Current Affairs – October, 2018

Latest Current Affairs October, 2018 with Current Affairs, news summary on current events of National and International importance of October, 2018 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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One in three companies in India prefer hiring men: WEF Study

According to recently released World Economic Forum (WEF) “Future of Work in India” report, companies in India experiencing highest growth prefer hiring men. The study shows that technology-led job growth benefits men more than women and has found that one in three companies preferred hiring men, only one in 10 companies wanted to hire more women.

WEF Future of Work in India report

It was prepared by WEF and Observer Research Foundation (ORF) after surveying 770 companies, from micro-sized firms to those employing more than 25,000 workers, across four industries – textiles, logistics and transportation, banking and financial services and retail to understand how technology impacts workforce. It also took into consideration worldwide concern that technology adoption may displace human workers, leading to jobless growth.

Key Highlights of report

Jobs in India are experiencing highest growth and companies are hiring women at only 26%. Women in India are entering workforce at slower rate than current female workforce participation. India’s female workforce participation is mere 27% and stands 23 percentage points lower than global average.

Currently, a third of companies had no female employees, 71% have fewer than 10% female workers, and only 2.4% have half or more females. The retail sector had most companies with no female employees at 45%, followed by transport and logistics at 36%. Companies in both sectors also stated they prefer hiring men most, at 43 and 48% respectively.

There is overall technology-led job growth, but men are disproportionately reaping benefits as compared to women. Only 11 of the surveyed companies were eager to hire more women and 36% of companies reported a preference for men.

The workforce is trending toward independent, freelance and informal labour that again also give men advantage. 75% of freelancers are men, and men with ten to 20 years experience are paid 30% more than their female counterparts.

It was found that participation of women in freelance work declines with more career experience. The freelance work drops from 37% for women with up to five years experience to 10% for women with more than 10 years experience.

Of the companies surveyed, it was found that 22% were to replace permanent workers with contract workers in the next five years. It was found that less than quarter of companies provide maternity leave for permanent employees and 10% for contract workers.

Month: Categories: Business, Economy & Banking

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Government inks $110 million loan agreement with ADB to upgrade rural roads in MP

Government has inked $110 million loan agreement with Asian Development Bank (ADB) to upgrade all-weather rural roads in Madhya Pradesh under Pradhan Mantri Gram Sadak Yojana (PMGSY). It is second tranche of $500 million Second Rural Connectivity Investment Programme for India approved by ADB in December 2017.

Rural Connectivity Investment Programme

The overall Second Rural Connectivity Investment Programme is aimed at improving rural connectivity, safe and efficient access to livelihood and socio-economic opportunities for communities in Assam, Chhattisgarh, Madhya Pradesh, Odisha and West Bengal. It plans to upgrade about 12,000 km rural roads across the five states. Tranche 1 loan of $250 million is currently under implementation upgrading over 6,000 km roads.

Key Facts

The Tranche 2 of the loan will provide continued assistance to PMGSY by upgrading rural roads in Madhya Pradesh. This will support the government’s long term goal to achieve inclusive economic growth in rural India. It will also improve mobility for self-employment and livelihood opportunities in rural areas by improving access to district centres. It will also support government’s drive for innovative approaches to reduce costs, conserve non-renewable natural resources and promote use of waste materials in rural road construction.

Asian Development Bank (ADB)

ADB is multilateral lending agency based in Manila, Philippines. It was established on 19 December 1966. It aims to reduce poverty in Asia and the Pacific region through inclusive environmentally sustainable growth, and regional integration. It provides finance to both sovereign countries as well as to private parties. It provides hard loans to middle-income countries and soft loans to poorer countries.

ADB has 67 members – 48 from Asia-Pacific region including India and is collectively owned by these 67 members. The non-Asia Pacific region members are only developed countries. Most of ADB’s lending is concentrated in 5 operational areas viz. Education; Environment, Climate Change & Disaster Management, Finance Sector Development, Regional Cooperation & Integration, and Private sector lending.

Month: Categories: National

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