Data from Centre for Monitoring Indian Economy revealed that unemployment rate grew 10 per cent in December last year. Motilal Oswal predicted India's GDP growth slipping even lower. Tata Sons has moved the Supreme Court against the NCLAT order that reinstated Cyrus Mistry as the executive chairman of the salt-to-software conglomerate. Read for more top stories from the world of business and economy:
The CMIE data showed that six out of 10 states in India with the highest unemployment rate are either ruled by the Bharatiya Janata Party, or it is in an alliance with regional parties.
The January 9 NCLAT order had termed Mistry's removal from Tata Sons and other companies "illegal". Mistry had gone to NCLAT after his plea was turned down by the Mumbai bench of NCLT.
While India's Gross Value Added growth improved, the Motilal Oswal report said the economy was still not out of the woods and showed no sign of recovery in the first two halves of the fiscal year.
Bosch would let go of around 10 per cent of the total workforce of 3,700 white-collar employees in India as part of the company's strategy to transform amidst the downturn in the automotive sector.
Additionally, encouraging sales figures for December quarter by listed companies such as JSPL, SAIL, Steel Strips helped build bullish momentum.