The Indian arm of the Union for Information & Technology Enabled Services is planning to file a public interest litigation against the alleged 'arbitrary policy' of many Indian and multinational IT/ITeS firms in India who have, for the past two months, reportedly been enforcing longer working hours that violate the daily eight-hour working mandate of the Indian Factories Act, 1948.
There remains a debate on who said this: "When the facts change, I change my mind. What do you do, Sir?" Was it the British economist John Maynard Keynes or the American economist Paul Samuelson. Irrespective of who said it, this sentiment appears to have found resonance in ITC's boardroom in recent years.
India must diversify its services trade away from low-cost programming if it is to remain an IT-enabled hub.
Fresher hiring, which has been subdued as Indian information technology (IT) services firms scaled back their recruitment, is set for a turnaround. The IT sector's fresher hiring is expected to rise by 20-25 per cent for 2024-25 (FY25). Additionally, the global capability centres are projected to boost their fresher hiring by 40 per cent compared to last year, according to a TeamLease Digital analysis.
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.
Nasdaq-listed Cognizant Technology Solutions has signed a definitive agreement to acquire global engineering company Belcan for about $1.3 billion (Rs 10,853.7 crore) in cash and stock. The transaction is expected to close in the September quarter. The total consideration includes $1.19 billion (Rs 9,935.31 crore) in cash and 1.47 million Cognizant shares, valued at $97 million (Rs 809.53 crore) based on the information technology services provider's closing share price on June 7, 2024.
The Indian Diaspora has been able to carve a niche in their adopted countries as a result of their talent, perseverance and hardworking nature, asserts Rup Narayan Das.
The rupee's sharp depreciation has been the most important issue in the current debate on the state of the economy.
The proportion of women to men falls radically after the mid-management level.
A National Association of Software and Services Companies study done by McKinsey suggests that the industry has quadrupled its gross domestic product contribution to four per cent, contributed to 45 per cent of all incremental urban employment created in the last 10 years, employed over two million people and gave impetus to new entrepreneurs, and increased the number of tertiary education institutions in the country.
Three years after B Ramalinga Raju, the disgraced founder and chairman of Satyam Computer, announced the project, Mahindra Satyam dropped the project and surrendered the 26 acre-land to the state government.
The IT sector's fresher hiring is expected to rise by 20% to 25% for 2024-2025. The increase in hiring is driven by a focus on specialised skills catering to segments like AI, machine learning and data analytics.
'Such steps would be a barrier and something people do not want.'
During the quarter, venture capital firms have invested $144 million through 21 deals, a sharp decline compared to the corresponding period previous year which had recorded 28 deals worth $173 million. The maximum VC investment was attracted by online travel portal Cleartrip.com of about $18.5 million from DAG Ventures.
IT firms are training employees of their clients and even aspiring IT professionals, in order to create fresh revenue streams amid shrinking deal sizes in traditional software maintenance, says Ayan Pramanik.
New age technology will reshape India's future.
The number of information technology professionals in West Bengal would almost treble by next year in view of the expansion in the IT and IT-enabled services sectors in the state.
IT services company Infosys on Wednesday said it did not use force or intimidation tactics when it laid off trainees at Mysuru campus over performance-related issues, and that it was explaining the circumstances to the labour department authorities. In an interview to PTI, Shaji Mathew, chief human resources officer at Infosys, however, conceded that assessment failure percentages this time around have been "slightly higher" than in the past but dismissed charges that the tests had been designed for failure.
Budget expectations 2013: IT sector.
One effect of the globalisation of Indian business has been the rise in the grant by companies to staffers of employee stock options.
IT companies would be entitled to the same tax benefits as SEZ developers.
However, Bengaluru is on a high with the share of IT/ITeS in the total office space transaction rising from 55 per cent in 2011 to 75 per cent till May 2012, according to data by DTZ, an international real estate research firm.
The effects of the sub-prime crisis and the resultant slowdown of the US market is evident on the margins of Indian information technology (IT) and IT-enabled Services (ITeS) firms. Business process outsourcing (BPO) firms such as Firstsource, Pune-based HOV Services, Zenta, Aegis BPO and others have been receiving inquiries from existing as well as new customers for ramping up their account receivables management (ARM) business.
According to Grant Thornton's January data, IT & ITeS tracked the highest in terms of value, with the industry investing $1.2 billion in M&A over 12 deals.
Information technology and IT-enabled Services will continue to drive the employment generation in the country for the quarter July-September 2005, according to a Ma Foi Employment Survey.
India's information technology industry is estimated to cross Rs 1 lakh crore in 2004-05 and employ over 10 lakh knowledge professionals, according to Nasscom.
The slowdown in the information technology sector has resulted in reduced demand for office space in India in the second quarter of the current financial year, says a report by global real estate consultancy CB Richard Ellis.
Advances in technology could render much of the Indian IT services industry obsolete.
He said the transformation brought about by the fintech sector in India is not just limited to technology, but its social impact is far-reaching. He also stressed that fintech has dented the parallel economy and is bridging the gap between villages and cities on the financial services front. The prime minister also said that in the last 10 years, the fintech space has attracted investments of more than $31 billion and fintech startups have grown by 500 per cent.
India's value proposition and overall shift towards offshore information technology and IT-enabled services will lead to an annual growth rate of 35 per cent in the sector.
To check cyber crimes like publishing sexually explicit material in electronic form, government introduced a Bill in Lok Sabha on Friday to amend the IT Act to enable service providers to set up and maintain e-signature facilities.
The government has created a comprehensive budget with sharp focus on sustaining economic activity and investment but more clarity is needed on areas like taxation framework for adopting remote working on a long-term basis, IT body Nasscom said on Monday. The industry association noted that the IT/ITeS (Information Technology-enabled Services) industry has been a key driver of growth and jobs in 2020 and there is an opportunity to significantly accelerate it further. "For the IT sector, one of the biggest needs ahead of us is the development of future business models, with hybrid working becoming a reality. "We look forward for the government to provide clarity on providing a framework in direct taxes and indirect taxes for the industry to adopt WFH/remote working on a long-term basis," Nasscom said in a statement.
VCFs plan to disinvest their IT holdings to ITeS firms and gain from local markets
The plan is to de-notify the entire SEZ.
