New enrollment in EPF and ESIC hit over three-month high; NPS declines

India is poised to project a robust 7% economic growth for the 2023/24 fiscal year, surpassing earlier forecasts. The National Statistical Office is set to unveil its initial GDP estimates, widely expected to reflect an increased annual gross domestic product. The Reserve Bank of India's recent 7% growth projection aligns with positive high-frequency indicators in October and November. Prime Minister Narendra Modi's infrastructure investments aim to invigorate the economy, with analysts foreseeing a potential third-term win due to this strategy.

However, more new establishments came under the ESIC month-on-month in October, according to the data released by the labour and employment ministry. As per the data, 23,468 new establishments were recognised under the ESIC in October, compared to 22,544 new establishments in the month before. Employees aged up to 25 years made up 47.76% of the total workforce employed under the ESIC scheme in October, a shade lower than 47.98% in September.

The Employees’ Provident Fund Organization (EPFO) manages various schemes including the EPF, EPS, and EDLI

India News: MakeMyTrip Limited announced its unaudited financial and operating results for its fiscal second quarter ended September 30, 2023. According to the co

The Indian finance ministry predicts a 6.5% growth rate in FY24, with robust economic activity in the third quarter expected to continue through the March quarter. The ministry predicts continued growth in manufacturing, positive sentiments in the services sector, sustained rise in consumption expenditure, and improved current account balance. Retail inflation is expected to moderate despite temporary disruptions caused by volatile food prices.

The number of new subscribers to the Employees Provident Fund (EPF) Scheme declined for the third consecutive month to 772,084 in October compared with 926,934 in the previous month, recording its lowest level since the start of the year, according to preliminary data released by the ministry of statistics and programme implementation.

The government expects higher non-tax revenues, including dividends from the RBI and state-run banks, to offset any revenue shortfall from disinvestment

Data released by the Ministry of Statistics and Programme Implementation shows that there was a double-digit increase in formal job creation across all categories in March 2022 compared to the previous month. While net additions to the Employees' Provident Fund Organisation increased 10.1%, new subscriptions to the Employees' State Insurance Corporation and National Pension Scheme increased 5.4% and 77.5%, respectively, over the same period. The EPF scheme and ESIC witnessed their highest net addition to the payroll over the last five years, with nearly 13.9 million new subscribers to the EPF scheme.

India's chief economic advisor, V. Anantha Nageswaran, has expressed optimism about the country's GDP growth, calling the first quarter growth of 7.8% a good number . He stated that the government is comfortable maintaining a GDP growth target of 6.5% for FY24. Nageswaran also highlighted the government's focus on expenditure management, the high level of credit growth, and the positive outlook for investment and consumer momentum.