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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
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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).
Transcript
Transcript:
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

-chime-

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.

-chime-

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?

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.

-chime-

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

By?

India.

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

Obviously.

-chime-

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
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