He said the losses the economy suffered due to these blunders had severely hurt the micro, small and medium enterprises and resulted in the loss of tens of thousands of jobs. 
Besides, exports as a share of the GDP plunged to a 14 year low at a time when the global economy was reviving and exports of other Asian nations like Vietnam were growing substantially, he said.

Singh said petrol and diesel prices were at a "historic high" despite a fall in international crude oil prices because the Modi government had chosen to levy "excessive" excise duty.

"Instead of passing on the benefits of low prices to the people, the Modi government has punished the people," he said.&nbsp;

'Our farmers are facing an acute crisis, our aspirational youth are not finding opportunities, and the economy is growing below its potential,' Singh said

Former prime minister Manmohan Singh today launched a scathing attack on the Modi government for its "disastrous policies" and "economic mismanagement", and said the country was facing crises that were avoidable. Singh attacked the government over a series of banking sector frauds, saying the money swindled almost quadrupled from Rs 28,416 crore in September 2013 to Rs 1.11 lakh crore in September 2017. "Perpetrators of these frauds meanwhile escape with impunity. The economic mismanagement of the Modi government, and I say this with great care and responsibility, is slowly eroding the trust of the general public in the banking sector," he said. "Our nation today is experiencing difficult times. Our farmers are facing an acute crisis, our aspirational youth are not finding opportunities, and the economy is growing below its potential," Singh told reporters here. He said the "unfortunate truth" was that each of these crises was "entirely avoidable". "It pains me to see how rather than standing up to all these challenges, the governments response has been to stifle dissent when deficiencies are pointed out," he said. It pains me to see how rather than standing up to all these challenges, the governments response has been to stifle dissent when deficiencies are pointed out' × Noting that economic policy has a significant impact on the lives of people, he said it was essential that those tasked with decision making pay careful attention to policies and programmes and not act on mere whims and fancies. "India is a complex and diverse country and no one person can be the repository of all wisdom," he said in an apparent dig at Modi. He said every time an answer was sought for any of the "disastrous policies" of the BJP government, "all we hear is that the intentions are virtuous". Singh said the intentions of the Modi government which it claimed were good, had resulted in "massive" losses for the country. "Its lack of reasoning and analysis is costing India and our collective future." The former prime minister said under the UPA governments the growth rate averaged 7 per cent. It was 8 per cent at one point of time despite turbulent global conditions, he said. The NDA government, he said, clocked inferior growth rate despite a favourable international climate and low oil prices. In fact, growth rate under the NDA is lower in spite of the change in the methodology to determine it "which paints a rosier picture than reality", Singh said. According to Singh, two "major avoidable blunders" of the Modi government had been demonetisation and hasty implementation of GST. He said the losses the economy suffered due to these blunders had severely hurt the micro, small and medium enterprises and resulted in the loss of tens of thousands of jobs. Besides, exports as a share of the GDP plunged to a 14 year low at a time when the global economy was reviving and exports of other Asian nations like Vietnam were growing substantially, he said. Singh said petrol and diesel prices were at a "historic high" despite a fall in international crude oil prices because the Modi government had chosen to levy "excessive" excise duty. "Instead of passing on the benefits of low prices to the people, the Modi government has punished the people," he said.

Our nation today is experiencing difficult times: Manmohan Singh

A group of 50 alumni from the prestigious Indian Institutes of Technology (IITs) across the country have quit their jobs to form a political party to fight for the rights of Scheduled Castes, Scheduled Tribes and Other Backward Classes.

The group, which is waiting for an approval from the Election Commission, has named their outfit 'Bahujan Azad Party'.

"We are a bunch of 50 people, all from different IITs, who have quit our full-time jobs to work for the party. We have applied to the Election Commission for an approval and are meanwhile doing groundwork,"&nbsp;Naven Kumar, a 2015 IIT Delhi graduate, who is leading the group, told PTI.

The party members, however, do not wish to jump the gun and aim for the 2019 Lok Sabha elections.

"We do not wish to do a hurried job and end up being reduced to just one of those small political outfits with big ambitions. We will begin with contesting the 2020 Bihar Assembly elections and then aim for the next Lok sabha polls," Kumar said.

The group, which includes members mostly from the SC, ST and OBC communities, feels that the backward classes have not received their due in terms of education and employment.

All set with a poster which has pictures of B R Ambedkar, Subhas Chandra Bose and A P J Abdul Kalam, among others, the party has already begun a social media campaign.

"Once we have the registration, we will form small units of the party which will start working on the ground for our target groups. We also do not wish to pitch ourselves as a rival of any political party or ideology," Kumar added.

The group, which is waiting for an approval from the Election Commission, has named their outfit 'Bahujan Azad Party'

A group of 50 alumni from the prestigious Indian Institutes of Technology (IITs) across the country have quit their jobs to form a political party to fight for the rights of Scheduled Castes, Scheduled Tribes and Other Backward Classes. The group, which is waiting for an approval from the Election Commission, has named their outfit 'Bahujan Azad Party'. "We are a bunch of 50 people, all from different IITs, who have quit our full-time jobs to work for the party. We have applied to the Election Commission for an approval and are meanwhile doing groundwork," Naven Kumar, a 2015 IIT Delhi graduate, who is leading the group, told PTI. The party members, however, do not wish to jump the gun and aim for the 2019 Lok Sabha elections. "We do not wish to do a hurried job and end up being reduced to just one of those small political outfits with big ambitions. We will begin with contesting the 2020 Bihar Assembly elections and then aim for the next Lok sabha polls," Kumar said. The group, which includes members mostly from the SC, ST and OBC communities, feels that the backward classes have not received their due in terms of education and employment. All set with a poster which has pictures of B R Ambedkar, Subhas Chandra Bose and A P J Abdul Kalam, among others, the party has already begun a social media campaign. "Once we have the registration, we will form small units of the party which will start working on the ground for our target groups. We also do not wish to pitch ourselves as a rival of any political party or ideology," Kumar added.

50 IIT alumni quit jobs to form political party

German auto maker Volkswagen (VW) today said it has initiated a programme in India under which it plans to target professionals from IT, banking and other industries, to push sales in the country.

Under the Volkswagen corporate sales program, the company plans to target individuals from across sectors like information technology (IT), consultancy and banking, Volkswagen India said in a statement.

The automaker is also eyeing doctors, lawyers, architects, chartered accountants, teachers and government employees, with benefits that will extend to immediate family members as well, it added.

The program offers benefits on purchase, servicing of the vehicle, accessories as well as loyalty benefits, the company said.

The initiative covers the entire model range from Volkswagen India, including premium products like ? Tiguan and Passat.

"Through such initiatives, we continue to heighten the accessibility of our globally-acclaimed products, while extending the reach of our comprehensive suite of sales and after sales services to the country's distinctive car buyer," Volkswagen

Passenger Cars Director Steffen Knapp said.

The German automaker, which has been struggling to make its presence felt in India, has now set an aim to almost double its market share in the country to 3 per cent over the next five years.

As part of this ambition, the company has introduced various initiatives, with the Volkswagen Corporate Sales Program being the first step in that direction.

During the last fiscal, the company sold 45,329 units, down 9.41 per cent from 2016-17 where it sold 50,042 units.

Under the Volkswagen corporate sales program, the company plans to target individuals from across sectors like information technology (IT), consultancy and banking

German auto maker Volkswagen (VW) today said it has initiated a programme in India under which it plans to target professionals from IT, banking and other industries, to push sales in the country. Under the Volkswagen corporate sales program, the company plans to target individuals from across sectors like information technology (IT), consultancy and banking, Volkswagen India said in a statement. The automaker is also eyeing doctors, lawyers, architects, chartered accountants, teachers and government employees, with benefits that will extend to immediate family members as well, it added. The program offers benefits on purchase, servicing of the vehicle, accessories as well as loyalty benefits, the company said. The initiative covers the entire model range from Volkswagen India, including premium products like ? Tiguan and Passat. "Through such initiatives, we continue to heighten the accessibility of our globally-acclaimed products, while extending the reach of our comprehensive suite of sales and after sales services to the country's distinctive car buyer," Volkswagen Passenger Cars Director Steffen Knapp said. The German automaker, which has been struggling to make its presence felt in India, has now set an aim to almost double its market share in the country to 3 per cent over the next five years. As part of this ambition, the company has introduced various initiatives, with the Volkswagen Corporate Sales Program being the first step in that direction. During the last fiscal, the company sold 45,329 units, down 9.41 per cent from 2016-17 where it sold 50,042 units.

Volkswagen eyes IT, banking professionals in India to drive sales

Acknowledging that unemployment is a major challenge that India is facing currently, the International Monetary Fund (IMF) today exuded confidence that the reforms being carried out in India in the last few years would end up creating new jobs in the country.

"Clearly India faces a challenge in terms of providing sufficient employment for a number of people looking for work and particularly young people. But yes, the measures and the reforms that India is undertaking will over medium term create jobs," the IMF spokesperson, Gerry Rice, told reporters at a news conference here.

Noting that India has been one of the fastest growing large economies in recent times, he said this has led to improvement in reducing poverty and improvements in living standards.

"Our view is that recent reforms, particularly the implementation of GST, national goods and services tax, should help boost efficiency and productivity and overtime will contribute to help them create jobs in the formal sector," Rice said when asked if India is experiencing jobless growth.

In addition, the government recently took steps towards labor market flexibility by modifying labor rules. "We think that these reforms will help to increase employment, perhaps not overnight but over the medium term," he said.

Noting that India has been one of the fastest growing large economies in recent times, he said this has led to improvement in reducing poverty and improvements in living standards.

Acknowledging that unemployment is a major challenge that India is facing currently, the International Monetary Fund (IMF) today exuded confidence that the reforms being carried out in India in the last few years would end up creating new jobs in the country. "Clearly India faces a challenge in terms of providing sufficient employment for a number of people looking for work and particularly young people. But yes, the measures and the reforms that India is undertaking will over medium term create jobs," the IMF spokesperson, Gerry Rice, told reporters at a news conference here. Noting that India has been one of the fastest growing large economies in recent times, he said this has led to improvement in reducing poverty and improvements in living standards. "Our view is that recent reforms, particularly the implementation of GST, national goods and services tax, should help boost efficiency and productivity and overtime will contribute to help them create jobs in the formal sector," Rice said when asked if India is experiencing jobless growth. In addition, the government recently took steps towards labor market flexibility by modifying labor rules. "We think that these reforms will help to increase employment, perhaps not overnight but over the medium term," he said.

Unemployment major challenge facing India: IMF

Pakistan Interior Minister Ahsan Iqbal has said that Pakistan would be the &#39;industrial hub&#39; of the entire South Asian region soon, after the China-Pakistan Economic Corridor (CPEC) project is built.

In an interview with a private television channel, Iqbal said that the CPEC project would help to improve drastically in social infrastructure, industrial cooperation, agriculture, energy and other key sectors, adding that it would help to create millions of job opportunities for the Pakistani youth&nbsp;

The minister said in 2013 when the Pakistan Muslim League-Nawaz (PML-N) came in to power, the country was facing many challenges, including terrorism, energy shortfall, and deteriorating law and order situation. The government with its effective policies, reduced terrorist acts, overcame energy shortage and improved the law and order situation.

&quot;Some 11,500-megawatt electricity was added to the national grid during the last four years. About USD 35 billion has been spent in the energy sector only and there was not even a single penny of loan included in it, rather it was investment under the CPEC,&quot; Iqbal asserted.

The Pakistani leader further said that the USD 62 billion economic corridor was launched after &#39;comprehensive consultation and consensus&#39; from all political parties which is a combination of uilding roads, rails, power plants and economic free zones in Pakistan. He also termed the CPEC project as a &#39;gamechanger&#39; for the country&#39;s economy as well.

He said that Gilgit-Baltistan and Balochistan would become the &#39;gateways&#39; for the economic corridor and trade zones would be set up at all provinces in Pakistan.

He added that Chinese and Pakistani companies would make large-scale investment in the trade zones, which would not only create new jobs for the citizens but also help to transfer &#39;new technology to Pakistan&#39;.

Last week, Iqbal had said that complete development og Gwadar will make Pakistan a hub of regional trade. He further announced that &nbsp;a genuine programme was initiated to mine coal from Thar, and first coal-based power project in the area which will become operational by the end of this year. He said Thar coal is enough to generate five thousand megawatts of electricity for four hundred years.

Further, he talked about the level of improvement in Balochistan and measures the Government had tajen to address the conditions in the state.&nbsp;

India is against the CPEC project since it passes through the disputed Pakistan-occupied Kashmir (PoK) region.&nbsp;

(With inputs from ANI) 
&nbsp;

Iqbal said that the CPEC project would help to improve drastically in social infrastructure, industrial cooperation, agriculture, energy and other key sectors

Pakistan Interior Minister Ahsan Iqbal has said that Pakistan would be the 'industrial hub' of the entire South Asian region soon, after the China-Pakistan Economic Corridor (CPEC) project is built. In an interview with a private television channel, Iqbal said that the CPEC project would help to improve drastically in social infrastructure, industrial cooperation, agriculture, energy and other key sectors, adding that it would help to create millions of job opportunities for the Pakistani youth The minister said in 2013 when the Pakistan Muslim League-Nawaz (PML-N) came in to power, the country was facing many challenges, including terrorism, energy shortfall, and deteriorating law and order situation. The government with its effective policies, reduced terrorist acts, overcame energy shortage and improved the law and order situation. "Some 11,500-megawatt electricity was added to the national grid during the last four years. About USD 35 billion has been spent in the energy sector only and there was not even a single penny of loan included in it, rather it was investment under the CPEC," Iqbal asserted. The Pakistani leader further said that the USD 62 billion economic corridor was launched after 'comprehensive consultation and consensus' from all political parties which is a combination of uilding roads, rails, power plants and economic free zones in Pakistan. He also termed the CPEC project as a 'gamechanger' for the country's economy as well. He said that Gilgit-Baltistan and Balochistan would become the 'gateways' for the economic corridor and trade zones would be set up at all provinces in Pakistan. He added that Chinese and Pakistani companies would make large-scale investment in the trade zones, which would not only create new jobs for the citizens but also help to transfer 'new technology to Pakistan'. Last week, Iqbal had said that complete development og Gwadar will make Pakistan a hub of regional trade. He further announced that a genuine programme was initiated to mine coal from Thar, and first coal-based power project in the area which will become operational by the end of this year. He said Thar coal is enough to generate five thousand megawatts of electricity for four hundred years. Further, he talked about the level of improvement in Balochistan and measures the Government had tajen to address the conditions in the state. India is against the CPEC project since it passes through the disputed Pakistan-occupied Kashmir (PoK) region. (With inputs from ANI)

Pakistan to be 'industrial hub' of South Asia after CPEC project: Pak Interior Minister

Congress President Rahul Gandhi on Thursday met Indian-origin CEOs of various companies in Singapore and discussed issues such as jobs, investments, and the prevalent economic condition in India.

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&quot;We are seeing the biggest migration of rural people in India. We have challenges. Broadly our view is we want a peaceful transition that carries everybody together,&quot; Congress twitter handle quoted Gandhi as saying.

The Congress President will also address Lee Kuan Yew School of Public Policy, the National University of Singapore, another tweet said.

Gandhi is on a three-day visit to Singapore and Malaysia from March 8 to 10. 
&nbsp;

Gandhi is on a three-day visit to Singapore and Malaysia from March 8 to 10

Congress President Rahul Gandhi on Thursday met Indian-origin CEOs of various companies in Singapore and discussed issues such as jobs, investments, and the prevalent economic condition in India. × "We are seeing the biggest migration of rural people in India. We have challenges. Broadly our view is we want a peaceful transition that carries everybody together," Congress twitter handle quoted Gandhi as saying. The Congress President will also address Lee Kuan Yew School of Public Policy, the National University of Singapore, another tweet said. Gandhi is on a three-day visit to Singapore and Malaysia from March 8 to 10.

Rahul Gandhi discusses jobs, economy in Singapore

Artificial Intelligence (AI) is everywhere now. From phones, Tv&#39;s to retail, e-commerce and even toilets!&nbsp; We are now in an era where anything that uses an algorithm can be called AI.&nbsp;

Facts say that with the upcoming use of AI, millions of people will be out of jobs in few years.&nbsp;

Web Summit, the massive technology conference in Lisbon, Portugal, polled 224 investors in one of the sub-conferences within the Web Summit framework where 93% of them said that AI will &#39;destroy&#39; jobs. Tesla CEO Elton Musk claimed that the race to development of AI will lead to World War III, founder of venture capital firm &#39;Sinovation&#39;, Kai-Fu Lee has said that AI will replace 50% off all jobs in the next decade.&nbsp;

A survey conducted by Quartz - with 1,600 respondents from 84 countries, mostly in the US&nbsp; - stated that 90% respondents thought&nbsp;that up to half of the jobs would be lost to automation within five years.&nbsp;

However, AI may only be able to do about 50 to 60 per cent of the work, one will need humans to fill up the 50-40 per cent. Only using AI algorithms won&#39;t work. That&#39;s when skilled humans come into play. Its all about balance!&nbsp;

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Jobs related to AI will increase up to 2 million by 2025 (Others)
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Therefore, the myth that AI will lead to more job losses can be soundly debunked - that&#39;s what history tells us.&nbsp;

The Industrial revolution spanned a technological revolution in the 19th century. It sparked major changes in virtually every sphere of human existence in Britain where it began. The British economy boomed as a result with new innovations in textile with the mechanised spinning, the advent of steam power to power engines and several other breakthrough designs.

The people adapted too, it did not mean employment fell, in fact, more and more people were added to the workforce as a result of &quot;mechanisation&quot;.&nbsp; It meant upgradation of skills which helped the British economy to expand and seize new markets in Asia and Africa.

The advent of computers in the workplace is another example of &quot;humans adapting to machines&quot;.&nbsp;

During the 60s and 70s in the US, computers increasingly began to enter offices which allowed small business to compete with large corporations. The rise of Apple in the 70s and Microsoft in the 80s can be attributed to the introduction of PCs in that era, despite this today after over 40 years since Apple it has employed more and more people into its company and spawned a culture of start-ups.

In the 80s and 90s, PCs aka &quot;machines&quot; helped &quot;humans&quot; to do away several tedious jobs and eliminated manual labour helping small companies not only to become more efficient but also helped the workforce to become sharper. Today in the era of startups and apps, technology has helped to take humans into a new frontier which promises a new era of growth and prosperity.

In contrary to remarks that robots will replace human workers, research firms predicts that AI may actually create more jobs than expected.&nbsp;

By 2020, AI will generate about 2.3 million jobs - exceeding the 1.8 million that will be ticked off. Moreover, jobs related to AI will increase up to 2 million by 2025.&nbsp;

Humans throughout history have adapted and &quot;re-skilled&quot; themselves as new technologies have entered the cycle, despite rumblings and disruptions it has only meant the &quot;comfort level&quot; has increased for us humans. Artificial Intelligence, in this respect, should not be &quot;feared&quot; rather it should be &quot;adapted&quot;.

For instance, as chatbots, robots, automated kiosks come into existence - more people imagine that it will capture jobs, but all this technology is only creating a better user interface. Look at automated kiosks for instance. Now, Mcdonald&#39;s in New York welcomes customers with a &ldquo;Create Your Taste&rdquo; kiosk - an automated touch-screen system that allows customers to create their own burgers without interacting with another human being. Does this mean cashiers and waiters will go out of jobs? NO. This is just innovation in technology which will, in turn, lead to a shift in skill - not jobs.&nbsp;

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Mcdonalds&#39; &ldquo;Create Your Taste&rdquo; kiosk (Others)
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Amazon, Google, Microsoft, Apple have invested millions in this field (smartbots, chatbots, AI algorithms etc) - why? because this will eventually generate better customer interaction, seamless user journeys, reduce search time, create quick and efficient responses. AI&#39;s role as a mediator between humans and technology has become the greatest triumph.&nbsp;

The jobs will be affected - yes - but that does not infer that jobs will be &quot;destroyed&quot;. The number of jobs that will be affected will vary for different industries, with public sector, education, healthcare booming. AI will &quot;replace&quot; jobs of low-skilled workers in IT sectors in India alone with more medium and high skilled jobs - which are expected to rise to about 1 million in the next five years.&nbsp;

Let&#39;s take driverless cars, for example, though driver won&rsquo;t be entirely displaced by self-driving cars, the nature of their work will fundamentally change. While the percentage of human drivers giving trips may go down, the absolute number of humans may actually go up. The rise of autonomous cars will open new jobs like maintaining the car fleets, jobs that don&#39;t exist today because there has never been a need. Part of advancing technology has always meant that some professions become extinct in the process.&nbsp;

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The rise of autonomous cars will open new jobs (Others)
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The fact is humans need to power the machines, it is a fantasy built by bloggers and science fiction enthusiasts who have, increasingly, through social media played the game of calling AI a barrier for mankind, but history teaches us that man has always &quot;upgraded&quot; himself since time in memorial.

So, once again, AI will eliminate a number of middle and low levels positions but it will give rise to more highly-skilled management and also entry-level and low-skilled jobs, it will accelerate innovation to a new level and fundamentally change the way businesses will run across the board. Focus should be more on augmenting people with AI, transforming culture to make it adaptable to AI-related job opportunities and threats.&nbsp;

AI may only be able to do about 50 to 60 per cent of the work, one will need humans to fill up at 50-40 per cent. Only using AI algorithms won't work. That's when skilled humans come into play. Its all about balance!

Artificial Intelligence (AI) is everywhere now. From phones, Tv's to retail, e-commerce and even toilets! We are now in an era where anything that uses an algorithm can be called AI. Facts say that with the upcoming use of AI, millions of people will be out of jobs in few years. Web Summit, the massive technology conference in Lisbon, Portugal, polled 224 investors in one of the sub-conferences within the Web Summit framework where 93% of them said that AI will 'destroy' jobs. Tesla CEO Elton Musk claimed that the race to development of AI will lead to World War III, founder of venture capital firm 'Sinovation', Kai-Fu Lee has said that AI will replace 50% off all jobs in the next decade. A survey conducted by Quartz - with 1,600 respondents from 84 countries, mostly in the US - stated that 90% respondents thought that up to half of the jobs would be lost to automation within five years. However, AI may only be able to do about 50 to 60 per cent of the work, one will need humans to fill up the 50-40 per cent. Only using AI algorithms won't work. That's when skilled humans come into play. Its all about balance! Jobs related to AI will increase up to 2 million by 2025 (Others) × Therefore, the myth that AI will lead to more job losses can be soundly debunked - that's what history tells us. The Industrial revolution spanned a technological revolution in the 19th century. It sparked major changes in virtually every sphere of human existence in Britain where it began. The British economy boomed as a result with new innovations in textile with the mechanised spinning, the advent of steam power to power engines and several other breakthrough designs. The people adapted too, it did not mean employment fell, in fact, more and more people were added to the workforce as a result of "mechanisation". It meant upgradation of skills which helped the British economy to expand and seize new markets in Asia and Africa. The advent of computers in the workplace is another example of "humans adapting to machines". During the 60s and 70s in the US, computers increasingly began to enter offices which allowed small business to compete with large corporations. The rise of Apple in the 70s and Microsoft in the 80s can be attributed to the introduction of PCs in that era, despite this today after over 40 years since Apple it has employed more and more people into its company and spawned a culture of start-ups. In the 80s and 90s, PCs aka "machines" helped "humans" to do away several tedious jobs and eliminated manual labour helping small companies not only to become more efficient but also helped the workforce to become sharper. Today in the era of startups and apps, technology has helped to take humans into a new frontier which promises a new era of growth and prosperity. In contrary to remarks that robots will replace human workers, research firms predicts that AI may actually create more jobs than expected. By 2020, AI will generate about 2.3 million jobs - exceeding the 1.8 million that will be ticked off. Moreover, jobs related to AI will increase up to 2 million by 2025. Humans throughout history have adapted and "re-skilled" themselves as new technologies have entered the cycle, despite rumblings and disruptions it has only meant the "comfort level" has increased for us humans. Artificial Intelligence, in this respect, should not be "feared" rather it should be "adapted". For instance, as chatbots, robots, automated kiosks come into existence - more people imagine that it will capture jobs, but all this technology is only creating a better user interface. Look at automated kiosks for instance. Now, Mcdonald's in New York welcomes customers with a “Create Your Taste” kiosk - an automated touch-screen system that allows customers to create their own burgers without interacting with another human being. Does this mean cashiers and waiters will go out of jobs? NO. This is just innovation in technology which will, in turn, lead to a shift in skill - not jobs. Mcdonalds' “Create Your Taste” kiosk (Others) × Amazon, Google, Microsoft, Apple have invested millions in this field (smartbots, chatbots, AI algorithms etc) - why? because this will eventually generate better customer interaction, seamless user journeys, reduce search time, create quick and efficient responses. AI's role as a mediator between humans and technology has become the greatest triumph. The jobs will be affected - yes - but that does not infer that jobs will be "destroyed". The number of jobs that will be affected will vary for different industries, with public sector, education, healthcare booming. AI will "replace" jobs of low-skilled workers in IT sectors in India alone with more medium and high skilled jobs - which are expected to rise to about 1 million in the next five years. Let's take driverless cars, for example, though driver won’t be entirely displaced by self-driving cars, the nature of their work will fundamentally change. While the percentage of human drivers giving trips may go down, the absolute number of humans may actually go up. The rise of autonomous cars will open new jobs like maintaining the car fleets, jobs that don't exist today because there has never been a need. Part of advancing technology has always meant that some professions become extinct in the process. The rise of autonomous cars will open new jobs (Others) × The fact is humans need to power the machines, it is a fantasy built by bloggers and science fiction enthusiasts who have, increasingly, through social media played the game of calling AI a barrier for mankind, but history teaches us that man has always "upgraded" himself since time in memorial. So, once again, AI will eliminate a number of middle and low levels positions but it will give rise to more highly-skilled management and also entry-level and low-skilled jobs, it will accelerate innovation to a new level and fundamentally change the way businesses will run across the board. Focus should be more on augmenting people with AI, transforming culture to make it adaptable to AI-related job opportunities and threats.

Don't believe the naysayers, Artificial Intelligence will create 2.3 million jobs by 2020

How many days until your next exam?

With only a week left, students can be seen engrossed in heavy books with small fonts that until a few days were stuffed in the darkest corners of cupboards. Why is it only when one is dealt with a &lsquo;deadly test&rsquo;, do they care to flip through the pages of their books?

The phrase &lsquo;we do something only when we need to&rsquo; applies to most areas in life, but, lately, it has gripped the education system as well. In my opinion, the education system when summed up would sound like Cram, Memorize and Forget.

Delving deep into this problem, there is a need to understand whether the students are at fault or the age-old system of teaching we follow?

Most people have a very strategical approach of preparing for an examination. The preparation starts with overdosing on coffee a couple of days in advance, followed by aimlessly highlighting any word that sounds fancy enough. Finally, when everything else fails, submitting to the master of all books, &lsquo;the 10 years&rsquo; - a comprehensive encapsulation of the previous papers.

Now, why does this happen?

Whenever a student is told that at the end of the year, they will be tested on the knowledge they have gained that year, it certainly doesn&rsquo;t refer to the student&rsquo;s ability to decipher complex questions and problems they might face in real-life situations. Instead, they are made to believe that intelligence stems from how well one mugs up the contents of a textbook. There are no questions asked in the exams which require out-of-the-box thinking, but rather are focused on answers found in&nbsp;the suggested readings.&nbsp;

What does this tell us?

Well naturally, if exam questions are focused largely on the contents of a book, it would be disingenuous to refer to the education system as anything other than a &lsquo;memory test&rsquo;. As a new year passes, a new textbook is brought into the fold and the approach becomes more focused.

The student who scores the highest grade in an exam is not the one who best understands what (s)he is learning, but rather the one who is able to effectively memorize the contents in the textbook.

This is especially problematic as we are unintentionally indicating that although there may be alternate ways to answer a question, the marks ultimately depend on what is printed in the textbook, restricting their thought process. When someone spends the vast majority of their youth being a sponge and absorbing as many words as they possibly can, only to discover one day that their merit for a job is judged by a 2-3 page resume, they are bound to grow disillusioned and question the very system imposed upon them.

&nbsp;

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)&nbsp;&nbsp;

The student who scores the highest grade in an exam is not the one who best understands what (s)he is learning, but rather the one who is able to effectively memorise the contents in the textbook.

How many days until your next exam? With only a week left, students can be seen engrossed in heavy books with small fonts that until a few days were stuffed in the darkest corners of cupboards. Why is it only when one is dealt with a ‘deadly test’, do they care to flip through the pages of their books? The phrase ‘we do something only when we need to’ applies to most areas in life, but, lately, it has gripped the education system as well. In my opinion, the education system when summed up would sound like Cram, Memorize and Forget. Delving deep into this problem, there is a need to understand whether the students are at fault or the age-old system of teaching we follow? Most people have a very strategical approach of preparing for an examination. The preparation starts with overdosing on coffee a couple of days in advance, followed by aimlessly highlighting any word that sounds fancy enough. Finally, when everything else fails, submitting to the master of all books, ‘the 10 years’ - a comprehensive encapsulation of the previous papers. Now, why does this happen? Whenever a student is told that at the end of the year, they will be tested on the knowledge they have gained that year, it certainly doesn’t refer to the student’s ability to decipher complex questions and problems they might face in real-life situations. Instead, they are made to believe that intelligence stems from how well one mugs up the contents of a textbook. There are no questions asked in the exams which require out-of-the-box thinking, but rather are focused on answers found in the suggested readings. What does this tell us? Well naturally, if exam questions are focused largely on the contents of a book, it would be disingenuous to refer to the education system as anything other than a ‘memory test’. As a new year passes, a new textbook is brought into the fold and the approach becomes more focused. The student who scores the highest grade in an exam is not the one who best understands what (s)he is learning, but rather the one who is able to effectively memorize the contents in the textbook. This is especially problematic as we are unintentionally indicating that although there may be alternate ways to answer a question, the marks ultimately depend on what is printed in the textbook, restricting their thought process. When someone spends the vast majority of their youth being a sponge and absorbing as many words as they possibly can, only to discover one day that their merit for a job is judged by a 2-3 page resume, they are bound to grow disillusioned and question the very system imposed upon them. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Why as a student I find exams so meaningless

US job creation accelerated in January, as labour markets continued to absorb workers at a robust pace, unemployment clung to a record low and wages moved higher, the government reported today.

The world&#39;s largest economy added 200,000 net new positions in the month, more than expected, driven by gains in construction, retail, restaurants and health care, the Labour Department reported.

The result beat forecasts, which predicted an increase of 180,000, and helped offset December&#39;s disappointing result.

Meanwhile, the unemployment rate remained at 4.1 per cent for the fourth month in a row.

Hourly wages continued to rise for the month as labour markets remained tight -- with wages posting their largest 12 -month increase in more than nine years.

That will strengthen the case for the Federal Reserve to raise the benchmark interest rate in March, as it is widely expected to do.

Hourly wages rose 0.3 per cent from the prior month to USD 26.74, putting worker pay up 2.9 per cent compared to January of last year, the largest 12-month gain since June 2009.

Over the same period the consumer price index gained 2.1 percent, seasonally adjusted, but rising wages would be expected to put more pressure on prices.

The solid job gains were sure to be a relief for an embattled White House, as President Donald Trump has taken credit for the extended run of good economic news amid political turmoil.

Hiring by speciality trade contractors drove job creation in the construction sector, which added 36,000 new positions, while restaurants and bars added 31,000 new jobs.

The ranks of health care workers swelled for the month as well, adding 21,000 new positions.

Revisions to November and December subtracted a net 24,000 positions, bringing average job creation over the last three months of the year to 192,000, beating the 2017 monthly average of 181,000.

With the 4.1 per cent unemployment rate, a 17-year-low, the ranks of the long-term unemployed -- those looking for work for 27 weeks or longer -- continued to drop, falling six percent to 1.4 million.

However, the unemployment rate for African-Americans, which Trump hailed this week in his State of the Union address, rose nine-tenths of a percentage point to 7.7 percent, just below the 7.8 per cent in January last year.

Trump took office a year ago, pledging to create 25 million new jobs over a decade, or just over 200,000 per month.

However, Labour Department figures released today show the economy added 2.17 million jobs in 2017, fewer than 2016, when there were 2.34 million new jobs.

Meanwhile, the unemployment rate remained at 4.1 per cent for the fourth month in a row

US job creation accelerated in January, as labour markets continued to absorb workers at a robust pace, unemployment clung to a record low and wages moved higher, the government reported today. The world's largest economy added 200,000 net new positions in the month, more than expected, driven by gains in construction, retail, restaurants and health care, the Labour Department reported. The result beat forecasts, which predicted an increase of 180,000, and helped offset December's disappointing result. Meanwhile, the unemployment rate remained at 4.1 per cent for the fourth month in a row. Hourly wages continued to rise for the month as labour markets remained tight -- with wages posting their largest 12 -month increase in more than nine years. That will strengthen the case for the Federal Reserve to raise the benchmark interest rate in March, as it is widely expected to do. Hourly wages rose 0.3 per cent from the prior month to USD 26.74, putting worker pay up 2.9 per cent compared to January of last year, the largest 12-month gain since June 2009. Over the same period the consumer price index gained 2.1 percent, seasonally adjusted, but rising wages would be expected to put more pressure on prices. The solid job gains were sure to be a relief for an embattled White House, as President Donald Trump has taken credit for the extended run of good economic news amid political turmoil. Hiring by speciality trade contractors drove job creation in the construction sector, which added 36,000 new positions, while restaurants and bars added 31,000 new jobs. The ranks of health care workers swelled for the month as well, adding 21,000 new positions. Revisions to November and December subtracted a net 24,000 positions, bringing average job creation over the last three months of the year to 192,000, beating the 2017 monthly average of 181,000. With the 4.1 per cent unemployment rate, a 17-year-low, the ranks of the long-term unemployed -- those looking for work for 27 weeks or longer -- continued to drop, falling six percent to 1.4 million. However, the unemployment rate for African-Americans, which Trump hailed this week in his State of the Union address, rose nine-tenths of a percentage point to 7.7 percent, just below the 7.8 per cent in January last year. Trump took office a year ago, pledging to create 25 million new jobs over a decade, or just over 200,000 per month. However, Labour Department figures released today show the economy added 2.17 million jobs in 2017, fewer than 2016, when there were 2.34 million new jobs.

US adds 200,000 new jobs in January

Finance Minister Arun Jaitley will today present the current NDA government&#39;s fifth and arguably his toughest Budget yet as he seeks to address agriculture distress, create jobs and boost growth while at the same time stick to fiscal prudence.

The Budget, in view of upcoming assembly polls in eight states - including three major states ruled by the BJP - and general elections next year, may see new rural schemes and stepping up of funding towards existing programmes like MNREGA, rural housing, irrigation projects and crop insurance.

With the recent elections in Gujarat indicating erosion of BJP&#39;s rural vote base, Jaitley may also unveil incentives for the farm sector. 
Small businesses, which have traditionally formed the core support base of the BJP, too may get some sops to ease pain caused to them due to chaotic rollout of the Goods and Services Tax (GST) and demonetisation.

There is also an expectation that common man may get some relief in income tax by way of a raise in the exemption limit.

Also on Jaitley&#39;s menu may be upping spending on infrastructure projects like highways and modernisation of railways to boost economic growth that is at a four-year low.

But he has to do all this while sticking to the road map of narrowing one of Asia&#39;s largest budget deficits, as failing which, India may fall on the wrong side of global investors and credit rating agencies which had late last year handed out a rare sovereign upgrade.

The target Jaitley had previously set out was to lower the fiscal deficit to 3.2 per cent of the GDP in the current fiscal and to 3 per cent in 2018-19, the Budget for which he would present in the Lok Sabha tomorrow.

Prime Minister Narendra Modi seemed to have already lowered expectations of mass voter swaying announcements when he indicated that the Budget may not be resort to populism and that it was a myth that common man wants sop.

This will be India&#39;s first post-GST and is being keenly watched to see what Jaitley does to boost growth in Asia&#39;s third largest economy. 
There are talks that tax break on capital gains from stock investments may go and it remains to be seen if Jaitley will finally show some movement on his 2015 promise to lower corporate tax rate to 25 per cent from 30 per cent over four years.

He has to manoeuvre all this within limited scope of tinkering with tax rates given that central excise duty, which was levied on goods manufactured in the country, and service tax have both been subsumed in the GST and he no longer has the sole power to fix rates on them.

Also constraining him would be the rise in global oil prices, which can stoke inflation as well as widen current account deficit.

Some kind of incentives to boost exports of certain sectors may be announced while there may be announcements for start-ups as well as for promoting entrepreneurship.

There have been mixed signals on deficit target, with Chief Economic Adviser Arvind Subramanian earlier this week stating that a pause in the fiscal consolidation plan can&#39;t be ruled out while Niti Aayog vice chairman Rajiv Kumar saying the government is likely to stick to the target.

In the first eight months of 2017-18, fiscal deficit reached 112 per cent of the target, stoking fears of a fiscal slippage. The shortfall was largely due to reduced dividends from government companies, which the government looks to bridge through stake sale in state-owned firms like HPCL.

Scrapping the colonial-era tradition of presenting the Budget at the end of February, Jaitley had for the first time presented the annual accounts on February 1 last year.

The Budget presentation was advanced by a month to ensure that proposals take effect from April 1, the beginning of the new financial year.

Also, the nearly century old tradition of having a separate budget for the railways was scrapped and merged with the general budget.

The Union Budget 2018-19 would be the last full Budget of the BJP-led NDA government before the 2019 general elections. As per the practice, a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government.

While P Chidambaram had presented the previous UPA government&#39;s vote-on-account in February 2014, Jaitley had presented a full budget in July that year. 
The Budget for 2018-19 will be the first budget post implementation of the GST regime.

Even though independent India&#39;s biggest tax reform of GST was implemented from July 1, the Budget for 2017-18 (April- March), had followed the practice of tax revenue projections under the heads of customs duty, central excise and service tax alongside direct tax numbers.

With excise duty and service tax being subsumed in the GST, the classifications in the forthcoming budget may undergo change.

While a new classification for revenues to be accrued from GST will be included in the Budget for the next fiscal, for the current year two sets of accounting may be presented, one for actual accruals during April-June for excise, customs and service tax, and the other for July-March period for GST and customs duty.&nbsp;

Finance Minister Arun Jaitley will present this government's fifth and arguably toughest Budget today

Finance Minister Arun Jaitley will today present the current NDA government's fifth and arguably his toughest Budget yet as he seeks to address agriculture distress, create jobs and boost growth while at the same time stick to fiscal prudence. The Budget, in view of upcoming assembly polls in eight states - including three major states ruled by the BJP - and general elections next year, may see new rural schemes and stepping up of funding towards existing programmes like MNREGA, rural housing, irrigation projects and crop insurance. With the recent elections in Gujarat indicating erosion of BJP's rural vote base, Jaitley may also unveil incentives for the farm sector. Small businesses, which have traditionally formed the core support base of the BJP, too may get some sops to ease pain caused to them due to chaotic rollout of the Goods and Services Tax (GST) and demonetisation. There is also an expectation that common man may get some relief in income tax by way of a raise in the exemption limit. Also on Jaitley's menu may be upping spending on infrastructure projects like highways and modernisation of railways to boost economic growth that is at a four-year low. But he has to do all this while sticking to the road map of narrowing one of Asia's largest budget deficits, as failing which, India may fall on the wrong side of global investors and credit rating agencies which had late last year handed out a rare sovereign upgrade. The target Jaitley had previously set out was to lower the fiscal deficit to 3.2 per cent of the GDP in the current fiscal and to 3 per cent in 2018-19, the Budget for which he would present in the Lok Sabha tomorrow. Prime Minister Narendra Modi seemed to have already lowered expectations of mass voter swaying announcements when he indicated that the Budget may not be resort to populism and that it was a myth that common man wants sop. This will be India's first post-GST and is being keenly watched to see what Jaitley does to boost growth in Asia's third largest economy. There are talks that tax break on capital gains from stock investments may go and it remains to be seen if Jaitley will finally show some movement on his 2015 promise to lower corporate tax rate to 25 per cent from 30 per cent over four years. He has to manoeuvre all this within limited scope of tinkering with tax rates given that central excise duty, which was levied on goods manufactured in the country, and service tax have both been subsumed in the GST and he no longer has the sole power to fix rates on them. Also constraining him would be the rise in global oil prices, which can stoke inflation as well as widen current account deficit. Some kind of incentives to boost exports of certain sectors may be announced while there may be announcements for start-ups as well as for promoting entrepreneurship. There have been mixed signals on deficit target, with Chief Economic Adviser Arvind Subramanian earlier this week stating that a pause in the fiscal consolidation plan can't be ruled out while Niti Aayog vice chairman Rajiv Kumar saying the government is likely to stick to the target. In the first eight months of 2017-18, fiscal deficit reached 112 per cent of the target, stoking fears of a fiscal slippage. The shortfall was largely due to reduced dividends from government companies, which the government looks to bridge through stake sale in state-owned firms like HPCL. Scrapping the colonial-era tradition of presenting the Budget at the end of February, Jaitley had for the first time presented the annual accounts on February 1 last year. The Budget presentation was advanced by a month to ensure that proposals take effect from April 1, the beginning of the new financial year. Also, the nearly century old tradition of having a separate budget for the railways was scrapped and merged with the general budget. The Union Budget 2018-19 would be the last full Budget of the BJP-led NDA government before the 2019 general elections. As per the practice, a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government. While P Chidambaram had presented the previous UPA government's vote-on-account in February 2014, Jaitley had presented a full budget in July that year. The Budget for 2018-19 will be the first budget post implementation of the GST regime. Even though independent India's biggest tax reform of GST was implemented from July 1, the Budget for 2017-18 (April- March), had followed the practice of tax revenue projections under the heads of customs duty, central excise and service tax alongside direct tax numbers. With excise duty and service tax being subsumed in the GST, the classifications in the forthcoming budget may undergo change. While a new classification for revenues to be accrued from GST will be included in the Budget for the next fiscal, for the current year two sets of accounting may be presented, one for actual accruals during April-June for excise, customs and service tax, and the other for July-March period for GST and customs duty.

Jaitley has tough task of choosing between populism, prudence in today's Budget

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