Spencer's Retail, the retail arm of RPG Group, says it has seen a 30-40 per cent decline in the rentals in Tier-II and -III cities. In Tier-I and metropolitan cities, the correction is in the range of 15-20 per cent, and a further correction and its impact is likely to come in the next few months.
According to Jagat M Sarkar, head of HR, e-Rev Max, a product company which has its main development centre in Kolkata and presence in 60 countries, "In the given scenario, there will be increased focus on getting quality manpower. Salary hikes too would be hit. Those on the bench and non-performers are jittery too as companies plan on pink slips.
Information technology employees and fresh graduates in Kolkata have started to see salary cuts and employee lay offs.
Xerox India Managing Director Andrew Horne said, 'In the current uncertain economic environment, every company is looking at how it can improve operational efficiency... We are amalgamating some roles. In all, 24 roles are disappearing. The decision on timing has been accelerated by pressures caused by the challenging business environment.'
Wills Lifestyle has lined up new marketing strategies and product launches, targeting the womenswear segment in an attempt to double revenues from this burgeoning category. According to Atul Chand, divisional chief executive of Wills Lifestyle, womenswear currently contributes 35-40 per cent to the turnover, which the company intends to take to 50-60 per cent soon.
Sources in the West Bengal government's finance department said the state had made budgetary provisions that would run into several hundred crores every year for 20 to 30 years to attract Tata Motors' Nano project to Singur.
The West Bengal government's new compensation package for 'unwilling' farmers in Singur, 40km from Kolkata, might have been praised by Tata Motors, but those involved in land transactions in the area find the offer inadequate.
According to a CLSA Asia Pacific Markets report, the e-learning market is projected to grow to around Rs 1,100 crore (Rs 11 billion) by 2012 from 145 crore (Rs 1.45 billion) currently. Besides, online modules cost one-tenth that of a regular course. The worldwide market for online tutoring is estimated to be in the region of Rs 46,800 crore (Rs 486 billion). India now earns around Rs 60 crore per year from online tutoring or 10 per cent of the total market share.
The surprisingly strong opposition to land acquisition in Singur and earlier events at Nandigram, where local protests forced the government to scrap plans for a chemical hub, have induced investors keen on acquiring land in West Bengal to come up with compensation packages that can only be described as extravagant.
"My life has been full of interesting people", Rama Prasad Goenka tells Business Standard when asked about memories of an era when the open Indian economy was converted into a closed one based on the licence raj by the person whom he openly idolises, former Prime Minister Indira Gandhi.
It's a blessing in disguise, of sorts. Indian companies, which had to face a huge attrition problem over the last few years, can finally breathe easy. HR analysts said the economic slowdown is expected to reduce the attrition rates across industries, at least for the next two quarters.
Spencer's Retail, the Rs 800-crore retail arm of the RPG Group, will expand its range of fashion merchandise with the launch of private labels as well as foreign apparel brands, in an attempt to revamp its image as a fashion-centric brand instead of just a food retail chain.
Even as Tata Motors is racing against time to get its new Singur plant near Kolkata ready for commercial roll-out of the Nano by October 2008, the company may need an out-of-the-box solution to overcome some delays in the integrated plant and component park structure proposed for the vehicle.
Shah Rukh Khan, the owner of Kolkata Knight Riders, is more popular in Kolkata than the KKR captain Sourav Ganguly, revealed the Reebok showrooms in Kolkata as well as the shops selling spurious KKR merchandise in the New Market area in central Kolkata.
With revenue generation on mind, Shah Rukh Khan's Kolkata Knight Riders is regularly adding several new features to its official Web site, in an attempt to push advertising revenues as well as offer variety and interactivity to the KKR fans. The move is also expected to make cricket more fun for the fans with the launch of several 'cricketainment'-related activities for all age groups.
Although Red Chillies Entertainment, owners of Kolkata Knight Riders team, has already earned Rs 12 crore from ticket sales of its home matches at Eden Gardens so far, its expenses have shot up drastically due to the new tax structures and security fee it has to shell out.
The Indian Premier League's overwhelming response in terms of ratings has seen a lot of cine-goers in Kolkata stay away from movie theatres and opt for the three-hour Kolkata Knight Riders cricket matches at home or in the stadium.
With the Indian Institutes of Management (IIMs) hiking their fees, many general category students will have to approach banks for educational loans. Most will also have to furnish collateral to get that all-important loan.IIM-Ahmedabad, for instance, has almost trebled its fees to Rs 4 lakh to Rs 11.5 lakh. IIM-Kolkata has hiked it from Rs 5 lakh to Rs 7.5 lakh. Others like IIM Bangalore and IIM Lucknow have hiked it from Rs 5 lakh to Rs 8 lakh and Rs 4 lakh to Rs 5 lakh.
About eight million users are estimated to be sending and receiving e-cards per month in India, and companies like 123Greetings and Webdunia are now attempting to increase their user base by making e-greetings available on mobiles too. Currently, only musical tunes can be sent with 123Greetings. It is also planning to introduce video-greetings for MMS-enabled mobile handsets. It is also talking to various community portals for offering newer applications.
Eastern India sends the least number of scholars, North leads.
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