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Business These Days, Kapurthala (2025)

10/02/2021

Apologising doesn’t always mean you’re wrong
and the other person is right.
It just means you value your relationship
more than your ego

10/02/2021

Amazing 3D screen

11/11/2020

It’s all about perspective and how we look at things!
Look at the top of the ring, it looks like it's leaning towards you - Look at the bottom of the ring, it looks like it's leaning away

09/09/2020

is change that unlocks new value.

As restaurants struggle to bring the footfall back, This restaurant in Malaysia 🇲🇾 found a very interesting way to accommodate and welcome food lovers during a maintaining

Isn’t this how great brands are built over time, “Creativity” keeping the consumer at the heart of everything we do, will definitely help any business flourish.

01/09/2020

Found a nice read which I thought of sharing.

This is how the professionals get trapped into SISI - Single Income, Single Identity. A "mouse" was put at the top of a jar filled with grains. He was too happy to find so much of food around him. Now he doesn't need to run around searching for food & can happily lead his life. As he enjoyed the grains, in a few days time, he reached to the bottom of the jar. Now he is trapped and he cannot come out of it. He has to solely depend upon someone to put grains in the same jar for him to survive. He may even not get the grain of his choice & he cannot choose either. In order to survive, he has to feed on whatever has been put into the jar. Here are my top 4 lessons from this: 1) Short term pleasures can lead to long-term traps. 2) If things are coming too easily, you are getting trapped into survival mode. 3) When you are not using your potential, you are losing it. 4) If you don't take corrective action at the right time, you will finish what you have & will be in no position to come out.

31/08/2020

Finally this deal comes to an end !!!!!

29/07/2020

Whatever happens to the Future Group India – Reliance Retail Deal. I continue to have very high regards & respect for Mr. kishore biyani. He was the only entrepreneur in the retail sector, who elevated the retail industry to the next level. He created, what others could not even dream off…. I salute his fighting spirit & passion.

He was the one, who made the “Aam Aadmi” enter a large retail outlet (showroom) without fear & adapted them to shop in large stores. He watched the psycho of the Indian consumer & encouraged them to shop in the organized sector.

I am sure, he has enough with him, to bounce back with newer concepts.

He shall always be called “The king of Indian Retail”.

Hats off, to you Sir.

26/07/2020

“It is impossible to survive as a company if one is not sensitive to its people,” said Tata

Tata Group patriarch Ratan Tata on Thursday said layoffs by Indian companies amid the Covid-19 pandemic was a knee-jerk reaction and show lack of empathy among the top leadership.

“These are the people that have worked for you. These are the people who have served you all their careers. You send them out to live in the rain. Is that your definition of ethics when you treat your labour force that way?” asked Tata in an interview to news website YourStory.

25/07/2020

Brilliant story

19/07/2020

Must listen the story of our fear !!!

19/07/2020

I m sure u also feel the same way !!!

18/07/2020

The FMCG industry has grown sharply, recovering to pre-covid levels in the month of June as India moved towards unlocking the economy post the three months of lockdown due to the outbreak of the novel corona virus, according to market research firm Nielsen.

The recovery is driven by traditional trade channels like kirana and neighborhood stores, the research firm said.

While both urban and rural markets are recovering, rural is coming back at a faster pace, performing better than the pre-covid levels, said Prasun Basu, President — South Asia, Nielsen at Nielsen Global Connect.

However, since urban markets contribute 60-65% of FMCG sales, recovery of urban markets is important, he added.

The sales of food, as well as non- food categories, have grown in June as compared to the previous month, non-food categories such as beauty and hygiene have grown significantly.

15/07/2020

Jio has proven its leadership again with such innovation

15/07/2020

Srikanth Bolla was born blind.

He cleared the Andhra Pradesh class X state board exams with over 90% marks. But the board said he could only take Arts subjects after that. He was denied admission to the science stream in class XI because of his disability.

Having been denied the opportunity, He decided to fight for it. He sued the government and fought for six months. In the end, He got a government order that said I could take the science subjects but at his ‘own risk’. He worked hard and managed to secure 98 per cent in the XII board exams.

Then he applied for IIITs and other good engineering colleges but did not get any hall ticket in India. He then applied to universities in USA and got into the top four. Then he went on to become the first international blind student to be admitted to the prestigious Massachusetts Institute of Technology.

Srikanth then came back to India to bring change here. He founded Bollant Industries. Its annual turn over is more than 80 crore rupees. He did not become a burden to anyone but he funded about 3000 students in attaining free education and provided livelihood to hundreds of people with disabilities through his company.

Credit: Uth Time

14/07/2020

“A retired MD of a Bank came to a branch in his city where nobody recognised him, as the branch is run by new generation people. He had to identify himself as ex-MD of the same Bank. Curiously one employee of that branch asked him, "how is life after retirement" ? The ex-MD said,
"I have realised that after Chess game is over, the King and the Soldiers are kept in the same box".

“Positions, Designations.... are all temporary. Better be human and down to earth which is always permanent.”

30/06/2020

RIL nears deal to acquire retail biz of Future Group:

The deal will involve at least three companies promoted by Biyani—Future Retail, Future Lifestyle Fashions and Future Supply Chain Solutions —going for a merger. The combined business will then be acquired by the Mukesh Ambani-controlled petrochemicals-to-telecom conglomerate.

These people said the implication of this deal with Reliance would have a “significant impact” on the retail sector — both online and offline. Future Retail has over 1,500 retail stores in various formats through brands like Big Bazaar, Nilgiris and Easyday, while Future Lifestyle has 300 stores through brands life Central and Brand Factory.

“This would add a new dimension to the much-touted Ambani-Bezos (Amazon CEO) battle,” this person said.

29/06/2020

Many marquee retail and restaurant brands in high street locations like Delhi’s Khan Market have stopped paying rentals and switched entirely to revenue-share models amid continuing uncertainty over a revival in business, industry executives.

According to industry executives, average rentals in Khan Market till last year were Rs 7-10 lakh a month, or Rs 1,400-2,700 per sq ft, but things have changed drastically in the wake of the coronavirus pandemic.

Premium locations such as Delhi’s Connaught Place and Mumbai’s Linking Road are seeing rentals crash as much as 80%. Three top industry executives said various retailers were working on the following arrangement with landlords — entire waiver of rentals for the April-June quarter when the lockdown was most stringent, an 80% discount on rentals in the July-September quarter and 60% and 30% discounts in the third and fourth fiscal quarters, respectively.

DLF Malls has offered tenants no minimum guarantee and no rentals from the time the lockdown started till June 15, a 75% waiver in the remaining weeks of June, and subsequently 50%, 25% and 10% waivers till the fourth quarter sequentially.

Premium retail brands Levi’s, Nike and Sketchers are exiting stores in plum areas like Delhi’s Connaught Place and Mumbai’s Linking Road, industry sources said. “Levi’s is moving to a lesser expensive outlet within CP,” said one of them. “Bigger stores are now available at lower rentals there.”

Khan Market Welfare Association President Anshu Tandon said while some retailers had agreed to revenue sharing, others were negotiating. “There are no standard operating procedures or manuals; where both parties are reasonable it is possible to strike a balance, so different models have been worked out between different tenants and landlords.”

Tandon, who is also the landlord of the popular Big Chill restaurant, said the latter has been given a reduction in rent for the full year.

“We are telling landlords and tenants this is not the time to go for watertight contracts as litigation is not in the interest of either party. It’s best not to form cartels and instead engage in dialogue. The government also needs to reach out and give financial support to the sector,” Tandon said.

The chief executive of a prominent brand who retails at Khan Market and switched to no-rent during lockdown and revenue share for future said everybody kept talking about going back to normal but it was unlikely rents would move back to 2019 levels.

“It’s a real crisis. The shift is happening in a more permanent way; some of this will revert to original levels but there will be lot of new things emerging. If we continue to not open and delay, more businesses will go to ecommerce channels and there is already a massive shift towards that.”

Minimum guarantees too won’t work till uncertainty stays, industry executives said. “If the (Covid-19) positive cases increase and there is another lockdown or alcohol isn’t allowed and restaurant timings doesn't get extended, we don't have an option but to renegotiate again with the landlords,” a person who runs four high-end fine-dine brands said.

Brands such as Smoke House Deli, Cafe Turtle, Full Circle, Sidewok, Harry’s Bar, Coffee Bean & Tea Leaf and Smokey’s are exiting Khan Market.

26/06/2020

Hindustan Unilever (HUL) said it will drop the word “fair” from its skin lightening cream Fair & Lovely, as part of rebranding its flagship brand. The move comes after Johnson & Johnson decided to exit the fairness cream category in India and Middle East over rising protests related to gender discrimination and stereotyping based on the colour of skin, following the death of George Floyd in the US.

The decision by Johnson & Johnson had put HUL and L’Oreal in a spot as they faced criticism over their presence in skin lightening products. The new name is awaiting regulatory approvals and is expected to change in the next few months, HUL said.

24/06/2020

Sino-India border tension: Traders hold protest in Delhi, burn Chinese goods:

The trader's body claimed that Maharashtra Chief Minister Uddhav Thackeray has accepted its demand to cancel three MoUs signed by the Maharashtra government with Chinese companies recently.

24/06/2020

Indian fashion industry on the verge of collapse:

The Indian garment manufacturers have received virtually no orders from domestic fashion retailers in May and June, generally a busy time for businesses for the fall season, manufacturers said. “Orders for May and June have been very negligible and we are not expecting a big improvement in July either,” said Kulin Lalbhai, executive director at Arvind Ltd.

19/06/2020

Mukesh Ambani nears deal to buy stake in Amazon’s India partner

An agreement between Ambani’s Reliance and Future, which already has a partnership with Amazon.com Inc., could be announced as early as next month.

Reliance Industries is closing in on a deal that would see it acquire stakes in some units of Future Group, people familiar with the matter said, a move that would bolster the e-commerce ambitions of the conglomerate and its billionaire Chairman Mukesh Ambani.

Future Group in advance talks with RIL to sell stake in Future Retail, other units: Report

The Future Group has five main listed units including Future Consumer Ltd., which sells food, home and personal care products, and Future Lifestyle Fashions Ltd. that operates fashion discount chain Brand Factory. No final decision has been made and the talks could still get delayed or fail to result in a transaction, the people said.

A successful deal may draw the battle lines between Amazon and Ambani, 63, who just secured almost $14 billion for his e-commerce venture Jio Platforms Ltd. from investors including Facebook Inc. Amazon has made the nascent Indian market, with its 1.3 billion consumers, a key focus of its global expansion. Investment from Reliance, India’s most valuable company, would help Future’s founder Kishore Biyani pare debt, even if it risks the tie-up with the U.S. online shopping giant announced by the Mumbai-based company a few months ago.

The talks involving Future Group are part of the intensifying war to win over the Indian shopper -- both online and in physical stores. Amazon has already pledged to invest $5.5 billion in the country, while Walmart Inc. spent $16 billion to buy local e-commerce leader Flipkart Online Services Pvt. in 2018.

Shares of Future Retail jumped as much as 5% in Mumbai on Thursday, paring the year’s loss to 69% and giving it a market value of $757 million. Future Lifestyle, Future Enterprises Ltd., and Future Supply Chain Solutions Ltd. all gained almost 5%, while Future Consumer surged about 6.4%.

In August, Seattle-based Amazon agreed to purchase 49% of one of Future Group’s unlisted firms, allowing it to buy into Future Retail after a period of between three and 10 years. The two deepened that partnership in January, with Amazon becoming the authorized online sales channel for Future Retail’s stores that sell everything from groceries to cosmetics and apparel.

Amazon, which holds an indirect stake of 1.3% in Future Retail as a result of purchasing 49% of Future Coupons Ltd., will continue to retain that stake and also the right to raise its holdings to a certain extent, the people said. As recently as May, Amazon was considering adding to its investment in Future Retail for a holding of as much as 49%, people familiar with the matter said last month.

After racking up debt, Biyani’s family had been negotiating with creditors to sell shares in several group companies, people familiar with the matter told Bloomberg News in March. A stock meltdown sparked by the coronavirus pandemic eroded the value of the family holdings, resulting in a breach of some covenants on loans raised against shares, the people said. By agreeing to invest in the holding company, Reliance may have an edge over rival suitors.

The holding firm, through which Biyani’s family owns its stake in the units, owes lenders including Apollo Global Management Inc., Blackstone Group Inc. and UBS Group AG. The listed entities have debt of about 100 billion rupees ($1.3 billion), while the amount is similar for the holding vehicles of the family, the people said.

Since Facebook’s investment in late April, Reliance has aggressively raised funds from a slew of private equity firms for Jio Platforms, a vehicle Ambani is using to pivot his empire away from its legacy oil-and-petrochemicals business.

18/06/2020

For my future memories feed:
Today is Tuesday , June 16th 2020.
Story Till 5.0 or 1.0

- We are at 86th day of social isolation. (Since 22nd march)
- Irrfan Khan, Rishi Kapoor, Wajid khan, Sushant Singh Rajput left us!!
- Gas leak at a chemical plant in Visakhapatnam, Andhra Pradesh.
- after 110 years Cyclone Amphan hit the eastern part and Cyclone Nisarg hit western part of India
- Several parts of the country have experienced heavy infestations of locusts.
- Earthquake experienced very frequently. - 5 earthquake in a month
- One US dollar is 75.5 indian rupees.
- Schools have been closed since mid March and are teaching remotely on-line. This will probably continue for the rest of the school year.
- working from home from last 3 months. Offices are closed .
- There are lines/tapes inside the stores to keep people 6 feet apart.
- Restaurants are for home delivery & pick-up.
- Parks, beaches and walk-in places are not accessible to the public.
- All sports competitions have been cancelled.
- All festivals and entertainment events have been banned.
- Weddings, family celebrations and birthdays have been cancelled. Funerals limited to immediate cohabitants.
- Hugs and kisses are not given.
- Places of worship are closed.
- We have to stay away from each other more than a meter.
- Shortage of masks and gloves in hospitals.
- People are required to wear masks at all places.
- Hand sanitizer, antibacterial wipes and dettol are in short supply and limited per person..
- Shops are only open for limited timing.
- Store check outs, pharmacies and even fast food drive thru windows have added barriers between employee and customer. Have to reach around or under to pay!
- You can't find ethyl alcohol easily as it’s major component of sanitizer for killing corona germs. supply per person is limited.
- almost all countries have closed their borders.
- Every city has been divided into tiny zones & an instant fine issued for crossing the zone without a valid reason. (Transport workers, Essential services, etc). We need to apply for movement passes to enter other state..
- No one is travelling for leisure. Airports are empty. Tourism has the worst crisis in history.
- most of the business has been crashed.
- no income but rents ,EMI 's have to be paid
- this loss cannot be filled..!!!

Why do I post this?

Next year & then every year after, this status will appear in my Facebook memories feed. And it will be an annual reminder that life is precious & that nothing should be taken for granted. We are where we are with what we have. Let's be grateful.

This text I copied and pasted here, because I want to remember it too.
Stay safe and stay healthy.
🙂💔

16/06/2020

The idiot box has got a fresh lease of life post Covid-19 lockdown. At least, early indicators suggest so.

After two years of declining sales, overall television sales has grown over 35-50% since last month when markets opened up, with the large screen models reporting 2-3 times growth. This is as compared to both sequential pre-Covid periods of January-February and over same period last year, senior industry executives said.

15/06/2020

Leadership is a gift given by nature to its species

15/06/2020

I never imagined that Kishore Biyani's Future group would struggle to survive. Its's Retail business was a legend in the Indian business community for years. Sadly, Now the group is in talks with RIL and Amazon to sell the same retail business

With 2000 retail stores spread over 24 million sqft across 400 cities with 600 Mn customer visits and 71,000 employees, Biyani has built a retail empire

Now the group is facing a liquidity crisis and growing debt. The debt of the group rose to 12,778 Crs. Its share price has fallen from ₹375 on Feb 14th to ₹109 now. His family net worth has fallen from $1.8 Bn to $400 Mn in the same period

I once thought he was a great businessman for investing diversely in logistics, Insurance, etc. Ironically he is trying to sell these businesses now

The group hired Ambit to seek buyers for its logistics business Future Supply Chain Solutions and its also trying to sell its stake in insurance JV with Italy’s Generali

Amazon holds 3.2% of future retail. Along with Samara it already owns the supermarket chain "More". With recent plans of becoming debt-free, it will be interesting to see if RIL competes with amazon

I hope this is not how history will remember a legend like Kishore Biyani

14/06/2020

India bets on frozen food buyers moving away from China
A huge opportunity has opened up mainly in east Asian nations, which are looking for alternative suppliers for frozen food, Harsimrat Kaur Badal, food processing industries minister, said. The government is helping local companies take advantage of the situation, she said in an emailed interview.

India is pushing for increasing shipments of frozen foods as it seeks to capitalize on a surge in demand and a trust deficit China is facing due to the coronavirus outbreak, a federal minister said.

A huge opportunity has opened up mainly in east Asian nations, which are looking for alternative suppliers for frozen food, Harsimrat Kaur Badal, food processing industries minister, said. The government is helping local companies take advantage of the situation, she said in an emailed interview.

Although, India ranks second in terms of global food production, it processes only 10% of its total output due to infrastructure challenges such as the shortage of cold storages. The government’s push may help it earn more foreign currency at a time when some sectors are struggling because of the virus, and would be another step toward Prime Minister Narendra Modi’s pledge to double farmers’ income by 2022.

“Given the global shift toward India in an environment of anti-Chinese sentiments, I see a substantial growth in the processed and value-added products. We have identified key sectors such as frozen food and ready-to-eat segment.” India has a large untapped potential, she said, adding the country is also a rich source for organic food.

Government Push
The food processing industry accounts for 25% of India’s agricultural exports and is growing at about 8% per annum, according to government data. Total export of processed food and other value-added products stood at almost $12 billion during April-November of 2018-19.

“The Trust deficit, which has widened due to Covid-19, has impacted China’s trade and commerce,” Badal said.

Although China has a comparative advantage over India in terms of manufacturing and costs, the pandemic is prompting people worldwide to rethink sourcing destinations. The government is speeding up capacity additions for cold storage chains, re**er vehicles and mega food parks to support the food processing industry, she said.

The South Asian nation has set a target of boosting the value of farm exports to $60 billion by 2022, the minister said. That compares with $39.4 billion in 2017-18. The country exported processed and tinned marine products worth $456.8 million in 2019-20, according to government data.

“India now has an advantage at this time of adversity,” the minister said.

14/06/2020

Amazon CEO on the kind of customer he is ‘happy’ to lose
In a message directed to the customer who mentioned racial slurs in his email, Bezos said, “And, Dave, you’re the kind of customer I’m happy to lose.”

Last week Amazon CEO and world’s richest man replied to an angry customer’s email, where he made his stance clear on the Black Lives Matter issue. Bezos had shared an Instagram post where he posted both the customer’s as well as his email. Now, a few days later Bezos has taken to Instagram and shared another customer’s email.

The email, written by an irate customer, has expletives as well as racial slurs. Bezos in his Instagram post said that after his last post, he had received a lot of “sickening responses” and shared the screenshot of the customer’s entire email. Bezos clearly didn’t reply to the customer’s email but shared his response on Instagram. In the post, Bezos wrote, “There have been a number of sickening but not surprising responses in my inbox since my last post. This sort of hate shouldn’t be allowed to hide in the shadows. It’s important to make it visible. This is just one example of the problem.”

In a message directed to the customer who mentioned racial slurs in his email, Bezos said, “And, Dave, you’re the kind of customer I’m happy to lose.”

The customer had said that he was about to place an order on Amazon but after seeing Bezos’ previous post and the company’s stance on Black Lives Matter decided to not do it. He also said that the company’s profits will suffer before ending the email with hurling profanity at the world’s richest man.

Bezos last week replied to a customer and wrote in an email, “‘Black Lives Matter’ doesn’t mean other lives don’t matter. Black lives matter speaks to racism and the disproportionate risk that Black people face in our law enforcement and justice system.”

Amazon has been vocal and clear on where it stands on the whole issue. The company had issued a statement on Twitter, where it said, “The inequitable and brutal treatment of Black and African Americans is unacceptable. We believe Black lives matter. We stand in solidarity with our Black employees, customers, and partners, and are committed to helping build a country and a world where everyone can live with dignity and free from fear.”

12/06/2020

The court said that no coercive action should be taken against private firms which have failed to pay full wages during the lockdown period.

“We directed no coercive action to be taken against employers.Our earlier orders will continue,” the bench said.

It also asked the Centre to file affidavit within four weeks on legality of March 29 circular that mandated payment of full wages during lockdown.

12/06/2020

Reliance, Samara eye Future’s assets
While Samara is eyeing a stake in Future Retail, a possible deal with Reliance could also involve the group’s apparel retail business Future Lifestyle Fashion Ltd, a person aware of the development said.

Several suitors, including Reliance Retail Ltd and private equity firm Samara Capital, are in advanced talks to buy a stake in Kishore Biyani’s Future Retail Ltd, which runs the popular BigBazaar supermarket stores, said two people aware of the development.

“There are a couple of other investors, too, that are in the fray. The deal is in advanced stages of discussion and the group is trying to close the transaction within this month,” said one of the people on condition of anonymity. If Future group chooses to sell to a strategic investor, Biyani may have to give up control of the company he founded, the second person said.

12/06/2020

This pandemic hit deeper to comman people

12/06/2020

At FMCG companies, production crosses pre-Covid for food & hygiene goods

Large consumer goods companies HUL, ITC, Parle Products, Britannia, Marico and Dabur are expanding production capacities beyond pre-Covid levels. In-demand products for FMCG majors are food and hygiene products as consumers continue to stock up, dine in and load up on sanitisers and soaps.

Most of these companies saw their operations restored over the past two months. Now, with production at almost pre-pandemic level, they plan to step up supplies.

“We will have to invest (in capacity) as demand is higher than pre-Covid,” said Varun Berry, MD at Britannia Industries, the maker of Good Day and Bourbon biscuits. “Demand eventually may not sustain entirely, but will remain strong,” he said.

India’s largest food company, Parle Products, said it will expand capacity by 25% over normal. The maker of Parle-G and Hide & Seek biscuits reached pre-Covid production level this week.

11/06/2020

An additional 49 mn people may fall into extreme poverty this year due to Covid-19

Nearly 49 million more people are likely to fall into extreme poverty this year due to the COVID-19 crisis and every percentage point drop in the global GDP would mean hundreds of thousands of additional children will have stunted growth, UN chief Antonio Guterres has warned, calling on countries to act immediately to ensure global food security.

Secretary-General Guterres warned that unless immediate action is taken, it is increasingly clear that there is an impending global food emergency that could have long-term impacts on hundreds of millions of children and adults.

“There is more than enough food in the world to feed our population of 7.8 billion people. But, today, more than 820 million people are hungry. And some 144 million children under the age of 5 are stunted — more than 1 in 5 children worldwide. Our food systems are failing, and the COVID-19 pandemic is making things worse,” Guterres said at the launch of the policy brief on food security on Tuesday.

“This year, some 49 million extra people may fall into extreme poverty due to the COVID-19 crisis. The number of people who are acutely food or nutrition insecure will rapidly expand. Every percentage point drop in global gross domestic product (GDP) means an additional 0.7 million stunted children,” he said, adding that even in countries with abundant food, there are risks of disruptions in the food supply chain.

08/06/2020

Two private equity funds are in talks with the Coffee Day group to explore investment opportunities in the beleaguered cafe chain after the company cleared a third of its debts to banks and other lenders recently.

Singapore-based SSG Capital Management and Affirma Capital (formerly Standard Chartered PE) are leading talks for possible investments in Coffee Day Global (CDGL), a subsidiary of the listed entity Coffee Day Enterprises, according to sources privy to the development. CDGL manages cafe, vending machines and other retail business. Affirma, KKR and NSR are stakeholders in the listed company.

07/06/2020

The battle between mall owners in India and their tenants, retailers across 350 brands, is set to take an ugly turn, with most threatening to shutter outlets in these shopping centres if their demands for rent-waivers and new rental agreements are not met.

The move, which comes against the backdrop of the Centre allowing malls to reopen, is expected to help retailers — from Future Group and Arvind Brands to Lenskart and Bata — tide over nine to 12 months of less-than usual footfalls.

“We cannot survive without collaboration,” Rakesh Biyani, MD of Future Retail told TOI. “If not, there will be further job losses in the sector.”

05/06/2020

The improved labour market conditions in May resulted in 21 million people getting jobs last month, said the weekly data by the Centre for Monitoring Indian Economy. This is despite the fact that the unemployment rate remained very high at 23.5% per cent in May 2020, same as April.

As per the report, the labour participation rate improved from 35.6% to 38.2% and the employment rate improved from 27.2% to 29.2% in May. “The total number of people employed increased by 21 million during May 2020, an increase of 7.5% over April,” it said.

According to CMIE, while the main labour market metrics indicate an improvement in May compared to April, the labour market conditions still remain much weaker than they were before the lockdown.

“Over a 100 million people were still out of jobs compared to employment in 2019-20,” it said. As against average employment of 404 million in 2019-20, employment in May 2020 was 303 million.