Building on last year's clearance of 172K cases, I-T department is pushing for faster appeal disposals, penalty reforms and system-driven processes to curb litigation and boost tax certainty.
India is a global leader in software development services, IT enabled services, knowledge process outsourcing services and contract R&D services relating to software development, Sitharaman said noting these business segments are quite inter-connected with each other.
India on Monday announced closure of negotiations for a free trade agreement signed with New Zealand, its 18th deal so far as the country aims to boost bilateral trade and investments. The India-New Zealand FTA is expected to be signed in the next three months and it is likely to come into force next year.
'Companies will need to revisit compensation structures, contracts, staffing models, and human resources system.'
'The choice is clear: We either embrace this transformation and cement our global leadership, or hesitate, lose ground, and fade into irrelevance.'
The Budget should undertake further reductions in import tariffs and seriously consider an announcement of India's intention to join one or both of the two Asian mega-regional free trade agreements, suggests Shankar Acharya, former chief economic adviser to the Government of India.
'He will be remembered more for what he did as finance minister -- as someone who functioned well when the political fallout was taken care of.'
Out of 24,230 IIT and NIT grads, about 8,000 students didn't find any takers during campus placement drives this year.
India added 200 people to its booming infotech-enabled services sector every working day of 2002. As an average mid-sized call centre employs around 200 people, this amounts to a call centre mushrooming every day of the year in the country.\n\n\n\n
'Such steps would be a barrier and something people do not want.'
The net leasing of Grade-A commercial office space in India will stagnate this financial year at 32-34 million square feet, with global uncertainties brewing caution among key tenant categories, according to the latest Crisil Ratings report. Major seven cities in India - Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune - had Grade-A office space with an operational stock of around 705 million square feet as of March 2023. India's commercial office space is dominated by technology companies, with information technology (IT) and IT-enabled services (ITeS) companies occupying 42-45 per cent of the operational stock.
As the world celebrated International Day of Persons with Disabilities (PwD) on December 3, corporate India has kept up with efforts to make workplaces more inclusive and accessible. Organisations across sectors are taking initiatives such as equipping offices with practical work tools like Braille-friendly and voice-enabled lifts and screen readers. While inclusion has gained pace, only 11.3 per cent (or 3.4 million out of 30 million) Indians with disabilities have jobs.
'We aim at establishing India as an early talent hub on a global scale and are actively recruiting professionals in areas like cybersecurity, machine learning, data science, and other relevant fields.'
Almost all will say no. Then ask them why they don't push back at those who rise the slogan of Khalistan. Somebody would confront you with a counter-question: If people can talk of a Hindu Rashtra, why get so upset if others talk of a Sikh Nation, points out Shekhar Gupta.
'The end of WFH has made achieving work-life integration more challenging for women.'
The Indian office real estate market, which had recovered significantly in early 2022, began to slow down in the latter half due to macroeconomic problems in the developed world. Rental yields are likely to be stable at best in FY24.
Investors seem to be shying away from stocks of companies in the 'digital' space with most counters that comprise the Nifty India Digital index giving negative returns over the past year. The index tracks the performance of a portfolio of stocks that broadly represent the 'digital theme' within basic industries, such as software, e-commerce, IT-enabled services, industrial electronics, and telecom services. The fall in some of these stocks over the past year has been steep; the sharpest decline of around 60 per cent was seen in shares of PB Fintech (parent company of Policybazaar).
Salary increments in India will touch a five-year high of 9.9 per cent in 2022 as organisations are planning to invest in new-age capabilities to build a resilient workforce amid strong economic recovery and positive business sentiment, a survey said on Wednesday. According to leading global professional services firm Aon's 26th Salary Increase Survey in India, organizations across industries project a 9.9 per cent salary increase in 2022, compared to 9.3 per cent in 2021. The study that analysed data across 1,500 companies from more than 40 industries, noted that the industries with the highest projected salary increases are e-commerce and venture capital, hitech/IT and IT enabled services (ITeS) and life sciences.
The new rules are aimed at providing a strong impetus to the industry and positioning India as one of the most competitive IT jurisdictions in the world.
To cement India's position as a preferred global outsourcing destination, the government on Wednesday liberalised guidelines for voice-based BPOs removing the distinction between domestic and international units as well as permitting interconnectivity between all types of OSP centres. Broadly, the rules would allow global companies, say an airline, with a voice-based centre in India to now serve global and domestic customers with common telecom resources, something that required dedicated, separate infrastructure previously. Moreover, the restrictions on data interconnectivity between any BPO (business process outsourcing) centre of the same company, a group company or any unrelated company has been done away with, allowing for massive flexibility in resource management for BPO operations.
Anybody who's plugged in to the modern, globalised world will understand why, says Kanika Datta.
Tier-II and tier-III towns have a reason to rejoice.
Private equity investments in Indian companies grew 38 per cent to $62.2 billion last year, with inflows into Reliance Industries' telecom and retail ventures contributing nearly 40 per cent of the total value of the deals, a report said on Wednesday. Barring investments into Jio Platforms and Reliance Retail, the total deal value was down by 20 per cent over 2019 as the volume of large deals of more than $100 million dipped by a fourth, as per the report by Bain & Company and India Venture Capital Association. Overall investment activity remained muted from March to May last year due to COVID-led uncertainties and investor confidence recovered strongly in the second half to pre-COVID levels with late-stage and buyout deals witnessing increased traction, it said.
Notwithstanding the COVID-19 second wave hitting the nation hard, Indian organisations have displayed resilience, and the salary increment is being projected to grow from an average of 8.8 per cent this year to an estimated average of 9.4 per cent in 2022, according to a survey. According to the Aon's 26th Annual Salary Increase Survey released on Tuesday, most businesses have an optimistic view going into 2022, with 98.9 per cent of companies intend to give salary increases in 2022, as compared to 97.5 per cent companies in 2021. There is positive sentiment across most sectors, and India Inc is firmly on the path to recovery, with most firms projecting salary hikes back to FY 2019 levels by FY 2022.
Experts have said the reservation provision will set unrealistic goals for organisational hiring, but will also reduce productivity by reducing the available talent pool to a few people within the state.
IT and IT-enabled services will be allowed to operate with essential minimum staff only while the rest would work from home.
The company is planning to invest Rs 1,100 crore in the new mobile phone manufacturing facility.
While salary growth may range from a marginally positive to stagnant or even negative, the increment for some of the "super-specialised" profiles can go beyond 15%.
The restrictions under section 144 of the Code of Criminal Procedure are in place since lockdown began.
In India, the company serves customers such as stock exchanges, brokers, non-banking financial companies, financial services and insurance, IT and IT-enabled services.
Militant labour policies compounded a poor security environment for capital in West Bengal and encouraged the business community to relocate. constraining the private sector's right to hire freely could well be the coup de grace. As with Calcutta/Kolkata, it will probably take a decade for Gurgaon/Gurugram to feel the difference, says Kanika Datta.
Kolkata-based business tycoon Sanjiv Goenka's RP-SG Group claimed the Lucknow franchise for a whopping Rs 7090 crore, while international equity investment firm CVC Capital won the bid for Ahmedabad with a Rs 5600 crore offer.
Strict lockdown-like restrictions are already in place in the southern stateand the Pinarayi Vijayan government decided to clamp the complete shutdown in the wake of severe spike in the positive cases.
The phased reopening and regulated relaxations of many key industries have paved the way for a slight recovery in hiring activities but hiring is still down by 47 per cent in July 2020 compared to the same month last year.
The sector will see a minimum of 3-5 per cent of the weight being shed in almost every IT company - particularly the big 20 - because of Covid and not performance-related issues.
Wipro posted a 4.6 per cent rise in revenue at Rs 15,711 crore in January-March quarter compared to Rs 15,006.3 crore in the year-ago period.
The study also found that new job generation plummeted in most sectors as about 20 out of the total 32 sectors tracked by the study registered a fall in new job generation.
The rupee's sharp depreciation has been the most important issue in the current debate on the state of the economy.
India must diversify its services trade away from low-cost programming if it is to remain an IT-enabled hub.
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