With the revival of the job market India Inc is all set to witness a significant jump in attrition levels as well, especially in sectors like aviation, information technology and business process outsourcing, executives search firm GlobalHunt India said on Monday.
The year 2009, was one of the worst years in terms of job market as terms such as 'layoffs', 'pink-slips', 'right sizing' became hot topics in household discussions.
Endorsing Prime Minister Narendra Modi's vision of India outlined in his address to Parliament, India Inc said the efforts to improve farm productivity, rein in price rise and impart skills to youth will transform the nation in the days to come.
With the rupee showing a freefall and hitting a 28-month low against the dollar, India Inc has yet another headache.
Corporate India is more dependent than before on exporters of IT services such as Tata Consultancy Services (TCS), Infosys, and Wipro for earning foreign exchange. Such companies account for nearly 43 per cent of the forex revenues of listed firms, up from 22 per cent a decade ago. The listed IT services companies earned nearly Rs 4.2 trillion through exports in FY22, up 15 per cent from the Rs 3.65 trillion a year earlier. In comparison, the forex revenues or exports of the rest of the BSE500 companies were down 11.9 per cent to Rs 5.6 trillion last financial year.
More, half of all Indian companies plan to add employees over the next three months, states the Mercer India Monitor quarterly survey. Sector-wise, the survey shows pay increases in the pharmaceutical, consumer and manufacturing sectors have been in excess of 7 per cent.
India Inc is seeking at least quarterly interactions with senior government representatives to establish a channel of communication and help change the opinion at the highest level.
Not surprisingly, equity investors are bidding-up stock prices across sectors and the broader market is now more valuable than pre-Covid levels.
The last four years, the best for corporate profits in a long time, have not been as impressive for corporate capital expenditure. The combined net profits of India's top listed companies excluding banks, financial services, and insurance (BFSI) increased at a compound annual growth rate (CAGR) of 32.4 per cent since FY20, a sharp jump from the 7.4 per cent in corporate earnings between FY14 and FY19.
So let's stop focusing the Modi agenda on India Inc and the capital markets, and let's start focusing on the Modi development agenda for the average Indian.
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The debt-equity ratio was as high as 1.4 times the net worth as certificates of deposit and inter-corporate deposits gained popularity.
India Inc's mergers and acquisitions saw a significant upturn in January with the total deal size touching a $2.5 billion, jumping a massive 42 per cent over the same period last year.
Tatas top the losers' list, wiping out more than Rs. 50,000 crore of investors' wealth.
Jointly organised by the Indian Merchants Chamber (IMC) and the Europe India Chamber of Commerce, the 'India Calling' conference is a rare effort by Indian industry to brand India at a EU level.
Reliance Industries, which sold stake worth $21.7 billion in Jio Platforms, kept the league tables moving in spite of the pandemic.
Assocham expressed concern over the precarious situation that the manufacturing sector is in, observing that if the trend does not reverse with monetary and fiscal measures it would be difficult for the industry to generate jobs.
Corporate India has high hopes from the upcoming Budget.
The recent policies that have been announced by the Reserve Bank of India (RBI) will allow banks to fully use its capital, funding profile to keep business at an equilibrium level, which otherwise was getting skewed towards retail, said K V Kamath, chairman, Jio Financial Services.
Captains of the industry, including Adi Godrej and Anil Ambani, were among the early birds from India Inc to cast their votes in the financial capital.
India Inc is set to post an 18-20 per cent revenue growth for July-September as compared to the year-ago period, domestic rating agency Crisil said on Thursday ahead of the filing of quarterly earnings by companies. The handsome growth in the topline will be driven by both higher volumes and higher commodity prices, the rating agency said. However, the rising input prices may have capped operating profit margin expansion for companies when compared to the preceding quarter, the agency said.
Business jets and chartered flights have been an unlikely victim of the recent corruption scandals involving India Inc.
As India's biggest Unified Payments Interface (UPI) app PhonePe prepares to list, the updated draft red herring prospectus (DRHP) shows the impact of regulations on the business, and concentration of payments-linked revenue even as UPI lacks MDR (merchant discount rate).
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
Coal, land, insurance bills are cited as govt's commitment to reforms.
India Inc's staff cost went up by 11.2 per cent during January-March last fiscal growing at a lesser pace than the previous three quarters of 2008-09, reflecting the economic slowdown, according to an RBI study.
Admen Piyush Pandey and Prasoon Joshi, who were behind BJP campaigns including famous 'Achhe din aane waale hai', were present too.
"It is heartening to note that the RBI has chosen growth over monetary tightening and inflationary fears," FICCI president Harsh Pati Singhania said.
The court is hearing appeals against a CCI order imposing a penalty on Meta and WhatsApp.
CEOs are not happy with scorecard so far but are ready to invest more as they think one year is too short a time to revive the economy
Industry body Confederation of Indian Industry said with the government having announced a clear road map for fiscal consolidation and non-food inflation demonstrating a secular decline, conditions are conducive for RBI to have intervened with a repo and cash reserve ratio reduction.
The Ladakh Scouts of the Army has sought financial assistance from India Inc for re-building the lone Army school in Leh which has been badly damaged by the cloudburst.The Army school, which caters to nearly 200 students, was hit by hundreds of boulders that rolled down the hill along with slush on the night of August 5. The classrooms are now filled with slush and boulders. The hostel too has been severely hit.
A spurt in the economic growth and the improved business confidence resulted in a 23 per cent growth in India Inc's hiring activity in the month of July, as against the same period a year ago.
Sales are expected to grow at an average of 14 per cent on the back of a strong show from automobiles, auto ancillaries, construction, capital goods, metals, refineries, metals and sugar.
"Outsourcing is also a concern and I hope it will be addressed soon," Godrej Group Chairman Adi Godrej told reporters on the sidelines of the World Economic Forum on India in Gurgaon.
Over the weekend, many companies stepped in to ease the bottleneck in supply and transportation of oxygen, as demand ran high with the surge in cases.
India Inc may give salary hikes in the range of 9-12 per cent in the coming financial year to retain talent amid revival in the job market, according to consultancy Ernst and Young said.
As Covid-19 cases recede, India Inc is once again tweaking work rules. Big tech companies such as TCS, Wipro and Infosys have either begun or are in the process of calling employees back to office in a staggered manner. A survey by Aon, a global professional services firm, has found that 60 per cent of tech firms now expect every second employee to come to office. More than half of the employees working in engineering and manufacturing firms are also being asked to return to work.
The database of 194 companies has shown a revenue contraction of 2.6%.
