Karnataka government approves the 70% local jobs policy

Karnataka government approves the 70% local jobs policy. This is a new industrial policy for 2020-25, that aims to allocate 70% of the total job openings to Karnataka people.

Karnataka govt. approves 70% local jobs policy

The industries Minister of Karnataka, while announcing this policy says that the state aims to attract Rs.5 lakh crore worth of investments. Under this policy, around 20 lakh job opportunities will be provided.

This new policy will also help Karnataka to become third in merchandise exports in the whole country. Currently, it is in the fifth position. The state is also aiming for a 10% increase in industrial growth. In order to achieve this, the state is promoting industrial activity in areas other than Bangalore

The investment promotion will also be provided to the companies based on the turnover. These companies will receive 10% of the turnover per year, until 5 years. Exemption of stamp duty, concession on registration charges will also be provided.

These companies will also be provided with reimbursement of land conversion fee. But for medium, large, and mega industries the investment subsidy will be of 1.75% to 25% for a total period of 5 to 10 years

Also, read: Indian companies lack empathy: Ratan Tata

Under this new policy, the state also wants to develop private industrial parks which helps in providing several job opportunities

Follow Expert jobs on Telegram and stay updated!

Also, read: Zoom plans to open a technology center in Bangalore
Uttarakhand CM writes to Sundar Pichai to invest in the state
Government extends WFH terms for IT and ITES companies

Tagged : / / / / / /

Salaries are cut and increments are canceled by Tech Mahindra. But jobs are safe

One of India’s biggest IT service provider Tech Mahindra has released a statement saying that due to the corona lockdown all the promotions and bonuses are put on hold for now. This is due to the lack of revenue since the start of the lockdown. TechMahindra has reported a huge loss of 29% in revenue.

On the brighter side, Tech Mahindra has confirmed that no employee will be fired for now.

Yesterday, while announcing the financial results of the quarter, Tech Mahindra CEO has confirmed the same by saying they are canceling all the bonuses, hikes, and increments for this quarter. This is applicable to all employees of Tech Mahindra.

For senior and mid-level employees, there were undisclosed salary cuts. But for junior-level employees there were no salary cuts planned, Tech Mahindra CEO has confirmed. The situation for now at Tech Mahindra is that no employee is going to be fired. But in the future, depending on the revenue and number of projects at hand, some employees might be asked to leave the organization.

Tech Mahindra CEO has added that unless there is a situation where a complete line of business will be closed, there won’t be any firing of the employees.

Around 90% of the Tech Mahindra employees are currently working from home. The CEO while announcing the quarter results has described that this is a tough period for the company. The company has reportedly lost 29% of the consolidated profits in this quarter. Currently, there are around 1,25,236 employees working in Tech Mahindra which is 4.3% less than the previous quarter.

Related articles:
Infosys suspends promotions, hikes, and all hiring,
All the major Indian MNC’s have postponed the appraisals, bonuses, promotions due to the current pandemic situation

Tagged : / / / / / / / / / / /

Infosys suspends all hiring, promotions and salary hikes

India’s second-largest software exporter by revenue, Infosys Ltd. is following a similar path set by its fellow companies to refrain from projecting revenue growth for the 2021 financial year.

Earlier, last week Wipro has announced that it is refraining from giving quarterly guidance. Other companies such as Cognizant has also followed the same trend.

Infosys released a statement saying that considering the current business uncertainty due to the COVID-19, the company will be unable to provide revenue guidance and margins for FY2021. Once the situation improves, the company will participate again in the revenue projection.

The management of Infosys has said that it has suspended all the hirings, promotions, salary hikes this year to control costs. But the company is planning to honor all the job offers already made, which are around 35,000 in number

In the fourth quarter, Infosys’ net profit is at Rs. 4335 crores which is down nearly 3% q-o-q. It was up by 6.3% annually, though helped by the higher income and lower taxes. The revenue during the March quarter grew by 0.8% sequentially.

CEO & MD of Infosys have said that even though the immediate short term will be challenging, going forward there could be huge interest from the investors due to agile service delivery and high-quality financial resilience. The attrition rate in the October-December quarter was 19.6% and grew up to 20.7% in the fourth quarter.

Recently, Infosys has come out of an internal crisis after receiving a clean chit from the US SEC in a case that accused the firm’s top executives getting involved in unethical practices to increase the company’s revenue.

Tagged : / / / / / / /

IT sector could grow up to 7.7% in the Fiscal Year 2020 – NASSCOM

The National Association of Software and Services Companies, NASSCOM said that India’s IT sector could grow 7.7%, which is 191$ billion in the fiscal year 2020. This includes, the exports reaching up to 147$ billion. India’s Information Technology and back-office sector are the main contributors to this growth.

Around 2,05,000 jobs were added in the information sector during this fiscal year and around 1,85,000 jobs were added in the fiscal year 19. The officials are hoping for a similar successful fiscal year 21.

According to the NASSCOM president, Mr.Debanji Ghosh it was a good performance by the IT sector. He also said that any sector which registers a growth percentage of 7 or higher is a good, strong industry when the world economy is growing around 3 percent.

NASSCOM discontinued the annual forecast for the upcoming year since the last year, but instead, it states the CEO’s confidence. According to 57$ of CEOs, the next fiscal year 2021 will be as successful or better than the current fiscal year.

Tagged : / / / /