The government has hiked its estimate of the number of unemployed. A report from the labour ministry says about 9.4% of India’s labour force is without a job. Broken up, that’s 10.1% in rural India and 7.3% in urban areas. The labour ministry’s estimate is the result of a survey conducted across 28 states and union territories. Of the 1,000 people questioned, 439 were self-employed. Another 168 were drawing salaries and 393 got work as casual labourers.
And there’s good news on food inflation for the fourth week in a row. India’s food price index went up 12.3% in the period to 30 October. That’s compared to 12.85% in the period to 23 October. The big exception to the easing of food inflation is rise in onion prices. Economists attribute the price rise to heavy rains in parts of Maharashtra, which have damaged local onion crops.
We start with drug company Ranbaxy, which has posted its numbers for the quarter ending September. Its profit rose some 160% to Rs313 crore. Revenues stood at Rs1,887 crore, an increase of 13%. The surge in Ranbaxy’s net profit was partly driven by gains in foreign exchange and derivatives trading.