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Economy
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Past century we only saw labor or low skilled people lay offs, but this time we might see even executives came out from institutions like IIMs working in big IT firms getting lay off.
Whats the use of executive when there is nobody to work & do programming on computer or say operating machine. So the idea of laying off low skilled people is old fashioned now....
In reply to:
Layoffs inevitable in current climate: Labour Min
Posted by :
MMB Messenger
Labour Minister Oscar Fernandes said layoffs are inevitable in the current climate. He said, “I would not like any layoff, but reality is reality. If there is no demand for things one can produce and if there is no market he has to layoff. So, we will have to discuss and see that how we can absorb these shocks.”
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Labour Minister Oscar Fernandes said layoffs are inevitable in the current climate. He said, “I would not like any layoff, but reality is reality. If there is no demand for things one can produce and if there is no market he has to layoff. So, we will have to discuss and see that how we can absorb these shocks.”
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More than Cap injection, I think optimism & positive psychology injection is needed. The current recession will eat up all cap injected & still will be seen dry.
Cap injection is to act like painkiller medicine whose effect vanishes in 12 hours. Cap Injection was needed in Oct, Nov. 2007....
In reply to:
Cap injection needed for normalcy in fin system: Bernanke
Posted by : MMB Messenger
Ben Bernanke said the ability of the treasury to use TARP to inject capital into the financial system and to take other steps to stabilise the financial system will be critical for restoring confidence and promoting credit markets to restore normal functioning.”
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Ben Bernanke said the ability of the treasury to use TARP to inject capital into the financial system and to take other steps to stabilise the financial system will be critical for restoring confidence and promoting credit markets to restore normal functioning.”
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Looking at the strengths and background on which indian economy stands, the growth of indian economy is sustainable minimum @7% per annum. Although their is recession all over the world and india is bound to be affected by this recession because India is open for the globalized world . But this affect would not be as much as it affect other part of the world due to strong fundamentals of Indian economy. The strong fundamentals is evident from the fact that none of the Indian company of any sector has shown negative growth in the last quarter,albeit their is slowdown in that growth but today what matter is positive growth in this situation. None of the Indian company has retrenched their employees and expansion plans of the companies are also going on smoothly. This all shows that the fundamentals of Indian econmoy is very strong and India will bounce back and achieve the target of 11th five year plan in the coming years....
In reply to:
See longer,deeper global recession but India to cope: FM
Posted by : MMB Messenger
Finance Minister P Chidmabaram speaking on the effect of the current global crisis on India said that there have been recessions in the past but added that the current recession threatens to last longer and deeper than before. He said that we India does not have a problem but is bearing the brunt of the spillover of this global recession.
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hey!are you serious?...
In reply to:
Govt cuts 5% import duty on iron, steel products
Posted by : MMB Messenger
After a series of meetings between Finance Minister P Chidambaram and Prime Minister Manmohan Singh in the capital, the government has imposed a 5% import duty on iron and steel products. The changes will come into come on November 18. CNBC-TV18`s Abhijit Neogy finds out more.
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Govt cuts 5% import duty on iron, steel products:
NEWS HEADING CONTRADICTS WITH THE SUBJECT;After a series of meetings between Finance Minister P Chidambaram and Prime Minister Manmohan Singh in the capital, the government has imposed a 5% import duty on iron and steel products. ...
In reply to:
Govt cuts 5% import duty on iron, steel products
Posted by : MMB Messenger
After a series of meetings between Finance Minister P Chidambaram and Prime Minister Manmohan Singh in the capital, the government has imposed a 5% import duty on iron and steel products. The changes will come into come on November 18. CNBC-TV18`s Abhijit Neogy finds out more.
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After a series of meetings between Finance Minister P Chidambaram and Prime Minister Manmohan Singh in the capital, the government has imposed a 5% import duty on iron and steel products. The changes will come into come on November 18. CNBC-TV18`s Abhijit Neogy finds out more....
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to check the lapses in the ULIPs one must know what has been communicated to the policy buyer at the time of purchase. most of the time clients dont even know that the policy has lapsed due to gross miss selling and mis representation by reputed banks and other distribution houses....
In reply to:
Cos must balance traditional products and ULIPs: IRDA
Posted by : MMB Messenger
Insurance regulator, the Insurance Regulatory and Development Authority (IRDA), said a balance between traditional products and ULIPs, or unit-linked insurance plans, is required. IRDA is seriously considering norms to push traditional insurance policies in the market.
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Insurance regulator, the Insurance Regulatory and Development Authority (IRDA), said a balance between traditional products and ULIPs, or unit-linked insurance plans, is required. IRDA is seriously considering norms to push traditional insurance policies in the market....
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A doctor can only administer a cancer patient the drugs he/she requires only when the doctor is willing to reveal the truth to his patient. If does not then neither can he give the required remedies nor can he save the patient. Same things is happening with Indian econcomy, I see great denial across the board in Indian Inc. lead by our PIED PIPER Mr. Chidambaram. He is during immense harm to the country by pumping a ballon of false hopes, just to save his bottom during the elections... We need to accept the fact and move one, otherwise the landing shall be very hard next year......
In reply to:
See longer,deeper global recession but India to cope: FM
Posted by : MMB Messenger
Finance Minister P Chidmabaram speaking on the effect of the current global crisis on India said that there have been recessions in the past but added that the current recession threatens to last longer and deeper than before. He said that we India does not have a problem but is bearing the brunt of the spillover of this global recession.
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FM\\\\`s appearances and gliby talk on CNBC in the past two years pepped up the market which fell each time below 1000 points and then gained to benefit the particular class of people. Now that is the dead end. To show ours is a good economy should be vouchsafed by manufacturing and physical production. It is a fact that common middle class and lower middle class worst affected by the policies of the government and the election move by raising central govt employees salary has boosted the inflation to new highs. Can you believe a retired govt employee gets Rs.10 lacs + as arrears of salary besides huge rise in pension ? Can you cite an economy in the rest of the world where Rs.1 lac invested 25 years ago in real estate is fetching a market price of Rs.75 lacs now? Can you ciete a stock martket driven totally by speculation and not by industrial growth ? True the economy is sinking while few politicians holding power have amassed wealth. ...
In reply to:
See longer,deeper global recession but India to cope: FM
Posted by : MMB Messenger
Finance Minister P Chidmabaram speaking on the effect of the current global crisis on India said that there have been recessions in the past but added that the current recession threatens to last longer and deeper than before. He said that we India does not have a problem but is bearing the brunt of the spillover of this global recession.
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This same FM has said earlier that Sensex is true reflection of the economy. Now he is saying no need to focus on it. However, economy to grow it takes years, but to fall or collapse it took just two months. That too just before US elections. I also wonder why Indian markets are falling like this when US or Japan are having their own problems, where as in India every thing is as usual and as same as three months back. But FM has rightly said. These sensex or stock markts havetheir own rythms and their own logics. Need not correlate with actuals or factuals. I wonder who is benefiting by these share markets falls and ups. Undoubtedly No retail investors....
In reply to:
See longer,deeper global recession but India to cope: FM
Posted by : MMB Messenger
Finance Minister P Chidmabaram speaking on the effect of the current global crisis on India said that there have been recessions in the past but added that the current recession threatens to last longer and deeper than before. He said that we India does not have a problem but is bearing the brunt of the spillover of this global recession.
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During the meeting of the Prime Minister-chaired committee on tackling the global turmoil the RBI is expected to announce fresh measures to infuse more funds into the cash-starved banking system. The meeting considered certain steps and RBI would look at them... Various methods of injecting liquidity through repo and reverse repo (short-term) rates were discussed, The meeting was attended by Finance Minister P Chidambaram, Commerce Minister Kamal Nath, Reserve Bank of India (RBI) Governor Duvvuri Subbarao and senior government officials, including Finance Secretary Arun Ramanathan and Commerce Secretary Gopal K Pillai.
To a question on the job cuts, he said the government would not hesitate to raise tariffs sharply wherever cheap imports were causing injury to the domestic industry.The meeting looked at liquidity issues, especially in housing, construction and non-banking financial sectors.The RBI has unlocked Rs 2.75 lakh crore during the last a few weeks through cuts in various mandatory deposits that banks need to keep with the central bank. It also allowed housing finance companies to borrow short-term funds from overseas sources.
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India`s economy will ``bounce back`` to 9 percent growth next year as local demand holds up amid a global recession, Finance Minister Palaniappan Chidambaram said. ``There will be a slowdown in India and steps taken and those that will be taken, to a large extent, will compensate the factors causing the slowdown,``
Chidambaram told the World Economic Forum`s India Economic Summit in New Delhi today.
The Harvard-trained minister signaled interest rates will come down in Asia`s third-largest economy and said he will examine further excise duty cuts to spur consumer spending. Record crop plantings by India`s 400 million farmers will also boost rural incomes, Chidambaram said.
India`s economy may slow to 7.5 percent in the year ending March 31, after expanding 9 percent or more annually in the previous three years, according to the central bank. India`s government wants to sustain growth rates above 9 percent to cut poverty in the world`s most-populous country after China.
``To sustain 9 percent growth, you need international economies to turn around as well,`` said Jai Sinha, partner and co-head, India, at Booz & Co., a global management consulting firm.
``International capital flows into infrastructure and exports must pick up.``
xport makes up about fifth of India`s $1.2 trillion economy. Chidambaram said any shortfall in shipments and overseas investment will be ``compensated`` by spurring demand in the local economy.
Weaker Exports
India`s exports have weakened as the U.S., Europe and Japan fell into a recession in the third quarter. That`s spooked investors into withdrawing money from emerging markets such as India, where foreign funds have pulled out a record $12.8 billion from the stock market this year.
The benchmark Sensitive index fell 2.2 percent to 9090.75 on the Bombay Stock Exchange in Mumbai, while the yield on 10-year government bonds dropped 1 basis point to 7.5 percent. The rupee declined as much as 0.9 percent to 49.80 per dollar, the lowest since Oct. 29, before trading at 49.70.
Reserve Bank of India Governor Duvvuri Subbarao, after meeting Chidambaram this morning to discuss India`s response to the global financial crisis, said the central bank would take ``appropriate action at an appropriate time.``
Subbarao has cut the central bank`s benchmark repurchase rate by 1.5 percentage points to 7.5 percent in the past month, in addition to slashing lenders` reserve requirement in cash and bonds by 3.5 percentage points and 1 percentage points respectively.
Subbarao has room to lower borrowing costs further after the inflation rate dropped at the sharpest pace in at least 18 years this month. Inflation has slowed to 8.98 percent from a 16-year high of 12.91 percent in August.
Chidambaram said it will be ``good`` if interest rates decline, adding that the ``classic solution`` to a demand slowdown is to reduce prices and he urged airlines, hotels and other companies to do so for a ``short period of time.``
``The problems that India faces are not insurmountable,`` the minister said.
``They have been easily identified and we can address these issues - liquidity, prices and credit delivery.``
He said Prime Minister`s Manmohan Singh`s government will balance the objectives of growth and inflation, while pointing out that at this point the ``bias is in favor of stimulating growth.``
``India is still relatively insulated from what is happening in the rest of the world,`` said K.V. Kamath, the chief executive officer of ICICI Bank Ltd., India`s second-biggest bank. ``We need a significant drop in interest rates to accelerate growth.``
Still, Chidambaram said the worst growth forecast for India this year is 7 percent, which is three times the world`s economic expansion. Kamath said growth may not fall below 7 percent if the $700 billion that Indian companies plan to invest in the next two years proceed.
``The world economy has changed more rapidly in the last 60 days than it has over a long time,`` Chidambaram said.
``But the manner in which most Indians live and work hasn`t changed.``
The minister said 65 percent of India`s workforce depends on agriculture, which
continues to grow at a robust pace.``
The total winter crop sowing area increased to 2.69 million hectares this year from 2.19 million hectares a year ago, the minister said.
``Farmers are busy with their work and we are going to have a substantial bumper crop,`` Chidambaram said. ``The sector that is affected by the global crisis is industry and the financial sector and our mind space has been occupied by them. We are extremely vigilant and will continue to be proactive in our policies.``
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| Udayan Mukherjee, Stocks Editor, TV18 | ||
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