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India’s digital content creator <keyword id="3169142" type="UNKNOWN" weightage="20" keywordseo="Pocket-Aces">Pocket Aces</keyword> raised $3 million from a clutch of global investors led by <keyword id="270604" type="ENTERTAINMENT" weightage="100" keywordseo="Sequoia">Sequoia</keyword> Capital India, North Base Media, TV <keyword id="6491998" type="PERSON" weightage="20" keywordseo="Mohandas-Pai">Mohandas Pai</keyword> led Aarin Capital, FreeCharge, etc. 
 Pocket Aces, founded in 2014 by <keyword id="3964608" type="PERSON" weightage="20" keywordseo="ashwin-suresh">Ashwin Suresh</keyword> and Anirudh Pandita, aims at creating high quality local content for millennials. 
 “With increasing mobile internet penetration, attention minutes have moved to social media and messaging platforms. Pocket Aces aims to be a leader in this new ecosystem. We are laying the foundation for the nascent <keyword id="857237" type="ORGANIZATION" weightage="20" keywordseo="digital-entertainment">digital entertainment</keyword> industry in India and look up to companies like Pixar as benchmarks for creative innovation,” said Suresh. 
 
Pocket Aces is reaching an audience of over 20 million people on a weekly basis. 
 
The company’s brands - FilterCopy, Dice Media, and Gobble have completed over 180 million organic video views on the back of heavy social sharing and high retention rates. 
 
T.V. Mohandas Pai said, “We are tremendously excited to be working with them to help push for the evolution of content consumption online, and we're looking forward to the many more creative ideas to b e released by the team.”

Pocket Aces raises $3 million in fresh funding from Sequoia Capital, Infosys Founders

Industry veteran <keyword id="102497" type="PERSON" weightage="20" keywordseo="T-V-Mohandas-Pai">T V Mohandas Pai</keyword> feels that due to <keyword id="24019" type="PERSON" weightage="20" keywordseo="automation">automation</keyword>, about 20 crore middle class young people would have no jobs or fewer jobs by 2025. 
 "By 2025 there will be 200 million young people in the age group of 21-41 with no jobs or less jobs and nobody knows what to do with these people. Government policy does not know what to do as they don't have proper data. We are going to have demographic nightmare,” Pai, who is the chairman of <keyword id="852747" type="COMPANY" weightage="20" keywordseo="Manipal-Global-Education-Services">Manipal Global Education Services</keyword>, told ET. 
 
Nearly 52% of people are employed in agriculture as compared to 62% 10 years earlier and number of population which depends on services and industries is growing at 10%. 
 
"Disparity between people in agriculture and in service industry is widening and that is getting social attention all across India which has led to various agitation across states," Pai told ET. 
 
He said that more and more companies are relying on automation and artificial intelligence in machine and this will lead to loss in jobs. 
 
"Rule based jobs will get eliminated. Much of middle class people are involved in rule based jobs. Rule based jobs can be made by algorithms. Machines are still not creative. People who are creative will remain," Pai said. 
 
He also feels that in sectors like banking too, jobs are shrinking because of automation of payment system with the help of ATMs, digital payments. 
 
"Bank branches and employment are now shrinking in America. In India in last 15 years, banks have growth 10-15 times in assets and liabilities but employment has grown 5 per cent. In India very soon there will be robo finance which will search all portals and give you bank loan quote in half an hour," Pai told ET.

Automation, AI will make 20 crore young Indians jobless: Mohandas Pai

Former <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> CFO T.V. <keyword id="6491998" type="PERSON" weightage="20" keywordseo="Mohandas-Pai">Mohandas Pai</keyword> said only B.Tech degrees in future in IT sector won’t suffice and young graduates will have to go for specialised courses. He said in order to get a good job, B.Tech graduates will have to do specialisation. "My advice to all the people in colleges: please do M Tech and specialise, and learn <keyword id="1574956" type="UNKNOWN" weightage="20" keywordseo="coding">coding</keyword> on your own by taking extra classes, because in future most companies will hire you based on your coding knowledge. They are not going to catch you raw and give you training for six months and pay for it. Why should they waste their time? They will test you on your coding skills and if you know very good coding, they will hire you," Pai told PTI. When asked about salary of freshers not growing in the <keyword id="6363148" type="TECHNOLOGY" weightage="20" keywordseo="information-Technology">Information Technology</keyword> (IT) industry in the past two decades, Pai termed it as a "great tragedy". This is because the whole industry is not growing at a fast pace, he said. Global spending in IT is projected to grow only two per cent this year, a figure which was 3-4 per cent earlier. "That is also having an impact," he said. IT industry is expected to hire 1.5 lakh to 1.6 lakh people this year, he said.

B.Tech degrees won’t suffice in future in IT sector, says this IT veteran

Tech investor TV <keyword id="6491998" type="PERSON" weightage="20" keywordseo="Mohandas-Pai">Mohandas Pai</keyword> today said that forcing beleaguered businessman <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, who owes over Rs 9,000 crore to several banks, to come back to India is a "bad strategy". 

	"I think it's a bad strategy to force him to come back because I don't think they have a strong case to do what they are doing," the former Chief Financial Officer of software major Infosys said. 
 

	Better strategy, he said, is to get the Debt Recovery Tribunal to pass an order invoking guarantee he has given to banks and attach his assets. 
 

	Today, there is no proof for or against Vijay Mallya asking him to pay back any money. There is no court order. Dispute is in the court. Court has not given any order. Everybody is saying 'pay back, pay back' but pay back what? For paying back, you need a court order...exactly how much to pay and all that. I think it's being badly handled," Pai told PTI. 
 

	Pai, co-founder of Aarin Capital, favoured requesting the Supreme Court to pass an order for negotiations with the liquor baron. 
 

	He noted that nobody has claimed that Mallya siphoned off money and indulged in money laundering till Enforcement Directorate (ED) went after him. 
 

	"Nobody knows what evidence ED has. None of the banks has found evidence, no body spoke about it. Now only ED is saying," said Pai, currently Chief Adviser to the Manipal Education and Medical Group. 
 

	He stressed the need for improving legal system in the country, noting that the case against Mallya was going on before DRT from the year 2013. 
 

	Pai said he was also against "naming and shaming" willful defaulters of bank loans. 
 

	"Once you lost money, there is no shame. Everybody knows you lost money, what is the shame? Shame is a middle class morality; shame is not there for business class or those who own business," he said. 
 

	"I don't think anybody's name should be made public. What should be done is: we need bankruptcy law to force them into bankruptcy, sell their assets and get back the money. Once there is bankruptcy law, they are forced into bankruptcy; it (their names) will automatically become public," Pai said

'Forcing Vijay Mallya to come back to India is bad strategy'

<keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword>' former CFO, T V <keyword id="6491998" type="PERSON" weightage="100" keywordseo="Mohandas-Pai">Mohandas Pai</keyword> today exhorted institutional investors to raise questions about the huge cash pile on the company's books and governance issues, as investors have an obligation to protect their investment. 
 "Capital allocation is very important. Institutional investors should raise those questions. They have a duty...institutional investors should raise questions on governance because it concerns the company's reputation," <keyword id="249145" type="PERSON" weightage="20" keywordseo="Pai">Pai</keyword> told <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword> in an interview. <a href="http://www.businessinsider.in/infosys-employees-in-stresspromotions-and-increments-may-take-a-hit/articleshow/57095393.cms">ALSO READ: ​ Infosys employees in stress: Promotions and Increments may take a hit</a> 
 
Infosys had liquid assets, including cash and cash equivalents and investments worth Rs 35,697 crore (about $5.25 billion) on its books at the end of <a href="http://www.businessinsider.in/infosys-employees-in-stresspromotions-and-increments-may-take-a-hit/articleshow/57095393.cms">December 2016</a>. 
 
He asserted that founders, who hold 13% stake in the Bengaluru-based company, had raised these questions like any other investor would. 
 "The founders are investors like anybody else. They hold 13 per cent stake. They have every right to question the <keyword id="6364382" type="ORGANIZATION" weightage="20" keywordseo="Board">Board</keyword>... Since the largest shareholder has sought clarification, they must also seek detailed clarification," he said. 
 
Pai, along with former colleague <a href="http://www.businessinsider.in/infosys-employees-in-stresspromotions-and-increments-may-take-a-hit/articleshow/57095393.cms">V Balakrishnan</a>, had sought a USD 1.8 billion buyback in 2014 just as CEO <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> was taking over. 
 
"We had raised the issue. We hope that other institutional investors will also raise their voice because the institutional investors have an obligation to protect their investment," he said. 
 
Pai explained that shareholders all over the world ask questions about capital allocation when growth slows down for listed companies, that have too much cash on books. 
 
"All over the world, for listed companies when growth slows down and there is too much cash, shareholders will ask what are they doing with the cash...about capital allocations. Most Boards around the world will respond with a buyback to show confidence in the company and stabilise the stock price," he said. 
 
Pai expressed hope that institutional investors who have a "fiduciary responsibility" to their unit holders, will also ask the same questions, as has been in the case of <a href="http://www.businessinsider.in/infosys-employees-in-stresspromotions-and-increments-may-take-a-hit/articleshow/57095393.cms">Cognizant</a>. 
 Last week, <keyword id="28721" type="CITY" weightage="20" keywordseo="Cognizant">Cognizant</keyword>'s Board approved a plan to return USD 3.4 billion to shareholders over the next two years through share buybacks and dividend, following investor activism. 
 
"Why can't Infosys do something like Cognizant has done. That is very important for shareholders. I hope they ask him that at a time when growth is slowing down," he said. 
 
He said that while reports of the rift would not impact the company's performance but there is "some reputational damage because of this" and pointed out that the board "has to remedy this situation". 
 Over the last few days, Infosys has come under fire from founders like N R <keyword id="6355623" type="PERSON" weightage="20" keywordseo="Narayana-Murthy">Narayana Murthy</keyword> who have publicly raised concerns on alleged corporate governance lapses at <a href="http://www.businessinsider.in/infosys-employees-in-stresspromotions-and-increments-may-take-a-hit/articleshow/57095393.cms">Infosys.</a> 
 
Infosys, however, has denied the allegations and said that its board is fully aligned with the strategic <a href="http://www.businessinsider.in/infosys-employees-in-stresspromotions-and-increments-may-take-a-hit/articleshow/57095393.cms">direction of Sikka </a>and is very "appreciative of the initiatives taken by him in pursuance of this transformation".

Infosys should clarify capital allocation policy: Mohandas Pai tells investors

<ul><li><keyword id="2623347" type="PERSON" weightage="20" keywordseo="Biocon-chief-Kiran-Mazumdar-Shaw">Biocon chief Kiran Mazumdar Shaw</keyword> and former Infosys Director <keyword id="6491998" type="PERSON" weightage="20" keywordseo="mohandas-pai">Mohandas Pai</keyword> told a newspaper that they were told hold back their criticism of the Modi government by an official.</li><li><keyword id="33278" type="PERSON" weightage="20" keywordseo="Rahul-Bajaj">Rahul Bajaj</keyword>, chairman of Indian conglomerate Bajaj Group, said that the auto industry’s going through a rough patch because of lack of demand and no private investment. </li><li>Over the months, more and more stock market investors have taken to Twitter to talk about the government’s unfriendly market policies. </li><li>Adi Godrej, chairman of the Godrej group, had said that the Budget presented by Finance Minister Nirmala Sitharaman is not “growth-oriented”.</li></ul>Indian companies have been betting big on PM <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>. And why not? In 2017-18, a lion’s share of <a href="https://www.business-standard.com/article/economy-policy/data-shows-bjp-bagged-92-of-corporate-donations-to-political-parties-119011701405_1.html">corporate</a> political donations went to his party, BJP. Now, they are livid. The latest to join the bandwagon of angry corporates is Kiran Mazumdar shaw who made a shocking revelation on Sunday. A government official reportedly told her not to speak of harassment by tax officials in relation to <a href="https://www.businessinsider.in/rip-vg-siddharthas-death-and-why-former-prime-minister-hd-deve-gowda-cried/articleshow/70464431.cms" data-type="tilCustomLink" target="_blank">the unfortunate death of VG Siddhartha</a>, the founder of <keyword id="46195" type="COMPANY" weightage="20" keywordseo="Cafe-Coffee-Day">Cafe Coffee Day</keyword> outlets. "“He just said that ‘please don’t make such statements. Even Mohandas Pai should not. I am telling you as a friend’,” the Biocon chief told The Telegraph. Even Mohandas Pai, the former Infosys director who is currently a private investor who backs startups, chimed in. "Lots of people get such threats," he told the newspaper. Both of them have been avid supporters of Narendra Modi in the past and bitter critics of the Congress-led United Progressive Alliance government that ruled from 2004 to 2014. “I used to speak out always. It doesn’t matter if UPA is in power or the NDA,” Shaw said urging the corporate world to speak up. Earlier, Rahul Bajaj, the chairman of Indian conglomerate Bajaj Group. During his company’s Annual General Meeting, he spoke of the government’s role in the weak sales of the auto industry. Fall from Heavens “There is no demand and no private investment, so where will growth come from? It doesn’t fall from the heavens. The auto industry is going through a very difficult period. Cars, commercial vehicles and two-wheelers are going through a rough patch,” Bajaj added. The Budget has not cheered them either. The government imposed a tax on super rich, and <a href="https://www.business-standard.com/article/markets/sebi-s-separate-fpi-registration-plan-draws-flak-from-investors-119061901134_1.html">Business Standard</a> had reported that market regulator SEBI mandated separate registrations for Foreign Portfolio Investors. The resentment against these rules is rising. The slow pace of economic growth, and their credibility isn’t helping either. Until now, corporate giants stayed out of the debate over credibility of government's growth data between <a href="https://www.businessinsider.in/131-cas-respond-to-letter-from-economists-disputing-govt-gdp-data/articleshow/68463411.cms">108 economists</a> and 131 chartered accountants. But, now they are not holding back. “The government may or may not be saying this but there are clear cut markings from the International Monetary Fund (IMF) and World Bank, which shows a decrease in growth in the last three-to-four years. Like any government they would like to show a happy face, but reality is reality” Rahul Bajai <a href="https://www.moneycontrol.com/news/technology/auto/angry-rahul-bajaj-criticises-centre-for-falling-demand-private-investment-4259711.html">said.</a> Meanwhile, his son Rajiv Bajaj had said government’s policies on<a href="https://www.moneycontrol.com/news/technology/auto/governments-policy-on-electric-vehicles-has-left-everybody-confused-rajiv-bajaj-4252151.html"> electric vehicles</a> had left everyone confused. Complaints in chorus The Bajajs, Kiran Mazumdar Shaw, and Mohandas Pai are not alone. Adi Godrej, chairman of the Godrej group, too <a href="https://www.firstpost.com/business/industry-leaders-reaction-on-budget-2019-adi-godrej-says-budget-is-not-growth-oriented-stock-market-comes-down-considerably-6940161.html">said</a> that the Budget presented by Finance Minister Nirmala Sitharaman is not “growth-oriented”. <a href="https://www.ndtv.com/india-news/adi-godrej-rising-intolerance-hate-crimes-can-seriously-damage-growth-2068996">Godrej also touched upon a sensitive subject </a>saying that rising intolerance in the country is also affecting growth. Investor and author Basant Maheshwari recently took to Twitter to say, “Lowering GST and other charges on Electric Vehicles won’t create demand. There is just no infrastructure. People won’t change preferences like that plus EVs aren’t cheap. However, it will surely lead to a fresh bout of short selling in the frontline auto names? That’s all.” This is an unexpected move for top corporates who had stayed away from government bashing even during demonetisation in 2016. Clearly, the tables have now turned. Porinju Veliyath, founder and CEO of Equity Intelligence, after the Budget said, “India dreams a $5 trillion, graft-free, double-digit, free-market-driven, rule-based and liberal economy by 2025! This is very much doable, but I am afraid parts of the Budget - the direction it points, can take us back to 4% GDP growth rate!” Center of the Left Veliyath had even written a letter to his investors, explaining the poor performance of his portfolio. "Some of the budget provisions did not acknowledge the cardinal principles of a free-market economy," Veliyath said in his letter on Thursday (July 18) adding that the positives of the continuity in government <a href="https://www.businessinsider.in/india-market-news-porinju-veliyath-blames-the-budget-for-bear-market-in-smaller-stocks/articleshow/70277012.cms">has been lost with the market unfriendly provisions in the Budget. </a> When big money backed Modi with hopes of market reform, they made a bad bet on a party whose ideology is rooted in ‘Swadeshi’, which can be loosely translated to home-grown conservatism. As the commentator and author <a href="http://www.newindianexpress.com/opinions/columns/shankkar-aiyar/2019/jul/21/the-bjps-socialistic-conservatism-2006971.html">Shakar Aiyar argued recently</a>, “In popular perception, the BJP was seen as the home of right of centre economics. And the centre continues shifting to the left.” SEE ALSO: <a href="https://www.businessinsider.in/rip-vg-siddharthas-death-and-why-former-prime-minister-hd-deve-gowda-cried/articleshow/70464431.cms" data-type="tilCustomLink" target="_blank">A former Prime Minister cried on national TV for VG Siddhartha-- the untold tales of politics and privilege may die with India’s coffee baron</a> <a href="https://www.businessinsider.in/cafe-coffee-day-founder-vg-siddhartha-letter-to-board-of-directors/articleshow/70443951.cms" data-type="tilCustomLink" target="_blank">Full text of the letter written by Cafe Coffee Day founder VG Siddhartha before he went missing</a>

Narendra Modi has a new problem – big corporates and moneybags are angry

Online job platform <keyword id="188512" type="General" weightage="20" keywordseo="monster-com" source="Orion">Monster.com</keyword> on Wednesday said that it has raised Rs 137.5 crore in a funding round led by <keyword id="6491998" type="General" weightage="20" keywordseo="mohandas-pai" source="Orion">Mohandas Pai</keyword> of Meridian Investments and Akash Bhanshali of Volrado Venture Partners, with participation from Quess, its parent company. The online talent platform said that the funds will be utilised towards enhanced investments on product development and marketing in India, SEA and Middle-East markets. Post the funding, Monster.com is now valued at $100 million. "The last year has been incredible for the company, achieving very healthy growth across all metrics. We have an exciting product and business road map in line with our view on how hiring will evolve in the next few years," said Sekhar Garisa, CEO, Monster.com, APAC &amp; ME. In 2018, Quess Corp acquired Monster.com's businesses in India, Singapore, Malaysia, Philippines, Hong Kong, Vietnam, Thailand, Indonesia, the UAE and Kingdom of Saudi Arabia. According to Pai, the next two years will see a huge increase in available jobs, thanks to high economic growth, and job seekers will find a high-quality platform to plan their careers. "As employers also prepare for a new decade and an employee-first mindset, the platform will help them create a differentiated experience and build deeper relationships with their teams from day one," Pai said. Monster.com has over 60 million active users in India. "Quess acquired Monster for an investment of Rs 145 crore and embarked on a 'Digital First' journey with the objective of creating long-term value for our shareholders and clients," said Ajit Isaac, Executive Chairman, Quess. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/check-out-snapdeal-top-executives-like-kunal-bahl-rohit-bansal-salary-for-year-2021/slidelist/88426612.cms" data-type="tilCustomLink">Snapdeal cofounders Kunal Bahl and Rohit Bansal will take home up to ₹5 crore in salaries from this year</a> <a href="https://www.businessinsider.in/tech/enterprise/news/apple-and-its-patents-in-2021-heres-what-the-tech-giant-could-bring-to-you-in-the-future/articleshow/88426551.cms" data-type="tilCustomLink">Apple and its patents in 2021: Here’s what the tech giant could bring to you in the future</a> <a href="https://www.businessinsider.in/science/space/news/scientists-find-more-evidence-of-possible-life-on-venus/articleshow/88425043.cms" data-type="tilCustomLink">Scientists find more evidence of possible life on Venus</a>

Job hunt platform Monster.com raises ₹137.5 crore from Mohandas Pai, others

<ul><li>The H-1B visa rejection rate is not equal for all companies looking to hire workers from India. </li><li>Data from the US Immigration service shows that the rate of H-1B visa rejections are much higher for Indian IT firms than firms based out of the US. </li><li>Mohandas Pai, the former CFO of <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, told Business Insider that the ‘Buy American, Hire American' policy is targeting certain companies. </li><li>Shivendra Singh — Vice President and Head of Global Trade Development at NASSCOM — on the other hand, feels that since most US visas are still going to Indian citizens, it's a testimony to their skill set. </li></ul>On the surface, it looks like the <a href="https://www.businessinsider.in/us-immigration-denial-of-h1-b-visas-raises-legal-questions/articleshow/68844794.cms">sudden increase H-1B visa rejection rate</a> by the US is having an equal impact on everybody. But that data and sources tell Business Insider that may not necessarily be true. Mohandas Pai, the former CFO of Infosys and start up investor, told Business Insider India, "The data is very clear that certain companies are being targeted for being service providers." Numbers from the United States Citizenship and Immigration Services (USCIS) back Pai's claim. They show that the US President, Donald Trump's new policy to ‘Buy American, Hire American' is only <a href="https://www.businessinsider.in/us-h-1b-visa-rejection-rate-may-trigger-tech-ma/articleshow/69721592.cms">mitigating visa petitions from Indian IT firms</a> like <keyword id="10863" type="COMPANY" weightage="20" keywordseo="CapGemini">Capgemini</keyword>, Cognizant, Infosys and Deloitte. US based firms like Facebook and Amazon, on the other hand, are having no issues picking up Indian talent from the market and taking it to the US. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
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 Attracting the right talent Shivendra Singh, the Vice President and Head of Global Trade Development at NASSCOM, says that while the rejection rate of H-1B visa petitions from Indian IT firms may be rising, most US visas are still being issued to citizens from India. He told Business Insider India, "Although Indian companies have reduced their number of visa usage, Indian nationals continue to get 70% of the visas — which is more a testimony to their skill set." Singh explains, "They have the relevant skill set, which is why they're in demand. It's not just Indian companies but US and global companies that want to hire them (Indian nationals)." The disparity in numbers between the H-1B visa rejection rate for Indian IT companies and US based firms also further exemplifies India's competitive advantage. Pai elucidates, "India has extreme expertise. They can do software better, faster and in a more cost effective way than anybody else." But, not being able to retain that talent may be an issue. "Any country which is able to attract the right skill set in large numbers will be the country which will succeed," according to Singh. See also: <a href="https://www.businessinsider.in/us-h-1b-visa-rejection-rate-may-trigger-tech-ma/articleshow/69721592.cms">Rise in US H-1B visa rejection may force Indian tech companies to look at M&amp;A</a> <a href="https://www.businessinsider.in/us-immigration-denial-of-h1-b-visas-raises-legal-questions/articleshow/68844794.cms">US Immigration is denying more H1-B visas than ever before — without notice or authority</a>

H-1B visas: US immigration seems to like certain companies more than others

<ul><li>The Supreme Court today delivered a verdict on the decades-long Ayodhya dispute — Ram Janmabhoomi-Babri Masjid. </li><li>The apex court, in a unanimous judgement, gave the land to a government trust which will aid the construction of a <keyword id="42499" type="PERSON" weightage="20" keywordseo="Ram-Mandir">Ram Mandir</keyword>. The Waqf board was allotted five acres of land at a prominent place in Ayodhya. </li><li><keyword id="46425" type="PERSON" weightage="20" keywordseo="Anand-Mahindra">Anand Mahindra</keyword>, chairman of Mahindra Group took to twitter to applaud the ‘process of justice.’ </li><li>Former CFO of Infosys, Mohandas Pai welcomed the historic judgement calling it a ‘justice to India, Indians, our constitution and Hindus’. </li></ul>The Supreme Court today delivered a verdict on the historic dispute on Ram Mandir, <keyword id="43572" type="COMPANY" weightage="20" keywordseo="Babri-Masjid">Babri Masjid</keyword> and Ayodhya. The apex court, in a unanimous judgement, allotted the land to a government trust which will oversee the construction of a Ram mandir on the disputed land. The Waqf board was allotted five acres of land at a prominent place in Ayodhya. Within the next three months, the centre will appoint board of trustees and the 2.77-acre complex will be handed over to the trust. Prime Minister Narendra Modi said that the <keyword id="399476" type="PERSON" weightage="20" keywordseo="Ayodhya-verdict">Ayodhya verdict</keyword> said that the verdict will reaffirm the independence, transparency and far-sightedness of the judiciary. Political and corporate leaders alike welcomed the decision. Anand Mahindra, Chairman, Mahindra Group took to Twitter to applaud the ‘process of justice’. “What extraordinary courage it required to be on this bench &amp; what incredible application of mind it must have taken to reach a conclusion,” he tweeted. <div type="twitter" handle="anandmahindra" handlename="anand mahindra" image="http://pbs.twimg.com/profile_images/1053583782584807425/-7IRmY5u_normal.jpg" favoritecount="15679" retweetcount="2352" status="5 men. A decision that 1.3bn people were awaiting. What extraordinary courage it required to be on this bench &amp; wha… https://t.co/hzNJ4npKZu" createdat="1573282376000" id="1193058875370426368"></div>

 Former director of Infosys Mohandas Pai welcomed the historic judgement calling it a “justice to India, Indians, our constitution and Hindus. The sword in the heart of Indian civilization has been removed!” <div type="twitter" handle="TVMohandasPai" handlename="Mohandas Pai" image="http://pbs.twimg.com/profile_images/563397282020618240/BsxVmVtk_normal.jpeg" favoritecount="4123" retweetcount="1002" status="SC has done justice to India,Indians, our constitution and Hindus:The sword in heart of Indian civilization has bee… https://t.co/22MM94x8F2" createdat="1573278751000" id="1193043671970504704"></div>

 Indian author Chetan Bhagat thanked the Supreme Court and the Hindu-Muslim communities for their patience. “Thank you SC. Thank you to the entire Muslim community for your grace and generosity. Thank you to the Hindu community for their patience. India remains intact, as does the birthplace of Ram. Jai Shri Ram,” he tweeted. <div type="twitter" handle="chetan_bhagat" handlename="Chetan Bhagat" image="http://pbs.twimg.com/profile_images/1029242665705992192/nQqnqCUG_normal.jpg" favoritecount="11611" retweetcount="1164" status="Thank you SC. Thank you to the entire Muslim community for your grace and generosity. Thank you to the Hindu commun… https://t.co/duH54UT3uj" createdat="1573282050000" id="1193057507352072193"></div>
 Photographer and producer Atul Kasbekar’s reaction was rhetoric. “I hope that as the very famous AK once famously said, ‘All izz well’” he said. <div type="twitter" handle="atulkasbekar" handlename="atul kasbekar" image="http://pbs.twimg.com/profile_images/1157383172436430849/pE8z0HR3_normal.jpg" favoritecount="148" retweetcount="6" status="Chalo it’s done Move along now everyone And for my country’s sake, I hope that as the very famous AK once famousl… https://t.co/pqTcYvfp1O" createdat="1573279757000" id="1193047890605879297"></div>

All the celebrities who have welcomed the Supreme Court verdict on Ayodhya dispute

<ul><li>The increase in US H-1B visa application rejection rates may mean that Indian tech giants will begin to acquire companies in the US according to Mohandas Pai, the former director of Infosys.</li><li>Hiring locally is expensive and still requires at least 60% of the workforce still needs to be upskilled. </li><li>IT companies have already shifted their business models with back end engineering in India, they will provide the requisite services through companies in the US.</li></ul> Indian IT companies are in serious trouble. The number of US visa rejections has <a href="https://www.zdnet.com/article/with-h-1b-rejection-rates-approaching-40-indian-it-will-urgently-need-a-new-service-delivery-model/">hit 40%</a>, and looking at the Trump administration's agenda <a href="https://www.businessinsider.in/us-immigration-denial-of-h1-b-visas-raises-legal-questions/articleshow/68844794.cms">going forward</a>, things are likely to become worse. Mohandas Pai the former CFO of Infosys and startup investor, shares that the option left with Indian IT companies is to acquire IT companies in the US. "The next phase will be that Indian IT firms will go acquire more companies in the US. And, those companies will have back end engineering in India," Pai told Business Insider. This will solve the problem of having engineers on-site. Companies can either acquire a local company or setup an office in Canada or Mexico. The actual software engineering will be still be happening in India where companies have abundant talent to tap. Can they ‘really' Hire American? A simpler way out of visa rejections mess would be hiring in the US. This move could also achieve what US President Donald Trump wanted to achieve in the first place with his aggressive ‘<a href="https://www.uscis.gov/legal-resources/buy-american-hire-american-putting-american-workers-first">Buy American and Hire American</a>' policy. Shivendra Singh, Vice President &amp; Head of Global Trade Development at industry body NASSCOM, believes that Indian IT companies should get skills, whichever way they can get them. Singh explains, "Firms can either upscale locally or bridge the sales gap by bringing in people on higher scales," adding, "You need upscale at least 60% of the workforce for them to perform on all cylinders. " But, this is much easier said than done. For one, it would drive down profit margins of Indian IT majors. Added to that, there is a dearth of engineering talent. "Firms are hiring locally but the talent is not available. Freshers are available but they have to be trained," Pai says. A good engineer from the Valley <a href="http://time.com/31617/here-are-the-15-highest-paying-companies-in-america/">costs</a> around $125,000- $150,000 per annum. That too, would be a fresher. "In fact, hiring freshers are cheaper than sending people from India." The problem with freshers is that they aren't flexible to go from place to place or work across different technologies. Unlike Indian IT professionals who have worked in India. Who will gain? As per experts, the Indian IT industry and their US companies, along with the US government in general, is looking at a lose-lose situation. Outsourcing to India provides a competitive advantage as they can perform the very same tasks at a better, faster and cost-effective manner. "Digital startups can afford to pay (high salaries) because they're swimming in a lot of capital, whereas manufacturing companies can't afford it. So, they need to get it done at a much more productive and cost effective level," says Pai. If Indian IT companies lose business, their US clients will also suffer as much. Indian IT firms contribute $58 billion to the US GDP, which is higher than six individual US states contribution according to NASSCOM. And, they work with more than 75% of the Fortune 500 companies — the majority of which are American enterprises. "The US administration does not understand that, with unemployment at 3-4% — there are no people. More and more companies will start to move their work offshore or nearshore," says Pai. See also: <a href="https://www.businessinsider.in/donald-trump-may-hike-h1-b-visa-fees-to-fund-national-skill-development-mission/articleshow/69216233.cms">Now, Trump administration wants to hike H1-B visa fees to train Americans in technology</a> <a href="https://www.businessinsider.in/us-immigration-denial-of-h1-b-visas-raises-legal-questions/articleshow/68844794.cms">US Immigration is denying more H1-B visas than ever before — without notice or authority</a> <a href="https://www.businessinsider.in/Spouses-of-H-1B-visa-holders-may-lose-work-permits-in-the-US/articleshow/63898572.cms">Spouses of H-1B visa holders may lose work permits in the US</a>

Rise in US H-1B visa rejection may force Indian tech companies to look at M&A

After the <keyword id="479174" type="General" weightage="20" keywordseo="Karnataka-cabinet" source="Orion">Karnataka cabinet</keyword> approved a bill that mandates 100% <keyword id="19914887" type="General" weightage="20" keywordseo="reservation" source="keywords">reservation</keyword> for Kannadigas in Category C and D <keyword id="19914922" type="General" weightage="20" keywordseo="jobs" source="keywords">jobs</keyword> in all industries in the state, businessman and philanthropist TV <keyword id="20076594" type="General" weightage="20" keywordseo="Mohandas-Pai" source="keywords">Mohandas Pai</keyword> slammed the state government saying that <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword> Kannadigas is the only way to promote them for jobs rather than giving them reservation. "If you want to promote Kannadigas for jobs, spend more money on higher education. Give training to them. Spend more money on skill development. Spend more money on internships, spend more money on apprenticeship programs. So they all become skilled. Not like this. What are you trying to achieve by this?," Pai said, speaking on Wednesday. Pai, the Chairman of <keyword id="22445179" type="General" weightage="20" keywordseo="Manipal-Global-Education-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Manipal Global Education Services" meta.hostid="261" meta.entityid="Manipal Global Education Services">Manipal Global Education Services</keyword> said that the Bill is "fascist" and also unconstitutional. "This bill should be junked. It is discriminatory, regressive and against the constitution @Jairam_Ramesh is govt to certify who we are? This is a fascist bill as in Animal Farm, unbelievable that @INCIndia can come up with a bill like this- a govt officer will sit on recruitment committees of the private sector? People have to take a language test?" he had earlier said in a post on 'X'. <keyword id="19896017" type="General" weightage="100" keywordseo="Karnataka" source="keywords">Karnataka</keyword> minister Priyank Kharge however, assuaged the fears of the industrialists saying that wide consultation will be held before the rules of the bill are formulated. "The bill has been brought in by the labour department. They are yet to consult with the industry, the Minister of Industry and the Department of Information Technology. I am sure that before coming up with the rules of the bill, they will have due consultations with the respective ministries and more importantly, a wider consultation with the industry. So there is no need to panic. We are going to safeguard the jobs for the state as well as encourage investments in the industries with their consultation," Kharge said. <keyword id="20582906" type="General" weightage="20" keywordseo="karnataka-industries" source="keywords">Karnataka Industries</keyword> Minister MB Patil said any apprehensions will be resolved in meetings with the Chief Minister "I have seen that many people have apprehension regarding this. We will resolve this confusion. We will sit with the CM and resolve this so that it does not have any adverse effect," Patil told ANI. On Tuesday, the Karnataka cabinet approved a Bill that seeks to reserve 50% of management jobs and 75% of non-management jobs for locals in the private sector. The bill also seeks 100% reservation for locals in "C&amp;D" grade government jobs. On Wednesday, several industry leaders in the state objected to the move saying that it is "discriminatory" and raised apprehensions that the tech industry may suffer.

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