Business & Economy

IT jobs abound in Bangalore 

What is India News Service, Thursday, 27 January 2005, 2100 hrs IST

Satish Iyer (name changed) holds appointment orders from five different infotech companies. He chooses one of the jobs while he doesn't even bother to inform the others.

There are thousands of candidates like Satish, who can't be blamed for what they do. In fact, the demand and supply mismatch prevailing in India's IT employment scene is giving additional bargaining and negotiating power to job hunters.

Consider this: A tier two software company sends out 120 appointment letters to candidates selected from a total of 670. Of this, 100 applicants accept the offer while only 39 show up on the designated day of joining. It has taken well over 3 months for the entire recruitment cycle \97 from placing a newspaper ad, shortlisting the candidates and conducting three rounds of interviews.

Across India, some 21,000 appointment letters are sent out in a month and only 8,000 show up finally. IT industry claims this "not-showing-up" trend costs it dearly in terms of inability to deliver projects in time thereby landing in trouble with customers.

Vibrant M&A activity in cement industry: Multinational cement companies have successfully entered the Indian cement industry over the last few years and the recent mega deal being Holcim teaming with Gujarat Ambuja Cements to stake a claim in ACC. 

Survey sees slowdown in FII inflow: With dollar regaining strength against major currencies and the U.S. interest rates hardening, the crucial foreign institutional investor investment in the Indian stock market will slow down.

India struggles to document its biodiversity : India is fighting for an international regime to protect its biodiversity, but back home, it is still struggling to understand how best to document it; there is no agreement on how to go about it.

India facing new challenges in BPO business: Though business-process outsourcing contributes substantially to India's revenue and drives 30 per cent of growth in its IT exports, sustaining it would be a challenge as other English-speaking countries are starting to erode its advantage.

Sesa Goa shareholders approve bonus issue: The shareholders of Sesa Goa have approved the issue of bonus shares in the ratio of one share for every equity share at the Extra-ordinary General Meeting held on January 25. 

Govt scales down foodgrain output figures : The agriculture ministry has begun to scale down its ambitious estimates on production.




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