TeamLease said double-digit salary hikes are likely this year and the average salary growth in India could hit near 20% levels in 2012
New Delhi: Notwithstanding sluggish economic conditions, India Inc is expected to dole out double-digit salary hikes this year and overall rise in pay packets could go up to 20%, says a survey, reports PTI.
Staffing firm TeamLease Services said in a report that Indian companies are now recognising the need to strike a balance between the need for talent and salary package.
TeamLease said double-digit salary hikes are likely this year and the average salary growth in India could hit near 20% levels in 2012.
"With businesses striking a right balance between talent and pay, India Inc seems to be finding fixes for many of the issues plaguing the employment market like talent acquisition and retention," TeamLease Services senior vice president Sangeeta Lala said.
Noting that Indian job market is fast maturing, the report said that companies are hiring and rewarding the right talent.
Citing instances, TeamLease said hiring in IT sector grew by almost 20% year-on-year in 2011.
At the same time, the industry managed to retain top talent without having to increase salaries much.
"Healthcare is the industry with the healthiest growth in salaries in 2011, touching a whopping 19% average rate of growth across profiles and cities. Interestingly, attrition hit a three-low in 2011," the survey said.
Finance minister Pranab Mukherjee, who will assume chairmanship of ADB, said the global issues which have a bearing on the Asian economies would be discussed at the meeting
Manila: With the Indian rupee fast losing value against the US dollar, Indian finance minister Pranab Mukherjee blamed volatility in global commodity prices for currency depreciation and said deteriorating balance of payment (BoP) situation in several Asian countries also put stress on currencies, reports PTI.
“In several Asian countries, except China, the BoP is under stress which leads to currency depreciation,” Mr Mukherjee told reporters.
Mr Mukherjee, who is attending the 45th annual meeting of the Asian Development Bank (ADB) Board of Governors said certain fundamentals in the Indian economy have to be corrected against the backdrop of the rating agency Standard and Poor’s downgrading outlook for the country’s sovereign rating. However, he did not elaborate.
Mr Mukherjee, who will assume chairmanship of ADB, said the global issues which have a bearing on the Asian economies would be discussed at the meeting.
Although the meeting began on 2 May 2012, Philippine president Benigno Aquino III formally inaugurated the plenary marked by impressive ballets by the local artists.
India’s currency has suffered sharp losses by over 15% in the last few months, leaving a bruising impact on the country’s imports, which mainly comprise crude oil. The rupee depreciation has resulted in the higher landed cost of the crude oil by the state-owned oil marketing companies, which have not been able to pass on the price increase to the consumers.
With the prospect of the subsidy bill shooting the budgeted target of Rs1.8 lakh crore, global rating agency Standard and Poor’s has downgraded the country’s sovereign rating outlook.
The Reserve Bank of India (RBI) has expressed concern over the worsening current account deficit, which is likely to be 3.5% to 4% of the GDP for 2011-12.
Asked about the rating outlook downgrades of the India’s sovereign rating, Mr Mukherjee said that the fundamentals of the economy have to be corrected. “Fundamentals...we shall have to correct...” he said without elaborating what action the government was mulling.
He said the domestic issues cannot be discussed since Parliament is in session.
The main areas of concern for Mr Mukherjee were Eurozone and Japan, as they provide a big market to the merchandise from the developing world.
The Indian finance minister who will assume chairmanship of the ADB Board of Governors for a year, said the Asian region is still doing better than the developed countries.
“We will review the world economy... the (Asian) region is one of the important contributors to the world economy,” he said. India will be hosting the ADB annual meeting next year in New Delhi.
According to ADB Bank president Haruhiko Kuroda, Asia’s economy this year is set to grow by 6.9% and 7.3% next year. It is the internal demand within the region that is driving the Asian growth.
“Production of wheat, rice and cotton has broken the 60-year record,” agriculture minister Sharad Pawar said
New Delhi: India will have an all-time high foodgrain production of over 252 million tonnes in 2011-12 with a record output of wheat, rice and cotton, reports PTI quoting agriculture minister Sharad Pawar.
Replying to supplementaries during Question Hour in Rajya Sabha, he said the record foodgrain production of 252.56 million tonnes would be higher than 235.88 million tonnes output in 2010-11.
“Production of wheat, rice and cotton has broken the 60-year record,” he said.
Wheat production is expected to be a record 90.23 million tonnes against 84.27 million tonnes last year, while rice output is likely to be 103.41 million tonnes compared to 94.11 million tonnes in 2010-11.
Cotton production at 35.2 million bales (of 170 kg each) will be higher than 33.9 million bales last year.
Mr Pawar said a committee of eminent industrialists like Mukesh Ambani, Jamshyd Godrej and M S Banga had given 15 recommendations including liberalising agri-procurement, streamlining norms for private investment in agriculture supply chain and revisiting Minimum Support Price (MSP) norms.
While it is argued that the involvement of private sector was expected to give fillip to the agri sector, he said the government is opposed to private companies taking land ownership for cultivation.
“It is the endeavour of the government to protect ownership interest of farmers,” he said adding the government would not support suggestions like giving agriculture land on lease to private firms for cultivation of cash crops.
The committee of industrialists had also suggested linking agri-credit with crop insurance, increasing competition in rural banking, promoting R&D investments in high-yielding hybrids, promoting sustainable agricultural practices, leveraging and promoting technical innovations, conducting land reforms in a phased manner and setting up of agricultural parks.