Net employment generation in the formal sector stood at 11.62 lakh in November 2019, shows data released by the Employees' Provident Fund Organisation. Expecting a marginal improvement over the gross domestic product (GDP) growth of 5 per cent estimated by National Statistical Office for FY20, India Ratings and Research estimates GDP to grow at 5.5 per cent year-on-year in the fiscal year 2020-21, however, the downside risks persist. Engineering and construction major Larsen and Toubro (L&T) has reported a 15.2 per cent year-on-year rise in consolidated net profit from continuing operations at Rs 2,352 crore for the third quarter of FY20, despite headwinds in the domestic economy. Read for more top stories from the world of business and economy:
The average job creation as per the EPFO payroll stands at 5.14 lakh a month, after falling for the last two months.
The government has announced a slew of measures recently to prop-up the economy, but Ind-Ra believes they will come to aid only in the medium term.
The consolidated order book of the L&T group stood at Rs 306,280 crore, registering a growth of 5 per cent over March, 2019.
Malvinder Singh and Shivinder Singh had diverted public money to 19 shell companies and used it to "square off their personal liabilities," the EOW said in its chargesheet.
Even as economists expect the FM to announce measures to put the economy on recovery path, Dalal Street has made its own Budget wishlist for Sitharaman.