Washington: India is a net job creator for US companies, not the other way around, National Association of Software and Services Companies (NASSCOM) chief Som Mittal said on Friday, strongly refuting the public perception here that outsourcing and free trade agreements are responsible for America's current economic woes, reports PTI.
“India is a net job creator for US companies, not the other way around. The Indo-US economic relationship benefits the American economy and its job market in many important and tangible ways,” Mr Mittal wrote in an opinion piece in the Seattle Times.
The US has emerged as a preferred destination for Indian investment. In fact, India now ranks second, behind the UAE, in the list of fastest-growing foreign investors in the US, he argued in his article.
Observing that India has never sought publicity for its commercial connections to the US, Mr Mittal said India it has quietly become both a major investor in America and a significant destination for American goods and services.
“It has a rapidly growing population of consumers hungry for products of many kinds. And unlike other large economies that have been suffering through recessions in recent years, India has increased its total outward foreign direct investment and devoted an increasing share of that largesse to the American market in need of financial support,” he said.
Referring to a recent study by Ernst & Young, which was commissioned by the Federation of Indian Chambers of Commerce and Industry (FICCI), Mr Mittal said it found that Indian companies have increased their investment in the US by more than $20 billion over the past five years.
According to the study, those investments have supported the creation of more than 65,000 American jobs.
“That number got even higher when president Obama visited India in November. At the president’s summit with prime minister Manmohan Singh, US business leaders signed export deals with India worth more than $10 billion to US employers like Boeing.
President Obama estimated those contracts would create 50,000 American jobs—many in the Seattle area—in the near future, proof that America’s expanding economic partnership with India is far from a one-way street,” Mr Mittal said.
The study also revealed another welcome trend; an increasing percentage of India’s outward-directed investment is going to the US In the past two fiscal years alone, roughly 20% of Indian companies' acquisitions abroad were in the US, and that percentage is still rising, he said.
In fiscal 2009 and 2010, Indian companies made 536 foreign acquisitions and 105 of them were in the US.
During the quarter that ended in June of this year, Indian companies completed 101 outbound acquisitions of which nearly a quarter were American firms.
The companies that were purchased tended to be in the same industries that Americans fear are losing the highest number of jobs to India. According to the study, information technology was the fastest-growing area of outbound investment, followed by manufacturing and pharmaceuticals.
Kolkata: The Calcutta Stock Exchange (CSE) today said it has received the Securities and Exchange Board of India's (SEBI) nod to allow trading on the National Stock Exchange (NSE) platform, reports PTI.
“We have received SEBI's approval to allow NSE trading for our members through the local bourse,” CSE chairman Dipankar Chatterji told PTI.
The CSE board will finalise the modalities and fees structure shortly after receiving brokers’ feedback, Mr Chatterji said.
CSE expects to make the NSE platform operational by early February. The bourse already offers trading facility for Bombay Stock Exchange (BSE) scrips.
The local bourse already does daily average business of Rs30 crore from the BSE trading platform.
After the operationalisation of the NSE platform, the exchange hopes to create a combined turnover of Rs80-Rs100 crore from cash segment of BSE and NSE.
“The exchange will witness a major jump in turnover after we introduce futures and options segment of NSE in CSE,” Mr Chatterji said.
The new Ritz ad whizzes past my mind the moment it’s done, just as the car whizzes past the highway. Another bunch of crores of rupees and creative man hours down the tube
To be quite frank, the brand name Ritz kinda worries me a bit. It just doesn't work for a car, and no, not even for a lowly hatchback. Ritz sort of cues stuff like wafers and biscuits and condoms, the instantly perishable types. But for a product that costs me around Rs5 lakh? Something's not right here, which probably explains why the Maruti blokes have been tinkering with Ritz's ad ever since the car was launched just about two years ago.
The latest ad tries to make the brand stand for something. And the punch line 'Live the moment' to mean something for the car buyers. So the commercial is a collage of shots of young people enjoying their 'special moments'. Baby at peace in the car. A kid trying to climb the roof of the car to pluck a fruit or some such thing. Another sod proposes to his partner by scribbling on the vanity mirror, etc, etc. 'How many moments have you lived?' asks the voice over.
Well, don't know about that sir, but the special moments you have portrayed in the ad I have lived again and again and again. Not in my entirely boring and unhappening life, but in adverts for all sorts of products and brands. Booze, cars, bikes, insurance, chocolates, detergents, lipsticks, fans, ball bearings even… I have lived these clichéd moments repeatedly. And now these 'special moments' at beaches, highways, traffic junctions, forests, etc, leave me totally cold and numb. They work for just about any product, ergo, they have NOTHING to do with the Ritz, and they hold no value for me. They tell me nothing about the car that's unique; neither in terms of features and styling, nor in terms of an emotional connect. The ad nicely whizzes past my mind the moment it's done, just as the car whizzes past the highway. Another bunch of crores of rupees and creative man hours down the tube. Tch, tch, tch.
And oh, that very floozy brand name. Even if the ad had rocked and won a Cannes Lion, I ain't spending Rs5 lakh (taxes and RTO bribes extra) on a waffle. So count me out anyways.
By the way, wish you all a delightful new year. May your life be filled with special moments. No, not the Ritz kind, I mean really special. Cheers!