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  • Amazon.com Inc chief Jeff Bezos had on Wednesday announced USD 1 billion (over Rs 7,000 crore) investment in India to help bring small and medium businesses online and committed to exporting USD 10 billion worth of India-made goods by 2025. "We are investing to create a million new jobs here in India over the next five years," Bezos said.

    The jobs – created both directly and indirectly – will be across industries, including information technology, skill development, content creation, retail, logistics, and manufacturing, and are in addition to the 700,000 jobs Amazon’s investments have enabled over the last six years in India.

    Several existing hotel partners of Oyo expressed concerns over the job cuts at the SoftBank-backed company and said they had received no communication so far about reduction in client-facing roles.

    The envoys were invited by the government to see for themselves the situation in the backdrop of India’s August 5 decision to withdraw the special status given to J&K and to bifurcate the state into two Union territories.

    Xiaomi in a press statement said that it generated employment for 50,000 people in India.

    Executives say scale of layoffs ‘far larger’ than expected but Oyo denies any such plan.

    The commerce department has proposed to replace the positive net foreign exchange (NFE), a primary requirement for SEZ units, with the new eligibility criteria in the wake of the extant SEZ policy being challenged in the World Trade Organisation (WTO), and a panel led by industrialist Baba Kalyani suggesting a revamp of the policy, officials aware of the development said.

    FISME maintains that the technology-driven retail is way forward and one cannot be oblivious of the benefits it brings to consumers but at the same time the local industry can also not be ignored given its role in job creation.

    India is projected to create 16 lakh less jobs in FY20, according to a SBI research report.

    The company’s revenue dropped to $155.2 million, from $165 1 million a year ago.

    Technology is making several job roles redundant and the answer to keeping oneself relevant in the job market lies in up-skilling, said Sunil Somarajan, chief human resource officer at Reliance Capital.

    While the EPFO data suggests that annualised new enrolments could be 106.2 lakh crore for FY’20, the SBI research team calculations show that actual annualised net new payroll could be 73.9 lakhs, about 21 per cent or 15.8 lakh lower than actual net new pay roll generated in FY’18.

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