Rupee vs Dollar: The Indian rupee, which is facing constant pressure, got some relief on Tuesday. Amid fall in crude oil prices in the international market, the rupee strengthened by 21 paise to reach 88.56 per dollar. However, withdrawal of foreign capital and strengthening of the dollar still remain a challenge for the rupee.

Why did the rupee strengthen?

Dilip Parmar, Senior Chief Analyst, HDFC Securities, said that on Monday, the rupee was under pressure from the weakness of regional currencies and foreign dollar withdrawal, but due to the intervention of RBI, the situation calmed down to some extent. On Tuesday, fall in crude oil prices and signs of some improvement supported the rupee.

The rupee opened at 88.55 per dollar in the interbank foreign exchange market. It touched 88.56 per dollar in early deals – an increase of 21 paise over its previous close. On Monday, the rupee had closed at 88.77 per dollar.

movement of dollar and crude oil

The dollar index (the position of the dollar against six major currencies) rose by 0.04% to 99.75. Brent crude (the international standard) is trading 0.32% lower at $ 64.68 per barrel. This fall in crude oil is a relief for India because the country imports about 85% of its oil needs.

BSE Sensex fell 55 points to 83,923.48 and NSE Nifty fell 40.95 points to 25,722.40. FIIs (foreign institutional investors) made a net sale of shares worth Rs 1,883.78 crore on Monday. According to analysts, major economic data like ISM Manufacturing and Non-Manufacturing PMI are going to come from America this week, which will decide the sentiment of global markets and the direction of currency exchange rates.

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India manufacturing PMi: The activities of the country’s private manufacturing sector have fallen down in the month of September. According to the data, it is at the lowest level in the last 4 months. According to the report released by HSBC Purchasing Manager Index (PMI), this figure has come down from 59.3 to 57.7 in September. Which shows that the manufacturing sector of India is growing, but its speed is slow. America’s tariff policy has had a direct impact on this. The pace of new Ordus, output and input shopping slowed down and it affected the manufacturing sector. The biggest thing is that in the survey, shocking talk has been said about new employment generation. According to the survey, this year it was the lowest in it. Which directly means that there will be no new employment opportunities in the market.

What is the Pacing Manager Index Index (PMI)?

The Purchasing Manager Index reports on a monthly basis on the activities of the country’s manufacturing sector. If its figures are above 50, it reflects expansion and growth in the manufacturing sector. The figure below 50 works to show lethargy in the sector. If this figure remains 50, then there is no change compared to the previous months. It was 57.7 in September, which means that there is an expansion in the manufacturing sector. However, due to the fall of the figures compared to the previous months, its pace has definitely slowed down.

GST reform and improvement from international order

The prices of things have come down since the government’s GST reform. Due to which the demand is likely to increase. The growth of manufacturing sector is expected to continue due to increasing demand. Pranjul Bhandari, Chief India Economist of HSBC, believes that “the September headline index is soft, although it has been average above for a long time. Also in September, the speed of new export orders has also increased rapidly. Which is indicating that demand from Asia, Europe and Middle East may reduce dependence on America and the situation may be balanced.”

However, some Indian companies have shown enthusiasm about production in the next 12 months. He is completely confident after GST tax improvement. Along with this, some companies have also recruited all companies for production. Although this figure is very low. Only 2 percent of companies have appointed new employees.

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If there is any confusion in your mind about the country’s industrial strength and the direction of employment, then the time has come to remove it. Annual Survey of Industries – ASI, 2023-24, released through the Ministry of Statistics and Program Implementation of the Government of India (MOSPI), has made it clear that in the last one year, there has been a tremendous increase in the manufacturing of the country i.e. manufacturing sector. This increase has been seen at all three levels employment, capital and production. This survey not only suggests how many jobs have increased, but also makes it clear which states and Industries have seen the economic progress of the country, so let us know which sector people got bumper jobs.

Tremendous increase in employment

In the year 2023-24, there was an increase of 5.9 percent in total employment in industrial sectors. Last year i.e. in 2022-23, this figure was 1.8 crore, which has now increased to more than 1.9 crore. This is an indication that recovery in Industries is intensifying and new jobs are becoming new opportunities. If we talk about the last 10 years i.e. from 2014-15 to 2023-24, then there are more than 57 lakh new jobs during this period, which is a big step towards India’s economic strength and employment. However, not only jobs, but also in terms of investment, there has been a tremendous change in the industrial sector. In 2023-24, the total invest capital was Rs 68 lakh crore, which is much higher than Rs 61 lakh crore in the previous year (2022-23). It indicates the introduction of technical progress and new projects in the capital investment industry.

In which sector people got bumper jobs?

There were some special sectors in manufacturing industries where most people have got jobs. The first food products in this are industry. Where 21.67 lakh people are employed, it became the largest employer, which has 11.1 percent stake in total employment. The highest number of factories in all industries are 16 percent in this sector. This is followed by textile industry. In which 17.14 lakh people got jobs, this is the second largest employer, which has 8.8 percent stake. Apart from this, bumper jobs were found in the basic metal industry. It has 15.23 lakh employees. It is at number three with 7.8 percent employment stake. Along with this, about 13.74 lakh people are working in automotive and trailer manufacturing. At the same time, 13.39 lakh people have got employment in the garment industry.

Which states are ahead in employment?

According to the ASI report, Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh and Karnataka are among the five top states where the maximum employment was provided. These states have different stake in employment. For example, 15 percent in Tamil Nadu, 13 percent in Gujarat, 13 percent in Maharashtra, 8 percent in Uttar Pradesh, 6 percent in Karnataka and 45 percent including all other states, it also shows that South and West India are playing leading roles in industry growth and employment.

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