Unemployment rate highest in 45 years, 6.1 pc in 2017-18, confirms govt data
New Delhi, May 31: Confirming unemployment rate projected in a pre-election leaked report, the government Friday said joblessness in the country was 6.1 per cent of total labour force during 2017-18, the highest in 45 years.
The data released by the labour ministry on a day when Modi 2.0 Cabinet took charge, showed 7.8 per cent of all employable urban youth being jobless, while the percentage for the rural was 5.3 per cent.
The joblessness among male on all India basis was 6.2 per cent, while it was 5.7 per cent in case of females.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Binny Bansal steps down from board of PhonePe
New Delhi, Nov 22: Flipkart's co-founder Binny Bansal has stepped down from the board of PhonePe, the fintech company said on Friday.
PhonePe also announced the appointment of Manish Sabharwal as an Independent Director and Chair of its Audit Committee.
In this role, Sabharwal will be instrumental in upholding the integrity and effectiveness of PhonePe's financial reporting, internal controls, and risk management practices, he company said in a release.
"PhonePe also announced that Flipkart's co-founder, Binny Bansal has stepped down from its Board of Directors. Binny acquired PhonePe in 2016 and has been on its Board since then," the release said.
Commenting on the board rejig, Sameer Nigam, CEO and Founder of PhonePe said, "I would like to express my heartfelt gratitude to Binny Bansal for being one of PhonePe's earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions. Binny will be missed!"
Nigam further said that Sabharwal's depth of understanding of India's macro economy, coupled with his leadership in shaping India's policies for education, employment, and employability will be invaluable as PhonePe continues to work ahead towards shared vision of a Viksit Bharat by 2047.
Sabharwal is Vice-Chairman of Teamlease Services, India's largest staffing and human capital firm.
Bansal played an instrumental role in Flipkart's acquisition of PhonePe way back in 2016 and had been on its board since then (the payments firm separated from Flipkart in 2022).
