Indian Business | Jobs Sector Latest Updates

With increase in Fdi's there have been a lot of growth in job sector in India and it has been predicted that in 2008 hospitality industry would provide largest job oppurtunities ahead of the IT sector which has been market leader in providing jobs to fresh graduates and use them as tech coolies. also update yourself with latest updates from Auto Sector Updates Jobs Sector Updates Energy Sector Updates Media sector Updates Entertainment Sector Updates Telecom Sector Updates Banking Sector Updates Finance Sector Updates Healthcare Sector Updates Biotech Sector Updates Pharmaceuticals Sector Updates - and get the comprehensive news about growth of indian economy.
Job Sector Latest Updates / Latest Jobs Openings:

April 2008 Jobs Updates :

• ICSI targets to create pool of 50000 professionals by 2015 - (20/4/2008)
• IT industry goes slow on hiring, courtesy US slowdown - (19/4/2008)
• Govt set to outsource recruitment for jobs - (19/4/2008)
• Gokak to recruit 400 hearing and speech impaired personnel - (18/4/2008)
• Australian bank to shift 500 jobs to India - (18/4/2008)
• Qatar set to ease sponsorship laws for foreign workers - (18/4/2008)
• SC, HC judges discuss 10-fold salary increase - (18/4/2008)
• IIT-M grads prefer old economy to new - (18/4/2008)
• Executive hiring set to slow in Asia - (17/4/2008)
• IITians prefer India over foreign nations for career avenues - (16/4/2008)
• Overall global employment expected to increase by around 40 mn - (16/4/2008)
• Infosys workforce to cross 100,000 mark this year - (16/4/2008)
• Malaysia to stop using foreign workers, says minister - (16/4/2008)
• Indians top Norway list of skilled workers - (16/4/2008)
• KPMG to add 2,000 more employees in India by ’10 - (15/4/2008)
• CSIR unveils incentives for its scientists - (13/4/2008)
• Sixteen GNDU students placed with Tech Mahindra - (12/4/2008)
• Labour Commissioner asks for implementing minimum wages - (12/4/2008)
• Andhra Pradesh starts overseas recruitment agency - (12/4/2008)
• Nath aims to bring 1 crore new jobs - (12/4/2008)
• Indians not paid for seven months in Kuwait - (11/4/2008)
• Bihar's highest migrant earnings come from Delhi - (11/4/2008)
• Failing to recruit qualified engineers, UK firm turns to India - (11/4/2008)
• Bill to impose sanctions against nations who refuse to take back illegal migrants - (11/4/2008)
• RIL's Jamnagar refinery is a rich well of talent - (11/4/2008)
• Indians may get a quick passage to Canada - (11/4/2008)
• Salaries of management graduates jump 22% this year: Report - (9/4/2008)
• Diverse backgrounds find favour with employers - (9/4/2008)
• Temporary staffers continue to find favour with India: Study - (9/4/2008)
• Innovation is the key for retaining talent too - (9/4/2008)
• 107 officers seek pre-mature retirement in 15 days - (8/4/2008)
• Indian finance executives get highest pay hike in Asia - (8/4/2008)
• Pvt life insurance cos in the hunt for sales team leaders - (8/4/2008)
• No slowdown impact on B-School placements - (8/4/2008)
• Expats make up 99 per cent of private sector staff
• Job losses hit; recession fears begin to haunt
• Defence ministry to look into pay problems: Antony
• PSUs seek freedom to fix variables like allowances and perks
  - HUL AGM okays higher pay for honchos
  
  - MIC seeks 8% job quota for Malaysian Indians
  
  - India plans joint labour management system with UAE, Bahrain
  
  - HUL announces performance-linked bonus for staff
  
  - Value of Indian workers' wages in Gulf may fall
  
  - Indian doctors, nurses in demand in UK, US
  
  - ISB 2008 batch gets Rs 19 lakh average placement offer
  
  - Orissa police personnel demand salary hike
  
  - Accentia to increase headcount to 5,500 by end of FY09
  
  - Samsung to hire 2,000 engineers by 2010
  
  - More ISB graduates join crorepati club
  
  - Lack of skilled manpower threat to PE companies
  
  - Sushma Nath to be new expenditure secy
  
  - Shareholders fret as PSU employees celebrate pay hike
  
  - Coffee chain growth makes brewing a better career option
  
  - Law firms hike salaries to retain talent as foreign cos troop in
  
  - Sushma Nath to be new expenditure sectary
  
  - Expats warm up to growth sectors as salaries zoom
  
  - India, Kuwait agree on model contract for jobseekers
  
  - Govt employees to get effective salary hike of 28%
  
  - Flexible hours will help women take care of kids
  
  - Pay panel's performance-based scheme to energise employees
  
  - No more 'Sahayaks' for Para-Military officers: Pay Commission
  
  - Haryana to implement 6th Pay Commission recommendations
  
  - NTPC to step up hiring of engineers
  
  - IT cos, investment banks eye economics graduates

Banking / Finance Sector Latest Updates

Banking and finance sector are very crucial sectors of indian economy and alight downtrend in these sectors can see a slowdown in Indian economy as well. also update yourself with latest updates from Auto Sector Updates Jobs Sector Updates Energy Sector Updates Media sector Updates Entertainment Sector Updates Telecom Sector Updates Banking Sector Updates Finance Sector Updates Healthcare Sector Updates Biotech Sector Updates Pharmaceuticals Sector Updates - and get the comprehensive news about growth of indian economy.

Latest Updates from Banking and Finance Sector:

April 2008 Banking Sector Updates:

• SBI's clients may take a Rs 700-cr derivatives hit - (24/4/2008)
• BoJ may drop call for higher rates as growth slows - (24/4/2008)
• JWT Bangalore bags ING Vysya Bank's creative account - (23/4/2008)
• State Bank to provision $10 million for subprime - (23/4/2008)
• HDFC Bank plans mobile banks for microfinance - (23/4/2008)
• Banks see lower credit growth in FY09 - (23/4/2008)
• SBBJ to focus on retail segment - (22/4/2008)
• HDFC bank to start mobile banking ATM - (22/4/2008)
• ICICI Bank to scale down promotions, increments - (22/4/2008)
• PNB Gilts records 4-fold jump in PBT - (22/4/2008)
• South Indian, City Union save Dhanalakshmi's rights issue - (22/4/2008)
• RBI rejects IFC plan to invest in Karnataka Bank - (22/4/2008)
• Axis Bank net jumps 71% in Q4 - (22/4/2008)
• Punjab National Bank to start Bhutan JV by year-end - (20/4/2008)
• Deutsche to invest Rs 685-cr for its NBFC business - (20/4/2008)
• IOB to take over assets & liabilities of Shree Suvarna - (19/4/2008)
• SBI wants to move to global IFRS a/c standards, invites bids - (19/4/2008)
• CRR hike to impact profitability: Kamath - (19/4/2008)
• Citigroup posts $5.1 bn loss, to cut 9,000 jobs - (19/4/2008)
• No hike in interest rates at least till Apr 29: Bankers - (18/4/2008)
• CRR hike to affect profitability of banks: Kamath - (18/4/2008)
• Banks cancel undrawn loan limits to firms - (18/4/2008)
• PSU banks retain lead play in bank credit - (18/4/2008)
• RBI wants deposit taking limited to banks - (18/4/2008)
• ICICI Bank to offer Visa eMarketplace - (17/4/2008)
• PSU banks may post poor result in Q4; pvt sector may do better - (17/4/2008)
• PNB sees loan growth of 20 pc - (17/4/2008)
• Corporation Bank launches reverse mortgage loan scheme - (17/4/2008)
• Interest rate decision only after RBI policy: K V Kamath - (17/4/2008)
• ICICI Bank not in hurry to list broking arm - (17/4/2008)
• Bank of Baroda launches new health scheme in Oman - (17/4/2008)
• SBI, Macquarie line up $1-bn fund for core play - (17/4/2008)
• ICICI a/cs must’ve Rs 10k min balance - (17/4/2008)
• StanChart pumps in $250-mn fresh funds - (17/4/2008)
• Corp Bank launches NEFT through ATMs - (16/4/2008)
• Stanchart keen to spread wings in rural India - (16/4/2008)
• Bank of India sees 25 pc credit growth in Apr-Jun - (16/4/2008)
• Volatility to sustain for few months: Peter Sands - (16/4/2008)
• Axis Bank opens branch in Madurai - (16/4/2008)
• State Bank, Macquarie plan India infrastructure fund - (16/4/2008)
• ICICI Bank invests more in ICICI Prudential - (16/4/2008)
• India Inc should focus on corporate governance standards: Kotak - (16/4/2008)
• HDFC Bank inks pact with two carbon-credit firms - (15/4/2008)
• Kotak Mahindra Bank rolls out credit cards - (15/4/2008)
• SBI to launch mobile banking service soon - (15/4/2008)
• Grievances against private banks rise 33% - (15/4/2008)
• Smart cards enter rural, urban poor big time - (15/4/2008)
• Banks open wallets as IIM aspirants fret over fee hikes - (15/4/2008)
• Bankers say lending rates may go up post credit policy - (14/4/2008)
• PNB expects 20 pc rise in net profit during 2008-09 - (14/4/2008)
• Yes Bank mulling QIP to raise $300 mn by December - (14/4/2008)
• JKSCB aims disbursing Rs 100-cr loans this fiscal - (13/4/2008)
• HDFC Bank to enter Bahrain by the middle of the year - (13/4/2008)
• Bank of Rajasthan's business crosses Rs 21,000 crore - (11/4/2008)
• RBI bought $3.88 billion in February - (11/4/2008)
• Yes Bank eyes two private sector banks for acquisition - (11/4/2008)
• Germany's Dresdner Bank to open branch in India in 2009 - (10/4/2008)
• Vijaya Bank signs pact with Fitch Ratings - (10/4/2008)
• Vijaya Bank signs MoU with FITCH Ratings - (10/4/2008)
• No immediate plans for merger: DCB - (10/4/2008)
• Development Credit Bank plans asset management foray - (10/4/2008)
• ICICI Bank expects SME business to grow by 50% in FY'09 - (9/4/2008)
• TCI Cyprus Holdings buys 3.45 per cent in IOB - (9/4/2008)
• Banks can't take stocks as security - (9/4/2008)
• Born-again IndusInd to focus on core growth - (8/4/2008)
• Open up banking sector
• PNB to enter credit card business on its own by Sept
• BoM scouting for partner in general insurance JV
• UBI offers reverse mortgage at 10%
• ICICI awaits RBI move on rates: Kamath
• ICICI Bank to focus more on wealth management, mobile banking
• Union Bank launches Reverse Mortgage scheme
• NABARD credit to West Bengal touches Rs 1,309 cr
• RBI delay forces PNB to go solo in credit cards
• RBI seeks fresh bank loan exposure data
• NABARD extended Rs 3,871 crore in credit support to AP
• Govt rules out diluting stake in public sector banks
• PNB revises interest rates on non-resident deposits
• Citi woos expatriates in India to expand customer base
• Bank of Canada injects C$835 million into market
• ICRA inks MoU with State Bank of Indore for rating services
• Citibank launches services for expatriate Indians
• BoB revises foreign currency deposit rates
• Bank deposits in Gujarat rise 5% in third quarter
• UBS' India plan seen intact despite global writedown
• J&K Co-operative Bank posts business of Rs 2,000 cr in FY08
• Banks' hopes of treasury gains vanish as bond prices decline
• Citigroup rejigs global operations on geographical lines
• Barclays to set up private bank in India
• Firms revisit derivative bets to clean books

April 2008 Finance Sector Updates:

• UTI Ventures exits Excelsoft, earns 50 times its investment - (24/4/2008)
• Morgan Stanley has a May 1 date with private equity play - (24/4/2008)
• Oriental Insurance to provide cover to Mundra project - (23/4/2008)
• IDFC raising $700 million India infrastructure fund - (23/4/2008)
• IFCI stake sale not imminent-source - (23/4/2008)
• Short-term debt yields rise as RBI dislike for 'surplus grows - (23/4/2008)
• PEs invest $4 bn in first quarter of 2008 - (23/4/2008)
• Central undertakings told to stopinviting bids for bulk deposits - (22/4/2008)
• Bajaj FinServ eyes asset management - (22/4/2008)
• Premji launches $1 bn PE fund - (19/4/2008)
• RBI to encourage microfinance to curb money-lenders - (16/4/2008)
• DHFL opens representative office in London - (16/4/2008)
• Vision Global plans $200-million distressed debt fund - (16/4/2008)
• SBI weighs merger of GTF with SBI Factors - (16/4/2008)
• Private equity activity strongest in October-December quarter - (16/4/2008)
• Singapore fund kicks off India ops with i-Flapp Tech - (16/4/2008)
• ICRA assigns high rating to L&T Infrastructure - (15/4/2008)
• Bidders see less value in GE units - (15/4/2008)
• Unitech Realty to float 2 funds of $650 million - (14/4/2008)
• Cramped for room, small brokerages look for exit - (14/4/2008)
• Modern India in talks with PEs to dilute promoters' stake - (14/4/2008)
• PE deals hit the road again, but M&As dry up - (14/4/2008)
• HC asks Axis not to enforce Rajshree Sugars contract - (12/4/2008)
• IDBI not to cut prime lending rate following inflation spiral - (11/4/2008)
• Canara Robeco to merge equity funds - (12/4/2008)
• Chidambaram to inaugurate British branch of IIFC - (10/4/2008)
• Religare to buy UK's oldest broking firm Hichens Harrison - (9/4/2008)
• Broadening finance access - (9/4/2008)
• $1 billion infrastructure fund on anvil - (8/4/2008)
• BankAm trader moves to JPMorgan in India - (7/4/2008)
• Citi Venture, AIG scrap Akruti investment plan
• Reliance Money plans 20,000 outlets by fiscal end
• IDFC PE invests Rs 40 cr in Emergent Ventures
• Ask plans PE fund with initial corpus of $100 mn
• UK fund manager ties up with Tata for India equity fund
• Reliance Money launches loyalty card for customers
• SREI Infrastructure enters JV with BNP Paribas
• RBI appeals not to deface currency notes
• Darby Asia Mezzanine Fund invests in Coffee Day
• Reliance Money brings Canadian partner in broking biz

MArch 2008 Banking / Finance Sector Updates:
- SREI Infrastructure enters JV with BNP Paribas

- RBI appeals not to deface currency notes

- Subprime fallout: RBI wants lenders to play counsellor

- RBI delay forces PNB to go solo in credit cards

- RBI seeks fresh bank loan exposure data

- NABARD extended Rs 3,871 crore in credit support to AP

- Govt rules out diluting stake in public sector banks

- PNB revises interest rates on non-resident deposits

- Citi woos expatriates in India to expand customer base

- Bank of Canada injects C$835 million into market

- Banks' hopes of treasury gains vanish as bond prices decline

- Citigroup rejigs global operations on geographical lines

- Barclays to set up private bank in India

- Firms revisit derivative bets to clean books

- ICRA signs MoU with State Bank of Indore to rate loans

- Vijaya Bank exceeds business target for 2007-08

- Oriental Bank to review interest rates in next 10 days

- Union Bank ties-up with Alankit to provide services

- Canara Bank inaugurates Retail Asset hub

- Bank of Maharashtra to merge 2 regional rural banks

- JM Financial unit to buy out ASK Sec's stake in JV

- Reliance Money gets approval to operate in Oman

- IDBI puts key rate cut decision on hold

- Indian Overseas Bank to take over Pune bank

- Mumbai accounts for 80 pc of bank deposits in Maharashtra

- Syndicate Bank releases Rs 1010 cr annual credit plan

- Canara Bank launches basket of products

- Federal Bank reaching out to NRIs

- RBI lets 2 Singapore banks open account in India

- State Bank of India gets Singapore full bank license

- Demand draft's bounce on stop payment order

- Axis Bank opens two new branches

- Banks may gain from bond holdings as yields plunge

- HSBC arm raises stake in Yes Bank by 4%

- Bank of India to roll out mobile phone banking

- Singapore's DBS bank to expand in India

- Union Bank sees lower FY08 credit growth

- State Bank of India buys 91% in factoring firm

- Federal Bank to open its 600th branch on 26/3/2008

- ICICI, Jaypee Infra ink Rs 1,150-cr deal

- Banks twist RBI's rules to sell leveraged products to corporate clients

- Bank credit slowdown reflects fading growth

- Bank of India plans to open full-fledged branch in Beijing

- SBI looking at alternate channels for rural penetration

- Religare to acquire UK broking co for $100 million

- Cholamandalam DBS to raise Rs 4,500 cr through private placement

- Fidelity plans Indian securities fund

6th Pay Commission Report has for all - Salary Hikes for everyone

The sixth pay commission report has salary hikes for all the central government employees while hikes are ranging from 23% to 53% depending upon the category in which the employee falls. There has been looking skeptical however because government officials have still not given any details about the hike officially and the employees have to wait for the report to be announced officially.

Since elections are to be held next year therefore it might be a voters benefit report and governemnt is turning no stone upturn to please voters, P Chitambram presented a please all budget on february 29 /2008.

Moreover, the hikes so recommended have been more generous at the higher levels and lower levels in the government hierarchy, but not so at the middle rung — directors, deputy secretaries, etc. While for a section officer, the increase is 41.8% (24.6% at the higher level), for a director it is 31.1% (23% at higher level). For a joint secretary, the proposed hike translates into 58.7% (44.3% at the higher level), for additional secretary, it is 49% (47.4% at lower level). However, if the house rent allowance and children’s education allowance are not taken into account, the hikes are considerably lower.

For a section officer, the hike is 26.2% (12.2% at the higher level), For a director 21.3% (14.3% at the higher level), for a joint secretary it is 48.2% (35% at the higher level), for additional secretary it is 39.4% (38.1% at the higher level).

The department of expenditure, which is examining the recommendations will take the report to the Cabinet for taking note of it shortly before the Parliament session begins after the recess. After that a committee of secretaries would be constituted to oversee the implementation of the report clause by clause.

Even as the Sixth Pay Commission has recommended an overall increase, ranging between 23% and 58% in various categories, it has failed to cut ice with civil servants.

Indian Economy Updates Rs v/s $ daily trends - March 2008

Daily rupee trends against US $ month wise (at stock market closing time):

31/3/2008:(Rs v/s US $) 40.11 - (Up^0.04) - with respect to 28/3/2008 rate

28/3/2008:(Rs v/s US $) 40.15 - (Down -0.08)

27/3/2008:(Rs v/s US $) 40.07 - (Up^0.05)

26/3/2008:(Rs v/s US $) 40.12 - (Up^0.22)

25/3/2008:( Rs v/s US $) 40.34 - (Down -0.05)

24/3/2008:( Rs v/s US $) 40.29 - (Up^0.16)

19/3/2008:( Rs v/s US $) 40.62 - (Up^0.15)

18/3/2008:( Rs v/s US $) 40.77 - (Down -0.32)

17/3/2008:( Rs v/s US $) 40.45 - (Up^0.01)

Rising Food Prices a concern | Inflation above 5% for february

India needs to be vigilant about rising food prices but achieving a goal of 9 percent economic growth on average over the next few years is feasible, Montek Singh Ahluwalia said in an interview.

Ahluwalia, the deputy head of India's planning commission, said India should consider setting up a sovereign wealth fund to make use of its swelling foreign exchange reserves, although any such move would take time.

Annual inflation accelerated in late February to 5.02 percent, the highest in nearly nine months and above the 5 percent level the central bank wants to contain it at for the fiscal year ending on March 31.

"I think that an inflation rate somewhere between 4.0-5.0 percent, nearer the lower end of that range, is what one can defend. However a lot depends on the composition of inflation," Ahluwalia said in the interview late last week

Prices such as food and fuel should also be kept under "a modest degree" of control, he said. Food prices overseas were rising but the government had taken measures to keep domestic prices under control and internal food stocks were satisfactory.

"So if we have a normal monsoon this year we should not be in difficulty. But constant vigilance is needed and the government gives high priority to this part of the agenda," he said.

The annual southwest monsoon lasts from June to September. Only about 40 percent of farmland is irrigated and the rains can determine spending and consumption patterns in rural areas.

Growth target

India's economy is forecast to grow 8.7 percent in the fiscal year ending March 31, down from an 18-year high of 9.6 percent in 2006/07. Growth in the October-December quarter slowed to an annual 8.4 percent from 8.9 percent in July-September.

The government has a five-year plan with a goal of average growth of 9 percent for the years to fiscal 2011/12, with a target of 10 percent for that last year.

Ahluwalia, one of the top economic advisers to Prime Minister Manmohan Singh, said the target was feasible.

"I agree the next two quarters don't look good for the international economy but I don't think we need to alter our medium-term prospects on that account," he said.

"There are a lot of underlying strengths in the Indian economy that are building up, which augur well for growth."

Ahluwalia supported creating a sovereign wealth fund to earn better returns on India's $300 billion foreign exchange reserves.

"You do want breathing space to manage short-term securities but our reserves greatly exceed what is needed for such management," he said.

"So quite frankly it makes a lot of sense to experiment with foreign wealth funds to earn better returns, but I doubt if we can do that very quickly," he said, adding there were restrictions on how the Reserve Bank of India (RBI) could deploy reserve assets.

Sovereign wealth funds in China, the Middle East and elsewhere have come into existence due to surging oil prices and large U.S. trade deficits. But some U.S. and European policy makers are concerned they could take investment decisions based on political rather than commercial grounds.

"India will probably be viewed much better than many others as a sovereign wealth investor and perhaps we should cash in on that. However, this is an area for the Finance Ministry and the RBI to take a view" Montek said.

Is Govt sucking blood of 5% taxpayers to run whole country of 125 crores??

Finance Minister Mr. P Chitambaram would present the General Union Finance Budget tomorrow in the Parliament House. It would be seventh budget presented by P. Chitambarm as the finance minister . he presented the first budget in year 1997 some 11 years ago.

It is strongly indicated that there would not be any tax rates cut in tomorrow's budget . India's population is 125 crores and it is horrible to know that the total percent of tax payers is still in single digits ~ 5 percent . There can be hike in taxes in order to compensate for this year's budget deficit.

However the policies of government need to be changed rather then such financial reforms. It is not at all good for the country like India which sucks taxes from only 5% of the population in order to subsidise or feed the rest of the population which is a huge number in excess of 100 crores.

Finance Minister has to bring more industries under the tax knife so as the burden which is imposed on 5% of population to feed the other 95% is reduced as government clearly earns from taxes and import duties which are applicable to just 5% of the total population.

Some of the individuals who are into agri business i.e. the farmers, agricultural land owners of excess then 50 acres does not pay any amount of tax to the government however they earn profits in crores which simply becomes black money which these farmers never show to government.

So Mr. P Chitambaram kindly wake up and rather then sucking blood of 5% of populaion increase the domain of tax payers by bringing the rich farmers who own more then 50 acres of cultivable land under the taxable individuals so that there remains unbiased growth of all sectors .

Indian Economy growth target is again pegged at 9% this year which would be however impossible to sustain as the year runs by. because government has stopped thinking about agricultural sector and is concentrating on the services sector which is more governed by the US economy rather then Indian Economy. Its a bitter truth anyways!!