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<keyword id="20779198" type="General" weightage="20" keywordseo="Chief-Economic-Advisor" source="keywords">Chief Economic Advisor</keyword> V Anantha Nageswaran emphasized the crucial and positive role that artificial intelligence (<keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>) can play for the <keyword id="22505095" type="General" weightage="20" keywordseo="Indian-demography" source="keywords">Indian demography</keyword> and <keyword id="20278114" type="General" weightage="20" keywordseo="labour-force" source="keywords">labour force</keyword> during a press conference on the <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24. He noted that within the next decade, India is poised to become the world's third-largest economy and will benefit significantly from its demographic dividend. However, Nageswaran also acknowledged potential challenges posed by AI, particularly for India's <keyword id="20811086" type="General" weightage="20" keywordseo="business-process-outsourcing" source="keywords">Business Process Outsourcing</keyword> (BPO) sector. He stated, "The short-term challenge of generative AI could slow <keyword id="22505093" type="General" weightage="20" keywordseo="BPO-sector-growth" source="keywords">BPO sector growth</keyword>, affecting <keyword id="21300718" type="General" weightage="20" keywordseo="customer-services" source="keywords">customer services</keyword>. It is possible that the jobs related to BPO will be under threat whereas AI may actually turn out to be a booster." Furthermore, Nageswaran also pointed out that the emergence of AI might reduce annual <keyword id="21420133" type="General" weightage="20" keywordseo="productivity-growth" source="keywords">productivity growth</keyword> by approximately 0.3 percentage points in the coming years. This indicates a potential short-term dip in productivity as industries adapt to new technologies. Despite these challenges, Nageswaran added that the long-term potential of AI is promising. The broader adoption of AI could lead to significant improvements in critical areas such as healthcare and education, thereby enhancing human capital. The economic survey presented in the Parliament by finance minister Nirmala Sithraman says in the medium term Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector." Achieving a sustained growth rate of over 7 per cent will require a tripartite compact between the Union Government, State Governments, and the private sector. India's financial sector is undergoing critical transformations. During FY24, primary capital markets facilitated capital formation of Rs 10.9 lakh crore, accounting for approximately 29 per cent of the gross fixed capital formation of private and public corporates in FY23. It further adds India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI)

AI could slow BPO sector growth: Chief Economic Advisor Nageshwaran

As enterprises look at 5G adoption at an accelerated pace with its rollout in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>, job postings for telecommunications and 5G have increased by 33.7 per cent in the last 12 months, a new report showed on Tuesday. Job roles such as telecommunications engineer have grown by 16 per cent from August to September 2022 in the country. The data from leading job website Indeed also revealed that the average salary for top job roles such as technical support, <keyword id="6380915" type="General" weightage="50" keywordseo="bpo" source="Orion">BPO</keyword> executive and customer service representative is Rs 3,53,298, Rs 3,29,520 and Rs 3,06,680 respectively. "5G rollout has been eagerly anticipated in India, and businesses have already begun hiring to develop 5G-specific technology and services. We will likely see an uptick in hiring for these roles in the next few quarters," said <keyword id="14675652" type="General" weightage="50" keywordseo="saumitra-chand" source="Orion">Saumitra Chand</keyword>, Career Expert, Indeed India. As India rolls out 5G, demand for cybersecurity is likely to increase as well. There is already a talent mismatch of 25.5 per cent in security between August 2019 to August 2022, and the launch of 5G services will trigger a major spike in security-related jobs, the report said. "There will be an increased need for skilled talent that can design security systems and strengthen network architectures to adapt to the new technology," said <keyword id="40820" type="General" weightage="80" keywordseo="chand" source="Orion">Chand</keyword>. The pandemic fast-tracked the requirement for robust cybersecurity practices as companies became remote, more devices were online, digital payments were rising, and security issues were at an all-time high. The data showed that job postings for "cybersecurity" have grown 81 per cent between August 2019 to August 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/heres-what-it-takes-to-make-a-trillion-dollar-company/articleshow/94940917.cms">Here’s what it takes to make a trillion-dollar company</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/lt-tech-reports-sequential-growth-of-4-5-in-cc-revenues-in-q2-upgrades-fy23-revenue-guidance-to-15-5-16-5/articleshow/94944930.cms">L&amp;T Tech reports sequential growth of 4.5% in CC revenues in Q2, upgrades FY23 revenue guidance to 15.5-16.5%</a>

India sees 34% uptick in jobs related to 5G, telecom: Report

<ul><li>The IT Minister announced the government’s plans of establishing the largest National Data Centre in <keyword id="6355556" type="LOCATION" weightage="20" keywordseo="Bhopal">Bhopal</keyword>. </li><li>The rural BPO promotion scheme will be increased to 1 lakh seats from the current 48,000. </li><li>Other schemes like Aadhar, eSign, BHIM App and DigiLocker are also expected to be expanded.</li></ul>On Monday, the IT Minister Ravi Shankar Prasad <a href="https://economictimes.indiatimes.com/tech/ites/government-plans-largest-national-data-centre-in-bhopal/articleshow/64636749.cms">got on a soapbox</a> in front of some journalists on the completion of four years of the present government. Following the inauguration of a National Data Centre (NDC) in Bhubaneswar this May, Prasad announced the government’s plans of establishing the largest National Data Centre in Bhopal. Prasad also announced that the NDC will have a capacity of five lakh servers. Throwing in some more announcements at the occasion, the minister mentioned that the rural BPO promotion scheme will be increased to 1 lakh seats from the current 48,000. So, what will the National Data Centre do? A National Data Centre’s primary aim is to provide ‘the citizens with online services and the e-Governance projects launched by the government’, according to the<a href="https://datacentres.nic.in/"> official website</a> of <keyword id="6373306" type="COMPANY" weightage="20" keywordseo="national-informatics-centre">National Informatics Centre</keyword> (NIC), the organisation under the government’s IT Department that is responsible for the establishment of the NDCs. As <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> becomes the largest data consumer, there is a pressing need to increase data storage for apps and websites of these services. And this is exactly what the new NDC will cater to. However, this is not the first in the country, there are four other NDCs in Delhi, Bhubaneswar, Hyderabad and Pune; but this is expected to be the largest. NIC has announced that the Madhya Pradesh Government has already made the land available for the project and the centre should come up within the next two years. Rural BPO promotion scheme Prasad, who wants to make India the ‘hub for BPO movement’, said that the expansion of the rural BPO promotion scheme would bring about several benefits. The scheme is aimed at increasing employment in India, both directly and indirectly - employment related to creating the BPOs and working for them once they are created. An added perk would be finding this sort of employment near your home, in small towns. Currently, people from small towns have to relocate to bigger cities to work in these BPOs. With this being the election year, the government is also making sure it makes the right statements about policies that have already been implemented. In his speech, Prasad mentioned that Aadhar, world’s largest biometric identification with 121 crore unique IDs, is already benefiting the public. According to the minister, Aadhar has helped in the direct benefit transfer of <a href="https://www.business-standard.com/article/economy-policy/india-s-largest-national-data-centre-to-come-up-in-bhopal-118061900020_1.html">₹4 trillion</a> to the poor. Furthermore, ₹900 billion have been saved by removing the fictitious beneficiaries from this list, said Prasad. The government is now aiming at making the Aadhar more “robust” along with the expansion of other digital services like BHIM App, DigiLocker and <a href="https://www.thehindubusinessline.com/info-tech/govt-plans-largest-data-centre-in-bhopal/article24195005.ece">eSign</a>.

India’s largest National Data Centre to be established in Bhopal

Active <keyword id="6357342" type="General" weightage="20" keywordseo="hiring" source="Orion">hiring</keyword> in non-tech sectors such as <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">Real Estate</keyword> and <keyword id="6356925" type="General" weightage="20" keywordseo="bfsi" source="Orion">BFSI</keyword> (banking, financial services and insurance) in India mitigated the dip in <keyword id="46964" type="General" weightage="20" keywordseo="it-sector" source="Orion">IT sector</keyword> hiring in April 2023, a new report showed on Monday. According to data by Naukri JobSpeak, the real estate sector spearheaded non-technology industries, witnessing a 21 per cent upswing in recruitment compared to April 2022. This growth was primarily due to an increase in new residential and commercial property launches across metropolitan areas, which prompted hiring in key roles such as Tender Manager, Construction Engineer, and Civil Engineer. "The growth in April hiring activity was dominated by a few key sectors such as Real Estate, BFSI, and <keyword id="47817" type="General" weightage="20" keywordseo="oil-gas" source="Orion">Oil &amp; Gas</keyword>. While IT-focused metros exhibited a cautious hiring sentiment, emerging cities such as Ahmedabad and Vadodara continue to shine," said Pawan Goyal, Chief Business Officer, Naukri.com. Among the large metros, Kolkata, Pune, and Hyderabad exhibited recruitment surges of 28 per cent, 22 per cent, and 19 per cent, respectively, in hiring for the real estate sector. Aside from real estate, the sectors with the highest growth in hiring activity were the oil and gas sector with 20 per cent growth, the insurance sector with 13 per cent growth, and the banking sector with 11 per cent growth compared to the same month the previous year. Recruitment in the automotive and pharmaceutical industries increased by 4 per cent and 3 per cent, respectively. Moreover, the report said that the IT industry hiring continued its ongoing correction with a 27 per cent decrease in hiring activity compared to April last year. Other than IT, sectors such as BPO, EdTech, and Retail also registered declines of 18 per cent, 21 per cent, and 23 per cent, respectively. Among non-metro cities, Ahmedabad leads hiring trends with a 28 per cent increase in new job creation over the previous year, followed by Vadodara and Jaipur with 14 per cent and 9 per cent increases in new job creation, respectively. Banking, Auto, and Insurance sectors have primarily contributed to the hiring activity observed across the Non-metro cities. Real Estate and Oil &amp; Gas were the other sectors witnessing positive hiring sentiment in the Non-Metros, the report stated. Further, the report mentioned that the demand for senior professionals with more than 16 years of experience increased by 30 per cent compared to April 2022, while the demand for 13-16 years of experience increased by 20 per cent. However, the demand for fresh graduates and professionals with four-seven years of experience has declined compared to April 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/trais-ai-spam-filters-will-provide-relief-from-spam-calls-and-messages/articleshow/99907790.cms">TRAI's new AI spam filters will provide relief from spam calls and messages</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/hindus-muslims-sikhs-feature-on-royal-mail-stamp-marking-kings-coronation/articleshow/99910138.cms">Hindus, Muslims, Sikhs feature on Royal Mail stamp marking King's coronation</a>

Real Estate, BFSI hiring in India continued to grow in April: Report

<ul><li>The oil and gas sector has exhibited resilience and recorded a strong 9% growth in hiring trends compared to July of the previous year. </li><li>The real estate sector demonstrated a noteworthy 5% growth in hiring activity. </li><li>The current AI boom is driving a significant demand for specialised positions like full stack AI scientists and machine learning (ML) engineers. </li></ul>The rapidly growing cities of Jaipur and Vadodara have demonstrated a consistent upward trend in their hiring indices, exhibiting increases of 4% and 2% respectively, when compared to July last year, according to the JobSpeak report by online job portal Naukri.com. This growth has been primarily driven by the oil and gas, pharma, and auto sectors, which have been actively recruiting in these regions. The positive hiring trends in these sectors contribute significantly to the overall employment landscape of both Jaipur and Vadodara, making them attractive destinations for job seekers and businesses alike. The Naukri JobSpeak Index, which serves as a key indicator for white-collar hiring in India, recorded a value of 2,573 for July 2023. This figure reflects an 8% decline compared to the previous month and a significant 19% decrease compared to July 2022. <cmsannotation type="cmsannotation" annotationid="Oil and Gas sector exhibit resilience" comment="subhead" text="Oil and Gas sector exhibit resilience">Oil and Gas sector exhibit resilience</cmsannotation> Despite the market turbulence, the oil and gas sector exhibited resilience and recorded a strong 9% growth in hiring trends compared to July of the previous year. The surge in energy consumption in the domestic market played a crucial role in driving this growth. Certain roles within the sector saw high demand, particularly in cities like Ahmedabad, Mumbai, Pune, and Hyderabad. Positions such as field service engineer, quality engineer, procurement manager, and logistics manager were among the most sought-after. Notably, senior professionals remained highly in demand within the oil and gas industry, indicating a preference for experienced and seasoned individuals to lead and contribute to its continued growth. <cmsannotation type="cmsannotation" annotationid="Real estate sector shows resurgence" comment="subhead" text="Real estate sector shows resurgence">Real estate sector shows resurgence</cmsannotation> The real estate sector demonstrated a noteworthy 5% growth in hiring activity, reflecting the resurgence of infrastructure projects and an increase in consumer investment in residential properties compared to July of the previous year. Among the most sought-after profiles were project manager - construction, interior designers, architects, and civil engineers, particularly in cities like Kolkata, Mumbai, and Chennai. Notably, the demand for mid to senior-level professionals within the sector witnessed a higher increase in July 2023 compared to the same period last year, indicating a positive trend towards hiring experienced and skilled individuals to drive the industry's growth and development. <cmsannotation type="cmsannotation" annotationid="AI specific roles in demand" comment="subhead" text="AI specific roles in demand">AI specific roles in demand</cmsannotation> The current AI boom is driving a significant demand for specialised positions like full stack AI Scientists and ML Engineers. In July, the number of new job openings for these roles increased by 9% and 6%, respectively, compared to the beginning of the year. The tech and finance sectors are particularly showing the strongest demand for these niche roles. As AI continues to shape various industries, professionals with expertise in these areas are becoming increasingly sought after in the job market. <cmsannotation type="cmsannotation" annotationid="Hospitality sector on steady growth trajectory" comment="subhead" text="Hospitality sector on steady growth trajectory">Hospitality sector on steady growth trajectory</cmsannotation> As travel restrictions have been easing out and tourism is on the rise, the Hospitality sector has experienced a steady growth trajectory. In July 2023, there was a notable 2% increase in new job creation compared to the same month last year. The sector has been actively generating employment opportunities for positions such as restaurant managers, hotel managers, and travel desk coordinators, with a particular focus on cities like Mumbai and Chennai. This positive trend in job creation signifies the recovery and revival of the hospitality industry as it adapts to the changing travel landscape. <cmsannotation type="cmsannotation" annotationid="IT industry witnesses dip in new job creation" comment="subhead" text="IT industry witnesses dip in new job creation">IT industry witnesses dip in new job creation</cmsannotation> The IT industry's hiring situation remains a cause for concern, as there was a significant 46% decline in new job creation in July 2023 compared to the same month last year. Additionally, other sectors like FMCG, Retail, BPO, insurance, and education also exhibited cautious hiring sentiments, with a respective decline of 23%, 23%, 21%, 16%, and 14% in new job opportunities compared to July last year.

Jaipur, Vadodara to act as emerging hiring hubs, finds report

US President-elect <keyword id="6354484" type="PERSON" weightage="100" keywordseo="Donald-Trump">Donald Trump</keyword>, in his 15-point poll agenda, had vowed to give back jobs to Americans. If Trump fulfils his promises, it is going to hit the Indian outsourcing industry. 
 
The Indian outsourcing industry is reliant on North America as the region brings up to 60% of the $82bn software export revenue for the industry. 
 
Zinnov, a consulting firm, stated there will be increased pressure from the US and this will push Indian outsourcing to look for markets elsewhere. 
 
“More serious attempts must be undertaken to enter the next orbit of service delivery, focusing aggressively on value addition through digital transformation, setting up delivery centers in low cost talent pockets in the US, acquiring US based technology services &amp; consulting companies and partnering with startup ecosystem to stay relevant in the US technology business,” it stated. 
 
Meanwhile, this could also spell troubles for the US as curbing the number of visas would cause troubles to the US companies due to the lack of US born employees with adequate skills in STEM. 
 
There is a shortfall of skilled labour within the US- demand-supply gap of 3.5 million Science, Technology, Engineering and Mathematics (STEM) graduates in the US. The number of immigrant STEM graduates was up from 16% or 3.4 million in 2013 to 18% or 5.2 million in 2015. 
 
“It will be imperative though, for IT services providers to focus a lot more aggressively on value addition by moving up the value chain to stay relevant in the US market. Large outsourcers will continue to derive a significant share of revenue from the US market and will attribute the growth to a combination of offshore delivery efficiencies through automation and job creation in the US itself,” it stated.

Here’s how Donald Trump's presidential win will affect Indian outsourcing sector

Despite economic uncertainties, the hiring activity among startups has significantly increased in April this year, while there has been a 6 per cent decline in e-recruitment for white-collar compared to the same period in 2022, a new report said on Tuesday. According to the report by foundit (previously <keyword id="17366670" type="General" weightage="20" keywordseo="monster-india-apac" source="Orion">Monster India &amp; APAC</keyword>), there has been a 4 per cent monthly dip, indicating cautious hiring sentiments among Indian recruiters. Although some sectors like <keyword id="6356925" type="General" weightage="80" keywordseo="bfsi" source="Orion">BFSI</keyword> (+3 per cent), <keyword id="383675" type="General" weightage="20" keywordseo="travel-tourism" source="Orion">Travel &amp; Tourism</keyword> (+2 per cent), and Import/Export (+13 per cent) experienced a boost on a month-on-month (MOM) basis, other sectors, such as Logistics, Home appliances, and Oil and gas, saw a significant decline. "Although hiring has declined, there are still a plethora of job opportunities in emerging industries for job seekers. Remarkably, the Indian startup ecosystem has taken a turn, exhibiting resilience in hiring intent despite the prevailing job market challenges," said Sekhar Garisa, CEO, foundit. Moreover, the report showed that the Retail (22 per cent), Travel &amp; Tourism (19 per cent) are among the top industries exhibiting positive growth year-on-year basis, while BFSI (-4 per cent) and BPO (-13 per cent) sectors continue to be apprehensive. The overall hiring demand among startups has noted a strong 19 per cent (year-on-year) growth this April 2023 compared to the previous year. In addition, while most cities showed an overall decline in hiring, startups in Bangalore, Mumbai and Delhi hosted maximum demand for professionals. However, in the first quarter (Q1) of 2023, Indian startups raised a total of $2.8 billion in funds, a massive 75 per cent decrease compared to the same period in the previous year ($11.9 billion), as rising inflation and interest rates continue to impact investments significantly amid a deepening funding winter. There were no new unicorns created in the January-March period, compared with 14 unicorns in Q1 2022, according to a recent report by <keyword id="2779670" type="General" weightage="80" keywordseo="tracxn" source="Orion">Tracxn</keyword>, a leading global market intelligence platform. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-closes-at-61761-on-fag-end-volatility-after-crossing-62000-during-the-day/articleshow/100101148.cms">Sensex closes at 61,761 on fag-end volatility after crossing 62,000 during the day</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-weighed-down-strong-greenback-falls-27-paise-to-close-at-82-05/usd/articleshow/100101208.cms">Rupee weighed down strong greenback, falls 27 paise to close at 82.05/USD</a>

Hiring in startups up in April, despite 6% annual drop in e-recruitment: Foundit report

When Prime Minister Narendra Modi-led Indian government came to power, it had flagged off a <keyword id="3520268" type="UNKNOWN" weightage="20" keywordseo="bpo-promotion-scheme">BPO promotion scheme</keyword> with an outlay of nearly Rs 500 crore and mission to create 1.5 lakh jobs; almost 60 companies bid in the first round. 
 
But, the response has been quite lukewarm as bids coming in from companies formed only one-fourth of the total capacity. 
 
Most of the top order BPO did not take up the scheme as many of them do not have operations in small towns and cities. 
 
"I won't say that the response was bad, but we were expecting more participation," a government official told ET. 
 
ET quoted two officials who said that the ministry of electronics and IT (MEIT) received bids for only 11,500 seats from 60 companies out of the total 48,000 seats on offer in the first round that closed in the first week of July. 
 
An industry executive told ET that despite the attractive government subsidy, the scheme was not lucrative enough since most of them already have operations in tier-II and III towns and the government disallowed expansion under the policy. 
 
"In a way, the government is trying to reward us 10 years later for starting operations in the small towns which we began in 2005," Bhupender Singh, CEO of Intelenet Global Services, told ET, adding “50 per cent of the company's India business is already delivered from non-metro centres in places such as Puducherry, Guwahati and Agra.” 
 
Sanjay Mehta, chairman of the BPO committee of Indo-American Chamber of Commerce, told ET, “The industry makes $25 billion in revenues and almost $2 billion in profits every year, perhaps it doesn't need any freebies. But, what it does need is confidence in clients that they can be serviced well out of these small town centres which the government could have provided through some marketing in the UK and the US, which contribute almost 90 per cent of the industry's revenues.” 
 Even though some companies stayed away from the project, Tata Consultancy Service (<keyword id="6357150" type="CITY" weightage="20" keywordseo="TCS">TCS</keyword>), took up the scheme and had proposed to set up 3,000 seats - 1,000 seats each in <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword>'s constituency Varanasi, <keyword id="3081185" type="UNKNOWN" weightage="20" keywordseo="IT-minister-Ravi-Shankar-Prasad">IT minister Ravi Shankar Prasad</keyword>'s home town Patna, and Nashik.

Indian Government’s Rs 500 crore BPO promotion scheme fails to create magic, gets tepid response

<a href="http://www.businessinsider.in/small-business/companies/Indias-Essar-deal-with-Russias-Rosneft-does-not-violate-sanctions-by-the-US/articleshow/54901296.cms">Essar Group</a>, led by the influential <a href="http://www.businessinsider.in/latest/Industrialist-Pawan-Ruiaarrested-on-charges-of-theft-of-railway-equipments-in-West-Bengal/articleshow/55920192.cms">Ruia </a>family, has announced the sale of its BPO company Aegis Ltd to private equity fund manager <keyword id="2038547" type="UNKNOWN" weightage="100" keywordseo="Capital-Square-Partners">Capital Square Partners</keyword>, based in Singapore, thus exiting BPO business. 
 
The deal has been estimated to be worth $275 to 300 million. 
 
Also read: <a href="http://www.businessinsider.in/Indias-biggest-deal-worth-Rs-72800-crores-Essar-oil-sellsto-Russias-Rosneft/articleshow/54877758.cms">India's biggest deal worth Rs 72,800 crores: Essar oil sells to Russia's Rosneft</a> 
 
Aegis had a global presence in the BPO business, with operations in India, Sri Lanka, Malaysia, Australia, South Africa, Peru, Argentina, Saudi Arabia and the UK. With around 40,000 employees, it had 47 BPOs in these 10 countries and had $400 million worth of revenue. 
 
Also read: <a href="http://www.businessinsider.in/lic-wants-essar-to-clear-all-dues-to-give-noc-to-its-deal-with-rosneft/articleshow/57807554.cms">LIC wants Essar to clear all dues to give NOC to its deal with Rosneft</a> 
 
"AGC Holdings Ltd (AGC) Mauritius, a wholly-owned portfolio company of Essar Global Ltd, has entered into a definitive agreement with Capital Square Partners (CSP) to sell 100 per cent of its stake," said a statement from Essar. 
 
"Net proceeds of this sale will be used to retire Essar's debt," it added. 
 
It was in 2004 that <a href="http://www.businessinsider.in/enterprise/Essar-Oil-posts-record-Rs-1063-Crores-Q1-profit/articleshow/48269986.cms">Essar </a>had entered the BPO business after acquiring the US-based Aegis Communications Group, which it later sold in 2014. 
 
"This transaction is in line with our strategy of incubating, building and operating world-class businesses, and being open to monetising them at a premium value when the market conditions are favourable," said Uday Gujadhar, Director-AGC. 
 
(Image source The Indian )

Essar has sold Aegis to a Singaporean private investment firm

<ul><li>The ongoing global economic contraction has trickled down to India with recruiters adopting a cautious approach to hiring.</li><li>India saw a 6 per cent drop in hiring activity (year-on-year) in October</li><li>Month-on-month job postings also saw a 5 per cent decline in the country.</li><li>Amid the slow down, jobs in automation showcased an increase (34 per cent) in hiring activity with companies maximising efficiency and productivity through tech.</li></ul>India saw a 6 per cent drop in hiring activity (year-on-year) in October, amid changing patterns in the start-up ecosystem, funding winter and fears of an upcoming recession, a report showed on Tuesday. Month-on-month job postings also saw a 5 per cent decline in the country. However, with companies ramping up internal initiatives to facilitate growth and government interventions in promising sectors, hiring projections for the coming months are expected to pick up, according to Monster Employment Index. The ongoing global economic contraction has trickled down to India with recruiters adopting a cautious approach to hiring. Amid the slow down, jobs in automation showcased an increase (34 per cent) in hiring activity with companies maximising efficiency and productivity through tech. Similarly, industries such as banking and finance and telecom did well, with technology driving innovation and growth in both sectors. Artificial intelligence and Blockchain are transforming the BFSI sector, while the onset of 5G is transforming the growth of telecom. "While macroeconomic conditions have pushed companies to adopt a watchful approach to hiring, the need for skilled talent is unlikely to ever go away. Hence, it is important that today's workforce upskill and reskill themselves on an individual and organisational level," said Sekhar Garisa, CEO, Monster.com, a Quess company. Tier 2 cities such as Coimbatore and Ahmedabad posted a marginal incline in job activity on an annual basis whereas demand fell in major metropolitan cities of India. Among tier 1 cities, hiring remained stable in Mumbai whereas metros such as Bangalore, Kolkata, Delhi-NCR and Hyderabad posted a downward trend in recruitment activities. Industries such as BPO/ITES and Media and Entertainment continued to demonstrate a declining hiring trend from the year-ago level. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/four-ipos-worth-5000-crore-to-open-this-week-all-you-need-to-know/articleshow/95361401.cms">Four IPOs worth ₹5,000 crore to open this week: All you need to know</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/policybazaar-operator-pb-fintechs-q2-loss-narrows-to-187-crore/articleshow/95361316.cms">Policybazaar operator PB Fintech’s Q2 loss narrows to ₹187 crore</a>

India saw 6% decline in hiring in October amid funding winter: Monster report

With the business sentiment improving in the country, hiring in India Inc too seems to be getting back on the growth trajectory. According to market estimates, there has been a 23% surge in hiring in September over last year. 
 
“The Naukri Job Speak Index has been growing steadily for the past two months, suggesting a sustained momentum in hiring activity. We expect the upward growth trend to continue in the coming months”, said Hitesh Oberoi, managing director and CEO of Info Edge India. 
 As per the study done by job portal <keyword id="218117" type="COMPANY" weightage="20" keywordseo="Naukri-com">Naukri.com</keyword>, the hiring activ<keyword id="6354185" type="ENTERTAINMENT" weightage="20" keywordseo="IT">it</keyword>y in sectors such as <keyword id="6354778" type="ORGANIZATION" weightage="20" keywordseo="Banking">banking</keyword> and IT has grown by 35% year-on-year. While in oil, gas and pharmaceutical sectors, the hiring activity has surged by 28% every year. 
 Beleaguered sector such as telecom has also experienced a rise in the hiring by 26% while <keyword id="6380915" type="COMPANY" weightage="20" keywordseo="BPO">BPO</keyword> and Insurance sectors have moved positively with the index going up by 16% and 13% respectively in September 2014. 
 
The hiring activity in industries like construction and media also went up by 10% and 6% respectively in September 2014 over as compared to last year. 
 
In terms of the functional areas, the market saw the maximum demand for human resource and banking professionals with the index going up by 35% and 36%, respectively, last month over September 2013. While IT and supply chain professionals ranked second on the index with 32% and 29%, respectively. Hiring of professionals in other areas such as accounts, finance and BPO grew by 23% each last month. 
 
As far as the work experience of the candidates was concerned, job seekers with an experience between 4 years and 7 years were preferred with the nearly 37% hiring done in this segment followed by fresher (0-3 years) with 33% recruitment done in fresher category. However, the recruitment became steep as candidates climbed up the ladder as the hiring in senior management (over 16 years of experience) was only 3%. 
 
Interestingly, when compared to the recruitment done in August 2014, sectors such as BPO, ITes, auto and auto ancillary, telecom, insurance, FMCG, food and beverage, chemicals, media and entertainment, real estate, consumer durables, semi conductors and electronics, jewellery, social service and government witnessed a decline. 
 
Representational Image

In India Hiring Surges By 23% In September 2014

President <keyword id="6354484" type="PERSON" weightage="100" keywordseo="Donald-Trump">Donald Trump</keyword> signed an <a href="http://www.businessinsider.in/politics/trump-signed-an-executive-order-targeting-skilled-foreign-workers-heres-why-the-h-1b-program-is-so-controversial/articleshow/58250607.cms">executive order</a> of ‘buy American and <a href="http://www.businessinsider.in/trump-wants-to-encourage-hiring-americans/articleshow/58239808.cms">hire American</a>’, for the latter part of which he called on the Secretary of State, the Attorney General, the Secretary of Labor, and the Secretary of Homeland Security to “propose new rules and issue new guidance, to supersede or revise previous rules and guidance if appropriate, to protect the interests of United States workers in the administration of our immigration system, including through the prevention of fraud or abuse.” He also asked them to “suggest reforms to help ensure that H-1B visas are awarded to the most-skilled or highest-paid petition beneficiaries.” Also read: <a href="http://www.businessinsider.in/australia-scraps-457-visa-programme/articleshow/58258973.cms">Indian techies have nowhere to go to now</a> This clearly means that Trump wants the federal bureaucracy to enforce stringent visa laws, while suggesting new ways to reform and restrict the H-1B system. <a name="m_8817802008141497396__Hlk480288576"></a> National Association of Software and Services Companies (<keyword id="6372077" type="CITY" weightage="100" keywordseo="Nasscom">NASSCOM</keyword>), the trade association of Indian IT and BPO industries, has reacted to the order by saying that member companies support the <keyword id="3798493" type="UNKNOWN" weightage="100" keywordseo="trump-administration">Trump administration</keyword>’s efforts to root out the misuse of the H-1B system, saying that NASSCOM member companies abide by all applicable laws and regulations. Also read: <a href="http://www.businessinsider.in/with-tougher-visa-rules-india-is-sending-only-its-real-talent-to-the-us/articleshow/58023132.cms">With tougher visa rules, India is sending only its real talent to the US</a> Trump government’s current campaign is harming the reputation of <a href="http://www.businessinsider.in/careers/indian-it-sector-finding-it-hard-to-retrain-middle-level-employees/articleshow/57517479.cms">Indian IT and BPO sector</a> by persistent myths and ideas like H-1B visa holders from India are “cheap labor” who “displace American workers,” none of which is accurate. The Delhi-headquartered association goes on to say that at the core of this matter lies the shortage of highly-skilled domestic talent in the United States, in IT, healthcare, education, and other fields. It is this shortage that has led to the H-1B visa system, and tightening these rules beyond limit would hurt thousands of U.S. businesses and their efforts to be more competitive by hindering access to needed talent. Also read: <a href="http://www.businessinsider.in/indian-it-firms-may-face-layoffs-due-to-h-1b-visa-curbs/articleshow/58261310.cms">Indian IT firms may face layoffs due to H-1B visa curbs</a> <a href="http://www.businessinsider.in/indian-it-firms-may-face-layoffs-due-to-h-1b-visa-curbs/articleshow/58261310.cms"></a>The statement adds that NASSCOM will be prepared to comment on all the future changes that would be brought in by the <keyword id="48028" type="ORGANIZATION" weightage="100" keywordseo="US-government">US government</keyword>. (Image source)

Nasscom says H1-B visa professionals not cheap labour, make up for talent shortage in US

If you think <keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword>’s prolonged search for the next <keyword id="5645" type="POSITION" weightage="100" keywordseo="CEO">CEO</keyword> is getting a bit nutty, especially with a disgruntled <keyword id="62333" type="PERSON" weightage="60" keywordseo="Steve-Ballmer">Steve Ballmer</keyword> waiting on the sidelines to hand over the mantle, you are not far from the truth. But then, that is the actual state of the coveted C-Suite nowadays – volatile is the right word if you want to sum it up. There is no job security at the top and even the best performer for years can get redundant within the span of a few weeks. The issues could be many – right from <keyword id="646347" type="UNKNOWN" weightage="100" keywordseo="poor-performance">poor performance</keyword> to <keyword id="610960" type="UNKNOWN" weightage="100" keywordseo="business-restructuring">business restructuring</keyword> to alleged <keyword id="6375736" type="UNKNOWN" weightage="100" keywordseo="corruption-charges">corruption charges</keyword>. But the biggest factor is relevance, a perfect future-fit that can take companies ahead, according to <keyword id="67736" type="UNKNOWN" weightage="100" keywordseo="Industry-experts">industry experts</keyword>. In a difficult <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, companies are compelled to twist and turn to keep track of profitability and their requirements change accordingly. Hence, their leaders have to adapt, shape up or ship out, as the case might be. 
 India is no exception and business leaders across the country have been frequently ‘released’ by industry giants. Many of them leave with ‘immediate effect’ while others are on garden leave or worse still, waiting for their predecessors to turn up (just like Ballmer). Yet, most of the C-Suite executives are tight-lipped about their departures, at least here in India. We are yet to come across an announcement like the one made by <keyword id="384914" type="PERSON" weightage="60" keywordseo="Groupon">Groupon</keyword>’s founder and former CEO <keyword id="488139" type="PERSON" weightage="60" keywordseo="Andrew-Mason">Andrew Mason</keyword>. But exit happens all the same – be it discreet or blatant. Here’s a quick look at some of the top-notch C-Suite executives from India who parted ways with their respective companies in 2013, their official exit lines and what happened behind the scene.

Strife At The Top: These
11 C-Suite Execs From India
Were ‘Let Go’ In 2013

Aiming for a comprehensive development for non metro cities and its dwellers, National Association of Software and Services Companies, or <keyword id="6372077" type="CITY" weightage="20" keywordseo="Nasscom">Nasscom</keyword> has proposed an innovative concept, which if implemented will result in a greater good. 
 
In what would be a boom in the BPO (Business Process Outsourcing) business and help to multiply its total revenue from about Rs 1,38,000 crores to Rs 5,52,000 – Nasscom in its policy recommendation paper wants the government to expand the BPO industry to non metro cities of India. 
 
As per a news report by The Economic Times, Nasscom said expansion into non-metro locations has the potential to generate over one million skilled jobs, enumerating five points focused on employment generation as the central pillar of the BPO industry that employs over 10 lakh people. 
 Thanks to India’s low-end technology services, the BPO industry has evolved in full pace since early 90s. However, over the years, <keyword id="3750" type="COUNTRY" weightage="20" keywordseo="Philippines">Philippines</keyword> and <keyword id="13486" type="COUNTRY" weightage="20" keywordseo="Vietnam">Vietnam</keyword> being more cost effective given the government aid they receive, have ensured many international BPOs to shift their base. 
 "We have identified 18-20 more locations in the country where we have created the infrastructure for employment. It is not only competitiveness but also the development of emerging cities, harmonising and galvanising the talent pool that is available... and creating digitisation capabilities," KS Viswanathan, vice-president at Nasscom told the financial daily. These locations include Agartala, Belagavi, Chhindwara, Hazira, Karnal, Shivamogga, <keyword id="41568" type="COMPANY" weightage="20" keywordseo="Srinagar">Srinagar</keyword> and <keyword id="50365" type="CITY" weightage="20" keywordseo="Vellore">Vellore</keyword>. 
 
(Image : Reuters)

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