World
Merkel says 'there isn't much time left' for Greece
German Chancellor Angela Merkel on Monday warned that time is running out for a deal with Greece's creditors, and insisted that solidarity with European partners and the International Monetary Fund would be contingent on Greece's initiative to implement reforms.
 
"There isn't much time left. Everyone is working intensively. The day after tomorrow there will be opportunity to discuss it with the Greek prime minister. Every day counts now," Merkel said in a press conference after the conclusion of the G7 summit in the Schloss Elmau hotel in southern Germany.
 
Merkel added that the Greek financial crisis was one of many issues discussed in the meeting, which she attended on Monday along with Jean-Claude Juncker, the president of the European Commission, or EC, and managing director of the IMF, Christine Lagarde.
 
Merkel reiterated that all summit attendees want Greece to remain in the Eurozone, but reminded that there are rules that govern the union and that European and international solidarity must be matched by member countries' own efforts.
 
Merkel argued that measures taken by the troika (EC, IMF and the European Central Bank, or ECB) proved to be effective in the cases of Ireland, which thrived after applying a tough reform program, Spain and Portugal, which created jobs despite ongoing high unemployment rates.
 
Merkel pointed out that the situation in Cypress also leads to a path of "success".
 
The German chancellor confirmed her intention to meet again with Greek Prime Minister Alexis Tsipras in Brussels on June 17 under the auspices of the EU summit meeting with the Community of Latin American and Caribbean States, or CELAC.
 
In her view, the proposal presented to Athens by the three creditor institutions is "a breakthrough" that must be negotiated. 

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SEBI lets off Emkay for just Rs11 lakh

Without admission or denial of guilt on the part of Emkay  to the  findings  of fact or conclusions  of  law,  Emkay  has remitted  a  sum  of  Rs11,00,800 favouring SEBI  towards the terms of settlement in the matter

 

Securities and Exchange Board of India (SEBI) initiated adjudication  proceedings against Emkay  Global  Financial  Services, to  inquire  into  and  adjudge  under  Section 15HB of the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’) the violation of Clause A(2)  of  Code of Conduct for Stock Brokers as specified under Regulation 7 of  SEBI Stock Brokers and Sub Brokers Regulations, 1992   alleged to have been committed by Emkay with respect to  its  dealing  in  the  scrip  of  Aarey  Drugs  and  Pharmaceuticals Ltd. ('ADPL').
 
In this regard a Show Cause Notice no. A&E/EAD3/DRK-AKS/20949/2013 dated 19.08.2013 (‘SCN’) was served on Emkay which alleged  that  it  had  executed synchronised trades in the scrip of ADPL on behalf of its clients Nita B Bhavsar,  Jipal  Shah,  Dhavalkumar  Soni  and  C  Shah Champaklal wherein Emkay had acted as both stock broker and counter party  stock  broker. Some of the trades were executed from the same terminal also.  Emkay’s alleged failure to exercise due skill and care made it liable for a monetary penalty under Section 15 HB of the SEBI Act.
 
Pending adjudication proceedings, Emkay submitted a consent application in December 2013 to SEBI for settlement of the case. Later, Emkay representatives submitted before SEBI the revised settlement terms with an amount of Rs11,00,800 towards settlement charges. The settlement terms were placed before the High Powered Advisory Committee on Consent, which looked into the matter and recommended the case for settlement.
 
Without admission or denial of guilt on the part of Emkay  to the  findings  of  fact  or conclusions  of  law,  Emkay  has remitted  a  sum  of  Rs11,00,800 favouring  SEBI towards the terms of settlement in the matter.
 
SEBI said that the settlement order is passed on 5 June, 2015 and shall come into force with immediate effect.
 

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Leveraging India's human capital
There are four essential parts to the realization of the demographic dividend that India possesses at present. These are skilling, entrepreneurship, proactive approach to youth affairs and employment generation
 
Leveraging human capital is a fascinating topic for developing societies. It is because social and economic progress is critically dependent on it. Most observers point out that India possesses a distinct demographic dividend. The dividend will only fructify into tangible gains if appropriate policies and structural mechanisms are put in place.
 
At present approximately a million young people are entering the workforce each month. The challenge is to help them contribute to the economic development of the country. These youth entering the workforce over the next ten years have the potential to make or mar the prospects of India's growth story. 
 
There are four essential parts to the realization of the demographic dividend that India possesses at present. These are skilling, entrepreneurship, proactive approach to youth affairs and employment generation. 
 
Skilling is crucial, as there exists a gap between what students are being taught and what the industry requirements are from professionals. The skill gap is responsible for a large section being unemployed and unemployable. The issue of employability can only be solved when the curricula takes the industry needs into account. 
 
Vocational education, as well as skilling for students who drop out of school early is one of the best ways of ensuring a means of livelihood and movement out of poverty. The ministry of skill development and entrepreneurship was created by bringing together all the skill development initiatives of the government under a single roof. The central ministries/departments have done a good job so far in the area and have trained around 58 lakh people in 2014-15. 
 
Related to skilling is entrepreneurship. The fact of the matter is that providing employment to a million people/month is simply an unachievable target for the government working on its own. Therefore, an imperative for employment generation and labour market development in India is entrepreneurship. The government realizes this and thus has created the above-mentioned ministry. So far India has not fared very well with respect to entrepreneurship. The formal creation of firms in India is low and cumulatively smaller than much smaller places like Hong Kong if one observes World Bank data from 2004-11. 
 
There are many social, cultural and economic reasons for this. Risk aversion in society, very high costs of failure and lack of access to funding are some of the prominent reasons for the India's low scores on most international indices of entrepreneurship. An access to venture funding and changing the mindset of people in society will go a long way in promoting entrepreneurship and helping energize the youth for national development. 
 
Recent years have also witnessed the phenomenon of brain drain where talent from India is leaving the country as people look for greener pastures abroad. The trend can only be abated or reversed if the incentive structures within the country are changed and proper means of engagement are built with the diaspora abroad. 
 
Successive governments have failed to do so and this is where youth diplomacy can play an active role in engaging with not only our diaspora but with youth from across the world. India is a young nation and can grow immensely by exchange of ideas at a youth to youth level. Energizing and channelizing the collective energy of the Indian youth will only strengthen the cause of nation building and development. 
 
Finally, there is the issue of employment generation. That can be achieved if only there are appropriate incentives for enterprises across sectors to flourish. Added to this is the fact that further liberalization of foreign direct investment (FDI) norms and industrial policy could enable greater capital inflows that can aid in industrial and economic development. The present regime has moved in the right direction in this regard but much bolder steps are required especially in opening up more sectors to foreign direct investment. 
 
The recently released quarterly survey of employment October-December 2014 shows that 1.17 lakh jobs were created in the eight key sectors for which the survey was conducted. This was lower than the 1.58 Lakhs created in the previous quarter. Also, if one compares the data from July to December 2014, one observes that there were 2.75 lakh jobs that were created compared to 1.26 lakh jobs a year ago. That's an increase of 118 percent rise for the six-month period year-on-year. The surge was lead by the IT and BPO sector that added 89,000 jobs in the October-December 2014 quarter. It was followed by the textiles and apparel segment that added 79,000 jobs. 
 
One of the major planks on which the present government won the 2014 general elections was job creation. On this count, the government seems to be doing well. However, one must realize that this is a limited survey of just eight sectors. Also, the growth in employment seems to be concentrated in the IT and textiles & apparel sector. Broad- basing the survey to other sectors as well as broad-basing of jobs created will go a long way in ensuring that trends are observed and appropriate policy actions taken. The chief statistician recently has alluded to better data collection on the employment front. Considering the importance of this in policy analysis and action on this is indeed is a welcome step for a more informed debate on the Indian economy. 
 
Over the next few years, the government will have to focus continuously on these critical areas for growth to be broad-based and inclusive. At present, the trends from the limited data seem positive but these areas require better data and scrutiny over the next decade.

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COMMENTS

B. Yerram Raju

2 years ago

Any small enterprise with even Rs.5lakh investment creates 4 jobs - 2 of entrepreneur's own family or friends/partner or two others. The more they come up the more employment. But these jobs will be at the end of skill sets or unskilled. They however serve as training hubs. Such small enterprises when tagged to a big enterprise where it would be uneconomical to do the jobs done by the small, could add value to both and the small becomes sustainable.

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