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Mumbai, 9th March (IANS): India is witnessing a major upsurge in job creation, not in the traditional economy but in the new economy, a central minister said on Friday, citing the example of cab aggregators Ola and Uber who created lakhs of jobs in the past few years.

Minister of State for Civil Aviation Jayant Sinha was addressing a session titled "Democracy, Demography, Demand: The Mystery of the Missing Jobs" at the India Today Conclave here.

"There is a tremendous upsurge in job creation, not in the traditional economy but in the new economy, in entrepreneurship," Sinha said

"For instance, Ola and Uber have given employment to 10 lakh drivers. So, I would say it is not about the missing jobs..it is about the missing data," the Minister said.

In support of his contention, the Minister pointed to various estimates, including Employees Provident Fund Organisation (EPFO) data to say that "job situation is not as bad as it is being made out to be".

As per EPFO data, over one crore new accounts were added in 2017 to the 4.5 crore members of the organisation.

Former Corporate Affairs Minister Sachin Pilot of the Congress, who participated in the discussion, highlighted the dismal employment situation in the country, pointing to the stressed agriculture sector, which has prompted a farm friendly Budget 2018-19, as well as the slowdown in exports.

"Our country is at a turning point with the number of young people who are unemployed or underemployed," Pilot said.

"We have a situation where 40 per cent of people going out to seek jobs are underskilled," he added.

Rebutting Pilot, Sinha said that it is precisely to meet this gap in skilling that the ruling NDA government had created a Ministry of Skill Development and Entrepreneurship.

"No doubt there is work to do in the area of job creation, but we are a 2.5 trillion dollar economy and we are on the right trajectory," Sinha said.

While the NDA made an election promise of creating 10 million jobs a year, slowing private investment and huge corporate indebtedness has made the job scenario a difficult one.

Besides, with the larger part of the workforce in the informal economy, demonetisation made 2017 an even more difficult period.

The 5th Annual Employment-Unemployment Survey, 2015-16, shows that with rising education levels, the unemployment rate has also gone up in the age group of 18-29 years.

"The unemployment rate for persons aged 18-29 years and holding a degree in graduation and above was found to be maximum with 18.4 per cent based on the Usual Principal Status Approach at the all-India level," said the Survey report on Youth Employment-Unemployment Scenario, Volume II.

The unemployment rate for the age group at the all-India level was estimated at 13.2 per cent.

The Survey's Volume I suggested that the unemployment rate was estimated to be five per cent at the all-India level.

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New York, 6th March (IANS): Nearly two-thirds of working millennials -- born between 1980s and 2000 -- are not saving up for their life post-retirement, finds a study.

The findings showed that only 37.2 per cent of working millennials had retirement accounts.

Among self-employed individuals, only 17.6 per cent had a retirement account of any kind.

In addition, advanced degree holders were more likely to have a retirement account compared to those with a high school diploma or below -- however smaller the amount might be.

"Compared to older generations, millennials are less likely to have employer-provided pension or defined benefit retirement plans," said Rui Yao, Associate Professor at the University of Missouri in the US.

"While it could be assumed that millennials have plenty of time to save for retirement, they have to shoulder more responsibility than their parents and grandparents to do so," Yao added, in a paper published in the Family and Consumer Sciences Research Journal.

Using data from the 2013 Survey of Consumer Finances, the study examined the state of Millennials' retirement savings, including retirement account ownership and balance.

The team analysed the saving behaviours of millennials with at least one year of employment, making them eligible to contribute to a defined-contribution plan.

Factors that affected retirement saving behaviour included age, education, total household income and assets, job tenure, self-employment, having a retirement saving motive, having a defined benefit plan, overspending, and risk tolerance.

Among those with a retirement account, the average accumulated amount was $21,333.

"The results suggest that financial education about saving for retirement is absolutely necessary," Yao said.

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Mumbai, 5th March (IANS): The Indian film, television and OTT sectors supported over 2.36 million jobs in 2017 and they are set to flourish in the next few years, according to a new report.

The report finds that the film, television and over-the-top (OTT) services are going through positive trends that will drive a compound annual growth rate of around 12 per cent over the next five years, read a statement citing the report.

The television sector, it says, will continue a healthy growth curve of 15 per cent. The film business can expect six per cent growth -- with additional growth if India's low screen density is addressed.

However, it is the OTT business, though coming from a low base, which promises the most exceptional development, anticipated to grow 26 per cent through to 2022.

The findings were part of an Economic Contribution Report by Motion Picture Association (MPA) and Deloitte in association with Producers Guild of India and Federation of Indian Chambers of Commerce and Industry (Ficci).

It was launched during the Ficci Frames 2018 here on Monday.

It encompasses direct industry jobs, along with indirect jobs of companies with which the industry does business. This includes caterers, dry cleaners, hotels, florists, hardware and lumber suppliers, software, and digital equipment suppliers, as well as those doing business with consumers, such as home entertainment distributors, theme parks and tourist attractions.

Mike Ellis, President and Managing Director, Asia Pacific, Motion Picture Association (MPA), said in a statement: "There's no doubt that the screen community is fuelled by aptitude, innovation and unrivaled entrepreneurship, and supports millions of people with quality, rewarding careers and jobs.

"We remain committed to helping build a vibrant industry and a dynamic online legitimate marketplace."

According to Siddharth Roy Kapur, President, Producers Guild of India, "Our dynamic industry not only provides high quality jobs and powers the creative digital economy, but is also a huge proponent of India's soft power around the world.

"It is crucially important that all stakeholders from the industry and the government play their part in creating an ecosystem that incentivizes growth, encourages creativity and rewards innovation.

"This will help the India's media and entertainment industry to continue to punch way above its economic weight when it comes to the extraordinary impact it can have on telling the India story to the world."

Ficci's Secretary General Sanjaya Baru said the growth of the film industry can be achieved by; "making it simpler to build and open cinemas around the country; ramping up anti-piracy measures, introducing a ratings or classification system, easing production clearances, addressing GST challenges, and providing incentives to shoot in India".

"If all stakeholders play their part, 2018 could be the year to find solutions to many of these issues," Baru added.


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Kochi, 3rd March (IANS): In a first-of-its-kind initiative, an India Fashion Incubator (IFI) was launched here on Saturday during the India Fashion Summit 2018.

India Fashion Incubator aims to promote the fashion community by helping creative and fashion entrepreneurs to develop business and professional skills. It will use the latest digital technologies to mentor, network and collaborate with the incubated fashion designers.

India Fashion Summit President Vinod Nair said even though the fashion industry has seen tremendous growth in the last quarter of a century there was never a platform to discuss and deliberate various aspects relating to the industry in India and it was through the IFS that this void has been filled.

The programme was organised in association with the state government's Kerala State Institute of Design and Kerala Academy for Skills Excellence.

The day-long event saw country's leading fashion designers Manish Malhotra, Peter D'Ascoli, Wendell Rodricks, Arjun Khanna, Suket Dhir, Alan Alexander Kaleekal, Jebin Johny sharing their experiences.


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Mumbai, 20th Feb (IANS): Mukesh Ambani-led Reliance Industries Ltd (RIL) has signed 25 MoUs at the ongoing 'Magnetic Maharashtra: Convergence Summit 2018' with various global giants with an investment of Rs 60,000 crore over 10 years to create 100,000 jobs, it was announced on Tuesday.

The MoUs are part of the Fourth Industrial Revolution sweeping the world, on which Ambani spoke in detail at the inauguration of the investement summit on Sunday.

According to RIL, the time has now come to transform Mumbai from India's financial capital to its 'fin-tech capital', and with this objective and in partnership with the World Economic Forum, RIL will set up a centre for Fourth Industrial Revolution in Mumbai.

This will be the first such centre outside Silicon Valley, US and only the second in the world, which will allow policy-makers and thought leaders in India to stay ahead of the curve through unique insights about new ways of governance, new applications and innovations.

RIL signed 25 MoUs with top global giants like Cisco, Siemens, HP, Nvidia, Nokia, EMC, Canon, Sumitomo, etc to partner in development of the proposed centre.

For the project, RIL alone would invest Rs 60,000 crore over 10 years and help create 100,000 jobs, marking a major stride towards Maharashtra's aspiration to emerge as the first trillion-dollar economy in India and become a leader in new manufacturing.

Digital opportunities, such as Blockchain technology and Internet of Things, offer significant applications in finance, trade and commerce in ways like never before, said a company official.

There is a global race to harness Artificial Intelligence, Robotics, Nanotech, Big Data, Cloud Computing, 3D Printing, Cyber Security, Blockchain, Internet of Things, Next-Generation Virtual and Augmented Reality, Life Sciences, New Materials and New Sources of Energy and other futuristic technologies, which will bring about exponential transformations across every sphere.

"The company will make Maharashtra the birthplace and cradle of the Fourth Industrial Revolution in India, which is a convergence of disruptive technologies in the physical, digital and biological spheres. It is going to transform the world and our society in unimaginable ways," Ambani said at the summit, which was inaugurated by Prime Minister Narendra Modi.


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