Nasscom, the apex body of IT software and services has lowered its 2012 forecast for the animation industry by 27.7 percent and gaming industry by 16.3 percent. It now expects revenues from the animation industry to touch $830 million against the earlier estimate of $1060 million and revenues from the gaming industry to touch $830 million against $1163 million.
In its press statement, Nasscom stated that this downward revision is largely on account of slackened demand due to the global economic downturn and the domestic box office for animation movies has not picked up as estimated, end-to-end skill sets not being developed in the animation services industry and proof of concept or IP creation not up to the expectations.
Som Mittal, President of Nasscom said, "NASSCOM recognizes this industry as a significant user of technology and can further showcase India's well established credentials in the IT Industry space. However, being in a nascent stage of development, it is critical for all stakeholders to come together and create an environment that nurtures this industry for it to be able to compete at a global scale."
The economic crisis has hurt the earnings of Indian IT companies with NASSCOM forecasting four to seven percent rise in India's software services and exports for the year to March 2010, sharply slower than the past years' robust growth.
Agencies
Showing posts with label Philipippines. Show all posts
Showing posts with label Philipippines. Show all posts
Sunday, August 30, 2009
Sunday, March 29, 2009
Over 121,000 Filipinos' jobs axed amid global recession
Over 121,000 Filipino workers have either lost their jobs or suffered pay cuts or reduced work loads because of the economic crisis, a government official said Sunday.
Between October last year and mid-March, 11,574 permanently lost their jobs and 38,806 others were temporarily laid off by Philippines-based companies, Labour Undersecretary Rosalinda Baldoz told an economic forum in this industrial enclave north of Manila.
A total of 59,149 others were placed on flexible work arrangements, she added.
Meanwhile, 12,000 out of the 8.5 million-strong Filipino work force abroad had lost their jobs, mostly in Taiwan and the United Arab Emirates (UAE), according to Baldoz.
Last week the government said electronics firms based in the Philippines began giving their remaining workers half-pay or 150 pesos (3.11 dollars) a day in a bid to keep them employed until demand picks up again.
The labour undersecretary said the electronics sector was the worst hit with almost half the total work force affected.
The crisis has also hit about 10 per cent of employees in the automotive, garments, mining, property, services, and woodworking industries, she added.
She went on to say the government expects the crisis to bottom out over the next few months as just 397 workers a day were losing their jobs in mid-March compared to 437 at the start of the month.
"Before the first semester ends, we could say that the worst is over," she said.
"In the next five months, workers' displacements will continue but we expect it to be on a slower pace and only in the export manufacturing sector."
Agencies
Between October last year and mid-March, 11,574 permanently lost their jobs and 38,806 others were temporarily laid off by Philippines-based companies, Labour Undersecretary Rosalinda Baldoz told an economic forum in this industrial enclave north of Manila.
A total of 59,149 others were placed on flexible work arrangements, she added.
Meanwhile, 12,000 out of the 8.5 million-strong Filipino work force abroad had lost their jobs, mostly in Taiwan and the United Arab Emirates (UAE), according to Baldoz.
Last week the government said electronics firms based in the Philippines began giving their remaining workers half-pay or 150 pesos (3.11 dollars) a day in a bid to keep them employed until demand picks up again.
The labour undersecretary said the electronics sector was the worst hit with almost half the total work force affected.
The crisis has also hit about 10 per cent of employees in the automotive, garments, mining, property, services, and woodworking industries, she added.
She went on to say the government expects the crisis to bottom out over the next few months as just 397 workers a day were losing their jobs in mid-March compared to 437 at the start of the month.
"Before the first semester ends, we could say that the worst is over," she said.
"In the next five months, workers' displacements will continue but we expect it to be on a slower pace and only in the export manufacturing sector."
Agencies
Subscribe to:
Posts (Atom)