Indian IT companies supported 2.8 lakh jobs in US last year: Nirupama Rao

July 27, 2012

it_company

Washington, July 27: Indian IT companies supported as many as 2.8 lakh jobs in America last year amid a gloomy employment scenario in the US and have invested a whopping over five billion dollars in FDI through acquisitions and green-field projects, according to India's top envoy here.

Addressing the Asia Society here yesterday, Indian Ambassador to the US, Nirupama Rao said, "Our IT companies supported 280,000 jobs in the US last year.

"The IT companies have invested more than 5 billion dollars in FDI through acquisitions and green-field projects."

"The unemployment rate in the tech-space in this country is much lower than in manufacturing and that is where the effort is concentrated we believe today -- to go back the jobs in manufacturing to this country," she said.

Acknowledging that India's trade and economic relationship with the US has not scaled the heights reached in US trade and economic ties with China, she said there are goals yet to be achieved in this area.

"The voices of Indian companies and business interests are often unheard in the audio stream of voices from the US side who are constantly urging India to 'do more' on the reform front," she said.

In this crescendo from the American side, is the political economy and anthropology of India understood sufficiently? she asked. "There is no question of the tide of economic reform in India being reversed."

"Look at the history of reform in India from 1991 onwards. Successive governments have come and gone, but the direction of reform has not been reversed, ever," she said.

"Do not take us at face value. When the chips are down, our system responds very well. As our Prime Minister told Secretary Clinton when they met in Delhi in May, 'the message I would like you to carry is that India remains open, and the climate (of reform) will not be disrupted'. The India Story is definitely not over," the Ambassador said.


Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 11,2020

New Delhi, Apr 11: Congress leader Rahul Gandhi on hailed accredited social health activists, auxiliary nurse and midwives and anganwadi workers for their role in the fight against the coronavirus pandemic, saying they are "true patriots" who toil to keep communities safe in the midst of this grave crisis.

In an environment where fear and misinformation pose a bigger danger than the virus itself, community workers have a key role to play in educating people about the dangers of COVID-19 and the manner in which it is transmitted, Gandhi said.

In a message for Accredited Social Health Activists (ASHA), Auxiliary Nurse and Midwives (ANMs) and Anganwadi Workers, he said they are working with dedication and courage, putting their lives at risk, on the frontlines of the battle against the COVID-19 pandemic.

"The greatest form of patriotism is to serve our country in her hour of need. Our community workers are true patriots, our unsung heroes, who toil tirelessly away from the limelight, to keep our communities safe in the midst of this grave crisis," the former Congress chief said.

"As a nation, we owe them and their families a huge debt of gratitude for the tremendous personal sacrifices each of them is making. I hope that when this crisis is over their exemplary service will serve as a catalyst for deep-rooted change in their conditions of work," he said.

Gandhi said he salutes each and every community worker for their service to the nation and prays that they and their families will remain safe during this pandemic.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 23,2020

New Delhi, Jul 23: Riding high on foreign investors buying stakes in Jio Platforms, Reliance Industries Ltd Chairman Mukesh Ambani became the world’s fifth-richest person Wednesday, edging past American investor Warren Buffett on the real-time ranking of billionaires by Forbes. With an estimated wealth of $75 billion, Ambani is only next to Facebook co-founder and CEO Mark Zuckerberg, whose wealth is pegged at $89 billion.

Buffet had slipped down the rankings after donating more than $37 billion of Berkshire Hathaway Inc. stock since 2006 to charity. Berkshire Hathaway’s stock performance has also underwhelmed recently.

Amazon founder and CEO Jeff Bezos still sits at top in the richest list, with a net worth of $185.8 billion. He is followed by Microsoft co-founder Bill Gates with net worth of $113.1 billion and luxury group LVMH Moet Hennessy Louis Vuitton’s chief Bernard Arnault, with a net worth of $112 billion. Facebook CEO Mark Zuckerberg is at the fourth position in the Forbes list.

Shares of Ambani’s conglomerate have more than doubled since a low in March as its digital unit got more than $15 billion in investments from companies including Facebook Inc, Silver Lake, Intel, and most recently, Google. The US tech giant has committed a capital infusion of Rs 33,737 crore for a 7.7 per cent stake on Jio Platforms.

The total investment from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore. RIL has raised a total of Rs 2,12,809 crore through a rights issue, the combined investments in Jio Platforms and investment by BP.

During the Reliance AGM last week, Ambani had said RIL has made its net-debt free ahead of a March 2021 target due to recent investments. Ambani said Jio has designed and developed a complete 5G solution that’s ready for launch as soon as spectrum is made available next year.

Jio and Google have also entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimisations to the Android operating system and the Play Store, Ambani said.

RILs market value jumped to Rs 12.7 lakh crore or $170 billion on Monday, making it the 51st most valued company in the world. Between April 1 and July 13, RIL has gained $81 billion in market capitalisation and has climbed 47 places from being the 98th most valued company on April 1 to 51st most value company now.

The share price of RIL has risen by 120 per cent over the last four months for Rs 883 per share on March 23, 2020 to Rs 1,939 on Monday. Since April 22, when Facebook Inc announced an investment of Rs 43,574 crore in Jio Platforms for 9.99 per cent equity stake, Jio Platforms has announced investments by 12 other investors. The total investment by these 13 investors over the last 12-weeks amounted to Rs 118,318 crore.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 8,2020

Bengaluru, Apr 8: The University Grants Commission (UGC) has asked all universities and higher education institutions across the nation to set up helpline to combat mental health issues among students during the Covid-19 crisis and nation-wide lockdown period.

In an official circular, the UGC stated that, "It is important to address psychological concerns of students and to address mental health and for the well-being of students, universities/colleges and higher education institutions should setup mental health helplines."

These helplines need to be monitored by counselors and other identified faculty members. "It is important for students to stay calm and stress-free. This can be achieved through telephones, e-mails, digital and social media platforms," says UGC.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.