Career
Cabinet nod to enable public sector units to hire talent
The union cabinet under the chairmanship of Prime Minister Narendra Modi gave ex post facto approval to a proposal to enable central public sector enterprises to hire talented and experienced persons from states and private sector.
 
The decision essentially confers ex post factor approval to the 3 March 1987, proposal for amendments to the resolutions of the Public Enterprises Selection Board (PESB).
 
According to the proposed amendments, candidates can be selected from the public enterprises and private sector as non-internal candidates for five years for appointment in Central Public Sector Enterprises (CPSEs).
 
Another amendment pertains to holding of office by the PESB chairperson and members for three years from the date of assumption of charge or until they attain the age of 65 or until further orders, whichever is earlier.
 
"The amendments will continue to provide a wider pool of professionals for selection by allowing the candidates from state public sector enterprises (SPSEs) and private sector to be considered for senior positions in the CPSEs," an official statement said.
 
It added: "CPSEs will also benefit by the skill-sets and domain expertise of those coming from the SPSEs as well the private sector. It will also ensure that the CPSE senior management gets the benefit of the perspective gained both within and outside."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Google yet to build smartphones on its own: Sundar Pichai
Software giant Google has no plans to do its own smartphone as of now and will continue to work with original equipment manufacturers (OEMs) on building Nexus devices, Indian-born top executive Sundar Pichai has said.
 
Addressing a packed "Code Conference" in California on Wednesday, Pichai said that "our plan is still to work with hardware partners".
 
"Nexus, we are investing more effort into them. You'll see us put more thought into Nexus devices, there are categories beyond phones, we'll be opinionated where we need to be to push the category forward," he added.
 
According to a Tech Crunch report, since Google is the origin of Android, if it controls the entire experience (like Apple), the company may be able to optimise what it considers to be the best Android experience.
 
"For now, however, it seems like the company is content with working with partners like its Nexus programme," it added.
 
"Android is a very open ecosystem, the answer may not be a global one player answering it every part of the world," Pichai told the gathering.
 
"You have great examples of regional players in places like India and China which serve the needs of those markets very well," the Google executive noted.
 
Today, Android has become one of the largest ecosystems in the world thanks to the company's open approach to Android.
 
"Globally it's a very competitive marketplace. The smartphone industry, the hardware industry, it's a very efficient industry. Even Amazon, they base it on Android too. I look at it and say Android is a large scale, open platform," Pichai said.
 
Taking on intelligent virtual friends like Apple's Siri and Microsoft's Cortana, Pichai recently announced "Google Assistant" which will help you with daily tasks like booking movie tickets.
 
Pichai also unveiled "Google Home" - a voice-activated product that brings "Google Assistant" to any room in your house, a new messaging app called "Allo" and video calling feature "Duo" at the "Google I/O," its annual developer conference recently.
 
The "Google Assistant" is conversational - an ongoing two-way dialogue between you and Google that understands your world and helps you get things done.
 
"Computers are good at certain things but what's changing is we now believe we can start doing the things which are much more intelligent," Pichai said at Code Conference.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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India’s consumer story would be one of the world’s most compelling over the next 20 years: Goldman Sachs
With a young, tech-savvy population, improved education and rapid growth, India is creating a consumer market deeply tied into mobility and connectivity. Where spending in neighbours like China is driven by an emerging Urban Middle class, there are great opportunities in India in the much larger Urban Mass, says a report from Goldman Sachs.
 
According to the report, India’s consumer story will be shaped by its 440 million (44 crore) Millennials and 390 million (33.9 crore) Gen Z that are born after 2000. The sheer size of India’s youth combined with improved education pave the way for sustained growth in purchasing power and it makes India’s consumer story one of the world’s most compelling ones for the next 20 years. The nation’s challenge is to create enough jobs to unleash the productivity of India’s talented youth, it says.
 
 
Goldman Sachs says, India’s GDP per capita at $1,650 in 2015 is comparable to China in 2005. However, in the coming decade, India’s consumer story will be led by its 130 million (13 crore) urban mass consumers. This marks a different path from China, which was predominantly an urban middle formation story during 2002-2012.
 
According to the report, India’s Urban Middle cohort is small. It says, "We estimate that the workforce that falls into the urban middle ($11,000 annual income) stands at 27 million (2.7 crore), or 2% of population. It will expand, but investors need to be careful in calibrating the potential addressable market for companies targeting this cohort."
 
 
In India, brand investing will be a big theme in everything, Goldman Sachs says, cautioning about the value-for-money consumers in the country. "We believe that India’s urban mass will trade up into brands which offer the most incremental value, but may not readily jump to aspirational brands. In purchasing a car, for example, India consumer’s first criterion is the brand’s reputation for fuel efficiency," it added.
 
According to the report, best categories positioned for profit pool expansion include packaged snacks, baby products, premium personal care, scooters, SUVs and jewellery. But one profit pool that may grow faster than them all is restaurants, it says.
 
Mobile connectivity and ecommerce are two segments where India will leapfrog the most, Goldman Sachs feels. It says, "Payment system and supply chain challenges remain but are not insurmountable. Improved mobile connectivity will also challenge the domination of TV as a primary source of household entertainment over time, creating a bigger profit pool for content providers and mobile gaming."
 
According to the report, growth of luxury and high end in general will be limited over the next 20 years. Culturally, India’s affluent consumers tend to shy away from ostentatious display of wealth. One area where Indians do splurge on is weddings. The number of weddings and household formations will increase over the next five years, given India’s demographics, peak birth reached 22-23 years ago, it added. 
 
For India, lack of housing affordability remains a key challenge, Goldman Sachs says.  "Urban mass households find it very difficult to get a mortgage unless both spouses work. Affordability has been further stretched by loan rates and inflation in basic commodities, where were particularly high between FY11-14. Urban middle class earns around $14,000 per year on average with the typical age of buying at 35-40 years. The average buying price is around $120,000 thus requiring around 8.5 years of annual salary for buying the house. With 20% of households having two working members, the affordability is more within reach to the urban middle," it added.

 

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COMMENTS

manoharlalsharma

6 months ago

Title is so attractive let his hope be fulfilled

Shivam Bose

6 months ago

Can I get a link to the above mentioned report ?

JOBBY KUNJACHEN

6 months ago

Incase GDP growth in coming years will be jobless growth, how will millennial earn to consume? The only way such consumption if any, can be funded is via debt.

Jyotin Mehta

6 months ago

Excellent insights...

Jyoti Dua

6 months ago

A useful analysis for Start -Up and those looking to commence or expand their business. Good report for policy makers too.

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