<ul><li><keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>’s top IT sector companies have reduced their headcount by 75,000 in the last one year.</li><li>New GCCs setting-up operations in India might have hired a similar number of <keyword id="19913553" type="General" weightage="20" keywordseo="tech" source="keywords">tech</keyword> talent, say experts.</li><li>Even with renewed hiring, IT sector hiring as a whole suffered even as software product company hiring went down in the last 12 months.</li><li>In 2024, hiring intent in the IT sector increased only 3%, even as overall hiring intent is at 19%, says Taggd. </li></ul>Headcount in the top IT services firms in India is down by 75,000 in the last one year. However, experts say that there is no large-scale furore over joblessness in the system due to the extensive hiring undertaken by global capability centers (GCCs). Many new GCCs are setting-up shop in India, which is giving a much-needed push to sluggish tech talent intake by IT services companies. Six out of eight IT bellwethers like TCS, Infosys, Wipro, LTI Mindtree, Cognizant and Tech Mahindra saw their headcount go down in the last 12 months, as per Xpheno, a staffing services company. HCL and LTTS however moderately added 2,400 and 1,600 people to their rolls. (See Table below). Top 8 IT cos headcount &amp; net additions as of Q3 FY24 <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Headcount </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12-month net additions </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,40,234 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-21,875 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,22,663 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-24,182 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,03,305 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10,669 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,24,756 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,486 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTI Mindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">82,471 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3,991 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTTS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,46,250 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10,812 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cognizant </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,47,700 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7,600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,90,677 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-75,000 </td></tr></tbody></table> Source: Xpheno With this degrowth, collective headcount of the cohort has dropped to nearly the levels seen in early 2022. “The calendar year of 2024 too has begun with a rollback of headcounts to a pre-two year level, in what is clearly a cycle of sustained adversities the IT services cohort is dealing with,” said Kamal <keyword id="20519296" type="General" weightage="20" keywordseo="karanth" source="keywords">Karanth</keyword>, co-founder of Xpheno. GCCs: The bright spot It’s not just IT services companies are cutting down hiring, job demand in software companies saw massive drop along with startups. But there is one bright spot in the tech market which is GCCs. “GCCs had recruited similar numbers (around 60,000) in the last one year, and that’s why we do not see a bloodbath on the streets. Around 100-110 GCCs set-up shop in India in the last two years, and 60 of them came in the last one year itself,” Karanth tells Business Insider India. GCCs are international companies which set-up shop in India, which takes care of activities like business support functions, back-office tasks, IT infrastructure and more. Since they kick-off operations, most of them hire anywhere between 500-2,000 people. GCCs have now become one of the six top sectors which hire tech talent that includes IT services companies, software product companies, startups, consulting firms and non-tech sectors which hire tech talent. GCCs, IT services and software product companies are the three sectors which hire techies in large numbers “Among the three, only GCCs will continue to hire in 2024, while IT services and software product companies will see at least two muted quarters ahead,” says Karanth. Going by their enthusiastic uptake of office spaces, they seem to be intent on hiring in large numbers. As per a Colliers report, office space uptake of around 30 mn square feet with large deals (of over 100,000 sq ft) have shown an impressive 24% annual growth in 2023. Almost 40% of the large deals in the top six cities have come from GCCs, particularly from technology and BFSI sectors. “More than half of the large GCC deals achieved closure in the last quarter of 2023, indicating renewed momentum in GCC activity in the country. Large pool of talent, cost-effective rentals, adequate Grade A developments and favorable office market ecosystem will continue to uphold India’s vantage positioning from a capability centre perspective,” said <keyword id="20454099" type="General" weightage="20" keywordseo="vimal-nadar" source="keywords">Vimal Nadar</keyword>, senior director and head of research, Colliers India. Tech hiring to remain sluggish With only one of its sub-sectors keen on hiring, the IT sector’s recruitment outlook as a whole has come down. As per a report by Taggd, the IT sector’s hiring intent for 2024 increased by 3%. The overall hiring intent across all the sectors however increased 19% for the current calendar year. Job demand in the last 2 years <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sector </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2-year change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,29,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-35% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Software Product </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,00,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-61% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Startups </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">44,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-73% </td></tr></tbody></table>Source: Xpheno The slowdown in IT hiring is pronounced in the earnings reports of recruitment firms as well. Info Edge which houses many internet-related businesses like <keyword id="20577913" type="General" weightage="20" keywordseo="naukri" source="keywords">Naukri</keyword>, 99acres.com etc saw its revenues from the recruitment grow only by 3.1% year-on-year in Q3 FY24 due to sluggishness in IT sector hiring. “While the non-IT hiring sector remained robust, the continued slowdown in IT hiring impacted Naukri's growth,” Hitesh Oberoi, managing director and CEO of Info Edge said in the press release. Most large IT sector companies are only expected to do replacement hiring for the next few quarters, with a dull outlook for most. The sector’s sluggish hiring will impact engineering graduates the most as fresher hiring will be impacted. “As many as 9 lakh engineering graduates pass out every year. They will see a major impact and see the biggest hit,” Karanth adds.

IT bellwethers slash headcount in FY24 but Indian techies find a home with GCCs

<ul><li>According to the report, <keyword id="729521" type="PERSON" weightage="20" keywordseo="Indian-Engineers">Indian engineers</keyword> still lag the relevant digital skills that companies nowadays are looking to hire for </li><li>This includes advanced tech skills such as artificial intelligence, machine learning, data science and wireless technologies among others </li><li> Merely 2.5% of engineers in India possess skills in artificial intelligence while only a handful of engineers (5.5%) are qualified with basic programming, the report assessed. </li></ul>While the Indian government and IT firms have been busy launching various programs to bring emerging tech skills in the country, the state of employability among the latest graduating class of engineers remains in question. The ‘<a href="https://www.aspiringminds.com/research-reports">National Employability Report for Engineers 2019</a>’ put out by a job assessment platform Aspiring Minds, has shown that over 80% of engineers in India are unfit to take up any job in the knowledge economy. According to the report, Indian engineers still lag the relevant digital skills that companies nowadays are looking to hire for. This includes advanced tech skills such as artificial intelligence, machine learning, data science and wireless technologies among others. Merely 2.5% of engineers in India possess skills in artificial intelligence while only a handful of engineers (5.5%) are qualified with basic programming, the report assessed. This means, overall, only <a href="https://www.indiatoday.in/education-today/news/story/over-80-indian-engineers-are-unemployable-lack-new-age-technology-skills-report-1483222-2019-03-21">1.5% of engineers in India </a>have the required skills for new-age jobs. The findings match other reports about the <a href="https://www.businessinsider.in/india-has-a-booming-artificial-intelligence-sectorand-its-struggling-to-fill-over-4000-vacant-positions/articleshow/67154961.cms">shortage</a> of digital skills in India. The emerging sector has nearly 4,000 vacant jobs in India due to lack of qualified talent. This may be because of the education system imparting theory-based knowledge. The data collected has revealed that only 40% of the total graduate engineers opt for internships for hands on experience with 36% taking up projects other than their coursework. While 47% of students attend industry talks to boost their knowledge. "We find that a low proportion of engineers take up projects beyond curriculum and do internships. Also, there is a lack of faculty talking about industry application of concepts in class or students getting exposure through industry talks," Varun Aggarwal, Chief Technology Officer and co-founder Aspiring Minds told PTI. The report analysed engineers across India, China and the US. As per the conclusions drawn, US job applicants were found to be ahead of Indians in terms of good <a href="https://www.theweek.in/news/sci-tech/2019/03/21/knowledge-economy-Over-80-pc-Indian-engineers-lack-employability-skills.html">coding skills</a>, while China and India compete almost at the same levels. See also: <a href="http://v">Google will groom these 10 Indian startups that use AI and machine learning</a> <a href="https://www.businessinsider.in/google-will-groom-these-10-indian-startups-that-use-ai-and-machine-learning/articleshow/68384856.cms">These core subjects are the biggest winners in IIT-Delhi's record campus placement season</a> <a href="https://www.businessinsider.in/ai-cloud-computing-machine-learning-cyber-security-among-top-skills-for-higher-salary-increment-in-2019/articleshow/68281010.cms">These 5 sectors are the only ones projected to see double digit salary hikes this year</a>

A staggering 80% of engineers in India are unemployable: Report

<ul><li>The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> of India has reserved its judgements on pleas regarding extension of the loan moratorium period on December 17.</li><li>Various sectors of the economy have argued that the government and <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>’s (RBI) measures leave large borrowers struggling to make payments out of the loop. </li><li>The Solicitor General argued that sectors like real estate and power were in trouble long before the COVID-19 pandemic hit India.</li></ul>The Indian Supreme Court reserved its judgement on pleas regarding extension of the loan moratorium period after hearing arguments on December 17. This means that the apex court bench headed by Justice Ashok Bushan won’t be announcing any verdict on the issue of extending the loan moratorium and sector-specific concerns, according to <a href="https://twitter.com/LiveLawIndia/status/1339503261494210560">LiveLaw.</a> Solicitor General Tushar Mehta stated that the pleas made by specific sectors cannot be entertained under Article 13 of the Disaster Management Act (DMA), which gives provision for relief in loan repayments during disasters of severe magnitude. The government claims that if banks were to bear the burden of waiving interest — under a blanket order — it would wipe out ₹6 lakh crore of their net worth, rendering most banks unviable. "Of course, the court will not pass an order which will lead to the economy going haywire. We are conscious of the fact," the Supreme Court told Mehta. Small borrowers vs large borrowers One of the primary concerns expressed is that the compound interest waiver is limited to loans smaller than ₹2 crore, leaving bigger corporates out in the cold. “This is a case where the National Disaster Management Authority (NDMA) should have come out, instead of handing it over to the banks,” argued senior advocate Ravindra Srivastava. According to him and his peers arguing for relief, the government and the Reserve Bank of India (RBI) has not justified why and how it arrived at the ₹2 crore threshold, which discriminates against those who do not meet that requirement. Banks are businesses According to senior advocate Harish Salve, banks have to operate like listed companies. He argued that even though a bank like the State Bank of India (SBI) has a majority government share, it is also accountable to its private shareholders, which is why it can’t simply write off the debt. If banks are to offer relief, the funds need to come from the government. “This proceeding has metamorphosed from a public interest litigation to nudge the government to help people who are jobless and have zero cash flow to focus on large commercial interests,” said Salve. It’s not COVID-19’s fault that the real estate sector is in trouble Senior advocate Kapil Sibal, arguing on behalf of CREDAI, asserted that the real estate market met the pandemic under unfavourable circumstances. According to him, COVID-19 has only worsened an already deteriorating situation, but no relief has come the sector’s way. “If you’re already fragile, then a small wind may also be too much to tip you over. That is not the effect of a disaster,” retorted Salve, arguing that the real estate sector’s woes are not COVID-19 specific but only a small fragment of the sector’s overall diminishing health. “The CREDAI or the real estate companies are not ‘persons affected by the disaster’. The economy was bad, the customers had gone, the liquidity had gone. It is worse now because the economy is contracting by 8,” he added. Power producers seek relief with COVID-19 worsening their already dire debt situation Power producers already had mounting dues before the COVID-19. According to senior advocate Abhishek Singhvi, his client’s dues currently amount to ₹1.22 crore. “The circular of the RBI dated October 6 has created inadvertent exclusions,” Singhvi told the bench, asking them to plug this ‘loophole’. Educational institutions are waiting for scholarships Educational institutions have a bone to pick over the release of funds for post-matric scholarships. According to advocate Vivek Anandh, the delay is hampering the progress of students. "They do not come under MSME's. The specific needs of educational institutions have not been taken into account by any circulars of RBI. All Engineering colleges run on a non-profit basis," he told the court. Mall owners accuse banks of making a killing during COVID-19 The nationwide lockdown completely shut down malls. Even when the blanket ban was linked, football at malls has remained below 10% amid social distancing and avoiding public areas, according to advocate Amit Bhandari. “Banks have actually made a killing during Covid times,” he told the judges. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/unilever-climate-change-plan-opened-to-shareholders-as-amazons-climate-pledge-battles-criticism/articleshow/79776633.cms">Unilever is opening up its climate action plan to shareholders as Amazon's Climate Pledge battles criticism</a> <a href="https://www.businessinsider.in/tech/apps/news/fake-instagram-facebook-and-vimeo-extensions-on-google-chrome-can-steal-personal-information-and-location/articleshow/79773977.cms">Fake Instagram, Facebook, and Vimeo extensions on Google Chrome can ‘hijack’ your URL, steal personal information and track your location</a> <a href="https://www.businessinsider.in/science/environment/news/supercomputer-shows-tropical-cyclones-hitting-india-are-going-get-more-destructive-that-is-until-the-flooding-starts/articleshow/79764803.cms">Supercomputer shows tropical cyclones hitting India are going get more destructive — that is until the flooding starts</a>

Supreme Court reserves verdict on extension of loan moratorium period

<img class="gwt-Image" src="/photo/29861620.cms" /> Experiments are great if they usher in something new and meaningful. When the <keyword id="303" type="POSITION" weightage="80" keywordseo="Director">director</keyword> is <keyword id="189787" type="PERSON" weightage="100" keywordseo="Devika-Bhagat">Devika Bhagat</keyword> and one of the lead characters is <keyword id="34091" type="PERSON" weightage="100" keywordseo="Abhay-Deol">Abhay Deol</keyword> (hailing from the legendary <keyword id="9281" type="PERSON" weightage="80" keywordseo="Dharmendra">Dharmendra</keyword> clan), one hopes to see a plot as intriguing as <keyword id="30024" type="ENTERTAINMENT" weightage="80" keywordseo="manorama-six-feet-under">Manorama Six Feet Under</keyword> where Devika was the story &amp; <keyword id="236139" type="POSITION" weightage="80" keywordseo="screenplay-writer">screenplay writer</keyword> and Abhay was the lead character. So we have expected the actor-director combo to set the screen on fire this time, with a new format of storytelling. Deol has co-produced the rom-com and his real-life girlfriend <keyword id="76307" type="PERSON" weightage="100" keywordseo="Preeti-Desai">Preeti Desai</keyword> has also teamed up with him, but all to no avail. Thanks to an inane plot, the flick has literally crashed at the <keyword id="25892" type="ORGANIZATION" weightage="100" keywordseo="box-office">box office</keyword>. 
 The numbers are quite dismal after Day 4 (February 3) and the flick has grossed a paltry Rs 4.6 crore as per industry estimates. According to <keyword id="255727" type="COMPANY" weightage="60" keywordseo="Box-Office-India">Box Office India</keyword>, “<keyword id="1526690" type="UNKNOWN" weightage="100" keywordseo="One-By-Two">One By Two</keyword> fared poorly at the box office as it collected a little over Rs 1.50 crore nett over the weekend. The collections were around Rs 50 lakh nett on Friday and Saturday each while there was a little jump on Sunday to Rs 55 lakh nett (approx). The film is a disaster all over as some circuits hardly had any contribution.” 
 
The movie has been released on January 31 and has hit about 500 screens across India. But unless it witnesses some miraculous jump in collections, this one may not be able to recover the costs. 
 
Now, let’s have a look at the story itself and what it brings to the audience. One by Two revolves around the <keyword id="2045033" type="UNKNOWN" weightage="100" keywordseo="Parallel-lives">parallel lives</keyword> of two people – <keyword id="49316" type="POSITION" weightage="60" keywordseo="Software-engineer">software engineer</keyword> Amit Sharma (Abhay) and <keyword id="2045034" type="POSITION" weightage="100" keywordseo="aspiring-dancer">aspiring dancer</keyword> Samara Patel (Preeti), born out of wedlock but trying to connect to her rich father. Both Amit and Samara have struggled to cope with their personal hard luck stories and a lot of coincidences bring them together, but not until the last scene. That may hit you hard, especially if you are waiting to watch some bubbly romance, while the surprising twists and turns are not enough to see the movie through. 
 At best, you get to see stereotypes – a jobless Amit dumped by his girlfriend; his loving mom (<keyword id="15316" type="PERSON" weightage="100" keywordseo="Rati-Agnihotri">Rati Agnihotri</keyword>) anxious to see her son settled and Samara’s alcoholic mom (<keyword id="12972" type="PERSON" weightage="100" keywordseo="Lillete-Dubey">Lillete Dubey</keyword>) helped by her daughter. There’s an extremely weak subplot – that of Amit hacking into a dance reality show to wreck the producer who is now dating his ex – which finally connects the central characters. 
 Serious movie-goers might have expected some Luis Buñuel-type <keyword id="2045045" type="UNKNOWN" weightage="100" keywordseo="Neo-reality">neo-reality</keyword> in a plot where <keyword id="2045053" type="UNKNOWN" weightage="100" keywordseo="Disjointed-storylines">disjointed storylines</keyword> suddenly converge. But the movie doesn’t step beyond the ground reality; nor does the urban sparkle contribute to the freshness of theme or originality of characters. The gags look tired after a time; the plot fails to impress in spite of endless possibilities and the lead duo can’t display the kind of acting prowess that would have broken the traditional mould and taken the flick to a new height of <keyword id="2045050" type="UNKNOWN" weightage="100" keywordseo="Urban-isolation">urban isolation</keyword> and <keyword id="2045051" type="UNKNOWN" weightage="100" keywordseo="Chance-connections">chance connections</keyword>. 
 
Image: Indiatimes

One By Two: Fragmented
Storytelling Fails To Impress, Flops At Box Office

<img class="gwt-Image" src="/photo/49242585.cms" style="width: 800px; height: 600px;" /> 
 
German chancellor <a href="http://www.businessinsider.in/searchresult.cms?query=angela+merkel">Angela Merkel</a> made everyone’s (including <a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi">Prime Minister Narendra Modi’s</a>) day when she returned a 10th century Durga idol which was stolen from Kashmir over two decades back. 
 
Three years ago, it was found that the idol was spotted in a museum in Sruttgart, <a href="http://www.businessinsider.in/Three-things-we-wish-India-had-like-you-doGermany/articleshow/49229454.cms">Germany</a> and the Indian government immediately got in touch with the Germany authorities to ensure that the process of getting the idol back was started. 
 And, finally, <keyword id="76" type="PERSON" weightage="80" keywordseo="Angela-Merkel">Angela Merkel</keyword> herself returned the idol to Modi on Tuesday during her two-day visit to India. 
 
Thanking Merkel and the people of Germany for returning the idol, Modi was quoted saying, “The statue is from Jammu and Kashmir &amp; is a symbol of victory of good over evil.” 
 
We at Business Insider got a little carried away by Merkel’s benevolence and thought to ourselves, ‘Hey, what if we had a chance to present our wishlist of Indian valuables we would like America to return to us?' 
 
We let that idea linger and racked our brains for a long long time and came up with this list of three valuables that definitely need a homecoming. 
 
1. <keyword id="1655" type="PERSON" weightage="80" keywordseo="Priyanka-Chopra">Priyanka Chopra</keyword>’s accent: As much as we are proud of <a href="http://www.businessinsider.in/searchresult.cms?query=priyanka+chopra">Priyanka Chopra</a> bagging the lead role in Quantico, an American TV series, we cannot help but roll our eyes and cover our ears whenever she starts speaking in the show, mainly because we’re clueless as to which accent she has put on, considering the first episode revealed she’s capable of putting on atleast five different accents. 
So, consider this as a genuine request America, return her accent(s) to us, so that we can do the needful and lock it up in a closet which no can find or hear. 
 
2. Sunder Pichai: Okay, there’s no easy way to say this, but India is brimming with engineering graduates who’ve slogged their asses and survived four years at a place worse than jail- engineering college. If that doesn’t sound bad enough, this will- they do so, without having a social life or girlfriends. Thus, the least we can ask for from Silicon Valley is to return our very own <a href="http://www.businessinsider.in/searchresult.cms?query=sundar+pichai">Sunder Pichai</a> to us, so he can start something In India and hire the hundreds of jobless engineers. They’ve sacrificed enough. 
 
3. <keyword id="966769" type="UNKNOWN" weightage="80" keywordseo="Kunal-Nayyar">Kunal Nayyar</keyword>: India has had enough of Kapil Sharma on one hand, and of AIB, on the other. We need someone who can spearhead an intelligent but subtle brand of funny to make sense of all the bizarre things happening in our country, and who better than Raj Kuthrapalli to do just that? Our apologies, cast of <keyword id="1213095" type="ENTERTAINMENT" weightage="80" keywordseo="The-Big-Bang-Theory">The Big Bang Theory</keyword>, but we’d like it if our funny boy is returned to us. And, yes his accent is real. 
 
Image credit: Indiatimes

Dear America, return these three valuables to India, please

<ul><li>For the upcoming 'Rakshabandhan' festival on August 3, there will be a new, eco-friendly and healthy option for sisters and brothers in Maharashtra - rakhis made of the dung of the pure Indian breed of Gir cow.</li><li>The brainchild of a former banker-turned-academician, Priti R. Tembhare, who runs a 'Gaushala' (cow-shelter) with 200 Gir cows and another 150 abandoned or handicapped cows, oxen or bulls, the attractive, sturdy and <keyword id="9644862" type="UNKNOWN" weightage="20" keywordseo="cheap-cowdung-rakhis">cheap cowdung rakhis</keyword> have proved to be popular and in demand this year. </li><li>These humble cowdung rakhis will vie for attention among other rakhis in Mumbai where some affluent 'sisters' spend lakhs of rupees for buying platinum, gold, silver, diamond-studded and other high-end rakhis. </li></ul> For the upcoming 'Rakshabandhan' festival on August 3, there will be a new, eco-friendly and healthy option for sisters and brothers in Maharashtra - rakhis made of the dung of the pure Indian breed of Gir cow. The brainchild of a former banker-turned-academician, Priti R. Tembhare, who runs a 'Gaushala' (cow-shelter) with 200 Gir cows and another 150 abandoned or handicapped cows, oxen or bulls, the attractive, sturdy and cheap cowdung rakhis have proved to be popular and in demand this year. "I started on an experimental basis with around 500 pieces... I personally went for marketing it in Gondia and Nagpur, convincing the distributors and retailers on the benefits of these cowdung rakhis. Initially, they were sceptical, but gradually they seem to have embraced it," an elated Priti Tembhare told IANS from her workshop in Gondia. It was last year that some women in Uttar Pradesh, Chhattisgarh and Madhya Pradesh started making cowdung rakhis which caught the eyes of people, prompting Tembhare to start a similar initiative in Maharashtra this year. "During the lockdown, many women were rendered jobless in this region... I wanted to do something to make them 'atmanirbhar' with a product that was indigenous, natural and in tune with our age-old traditions... I decided to introduce cowdung rakhis," she said. The small sample resulted in big orders of over 5,000 cowdung rakhis, the last of which are currently being packaged for dispatch, with the rakhis costing between Rs 15 and Rs 50 a piece. These humble cowdung rakhis will vie for attention among other rakhis in Mumbai where some affluent 'sisters' spend lakhs of rupees for buying platinum, gold, silver, diamond-studded and other high-end rakhis. Tembhare explained that making cowdung rakhis or other long-lasting objects is time-consuming, undergoing several processes like drying the cowdung, converting it into fine powder, using neem tree or other natural gums plus seeds of tamarind as binding agent to make the rakhis strong. After Rakshabandhan, she suggests these rakhis can be taped on mobiles, tablets, laptops or other objects emanating harmful rays, which the cowdung reportedly nullifies. A former banker and then an academician, Tembhare was encouraged in the venture by her automobile engineer husband, Rishikumar Tembhare, who has diverted his skills to train villagers in organic farming, watershed management techniques and supplying free water tankers to problem villages in the area. "Through our NGO, Laxmi Gaushala Charitable Trust (LGCT) and an orchard, we earn by selling Gir cow milk and other products, plus different types of fruits... But it was insufficient to take care of the workers, especially the womenfolk during the lockdown. The cowdung rakhis seem to be a promising venture which can help supplement our income," she smiled. Simultaneously, Tembhare plans to launch cowdung idols of Lord Ganesha for the ensuing Ganeshotsav - Maharashtra's biggest public festival - which will be celebrated on a modest scale this year owing to the pandemic. "These small idols of Lord Ganesha are embedded with seeds of certain plants like 'tulsi'... After immersions, they will mix with the earth and new tulsi plants will start sprouting," Tembhare said. On the popularity of the cowdung rakhis, a social media message caught the attention of Mumbai diamond merchant Girish Shah, who runs an NGO Samast Mahajan, and he forwarded it to some persons, and it spread like wildfire, culminating in the large orders. "We toiled hard for three months... It takes around a week to produce one final batch of around 1,000 rakhis... We had several orders from abroad, but we declined as it proved unviable to send by air cargo in view of the Covid-19 flight disruptions," said Tembhare. However, there are many big orders which have been promised for <keyword id="9644863" type="PERSON" weightage="20" keywordseo="rakshabandhan-2021">Rakshabandhan 2021</keyword>, which she will take up immediately after Diwali, and continue ahead the new, healthy and eco-friendly trend of cowdung rakhis. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/dil-bechara-kissing-booth-2-and-other-movies-you-can-watch-on-netflix-amazon-prime-disneyhotstar-this-week/slidelist/77142498.cms">Dil Bechara, Kissing Booth 2 and other movies you can watch on Netflix, Amazon Prime, Disney+Hotstar this week</a> <a href="https://www.businessinsider.in/business/startups/news/work-from-home-effect-these-companies-are-shelling-out-for-employees-power-bills-internet-cost-and-more/articleshow/77139229.cms">WFH effect – These companies are paying for employees' power bills, internet cost and more</a> <a href="https://www.businessinsider.in/business/corporates/news/after-google-pwc-india-declares-a-company-wide-holiday-for-its-employees-this-friday-offers-time-off-for-a-well-deserved-break/articleshow/77125627.cms">After Google, PwC India declares a company-wide holiday for its employees this Friday – offers time off for a 'well-deserved' break</a>

Maharashtra will be celebrating Rakshabandhan with a special "cow dung rakhi"

<img class="gwt-Image" src="/photo/57555487.cms" />Trump, Brexit, Demonetization, Populism, Protectionism, <keyword id="24019" type="PERSON" weightage="20" keywordseo="automation">Automation</keyword>. To say that the times are exciting is truly an understatement. And if I look at the millennials, this period is the most unstable, exciting, and unpredictable era of all times. In this chaos and a highly volatile socio-economic and political landscape, everyone certainly wonders about their own job security. And I guess, one has to wonder because the way businesses are done and <keyword id="11018" type="COMPANY" weightage="20" keywordseo="Jobs">jobs</keyword> are allocated is changing drastically. India, being home to the world’s youngest population, not having enough employability growth can be daunting, however, now, the question arises, do we really have to worry about the lack of jobs or is this the best opportunity for this generation to up-skill? 
 
The Economy in our home turf 
Most of the economic growth in India is driven by the increase in labour productivity rather than employment. This scenario of ‘jobless growth’ in India is being dealt by initiating skilling and Make in India and adding 100 India International Skill Centre, and setting up 600 Kaushal Vikas Kendras which is a significant move towards making India job ready. Initiatives like these is definitely a step in the right direction, but we need more vigour to make it work towards the main goal- employability. 
 
The world around The election of <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword> has put the IT industry in a fix by proposing restrictions on H-1B visas and insisting IT service providers to hire more US citizens. Not only will it affect IT companies financially, the employees will lose out on the opportunity to work in more mature markets like US, and bring those learnings back to India. 
 
The fast evolving IT landscape 
Artificial Intelligence, Robotic Process Automation, and Internet of Things aren’t a sci-fi movie anymore. It is a reality that’s facing us. One reads, that as per industry experts, about 80 per cent of IT jobs and about 30-40 per cent of finance and accounting jobs in India will be eliminated by automation. 
Panic? Anxiety? Restlessness? Am I losing my job? Will I be unemployed? These are questions that one must one’s own self. The answer thankfully, isn’t just blowing in the wind, it’s right here. 
 
So don’t worry about losing your job; Re-Skill and get out of your comfort zone 
The whole new wave of automation is bound to push the workforce to adapt to technological advancements. A lot of companies are training their employees to reskill them as skills required for the ‘new jobs’ are not taught in colleges. In the last few years, a plethora of jobs have surfaced like SEO experts, content marketing managers, medical and banking technology specialists etc. Such kind of work did not even exist a decade ago, but are now being successfully pursued and contributing to companies’ revenues. It was heartening to see the focus on the World Economic Forum this year on this whole aspect of Re-Skilling. If though leaders want businesses to thrive, then such discussions (which ultimately would lead to action) are critical 
 
The bottom line? As the world is moving ahead and companies are adopting new ways to improve efficiency and cut costs, it is the millennials’ time to step up and learn new skills in order to create their own niche and therefore their new identity. It is definitely a disrupting start to the uncertain future. The need for engineering colleges and B-schools to revisit their curriculum in order to bridge the gap between what is required in the industry and what do these institutions currently offer is what the system requires. The focus area should be more towards enhancing high level thinking skills, creativity, machine learning, and communication. Employability will certainly drive the future of India, but we need to be well equipped to lay a progressive foundation for jobs ahead. Now is the best time to prep up and act on it rather than making it a cause of national worry. 
 
(The article is authored by Sanjay Modi, Managing Director, APAC &amp; Middle-East)

Dude, where’s my job?

<img src="https://static-ssl.businessinsider.com/image/52af26ebecad049a7f6ee2dd-1200-924/david-rosenberg-15.png?maxX=600" alt="David Rosenberg" border="0" width="600">Screenshot via Bloomberg TV</img>Gluskin Sheff's David Rosenberg described himself as "the poster boy for the bull market" in a note to clients on Monday.
"The US economy does not seem to need either the housing market (or the export sector for that matter) when practically every other engine is humming along and driving growth to its best performance in 11 years - funny enough, 2003, like now, was the breakout year following a horrible recession, deflation scare, terrorist attack, war and jobless recovery," he wrote.
Besides Rosenberg's call that equities will certainly not enter a bear market <a href="http://www.businessinsider.com/rosenberg-stock-market-corrections-come-and-go-but-the-bear-market-wont-come-until-2016-at-the-earliest-2014-10">next year</a>, here&#xa0;are his 13 investment ideas and why they are compelling for 2015.
<ul>
<li>
US tech stocks&#xa0;are attractive because they are relatively cheap and collectively have strong balance sheets. They also stand to benefit from strong domestic demand.</li>
<li>
Consumer discretionary stocks&#xa0;will benefit from a growing jobs market, lower oil prices and a strong dollar that makes imports cheaper.</li>
<li>
Canadian banks&#xa0;have a 4% dividend yield and are well valued even though they struggle to develop new sources of growth.</li>
<li>&#xa0;Euro zone financials&#xa0;had a rough year in 2014 but there's more upside than downside potential moving forward. They trade cheaply, and some of them have multiples less than 10.</li>
<li>
European stocks&#xa0;generally provide a 3.7% dividend yield, compared to the yield on the 10-year German bund that's plunged below 0.60%.</li>
<li>
Large-cap exporters&#xa0;with exposure to the euro are well positioned as the ECB tightens its monetary policy and puts the currency in danger. They'll also have a strong US economy to thank, with 3% growth forecast, compared to 1% domestic growth.
</li>
<li>Energy stocks&#xa0;may rebound after a dismal year because that's what's historically happened in the few years following a huge gap between the sector's annual performance and the rest of the market. Moreover, the selloff in oil may be overdone. </li>
<li>High-quality corporate bonds&#xa0;and&#xa0;emerging market junk bonds&#xa0;are better opportunities than US debt. The front end of the curve is already pricing Fed tightening.</li>
<li>US non-investment grade bonds&#xa0;fell&#xa0;this year when investors sold off energy companies. The bonds' average yield rose to 6.62% (98.9 cents on the dollar). They could return roughly this amount in 2015. </li>
<li>Japanese stocks will benefit from low inflation that will prompt the Bank of Japan to increase its stimulus. Stocks are up against a negative yield on the two-year Japanese government bond and 1.23% on the 30-year. </li>
<li>Emerging markets&#xa0;should be considered on individual merit. Countries like India and Mexico that have undergone economic reforms are attractive, but others like Colombia and South Africa risk current account deficits.&#xa0; </li>
<li>
Commodity importers from South Korea to Poland are benefiting from the collapse in oil prices.</li>
<li>
Chinese stocks have had a bumper year despite economic weakness. The new monetary easing policy to give banks a wider regulatory deposit base sent the Shanghai Composite Index to a record high and should continue to be supportive of stocks.</li>
</ul>

You Searched For "jobless engineers in india" and got 13 results

IT bellwethers slash headcount in FY24 but Indian techies find a home with GCCs

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Dear America, return these three valuables to India, please

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Dude, where’s my job?

Guest Author

ROSENBERG: Here Are 13 Investment Ideas For 2015

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