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56,000 IT employees in danger

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Indian IT industry

New Delhi, May 13: The Indian IT industry of $150-billion is planning laying off 56,000 of its employees earlier it was seen as white-collar job.

For years, many IT giants like Infosys, Tech Mahindra, Cognizant, etc considered as the placement hub. But now they are on the verge of saying bye to their employees.

According to companies, the reason for lay-off is their employees are non-performers or under performers which can affect their career growth as well.

France-based Cap Gemini SA plan to let go of 4.5% of their workforce in 2017. Cognizant has placed more than 15,000 employees in the lowest category and Infosys has placed more than 3,000 senior managers in the category of employees needing improvement.

The numbers were collated by Mint after extensive interviews with 22 current and former employees across these seven companies.

Many reasons are there for massive layoffs:-

1. The trend of automation

Due to automation many jobs are being replaced by machines especially which are repeatitive. It helps in saving costs and improving performance.

2. The protectionism introduced by US.

Due to increase in H1B visa cost to $130,000 from existing $60,000. Australia, Singapore and many other popular lucrative markets made both time-consuming and costly.

3. Rises of protectionist politics in US, Europe

Pressure of rise of protectionist politics in advanced economies contracts the outsource contracts to firms in India.

Thus, in the short- and medium-term, Indian IT sector is in for some rough times, but their are silver linings too. The push to increase digitisation in India will, over a period of time, lead to a large local market opening up.

According to IT companies it will take some time to materialise meanwhile massive layoffs are compulsory.

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GST Council nod for mandatory e-Way Bill for inter-state goods movement

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GST Bhavan. (File Photo: IANS)
GST Bhawan (File Photo)

New Delhi, Dec 16: The Goods and Services Tax (GST) Council on Saturday approved mandatory compliance of e-Way Bill for inter-state movement of goods from February 1, sources said here.

Some states might roll out both inter-state and intra-state e-Way Bill from February 1 on a voluntary basis. The system for e-Way Bill will be available from January 15.

E-way bill for intra-state will be compulsory from June 1, the source added. However, implementation of e-Way Bill for intra-state movement will done in a staggered manner from February.

IANS

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Cabinet nod to amend Specific Relief Act for ease of business

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ravishankar prasad
Ravi Shankar Prasad( Law Minister)

New Delhi, Dec 15: In a move to further ease procedures for doing business in the country, the cabinet on Friday approved a bill proposing to amend the Specific Relief Act, 1963, Law Minister Ravi Shankar Prasad announced here.

Briefing reporters here after a cabinet meeting, the Minister said that with the concerned bill slated to be tabled in the winter session of Parliament, he was unable to elaborate any further on the proposed legislation apart that it was for “ease of doing business.”

“Among the significant decisions, the cabinet approved the proposal to introduce amendments to the Specific Relief Act, 1963, as part of ease of doing business,” Prasad said.

“The Specific Relief Act, 1963, is being changed substantially..being modernised for promoting growth and investment,” he added.

The government has been contemplating amendments to the Specific Relief Act to limit the compensation and relief that courts can give in cases involving execution of infrastructure and development projects.

According to official sources here, the proposed changes seek to introduce guidelines for reducing the discretion granted to courts and tribunals while granting performance and injunctive relief.

The government constituted a five-member expert committee last year, to review the Act and suggest changes needed to remove bottlenecks in execution of contract-based infrastructure development, public private partnerships and other public projects.

In its report, the committee recommended changes in the law to limit the powers of courts to award relief.
“Any publi” work must progress without interruption. This requires consideration whether a court’s intervent’on in public works should be minimal. The role of courts in this exercise is to interfere to the minimum extent so that public works projects will not be impeded or stalled,” the committee “aid in its report.

IANS

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CBEC hikes customs duty on mobile phones, TVs and other electronic items

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New Delhi, Dec 15: The Ministry of Finance on Friday increased customs duty on import of mobile phones and other electronic devices such as televisions, mobile projectors, microwave and water heaters.

In a notification issued by Central Board of Excise and Customs (CBEC), the customs duty on certain sections of mobile phones has been raised from 10% to 15%.

While customs duty on television sets has been scaled up to 15 per cent from the existing 10 per cent.

Similarly, the customs duty on monitors, microwave ovens, projectors has been doubled to 20 per cent, as per the notification.

The Custom duty on push button telephones or mobile phones has been raised to 15 per cent from nil.

The changes will impact tech and electronic titans such as Apple, Sony which have been planing to set up manufacturing units in India.

WeForNews 

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