Advani deserves to be President of India: Gadkari

Hyderabad, Apr 12: Indicating that prolonged lockdown to contain coronavirus spread may lead to job cuts in the Indian IT industry, NASSCOM former president R Chandrashekhar has said that the work-from-home culture may become a positive development in the long run as it opens up newer avenues and save investments by IT firms.

The former bureaucrat also said startups which are surviving on funds infused by venture capitalists may face tougher situations if the present scenario deteriorates.

"The larger companies may not be actually cutting jobs for two reasons. One is that they do not want to lose their employees and they have money to pay. Many of them ( big companies), even if they do shed some jobs it might be at the most people who are on temporary or intern type and all. But they would not want regular and permanent employees to go. So as long as they have sufficient flexibility in their books, they would continue," said NASSCOM former president.

"But beyond a point that it goes on, for let us say, two months or three months, then even for them, they will feel the pressure. They may not just keep on providing subsidies to the employees. So the key question will be how long that goes on," Chandrasekhar said.

He also said the work-from-home systems being adopted by several firms across the globe, including India, may have a negative impact on the industry in the short-term, but in the long run it would change the work culture which hitherto was not experienced by many of the IT firms in India.

 On impact of the prolonged lockdown on startups, he said it would be a big challenge for the budding enterprises as the investments they get are based on their ideas and future revenues and the present situation under which peoples movement is curbed may shackle their progress.

 "Where will they (startups) get money to pay salaries to their employees. Venture capital investors would not pay the money or invest their money to pay salaries because they are not in the charity business."

If the employees are not paid and if they leave and it is difficult for the startup againto come up. So the whole investment plan goes for a toss, he said.

Former chairman of NASSCOM, B V R Mohan Reddy said a clear picture as to what is going to happen has not yet emerged as the situation with all respects is still evolving. Reddy said there will be a demand shrinkage for the IT industry as the entire world is under stress. "There is no economy in this world that is going to do well in this situation.

So, therefore, there will be a demand shrinkage, he said, indicating tougher times of the industry ahead.

New Delhi, Mar 16: Reliance Group Chairman Anil Ambani has been summoned by the ED in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday.

They said Ambani was asked to depose at the Enforcement Directorate office in Mumbai on Monday as his group companies are among the big entities whose loans went bad after borrowing from the crisis-hit bank.

The officials said Ambani, 60, has sought exemption from appearance on some personal grounds and he may be issued a new date.

Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPAs.

Finance Minister Nirmala Sitharaman had said in a March 6 press conference that the Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had exposure to.

Officials said promoters of all the big companies who had taken large loans from the beleaguered bank which later turned bad are being summoned for questioning in the case to take investigation forward.

Ambani's statement will be recorded under the Prevention of Money Laundering Act (PMLA) upon deposition, they said.

Kapoor, 62, is at present in ED custody after he was arrested by the central probe agency early this month.

The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later turned NPA.

Beijing, Feb 2: India on Sunday temporarily suspended e-visa facility for Chinese travellers and foreigners residing in China in view of the virulent coronavirus that has killed more than 300 people, infected 14,562 others and spread to 25 countries, including India, the US and the UK.

“Due to certain current developments, travel to India on e-visas stands temporarily suspended with immediate effect," the Indian Embassy announced.

“This applies to holders of Chinese passports and applicants of other nationalities residing in the People's Republic of China. Holders of already issued e-visas may note that these are no longer valid," the announcement said.

“All those who have a compelling reason to visit India may contact the Embassy of India in Beijing or the Indian consulates in Shanghai or Guangzhou, as well as the Indian Visa Application Centres in these cities," it said.

On Sunday, India airlifted a second batch of 323 stranded Indians and seven Maldivian citizens from coronavirus-hit Wuhan city, taking the total number of people evacuated to 654.

Air India's jumbo B747 made two flights to Wuhan city - the ground zero of the coronavirus epidemic. In the first flight on early Saturday, 324 Indians were evacuated and on Sunday another 323 Indians and seven Maldivian citizens were flown back.