More expats returning to India to earn a living, say experts

The appointment of expats in the automobile space has increased nearly three-fold. In technology centres of banking and financial services companies, hiring has increased by five to six times

There has been an upsurge in hiring of non-resident Indians and expats by companies in the country in the past two years, thanks to improved infrastructure and competitive compensation levels, experts say.

"In last two years, most of the companies are hiring non-resident Indians (NRIs) and expats because there is an increase in demand for such skilled professionals," executive search firm GlobalHunt India director Sunil Goel told PTI.

Echoing a similar opinion, executive search firm EMA Partners International's managing partner for India K Sudarshan said, "Over the last few years, expats are more than happy to come to India largely because of the fact that Indian companies are globalising, people now want to be part of the India growth story and the compensation level is very competitive."

Elaborating on the reason behind the surge, Mr Goel said, "Of late, infrastructure in India has improved a lot. Compensation levels have become competitive as per the cost of living; good availability of healthcare and education services are attracting most NRIs to look back at opportunities in their own country."

Besides, the slow recovery of Western markets has forced a large pool of NRIs and expats to look for opportunities outside and here India tops the list. Any positive movement towards global recovery will give a boost to a company's operating earnings from India, Mr Goel added.

According to GlobalHunt India, those segments which registered the maximum number of expats hiring include banking and financial services, automobile, infrastructure, pharma and retail.

The appointment of expats in the automobile space has increased nearly three-fold, while, in technology centres of banking and financial services companies, hiring has increased by five to six times.


SC stays mining activities of Reddy brothers in AP

The SC has stayed all further mining activities by the Obulapuram Mining Corp owned by the Karnataka ministers-cum-mining magnates—the Reddy brothers, in Andhra Pradesh

In a setback to the Reddy brothers, the Supreme Court (SC) on Monday stayed all further mining activities by the Obulapuram Mining Corporation (OMC) owned by the Karnataka ministers-cum-mining magnates in Andhra Pradesh, reports PTI.

A bench of Chief Justice KG Balakrishnan and Justice Deepak Verma appointed an expert committee headed by the Survey of India to review the mining areas and ascertain allegations of large-scale encroachment of reserve forest areas by the powerful mining lobby.

The apex court granted two weeks to the committee to file its report and said no further mining activities would be permitted at the site until further orders.

The SC also issued notices to the Reddy brothers, including G Janardhan Reddy and his brother Karunakara Reddy, on the special leave petition (SLP) filed by the Andhra Pradesh government challenging the 26th February state High Court order quashing the cancellation orders passed by the state.

Attorney General GE Vahanvati submitted that the High Court ignored the findings of the apex court-appointed Central Empowered Committee (CEC) and the high-level inquiry committee of the state government.

Both the Committees, after conducting independent inquiries, had arrived at concurrent conclusions that the Reddy brothers have encroached into vast areas of reserve forest land in the state.

The apex court said that the committee headed by the Survey of India would also include members drawn from the state department of forests, mines and revenue.

The High Court had decided the matter as the case was sent back to it by the apex court on 14th January with a direction to decide on it within a month after both OMC and the Andhra Pradesh government consented to it.

The apex court was of the view that the High Court, which had earlier given a conditional order for carrying on mining by OMC, would be in the best position to decide the vexed issues of boundary dispute involved in the matter and allowed all parties to make their case before the High Court.

The CEC had criticised Janardhana Reddy and his brothers for "illegal" mining by them in the Bellary reserve forest.

The Andhra Pradesh government had alleged that the OMC extended the area of mining by removing the pillars which formed the boundary of the area for which the lease was granted. The state government had issued an order prohibiting mining after CEC had recommended stoppage of mining by the company in the area.

The CEC was constituted by the SC to inquire into the matter based on a writ petition filed by Tapal Ganesh of Bellary against OMC over alleged illegal mining in violation of the Forest Conservation Act.


US House passes health Bill; Obama says it’s a victory for all

The Bill carries a price-tag of $940 billion over 10 years and would ban insurance companies from practices like denying coverage for pre-existing illness, dropping people from coverage when they get sick or capping lifetime coverage

In a landmark legislation, the US House of Representatives on Monday passed the sweeping healthcare reform package, extending Medicare coverage to 32 million uncovered Americans and cracking down on insurance companies, reports PTI.

The Bill was passed after a Democratic-controlled Congress reached a last-minute deal with the pro-abortion lobby to register a stunning 219 to 212 vote approval with opposition Republicans not breaking the line.

The Bill carries a price-tag of $940 billion over 10 years and would ban insurance companies from practices like denying coverage for pre-existing illness, dropping people from coverage when they get sick or capping lifetime coverage.

Congressional officials said that they expected president Barack Obama to sign the deal as early as Tuesday and the stakes on the Bill ran so high that it forced Mr Obama to delay an official trip to Australia and Indonesia.

The passage of the Bill gave Obama supporters a boost as the president’s ambitious domestic agenda includes sweeping reforms of the immigration process and climate-change legislation.

Jubilant after the victory in Congress, Mr Obama described Medicare as a major reform and a “victory for the American people.”

"Tonight's vote is not a victory for any one party—it's a victory for them. It's a victory for the American people. And it's a victory for common sense," a beaming Mr Obama said shortly after the passage of the historic Bill.

A comprehensive Medicare Bill has been the goal of US presidents stretching back to decades but legislation had proved elusive as legislators were apprehensive of cracking down on big business including insurance.

Mr Obama congratulated the Congress for passing his signature legislative goal on which he had staked his presidency.

"Tonight when the pundits said it was no longer possible, we rose above the weight of our politics," Mr Obama said in televised remarks from the White House.

"We proved that we are still a people capable of doing big things. We proved that this government—a government of the people and by the people—still works for the people," he said.

"Today's vote answers the prayers of every American who has hoped deeply for something to be done about a healthcare system that works for insurance companies, but not for ordinary people," Mr Obama said.{break}

"This isn't radical reform. But it is major reform. This legislation will not fix everything that ails our healthcare system. But it moves us decisively in the right direction. This is what change looks like," he added.

Mr Obama said that on Tuesday, the Senate will take up revisions to this legislation that the House has embraced, and these are revisions that have strengthened this law and removed provisions that had no place in it.

The United States is the only developed nation which does not offer its citizens comprehensive healthcare, with nearly 50 million Americans uninsured.

"We will be joining those who established Social Security, Medicare and now, tonight, healthcare for all Americans," said Speaker Nancy Pelosi, referring to the government's pension programme and health insurance for the elderly established nearly 50 years ago.

"This is the civil rights act of the 21st century," added Rep Jim Clyburn, the top-ranking African-American member of the House.

However, Republicans said that Mr Obama's health reform plan would saddle the nation with unaffordable levels of debt, leave states with expensive new obligations, weaken Medicare and give the government a huge new role in the healthcare system.

"We have failed to listen to America," said Rep John Boehner.

Following the House vote, Mr Obama planned to launch a campaign aimed at countering conservatives' criticisms of the healthcare bill, his aides said. Mr Obama reminded his countrymen that his commitment to growth remains the topmost priority.

"The work of promoting private sector job creation goes on. The work of putting American families' dreams back within reach goes on. And we march on, with renewed confidence, energised by this victory on their behalf," he said.

"In the end, what this day represents is another stone firmly laid in the foundation of the American Dream. Tonight, we answered the call of history as so many generations of Americans have before us. When faced with crisis, we did not shrink from our challenge—we overcame it. We did not avoid our responsibility—we embraced it. We did not fear our future—we shaped it," Mr Obama said.


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)