Category: Economy

Despite a shortage of talent in the Information Technology sector in India, the country would remain competitive at least for the next five to 10 years, a top official of Infosys said here today.

“Globally there is shortage of IT talent…it is there even in the United States and also in India. But India will continue to be competitive for at least the next five to 10 years,” Infosys CEO and Managing Director Kris S. Gopalakrishnan told reporters in Chennai.

Stating that salaries offered would be the same for one employed locally in an offshoring site …

Terming the outsourcing ban threat by the State of Ohio in the U.S. as “discriminatory’, the Indian information technology industry on Wednesday said any such move was against the policy of open markets and hampers promotion of free trade. The IT industry has decided to register its opposition with the U.S. administration besides seeking help from the Indian government to take the matter with the American government.

“Ohio State’s proposed ban on outsourcing of government IT projects comes at a time when the November elections to the U.S. Congress and Ohio governorship are drawing …

Samar Vijay, founder director, Investcare, tells why Indians have not realised the full potential of the opportunities in the sector.

What prompted you to venture into the business of personal finance? How has been the response of Indian customers?

India is at the threshold of a major change – primarily because of rapid shift in its demographic composition and secondly because of the resulting push from common people for the quality service.

Finance industry is no different, and is in fact one of the major drivers of matured and developed market. The sheer size of Indian market and …

MTS, the mobile telephony services brand of Sistema Shyam TeleServices Ltd. (SSTL), on Monday launched three Internet-enabled smartphones, promising true 3G experience. It also announced attractive tariff plans for voice and data users, besides limited period free download facility.

After unveiling the phones, priced between Rs.4,999 and Rs.13,500 and targeted at college-going and young professionals, SSTL President and CEO Vsevolod Rozanov said: “Enabled with state-of-the-art futuristic technology platform, the new range of smartphones support high quality voice and Internet-enabled data services with best of tariff plans,”

Mr. Rozanov further said the new range of …

Direct tax collections shot up by 13.91 per cent to Rs 1,00,112 crore in the first five months of the 2010-11 financial year till August, the Finance Ministry said today.

During the corresponding period (April to August) last fiscal, direct tax collections stood at Rs 87,888 crore.

As per data released by the Central Board of Direct Taxes, corporate tax collections grew by 17.05 per cent to Rs 57,750 crore in April-August, 2010, from Rs 49,339 crore in the corresponding five-month period a year ago.

Meanwhile, personal income tax collection – including securities transaction tax, residual fringe …

A benchmark index for Indian equities soared in early trade on Monday and was ruling 130 points higher within minutes of opening bell.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,124.29 points, was at 18,352.68 points, 131.25 points or 0.72 percent up from its previous close at 18,221.43 points.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling 0.72 percent higher at 5,519.1 points.

Broader markets indices were also in the green, with the BSE midcap 0.87 percent up and the BSE smallcap index 1.04 percent higher.

Metals, …

The CII-Connect 2010 conference theme and discussions, scheduled for September 8 and 9 in Chennai, will unfold around the critical issues. In the last nine years, Connect has brought stakeholder attention to relevant topical themes, followed by action in various streams. Thinking through this time, the conference has brought focus to the IT collaboration in four main areas: automotive, healthcare, entertainment and security. We’ll hear the Connect echoing these and other questions:

How many new entrepreneurs would the new rural BPO policy of Tamil Nadu create, and where are the pockets of excellence?

What new areas …

The Bombay Stock Exchange benchmark Sensex rose over 78 points in the opening trade today, extending its winning streak for the third straight session, led by buying by funds and retail investors, especially in technology stocks.

The 30-share index, which had gained over 267 points in the previous two sessions, rose by 0.42 per cent to 18,316.32 points in the first five minutes of trading.

Similarly, the broad- based National Stock Exchange index Nifty climbed 0.48 per cent to 5,510.40.

Brokers said increased buying by funds and retail investors was driven by strong GDP data and reports …

Mahindra and Mahindra (M&M) has hinted that it will come out with a new variant of Maxximo, its recently-launched mini truck, within a year.

Addressing a press conference here on Thursday, Rajesh Jejurikar, Chief Executive Officer, Automotive Division of M&M, said Maxximo was built on an entirely new platform. We will come out with a variant of Maxximo over the next 12 months,’’ he said. He also indicated that M&M would launch one more variant of Maxximo thereafter.

Fielding a range of questions, he said M&M would ramp up production of Maxximo to 3,000 a …

Union Finance Minister Pranab Mukherjee on Wednesday urged the insurance industry to accelerate micro-insurance to promote financial inclusion.

“Micro-insurance is the essential factor of financial inclusion”, said Mr. Mukherjee while addressing the Global Insurance Summit, organised by Associated Chambers of Commerce and Industry of India (Assocham) here. He called upon the leaders of the insurance industry to broadbase the insurance market to cover rural and semi-urban areas.

The Finance Minister said the UPA Government had laid a special emphasis on insurance and had launched Aam Admi Bima Yojana, Jan Shree Bima Yojana, Rashtriya Swasthya …