Regulations
Cabinet approves ILO resolution on transiting to formal economy
New Delhi : The cabinet on Wednesday approved the tabling in India's parliament for adoption of the International Labour Organization (ILO)-adopted recommendations "The Transition from the Informal to the Formal Economy (No.204)", a statement said here.
 
"The International Labour Conference of ILO at its 104th Session held in Geneva in June 2015 adopted the said recommendation. Its adoption was supported by India," a labour ministry statement said.
 
"The recommendation provides guidance to members (countries) to facilitate the transition of workers and economic units from the informal to the formal economy and promote creation, preservation and sustainability of enterprises and decent jobs in the formal economy and prevent informalisation of formal economy jobs," it added.
 
A study published in 2013 - "Capitalist Development in India's Informal Economy" - by Italian scholar Elisabetta Basile, showed a significant reduction in employment in the country's informal sector from 77 percent in 2004-05 to 71 percent in 2009-10.
 
Based on National Sample Survey Organisation (NSSO) data, Basile's study showed 93 percent of workers in rural and urban areas engaged in agricultural work excluding growing of crops (AGECG) in propreitory and partnership (p&p) enterprises.
 
It also notes that in rural areas, the most informalised sectors are manufacturing, wholesale and retail trade, and hotel and restaurants.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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Air India plane suffers tyre burst at Bhopal, all safe
Bhopal : As many as 95 passengers escaped unhurt when an Air India plane's tyre burst on landing at the airport here on Wednesday,
 
The tyre burst occurred at Raja Bhoj airport of Bhopal at 7.30 when the AI-435 flight arrived from Delhi. Though the burst jolted the passengers, the pilot managed to bring the aircraft under control and averted a major tragedy, sources said. 
 
Arrangements were made for the passengers' stay at a hotel.
 
No official of Air India or airport administration was willing to immediately talk to media about the incident.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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US oil boom reduces Middle East influence on oil price
Washington : The US oil boom has changed the world's geopolitics of energy, reducing the influence of the Middle East on oil prices, the American Petroleum Institute (API) said on Wednesday.
 
"The American energy renaissance" is the key reason why the recent conflicts between Saudi Arabia and Iran did not raise the world's oil price, Xinhua cited Jack Gerard, president of the API, as saying.
 
"If such unrest happened 10 years ago, I believe there would be a significant movement in the price of oil," he said.
 
Gerard said the geopolitics of energy has changed significantly over the last decade as the US has experienced an oil boom in recent years and the daily production is now around nine million barrels a day.
 
The US has been the world's largest oil producer since 2013, surpassing Russia and Saudi Arabia, according to the data of the US Energy Information Administration (EIA).
 
The US government lifted the 40-year-old crude oil export ban in December last year, connecting the huge US oil output to the world market.
 
The United States has become "one alternative" for the world oil supply if some oil-producing countries were affected by unrest, Gerard said, adding the market "reflected that" over the past couple of days as unrest continued and tension increased in the Middle East.
 
On Sunday, Saudi Arabia cut off diplomatic relations with Iran after protesters stormed its embassy in Tehran to protest against the execution of the prominent Shia cleric Sheikh Nimr al-Nimr.
 
On Monday, three Sunni-led countries -- Bahrain, Sudan and the United Arab Emirates -- joined Saudi Arabia in severing or downgrading diplomatic ties with Iran, adding to the fraught atmosphere in the region.
 
The conflicts among major Middle East oil producers raised concerns about an oil price hike, but the international oil prices kept falling on Monday and Tuesday.
 
The US West Texas Intermediate (WTI) crude moved down 79 cents to settle at $35.97 a barrel on Tuesday, while Brent crude decreased 80 cents to close at $36.42 a barrel.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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