This week was marked by two studies that noted a positive turn in the job market in India. The latest was a study by staffing firm, TeamLease Services which highlighted that a positive market fuelled by government incentives and increased consumer spending will lead to a job growth of 11.3 per cent this fiscal. In addition to this, the Monster Employment Index for June shows that the number of job opportunities posted online has been increasing month on month for the first six months. On the other hand, more than 20 per cent of Indians in the 15-24 age group were jobless and seeking work, according to startling data released on Tuesday by Census 2011.
Among other notable news, the new government has sprung to action and introduced some remarkable initiatives. Prime Minister Narendra Modi has set in motion the first major revamp in decades of country’s archaic labour laws, part of a plan to revive the flagging economy, boost the manufacturing sector and create millions of jobs. Labour Minister Narendra Singh Tomar announced that employers will no longer have to chase officials and files to get a PF code with the Employees Provident Fund Organisation (EPFO). They can now register online and will be allotted a PF code number.
Various movements that happened over the week were; GE Capital’s Anish Shah set to join Mahindra & Mahindra soon. HCL Tech R Srikrishna is set to be CEO of Hexaware Tech. GE appointed Munesh Makhija as MD, Twitter replaced CFO Mike Gupta with Anthony Noto who was a former Goldmann Sachs executive. Gopichand Katragadda will soon be joining as CTO of Tata Sons and Axis Bank elevated Sanjeev Kumar as ED.