Tag: service sector

  • Andhra Pradesh lost ₹7L cr due to YSRCP govt policies, says CM Chandrababu Naidu

    New Delhi: Andhra Pradesh suffered a loss of Rs 7 lakh crore because of economic policies of the YSRCP government, a new white paper released by chief minister N Chandrababu Naidu has revealed.Naidu tabled the white paper on state finances in the state assembly on Friday. . So far, the newlyformed TDP government has released white papers on Amaravati, Polavaram irrigation project, power sector, excise policy, law and order and drugs. While releasing the white paper on state’s finances in the assembly, Naidu alleged that under Reddy’s leadership, the growth of the agriculture sector had declined from 16% to 10.3%, and the service sector’s growth rate had dropped from 10.3% to 9.9%. “Andhra Pradesh was growing faster than Telangana from 2014 to 2019, but the economy was destroyed from 2019 to 2024 with farmers’ incomes falling and debts rising,” said Naidu while presenting the white paper.Earlier this week, Naidu had said that a regular The budget would be presented only after two months due to “financial constraints”.

  • 100 British corporations to maneuver to a everlasting 4-day working week

    Thousands of workers within the UK are to be moved completely to a four-day working week underneath a coverage described as ‘transformative’.

    New Delhi,UPDATED: Nov 28, 2022 13:33 IST

    To be accredited by the four-day week marketing campaign, corporations should exhibit that they’ve genuinely decreased hours for employees.

    By India Today Web Desk: In a primary, 100 corporations within the United Kingdom have determined to maneuver to a everlasting four-day working week for all workers with no lack of pay. Around 2,600 workers at 100 corporations are set to profit from the brand new working sample.

    The two greatest corporations which have signed up are Atom Bank and world advertising firm Awin, who every have about 450 workers within the UK.

    Adam Ross, Awin’s chief government, mentioned adopting the four-day week was “one of the most transformative initiatives we’ve seen in the history of the company,” according to The Guardian.

    Furthermore, proponents of the four-day week say that the five-day pattern is a hangover from an earlier economic age. They argue that a four-day week would drive companies to improve their productivity, meaning they can create the same output using fewer hours.

    ALSO READ | Will a four-day workweek work in India?

    The UK Campaign is also coordinating the world’s biggest pilot scheme for about 70 companies, which employ about 3,300 workers, to adopt the four-day week in a trial with researchers at the Universities of Cambridge and Oxford, Boston College and think tank Autonomy.

    In September, 88 per cent of those companies in a survey at the middle of the trial said the four-day week was working “well” for his or her enterprise at that stage of the trial. About 95% of the businesses surveyed mentioned productiveness had both stayed the identical or improved for the reason that introduction, The Guardian reported.

    Most of the businesses which have formally adopted the four-day week are within the service sector resembling expertise, occasions or advertising corporations. However, the marketing campaign mentioned that some manufacturing and building employers had additionally signed up.

    Published On:

    Nov 28, 2022

  • Euro zone contraction deeper than thought in December as lockdowns chew

    Economic exercise within the euro zone contracted extra sharply than beforehand thought on the finish of 2020 and will worsen as renewed lockdown restrictions imposed to comprise the coronavirus hit the bloc’s dominant service business, a survey confirmed.With an infection charges hovering throughout Europe, international locations have clamped down on public life. Germany is about to increase its strict lockdown till the tip of the month and Italy selected Tuesday to maintain some nationwide restrictions in place.IHS Markit’s last December Composite Purchasing Managers’ Index (PMI), seen as a great gauge of financial well being, did rise to 49.1 from November’s 45.3 however was considerably under a flash studying of 49.8. Anything under 50 signifies contraction.“Service sector activity in particular fell more sharply than estimated by the earlier flash PMI estimate, as more countries stepped up their fights against rising virus case numbers,” mentioned Chris Williamson, chief enterprise economist at IHS Markit.The companies PMI registered 46.4 in December, higher than the earlier month’s 41.7 however far weaker than the 47.3 preliminary estimate.With a lot of the service business being compelled to shut demand additionally shrank much more than thought. The last companies new enterprise index was 46.6 in comparison with the flash estimate of 47.9, albeit higher than November’s 40.6.“Worse may be yet to come before things get better, especially as the latest survey data were collected before the news of the new – more contagious – strain of the virus,” Williamson mentioned.“Service sector activity in particular looks likely to remain constrained by severe social distancing in the early months of the new year.”But with vaccines being rolled out throughout the continent total optimism concerning the 12 months forward improved. The composite future output index rose to 64.5 from 60.4, its highest studying since April 2018.The bloc’s financial system is anticipated to achieve momentum this 12 months on vaccine hopes, a Reuters ballot discovered final month, and can return to pre-crisis ranges inside two years.