One in every seven young Indians is unemployed.
Here are the top business headlines of the week. The National Statistics Office (NSO) has released the first monthly bulletin of the Labour Force Survey. According to the report, India’s unemployment rate stood at 5.1 per cent in April for persons aged 15 years and above. In urban areas, the rate was 6.5 per cent, while in rural areas it was lower, at 4.5 per cent. However, the unemployment rate among young people aged 15 to 29 years stood at 13.8 per cent. That means one in every seven young Indians is unemployed.
From jobs to trade — US President Donald Trump said he has asked Apple CEO Tim Cook not to build in India. Trump made these comments while reiterating his claims that India is a high-tariff nation. He later claimed that Apple would relocate its factories to the US. However, sources within Apple told news agency PTI that the company is not considering any changes to its India manufacturing plans.
On to the fallout from India-Pakistan tensions — the Indian government has revoked the security clearance of Celebi Ground Handling due to Turkey’s support for Pakistan amid rising tensions. The firm has been providing ground handling and cargo operations at several Indian airports. This marks India’s first direct action against a Turkish firm and comes amid wider calls on social media to boycott Turkish products and tourism.
Latest from India’s semiconductor mission — the Union Cabinet this week approved India’s sixth semiconductor plant. The manufacturing facility will be set up jointly by HCL and Taiwanese electronics giant Foxconn near the upcoming Jewar Airport in Uttar Pradesh. The plant will involve a total investment of 3,700 crore rupees and will have the capacity to process 20,000 wafers per day.
A quick look at this week’s market action — it’s been a rollercoaster ride for Dalal Street. The Sensex and Nifty bounced back from last Friday’s losses to soar on Monday. The indices ended the week in the green, despite the ups and downs over the five trading sessions.
That’s all the time we have on the Hook Business News Wrap. Log on to Hook.Online for our special report on the impact of Boycott Turkey Azerbaijan trend on social media.
