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Biz EOD: No hope for Auto revival; only 3.18 lakh jobs created in May; Rahul Bajaj to step down

Catch top stories from the world of business and economy with BusinessToday.In's Biz EOD report

twitter-logoBusinessToday.In | July 21, 2020 | Updated 23:04 IST
Biz EOD: No hope for Auto revival; only 3.18 lakh jobs created in May; Rahul Bajaj to step down
Top stories from the world of business and economy

Retail sale of automobiles in June registered a 42 per cent decline over last year blunting hopes of a quick revival in the sector. Net employment creation in the formal sector stood at 3.18 lakh in May 2020, shows data released by the Employees' Provident Fund Organisation. Rahul Bajaj will step down as the chairman of Bajaj Finance on July 31, 2020, the company said in a filing to Bombay Stock Exchange. Read for more top stories from the world of business and economy:

1. No hopes of quick revival! June auto sales dip over 40%

Last week, wholesale figures released by industry body Society of Indian Automobile Manufacturers (SIAM) shows that the number of vehicles produced and shipped from the factories to dealerships across the country, had also shown a similar 41 per cent decline for the month.

2. Only 4.19 lakh net jobs created in April, May 2020: EPFO

With unemployment rate of more than 23% in the first two months of FY21 only 4.19 lakh net jobs were created.

3. Now a technology platform to detect food fraud

Food fraud is a broad term that includes adulteration, misleading claims, substitution, addition, tampering, or misrepresentation of food, ingredients, or food packaging, false food certification, for economic benefit.

4. Rahul Bajaj to step down as Chairman of Bajaj Finance

Rahul Bajaj, however, will continue to serve the company as a non-executive non-independent director, Bajaj Finance said in the filing.

5. Amarnath Yatra cancelled over coronavirus fears

Live telecast from the Shri Amarnath Cave Temple will be carried out as usual for devotees, the management authority for the shrine informed.

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