Indian Economy-News & Updates

[aimarraul]

Where did you think India is .. on the moon ?

it looks that way when you talk about your economy。。。。。

 

[third eye]

it looks that way when you talk about your economy。。。。。

What inputs have you got about lunar economy ?

 

[aimarraul]

Indian IT industry may cut 75,000 jobs this year

MUMBAI: The Indian IT industry, already under pressure since the downturn began in the US financial, banking and insurance markets last year, is
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likely to see around 75,000 job losses this year, according to senior executives of leading software companies.

President Barrack Obama’s policy on outsourcing had prompted some technocrats to estimate the extent of possible job losses in India to around 50,000 in the first half of this year itself. These job losses would be across the sectors such as IT, ITES and BPO, they added.

“As on March 31, 2008, there were 550,000 direct jobs created by the IT industry in Bangalore,” said Infosys board member TV Mohandas Pai. “I would estimate close to 30,000 IT professionals, earning an average salary of Rs 5 lakh per annum, would have lost their jobs between April 2008 and March 2009 in Bangalore.”

 

[PeacefulIndian]

it looks that way when you talk about your economy。。。。。

Is it so hard to understand that export driven economy like China was sure to suffer considerably more than India? You brag about 75K job losses in India. China has suffered multiple times. You have lost 20 million jobs. And this figure accounts only for migrant workers. Other sections not included.

BBC NEWS | Asia-Pacific | Chinese migrant job losses mount

 

[PeacefulIndian]

i guess india can't stay aloof from this crisis

Tata Motors posts FY09 consolidated loss of Rs 25.05 bn on JLR

Tata Motors, India`s leading automobile company, announced a consolidated loss of Rs 25.05 billion during the financial year 2008-09 as the global slowdown has taken its toll on auto manufacturers globally. During the financial year 2007-08, it has reported a profit after tax (PAT) of Rs 21.68 billion.

...............

This has more to do with their acquisition of Jaguar in UK & not much with Indian markets. The acquisition was just ill-fated & ill-timed. So even with Nano doing extremely well in India, the UK branch has had to suffer considerable loss, leading to net loss for the company.

 

[aimarraul]

Is it so hard to understand that export driven economy like China was sure to suffer considerably more than India? You brag about 75K job losses in India. China has suffered multiple times. You have lost 20 million jobs. And this figure accounts only for migrant workers. Other sections not included.

BBC NEWS | Asia-Pacific | Chinese migrant job losses mount

wow,wow ,it's an indian report about your IT industry.20 million jobs lost in china? maybe you are right. i guess this cutting jobs problem only happened in your IT industryhow lucky you are

 

[aimarraul]

Indian Textile Sector May Cut 500000 Jobs

Though the central government claimed that India has survived the global financial crisis, a senior bureaucrat in the Ministry of Commerce has come out with a startling figure, which suggests that the Indian textile industry will lose half a million jobs by April 2009 due to the global financial crisis.

Commerce Secretary G.K. Pillai told reporters in New Delhi that according to the estimates of the textile ministry, there will be job losses of about 500000 in the next five months. Pillai also said that the sector was facing a severe crunch because of deepening problems in the world economy, but stressed that New Delhi was cobbling together a package for the "distressed export sector". The United States and the European Union account for 65 percent of India's total garments exports.

The textile sector accounts for 20 percent of India's industrial production and more than 30 percent of the country's export earnings, according to government figures. Pillai said the overall export growth rate was likely to slide to 10 percent in the financial year ending March 31, 2009.

The Federation of Chambers of Commerce and Industries in a recent study said the sector's growth slipped from eight percent in 2005 to 0.8 percent during April-August this year and warned of massive layoffs in the coming months.

The Confederation of Indian Industries (CII) trade lobby also said that India's garment exports too dipped by up to 35 percent during July-September in the current financial year.

 

[SinoIndusFriendship]

It seems everyone is against corruption until they are the person receiving the payout.

 

[Nemesis]

Indian bureaucracy worst in Asia

What a shock!!

In Delhi we have a certain word for getting things done - "Jugar". It involves everything from using influence to paying money to get things done. Pathetic really. I'll be really surprised if there is something that is more corrupt than the IAS.

Funny thing though - they are supposed to be our brightest minds. The IAS exam is one of the toughest in India.

 

[SinoIndusFriendship]

India prepares for shift to gas-based economy

* In a few years, households receiving piped gas at home can use a fuel cell unit to produce power and heat, which can also be used to chill homes during summer. The fuel cell unit also produces hydrogen, which can be stored and used to run a motorcycle.

* Residents of an apartment or a colony can come together to buy a micro gas engine or a gas turbine that can power an entire apartment, office complex or industrial estate.

* Once gas is available in a large number of cities, city buses could switch over to compressed natural gas (CNG) as would many private cars. Malls, offices, hospitals and restaurants could be directly chilled by gas, using vapour absorption chillers.

...........................

Doesn't sound too safe to have a fuel cell unit and hydrogen storage in the home. It's a disaster (aka explosion) waiting to happen. These should be at government utility stations not in the home.

Oh, and I would like to add LNG (liquified natural gas) is not feasible in hot and dry locales. Requires too much energy to refrigerate and keep the gas cooled. Just like SAGD (steam assisted gravity drainage) is not feasible in cold climates.

 

[blain2]

I don't know about India but in Pakistan there is huge amount of corruption.

Corruption is endemic in South Asia. From a critical standpoint, I think the reason the perception about corruption is better in India is because of the overall mood of the country which perceives things to be getting better and that also includes perceptions about corruption.

I have to tell you that Pakistanis are probably the most negative of all South Asians when it comes to the running of their country. I have a relative of whom I always ask the same question, so how are things in your neck of the woods (even though I am in and out all the time) and his answer is perpetually negative despite the massive development and him being very well off (after retiring from PIA).

So perceptions are one thing which can simply be based off stories that one has heard about supposed corruption and off you go labeling the country as very corrupt (not saying we do not have this problem, however its certainly no better or no worse than India, BD etc. in my opinion).

 

[SinoIndusFriendship]

Corruption is endemic in South Asia. From a critical standpoint, I think the reason the perception about corruption is better in India is because of the overall mood of the country which perceives things to be getting better and that also includes perceptions about corruption.

I have to tell you that Pakistanis are probably the most negative of all South Asians when it comes to the running of their country. I have a relative of whom I always ask the same question, so how are things in your neck of the woods (even though I am in and out all the time) and his answer is perpetually negative despite the massive development and him being very well off (after retiring from PIA).

So perceptions are one thing which can simply be based off stories that one has heard about supposed corruption and off you go labeling the country as very corrupt (not saying we do not have this problem, however its certainly no better or no worse than India, BD etc. in my opinion).

Absolute true! When I ask an Indian who are things going? They automatically respond "Great! Super! Best in the world! India shinning! India is a superpower!" But when I ask a Philippino, they respond "Not so great. Too much corruption. Business is bad."

So from someone not knowledgeable about both nations they would conclude India is doing better than the Philippines. But this is untrue. The Philippino is telling the truth, but....

 

[XYON]

List of countries by Corruption Perceptions Index - Wikipedia, the free encyclopedia

India - 72
Pakistan - 138

India is much better then Pakistan!

A prostitute who sleeps for Rs.100 with a man is the same as the one who does it for Rs.10000!! Same goes for the concept of a whore house, no matter what the size or how many whores it has within!

 

[Communist]

Welfare for all: Rs 139 per Indian, per month - India - The Times of India


In a few days, the UPA government will present its first budget to the country. Announcements made during the election campaign and after taking charge indicate that there will be a focus on the aam admi — cheap food grain for consumers, investment in basic infrastructure, healthcare, etc.

But, one of the biggest problems faced by the country’s 500-million-strong workforce is that a safety net to cover loss of jobs or livelihoods still seems below the government’s radar.

India spends just over 1% of its gross domestic product (GDP) on social welfare schemes. Most of the workforce in the unorganized sector is left totally uncovered. Compare this to advanced countries, which have strong welfare provision and spend 20% to 30% of their GDP on extensive programmes to ensure unemployment allowance, healthcare and pension.

Studies have shown that many of the poorer countries in Africa and Asia spend more than India on social welfare schemes. Bangladesh spends 3.8% and Senegal 4.3% of GDP respectively on social welfare.

An ILO study has shown that India could provide the most basic social security to all its citizens if every Indian spent just Rs 139 per month, that is, about 4% of its GDP in 2008.

So, it is doable if the government is willing. As the people fight the global downturn, which has devoured millions of jobs elsewhere in the world, isn’t it time the UPA government provide longer-term relief to the people?

 

[Communist]

SC says even God will not be able to save this country

Indian Supreme Court says even God will not be able to save this country


New Delhi, Aug 5 (ANI): The Supreme Court today refused to amend the law for launching criminal prosecution against those who illegally occupy official houses, and said that even God will not be able to save this country.

We are fed up with this government, the apex court said, adding They don”t have the guts to differ with the opinion of the clerks.

Even God will not be able to save this country. In India even if God comes down he cannot change our country. Our country’’s character has gone. We are helpless, a bench of Justices B N Aggrawal and G S Singhvi observed.

The apex court said people who are vexed with the approach of the government on various issues are filing PILs before it.

You complain about judicial activism when you are in power. When you are not in power you come to us for remedy, the bench remarked.

The bench gave vent to its anger as the Additional Solicitor General Amarender Saran bluntly told the court that the Union government has decided not to amend Section 441 IPC (criminal trespass) for prosecuting squatters of government accommodation in the country.

The government took the stance that the existing provisions provided under the Public Premises Act was sufficient to evict those illegally occupying government accommodation.

Moreover, it claimed that out of 99,100 government houses only 300-odd dwellings were under unauthorised occupation for which had been made to evict them. (ANI)