Industry News- 20th Feb 2008
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Insurance workers' association demand
Coimbatore: The Coimbatore Region unit of the General Insurance Employees' Association has demanded the merger of four public sector general insurance companies and condemned the move of the Central Government to increase foreign direct investment in the insurance sector. These were among the resolutions passed at the 14th conference of the women's sub-committee of the regional unit of the association held in the city. The association wanted the Bill for 33 per cent reservation for women passed in Parliament immediately. It also called for the restoration of appointments on compassionate grounds.
India's IT sector confident can ride out global slowdown
India's top technology and outsourcing body said it is confident it can ride out the challenge of a stronger rupee and a global economic slowdown as it wrapped up its annual meeting here. India's flagship outsourcing industry is grappling with a rupee that rose 12 percent last year lowering the local equivalent of every dollar earned and a potential recession in its main market, the United States. The sector expects to meet or even exceed its software export target of 60 billion dollars and overall software and services revenue goal of 73-75 billion dollars by 2010, Mittal said in an interview.
India's IT sector with its skilled, low-cost work force that has planted the country on the global business map, is keeping its fingers crossed that the international slowdown will turn out to be a blessing. It is hoping the financial turmoil in the US and elsewhere could drive businesses to farm out more work to cheaper Indian firms even as they pare overall technology budgets.
IT industry a Public Utility Service only on paper, finds survey
According to a recent survey, an overwhelming majority of IT professionals in West Bengal believe that the 'Public Utility Service' status, accorded to the IT sector by the state government, has not benefited the industry owing to frequent bandhs. The survey was conducted by the Indian Chamber of Commerce (ICC) on the IT and ITeS industry in West Bengal. Almost 75 per cent of the respondents said no when urged whether the sector really enjoys the status of a Public Utility Service, which means that it can operate on a 24x7 model and could not be disrupted by strikes/bandhs. Another interesting finding of the survey was that 78.2 per cent of the respondents felt that having a trade union and the right to strike in the IT and ITeS sector was inappropriate.
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