Unemployment hits 2-year high, the retailers tricking Amazon and Flipkart, and more top news

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Unemployment in India hit a two-year high of 6.9% in October, according to a report from think tank Centre for Monitoring Indian Economy. The number of jobless people scouting for work more than doubled to 29.5 million from 14 million in July 2017, CMIE said. Aditya Narayan Mishra, CEO, CIEL HR Services, attributed the dismal numbers to tepid job creation in core sectors such as power and infrastructure, besides inadequate lending by NBFCs. Earlier, CMIE said the number of people formally employed fell 0.1% in FY18 to 406.2 million, challenging the government’s claim that 3.11 million jobs were added between September 2017 and February 2018.

Gujarat’s brick-and-mortar retailers claim to be inflicting huge losses on e-commerce firms, The Wire reports. More than 2,000 traders from Surat, Bharuch, Vapi, Vadodara and Ahmedabad are ordering big electronic items worth hundreds of crores using ‘cash on delivery,’ but refusing to accept the package once it arrives. The motive: Making the e-tailers take a hit on packaging and courier costs. The traders, who are protesting the huge discounts offered by online marketplaces, plan to up the ante going ahead. A government panel is already examining the discounting practices adopted by e-tailers such as Flipkart, Amazon and Paytm Mall.

The government has approved the privatisation of six airports: Ahmedabad, Jaipur, Lucknow, Guwahati, Thiruvananthapuram and Mangaluru. Citing undisclosed government officials, Business Standard reports that the airports would be bid out for 30 years and the selected private player will be offered a controlling stake of “at least 75%.” The Airports Authority of India is likely to hold a minor stake, just like it does at the Delhi and Mumbai airports. India’s civil aviation market, which has been growing at 19% annually, is projected to be the world’s third-largest by 2025, after the US and China.

India’s used car market is expanding at a fast clip. Citing organised players such as Mahindra First Choice, OLX and Truebil, Times of India reports that the segment has grown by 40-50% this year as customers upgrade to new cars faster, making the earlier models bargain buys. OLX India’s Sunny Kataria feels the supply of sparingly used cars (less than two years’ old and under 15,000-20,000 km) has grown sharply, pushing more lucrative options out in the market. India’s automakers rolled out as many as 27 new models and facelifts in the January-September period.

Delhi has prohibited the entry of trucks for three days after air pollution became twice as bad as last Diwali. The air quality index jumped to 642, classified as “severe-plus emergency”. Trucks carrying essential food items and tankers carrying fuel are exempted from the ban, but the state appealed to citizens to not operate private diesel vehicles. According to air quality monitor Urban Emissions, close to 50 lakh kilograms of crackers were burst in Delhi this Diwali, most of them in violation of a Supreme Court order that restricted fireworks to two hours at night.

Idea of the Day: Community is important, especially for entrepreneurs, says XPRIZE Foundation chairman and CEO Peter Diamandis.

“To be inventive, to make a difference in the world, an entrepreneur needs a support network that will embrace and explore crazy ideas.”

This article was updated. From earlier: The CBI has refused to disclose why it diluted its lookout notice against Vijay Mallya.

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