Millennium Post

Core sector grows by 3.2% in Aug

Infrastructure sector recorded a growth rate of 3.2 per cent in August, up from 3 per cent in the previous month but same as that in year-ago period, amid weak performance of coal, crude oil and natural gas segments.

The growth rate of the eight infrastructure sectors coal, crude oil, natural gas, refinery products, 
fertilisers, steel, cement and electricity in August 2015 was also 3.2 per cent.

The core sectors, which contribute 38 per cent to the country’s total industrial production, had expanded by 3 per cent in July.

As per data released by the government, the cumulative growth of the sector during April-August period of the fiscal was 4.5 per cent against 2.4 per cent in the same period last fiscal.Coal, crude oil and natural gas production dipped by 9.2 per cent, 3.9 per cent and 5.7 per cent, respectively in August.

Refinery production grew by 3.5 per cent during the month under review as against 5.8 per cent in the same month last year.

Similarly fertiliser, cement and electricity record a growth of 5.7 per cent, 3.1 per cent and 0.1 per cent in August 2016 as compared to 13.8 per cent, 5.4 per cent and 5.6 per cent respectively in August 2015.

Steel output surged by 17 per cent against a negative growth of 3.3 per cent in the same month last year.Despite a tougher screening regime, job applicants’ resume frauds have been rising with discrepancy rates highest in previous employment information at 61.5 per cent, says a report.

According to screening analytics and identity solutions provider First Advantage, in the second quarter of this year, discrepancies related to employment, address and education categories were at 61.5 per cent, 10.3 per cent and 5.4 per cent respectively.

“With new recruitment trends taking precedence, the pressure has never been stronger to push the standards. While opportunities are increasing, global standards and norms are being embraced, so is the competition to land a lucrative job,” the report said.

A study of the case level quarterly discrepancy analysis for second quarter of this year shows that the discrepancy percentage dipped to 11 per cent from 12 per cent in the preceding quarter.

In the second quarter of this year, 78 per cent of the overall discrepant were males and the remaining 22 per cent were females. The highest number of discrepancies have been observed in the Associate level employees and in that too - the age bracket 22 to 30 years has the biggest chunk of discrepant cases at 46.6 per cent.

With the trends in hiring transforming, from who’s doing the hiring to the criteria for employment, background screening is now a pivotal process and not just a compliance formality,” First Advantage India Managing Director and SVP Purushotam Savlani said.

Sector-wise, BFSI at 38 per cent saw the highest number of discrepancy cases. followed by IT at 24 per cent.

Fake document, by far forms the biggest chunk at 41 per cent in April-June period followed by suspect Institution at 31 per cent.

“To ensure the best talent is recruited and to cut on the cost of a wrong hire, employers are implementing stringent screening programmes with a desire to know their employees better,” Savlani added. 

The report is based on data collected from background verifications and reference checks conducted by First Advantage across India in Q2 2016.

The results of the report are segmented under critical discrepancy types (employment, education, financial-related, address, and database) that examine the discrepancy breakdown by verticals, states, regions, industry, age, gender and the like.  
Next Story
Share it