Indian IT and IT-enabled services industry is expected to grow at 10.8 per cent in 2009, the lowest in the last five years, due to the global economic meltdown, a report said.
But in next four years, it would grow at 13.9 per cent to touch revenue of USD 110 billion, the report by analyst firm IDC India has said.
"In the backdrop of one of the worst ever global financial and economic meltdown, it is estimated that in 2009, the overall India IT/ITeS industry is expected to grow at 10.8 per cent, which is the lowest in the last five years.
"Going forward, the overall IT/ITeS industry is expected to grow at 13.9 per cent (CAGR 2008-2013) to touch over USD 110 billion in 2013," IDC India Country Manager Kapil Dev Singh said in the report.
The total revenue for the Indian IT industry in 2008 stood at over USD 57 billion in 2008.
"The ongoing global slowdown will definitely have its impact on the Indian IT sector. Despite that the industry is still expected to grow at a CAGR of 11.4 per cent by 2013," IDC India Country Manager Kapil Dev Singh said.
The domestic IT and IT-enabled services (ITeS) revenue is slated to touch about Rs 2,06,398 crore by 2013 from Rs 99,254 crore in 2008, growing at a CAGR of Rs 15.8 per cent, the study said.
Agencies
Showing posts with label meltdown. Show all posts
Showing posts with label meltdown. Show all posts
Sunday, June 21, 2009
Thursday, February 12, 2009
6,000 workers lose jobs everyday in Mexico
Nearly 6,000 workers lose their jobs daily, which has been happening since November 1, 2008, a report of the Mexico Social Welfare Institute (IMSS) has revealed.
Updated statistics that recently reported an increasing unemployment rate in the last quarter of 2008 of half a million jobs, now pointed out that a higher figure remained in the period of November-January.
The research indicated that only in the big cities 128,122 jobs have been lost last January while the current world economic crisis also had a deep impact on this field, mainly for casual day labourers.
According to the source the company that left more quantity of jobless was CEMEX, considered one of the most important cement producing company of the world, cutting 18,786 jobs.
Agencies
Updated statistics that recently reported an increasing unemployment rate in the last quarter of 2008 of half a million jobs, now pointed out that a higher figure remained in the period of November-January.
The research indicated that only in the big cities 128,122 jobs have been lost last January while the current world economic crisis also had a deep impact on this field, mainly for casual day labourers.
According to the source the company that left more quantity of jobless was CEMEX, considered one of the most important cement producing company of the world, cutting 18,786 jobs.
Agencies
Monday, January 5, 2009
India to emerge strong from the global meltdown
The report said India, along with China, Russia and South Korea would emerge stronger from the global financial crisis as they enjoy strong economic foundations, higher growth rates and sound monetary policy measures.
US, China and Japan were ranked first, second and third respectively.
India ranked 19th in terms of budget balance as a percentage of the gross domestic product (GDP) and 12th in terms of public debt as a percentage of the GDP.
The ranking was based on seven economic indicators: size of the economy, spending power, tax structure, interest rate policy, budget balances, debt burden and foreign exchange reserves.
US, China and Japan were ranked first, second and third respectively.
India ranked 19th in terms of budget balance as a percentage of the gross domestic product (GDP) and 12th in terms of public debt as a percentage of the GDP.
The ranking was based on seven economic indicators: size of the economy, spending power, tax structure, interest rate policy, budget balances, debt burden and foreign exchange reserves.
Monday, December 8, 2008
Booster shots for global meltdown victims!
As the global economic slowdown spreads, countries after countries have announced rescue packages. The United States has so far committed $8.317 trillion to tackle the crisis. The United Kingdom, France, Russia, China and the European Union also have announced various stimulus packages.
Here’s a look at the specific fire-fighting measures announced by various countries.
United States
President-elect Barack Obama crafting $175 bn package to create 2.5 million jobs
President George Bush signed a $168 bn, 2-yr stimulus into law in early 2008
Package includes tax rebates of up to $600 per individual earning $75,000 gross income
Declared two stimulus packages worth $ 1.5 billion
Financial Package One
Bill to disburse $700 bn in stages
After the first $250 bn is authorised, President could request another $100 bn
Final $350 bn could be cleared by a further act of Congress
Financial Package Two
Fed will purchase up to $600 billion more in mortgage-related assets
Fed will lend up to $200 billion to the holders of securities backed by various types of consumer loans
Fed will buy up to $100 billion in direct obligations from mortgage giants
US Govt Measures
Up to about $1.8 trillion in Fed purchases of top-rated US dollar commercial paper under a facility launched in October
Up to about $1.9 trillion in new Federal Deposit Insurance Corp (FDIC) guarantees for banks
Up to $800 billion in Fed support for mortgage and consumer credit markets
Up to $600 billion in Fed purchases of US dollar commercial paper and certificates of deposit under a Money Market Investor Funding
Up to $900 billion in Fed Term Auction Facility loans was offered to meet financial institutions' cash needs
Unlimited commitments to lend through discount window to banks and broker dealers(totaled $296.82 billion as of Nov. 19)
$700 billion for the Treasury to buy equity stakes in financial institutions
Treasury, the FDIC and the Fed have agreed to shoulder up to $249.3 billion in losses from a Citigroup portfolio
Unlimited temporary Fed currency swap lines with the Central banks, Fed maintains $165 billion in swap lines with other banks
Up to $50 billion from the Great Depression-era Exchange Stabilisation Fund
At least $26.57 billion in Treasury direct purchases of mortgage-backed securities since September
$200 billion to backstop Fannie Mae and Freddie Mac
Up to $144 billion in additional MBS purchases by Fannie Mae and Freddie Mac
AIG will get up to $152.5 billion in support from Treasury equity purchases
$300 billion for the Federal Housing Administration to refinance failing mortgages
$4 billion in grants to local communities to help them buy and repair homes
$29 billion in financing for JPMorgan Chase's government-brokered buyout of Bear Stearns & Co in March.
France
President Sarkozy unveiled a $32.9 billion stimulus plan
Targeting investment projects rather than directly aiding consumer
Measure to boost GDP by 0.6% by 2009
French package will cost 1.3% of GDP, will push budget deficit to 3.9%
Budget deficit will be above the European Union’s 3% limit
EU allowed the exceed budget limits in 2009
United Kingdom
Prepared a $29.06 bn package centering around consumer tax cut
Announced a range of tax cuts and govt spending over 18 months
Package includes 2.5% cut in VAT to 15%, postponement of corporate increase
Package will increase public borrowing to $178.6 bn next year, nearly 8% of Britain’s GDP
Germany
Unveiled plans worth 31 billion euros or 1.25% of GDP
Govt refusing to deliver tax cuts to help stimulate economic growth
Package will generate investments and new contracts worth over 50 billion euros over 2 years
New lending of up to 15 billion euros will be introduced, strengthen its lending activities
Russia
Unveiled $20 billion economic stimulus package
Package includes cut in profit tax to 24% from 20%
Govt sanctioned state-run banks to support industry with billions of dollars of soft lending
European Union
Fiscal boost amounting to 200 billion euros($260 bn), nearly 1.5% of EU’s GDP
EU commission urges member-states to commit 170 billion euros to their own rescue package
Considering system of guarantees and loan subsidies where credit is tight
Aid to SMEs increased to 30 billion euros from 10 billion Euros
China
Introduced stimulus package worth 4 trillion yuan ($586 bn)
Package mainly for govt spending on infra projects and earthquake-related relief work
Stimulus package to boost domestic demand through 2010
VAT rule changes allows companies to deduct the cost of core investment expenses
Govt increased export tax rebates for wide range of products
Australia
More than $ 12 bn for auto industry, family benefit and domestic residential backed mortgage market
Japan
$51 billion package for new govt spending
Package includes payout to families, tax break on mortgages
South Korea
$25 billion announced till date to ease financial crisis
Taiwan
$30 billion for domestic investment and consumption
Shopping voucher handout about Taiwan dollar 3,600 per citizen
Argentina
President announced $3.7 billion plan to deal with spreading financial crisis.
Source: Agencies
Here’s a look at the specific fire-fighting measures announced by various countries.
United States
President-elect Barack Obama crafting $175 bn package to create 2.5 million jobs
President George Bush signed a $168 bn, 2-yr stimulus into law in early 2008
Package includes tax rebates of up to $600 per individual earning $75,000 gross income
Declared two stimulus packages worth $ 1.5 billion
Financial Package One
Bill to disburse $700 bn in stages
After the first $250 bn is authorised, President could request another $100 bn
Final $350 bn could be cleared by a further act of Congress
Financial Package Two
Fed will purchase up to $600 billion more in mortgage-related assets
Fed will lend up to $200 billion to the holders of securities backed by various types of consumer loans
Fed will buy up to $100 billion in direct obligations from mortgage giants
US Govt Measures
Up to about $1.8 trillion in Fed purchases of top-rated US dollar commercial paper under a facility launched in October
Up to about $1.9 trillion in new Federal Deposit Insurance Corp (FDIC) guarantees for banks
Up to $800 billion in Fed support for mortgage and consumer credit markets
Up to $600 billion in Fed purchases of US dollar commercial paper and certificates of deposit under a Money Market Investor Funding
Up to $900 billion in Fed Term Auction Facility loans was offered to meet financial institutions' cash needs
Unlimited commitments to lend through discount window to banks and broker dealers(totaled $296.82 billion as of Nov. 19)
$700 billion for the Treasury to buy equity stakes in financial institutions
Treasury, the FDIC and the Fed have agreed to shoulder up to $249.3 billion in losses from a Citigroup portfolio
Unlimited temporary Fed currency swap lines with the Central banks, Fed maintains $165 billion in swap lines with other banks
Up to $50 billion from the Great Depression-era Exchange Stabilisation Fund
At least $26.57 billion in Treasury direct purchases of mortgage-backed securities since September
$200 billion to backstop Fannie Mae and Freddie Mac
Up to $144 billion in additional MBS purchases by Fannie Mae and Freddie Mac
AIG will get up to $152.5 billion in support from Treasury equity purchases
$300 billion for the Federal Housing Administration to refinance failing mortgages
$4 billion in grants to local communities to help them buy and repair homes
$29 billion in financing for JPMorgan Chase's government-brokered buyout of Bear Stearns & Co in March.
France
President Sarkozy unveiled a $32.9 billion stimulus plan
Targeting investment projects rather than directly aiding consumer
Measure to boost GDP by 0.6% by 2009
French package will cost 1.3% of GDP, will push budget deficit to 3.9%
Budget deficit will be above the European Union’s 3% limit
EU allowed the exceed budget limits in 2009
United Kingdom
Prepared a $29.06 bn package centering around consumer tax cut
Announced a range of tax cuts and govt spending over 18 months
Package includes 2.5% cut in VAT to 15%, postponement of corporate increase
Package will increase public borrowing to $178.6 bn next year, nearly 8% of Britain’s GDP
Germany
Unveiled plans worth 31 billion euros or 1.25% of GDP
Govt refusing to deliver tax cuts to help stimulate economic growth
Package will generate investments and new contracts worth over 50 billion euros over 2 years
New lending of up to 15 billion euros will be introduced, strengthen its lending activities
Russia
Unveiled $20 billion economic stimulus package
Package includes cut in profit tax to 24% from 20%
Govt sanctioned state-run banks to support industry with billions of dollars of soft lending
European Union
Fiscal boost amounting to 200 billion euros($260 bn), nearly 1.5% of EU’s GDP
EU commission urges member-states to commit 170 billion euros to their own rescue package
Considering system of guarantees and loan subsidies where credit is tight
Aid to SMEs increased to 30 billion euros from 10 billion Euros
China
Introduced stimulus package worth 4 trillion yuan ($586 bn)
Package mainly for govt spending on infra projects and earthquake-related relief work
Stimulus package to boost domestic demand through 2010
VAT rule changes allows companies to deduct the cost of core investment expenses
Govt increased export tax rebates for wide range of products
Australia
More than $ 12 bn for auto industry, family benefit and domestic residential backed mortgage market
Japan
$51 billion package for new govt spending
Package includes payout to families, tax break on mortgages
South Korea
$25 billion announced till date to ease financial crisis
Taiwan
$30 billion for domestic investment and consumption
Shopping voucher handout about Taiwan dollar 3,600 per citizen
Argentina
President announced $3.7 billion plan to deal with spreading financial crisis.
Source: Agencies
Wednesday, November 5, 2008
Bangalore techies cheer Obama
As Obama creates history by becoming the first Black to adorn the post of US President, these fans in the Indian Silicon Valley are more than a happy lot.
As Democrat Barack Obama has created history in the US Presidential elections by becoming the first Black to take control of the White House, this techie group from Bangalore would be more than happy, as their campaign has bore result.
These Bangalore techies, who had formed Barack Obama Bangalore Fan Club, were probably more enthusiastic than the American youth and they made all attempts possible on their part to fetch vote for the youth icon in his run-up for the most powerful post in the US.
Apart from calling up, SMSing and emailing friends and relatives in the US to vote for the Democrat, the club members also collected more than US$4000 from their circles, which they contributed to the election fund of Obama.
They had even organized rallies in the Indian Silicon Valley, carrying placards supporting Obama and explaining why the US as well as India need Obama in the White House.
The fan club members say they got the money for the election fund from several quarters voluntarily. And they believe that the young Democrat could bring a positive change. But it was Obama only who had played the anti-outsourcing card to woo the American youth in a recent electoral speech.
Will the fan club be able to make him retract from the announcement?
After all the statement had caused the Indian IT sector to press the panic button, as majority of outsourcing works from the US are shipped to India.
At this moment of history, some perennial questions arise.
Will the new President be able to help revive the nose-diving American economy? Will India, especially the IT sector, have to face the heat of the anti-outsourcing card played by Obama to win over the jobless youth of America?
As Democrat Barack Obama has created history in the US Presidential elections by becoming the first Black to take control of the White House, this techie group from Bangalore would be more than happy, as their campaign has bore result.
These Bangalore techies, who had formed Barack Obama Bangalore Fan Club, were probably more enthusiastic than the American youth and they made all attempts possible on their part to fetch vote for the youth icon in his run-up for the most powerful post in the US.
Apart from calling up, SMSing and emailing friends and relatives in the US to vote for the Democrat, the club members also collected more than US$4000 from their circles, which they contributed to the election fund of Obama.
They had even organized rallies in the Indian Silicon Valley, carrying placards supporting Obama and explaining why the US as well as India need Obama in the White House.
The fan club members say they got the money for the election fund from several quarters voluntarily. And they believe that the young Democrat could bring a positive change. But it was Obama only who had played the anti-outsourcing card to woo the American youth in a recent electoral speech.
Will the fan club be able to make him retract from the announcement?
After all the statement had caused the Indian IT sector to press the panic button, as majority of outsourcing works from the US are shipped to India.
At this moment of history, some perennial questions arise.
Will the new President be able to help revive the nose-diving American economy? Will India, especially the IT sector, have to face the heat of the anti-outsourcing card played by Obama to win over the jobless youth of America?
Subscribe to:
Posts (Atom)