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ET Daily Rundown (ET Online)
Improving markets, decreasing visas and RCEP delays
02:15 Min | October 30, 2019, 6:06 PM IST
The markets saw a continued rise, coming close to the all time numbers, the Trump administration is spoiling Indian techies' dreams and Indians are late (as always).
First up, the good news keeps coming from the markets
Sensex went over 40,000 points today, just shy of the all time record
And NIFTY continued its rise past 11,800 points
Let’s hope this continues
There’s new data in today
Yeah, what does it say?
Well, one set is visa data from the States
-is this the one about H1-Bs?
Bingo. Turns out the Trump administration rejected 25% of applications this year
Mostly from Indian IT companies
Cognizant was hit the worst, with 60% of their visas rejected.
All the usual bigwigs were affected - Infosys, Accenture, Wipro
Of course; plus indian applicants are the highest number for US visas
So, are obviously affected.
There was another set of numbers out too - employment figures
Which showed a 2.5 million increase in jobs
That’s good news, right?
Yes and no, more employment is - of course - a great deal
But, most of the employment is in the unskilled sector
Not in manufacturing and IT?
Exactly. That’s where we need the jobs to go up.
Remember the RCEP deal?
The talks that have been on for seven years now, how can I forget?
Of course. The 16 country pact is being delayed
Oh God, why?
Because of China. The trade deal, unsurprisingly, means Chinese products will flood the Indian market in the next decade
Which the government doesn’t want
More bad news, as the government says there are no change Income Tax regulations
That’s too bad.
Script: Rahul Aripaka
Hosts: Deepshikha Rahi, Rahul Aripaka
Producer: Deepshikha Rahi