KV Network

Managing economies

Managing economies
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Post covid all the major economies in the world showed signs of severe dent with many countries still trying to cope up with the emerging scenario. The bad performance of economies is still reflecting in the stunted growth various countries are experiencing still.
However, some of the emerging countries like India have been able to keep up the pace of development and growth as well with even the job creation taking a front seat and people are now being employed in almost all sectors.
In the labour market since the beginning of the pandemic, 8.8 million people joined the country’s workforce in April.
India’s labour force increased by 8.8 million to 437.2 million in April, one of the largest monthly increases since the beginning of the pandemic, as per data provided by the Centre for Monitoring Indian Economy (CMIE).
In 2021-22, the average monthly increase in the country’s labour force was 0.2 million, as per the data. The report said that an 8.8 million increase in labour force participation was only possible if some working-age people who were out of jobs joined the working population in April.
This is because the working-age population cannot grow by more than two million per month and any rise beyond that implies that those who were out of jobs returned to the workforce, the report said.
The increase in employment in April was in industry and in services. Industry added 5.5 million jobs and services added another 6.7 million jobs. Within the industry, 3 million jobs were generated in manufacturing, while construction added nearly 4 million opportunities.
Apart from job creation another aspect that has made the economies in states across India to recover is the key reforms introduced in the financial structure. These reforms include added transparency and accountability.
IN Jammu and Kashmir also the reform process which included Budget Estimation and Allocation Monitoring System (BEAMS), online submission of bills through J&K PaySys, mandatory administrative approvals, technical sanctions and e-tendering, digital payments, GFR, GeM and related measures have greatly helped the financial systems and brought it at par with any other developing financial system in the country.
Publication of pictorial e-compendiums related to projects completed under Back to Village, District Capex, UT Capex and JKIDFC broadly reflects government’s commitment towards engaging with the citizens.
This is the first time in the UT that people are able to oversee works being executed in their areas on a real time basis. During 2020-21, more than 18,000 works were available on the empowerment portal.
The sincere initiative of Finance Department to institutionalize prudence in financial management in J&K has truly transformed the Union Territory. The essence of reforms such as online processing of bills through PaySys, streamlining of GST, e-stamping, e-GRAS, e-auction of liquor licences for retail outlets, digital payments, implementation of GeM, path-breaking reforms in J&K Bank, publication of important manuals relating to Budget and Audit, Back to Village and My Town My Pride initiatives besides 100% physical verification of works which was a most vital program to ensure implementation of projects without cost and time over-runs.



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