Jul

2

Indian Government shares Economic Survey of India 2008-2009

Filed Under Banking, India Business, Indian Government, Infrastructure, Insurance, Regulations, Training & Education | Leave a Comment

The Indian Government today presented the Economic Survey of India 2008-2009 in the Indian parliament. The FY 2009-2010 budget session commenced today with Finance Minister Pranab Mukherjee tabling the Economic Survey of India for the year 2008-09. The railway budget 2009 will be presented tomorrow by the railway minister Mamta Banerjee.

Here are some highlights:

* In the 11th “Five-Year Plan” period from 2007-12, the Govt is expecting to create 58 million jobs in the country. This is great news.

* The next phase of economic stimulus will include both govt expenditure and tax cuts, while keeping the macro economic fundamentals like interest rates, exchange rates and growth rates in mind.

* For the current fiscal 2009-10, the economic survey has projected a fiscal deficit of 5.5% of the GDP. The target for the Govt is to bring down the fiscal deficit to about 3% of the GDP.

* Recommends raising the FDI cap in Insurance sector from 26% to 49%

* Recommends raising the FDI limits in defence sector from 26% to 49%

* Suggests removing the cess, fringe benefit tax, different surcharges on taxes and bring in many different reforms in petrol pricing and the financial sector.

*  India could grow at an average rate of 7% in FY 2009-10, and achieve growth rates of 8-9% in medium term if all reforms being planned are implemented.

Sep

22

CEO beaten to death by dismissed Employees in India

Filed Under IT BPO KPO Services, India Business, Metros, Training & Education | Leave a Comment

The Chief Executive Officer of Gradiano/Graziano was on Monday beaten to death by a group of dismissed employees inside office premises after a meeting called to resolve dispute between them and the management failed. Mr LK Chaudhury, the CEO of Gradiano in Udyog Vihar of Greater Noida, was killed when the agitating workers turned violent and beat him up, Senior Superintendent of Police (Noida) R K Chaturvedi said. - Press Trust of India

According to details from the ground, the workers started throwing stones at the management and one stone crashed the skull of the CEO, Lalit Kishore Chaudhury. Many others in the company’s management are also badly injured.

This has got to be one most shocking incidents coming from corporate India in the recent times.

If Gradiano was a BPO/KPO company, the chances are they would be employing at least graduates, and that makes this most shocking on how such people can act like a mob. It also shows how the fairly accepted ‘hire-and-fire method’ of the West can backfire in India.

While this is an an exception and a rare case, companies now need to be more careful about physical security of their staff. I shudder to think if this is the treatment received to a CEO, then what will be the case if a Manager gave a bad performance appraisal to such workers.

A bad day for Indian business. Hope the criminal workers are brought to justice, and that it serves as a warning to other people. In one shot, these 200 dismissed workers have embarrassed the Indian business/professional community and put an unwanted question mark on the ethics of Indian employees. Such an incident must not repeat.

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