Moneylife offers its readers a unique service—helping redress grievances on a best-effort basis....
A global provider of IT solutions 3i Infotech said that Pankaj Chawla has been elevated as president of its India, Middle East, APAC (Asia Pacific) and Africa markets. Earlier Mr Chawla was head of Middle East, Africa, Russia & CIS regions.
In his new position, Mr Chawla will be in charge of 3i Infotech's business operations across significant markets which account for approximately 40% of the company's global revenue.
Prior to joining 3i Infotech, Mr Chawla served as the managing director of LogicaCMG for the South Asian region. He has also worked with leading organisations like General Electric and Satyam Computers. With over 16 years of extensive experience in a wide range of IT businesses, Mr Chawla's key strengths are his in-depth IT knowledge and the ability to strategise for diverse markets.
"In this new role, my aim would be not only to drive sustainable growth but also to ensure operational excellence in these rapidly developing markets, thus creating many more satisfied customers for the organisation," Mr Chawla said.
Mr Chawla holds an engineering degree from the Institute of Engineering & Technology (IET), Lucknow, and an MBA from the Indian Institute of Management Calcutta (IIM-C), Kolkata, India.
In the South Asia region Mr Chawla will be assisted by Narayan V who has recently been assigned the role of region head-South Asia. Mr Narayan has earlier been associated with 3i Infotech as the vice president and region head-Middle East and North Africa.
New Delhi: Food inflation declined, but still remained at an elevated level of 16.91% for the week ended 1st January, prompting the government to assure more steps to rein in prices of essential items that have moved up, reports PTI.
Even as food inflation moderated from 18.32% from the previous week, overall inflation, as measured by the wholesale price index, is likely to be pushed up in the range of 8.2%-8.5% in December from 7.48% in the previous month, economists said.
The overall inflation for December, slated to be released on Friday, is expected to pressure the Reserve Bank of India (RBI) to further hike policy rates at its 25th January policy review, despite industrial growth plunging to 18-month low in November.
Even as food inflation showed a meagre decline, vegetable prices were up 3.84% during the week, with onion rates rising by 1.73%.
With prices of the bulb already up, this much rise in its prices within a week, makes it still costlier.
The extent of rise could be gauged from the fact that onion turned expensive by 70.70% year-on-year. Overall vegetables were costlier by 70.73% on an annual basis.
Among individual items in the food inflation index, eggs, meat and fish became costly by 16.70%, milk by 13.20% and fruits by 17.71% annually.
However, prices of pulses declined by 14.84%, wheat by 4.87%, potatoes by 1.67% and cereals by 0.12% on an annual basis.
In the non-food category, prices of fibres and minerals have climbed 36.71% and 16.70% respectively.
Analysing the inflation figures, Standard Chartered regional head of research Samiran Chakraborty said there has been no real decline in prices of vegetables.
"Year on year drop is mainly because of the base effect. Prices continued to remain high. However, week-on-week milk and electricity (prices) have declined," Mr Chakraborty said.
Exuding confidence of being able to rein in food prices, finance minister Pranab Mukherjee told reporters, "We have analysed the situation. We have indicated what further steps we are going to take."
However, he cautioned against any "unnecessary panic."
"We have also indicated that there should not be any unnecessary panic. I always believe, today it is very encouraging weekly fluctuation, next week it may be or not be, because of one or two or three commodities," he said.
Expecting the RBI to hike rates by 25 basis points in January policy review, Mr Chakraborty pegged overall inflation to be 8.3%-8.5% in December.
However, Crisil chief economist DK Joshi expects food inflation to come down further, unless there is another supply constraint.
He expected overall inflation to stand at 8.2% in December, but that the rate would moderate to 6.5% by March-end.