Below is a story which explains HR Process in short.

One day while walking down the street a highly successful Human Resources Manager was tragically hit by a bus and she died. Her soul arrived up in heaven where she was met at the Pearly Gates by St. Peter himself.

“Welcome to Heaven,” said St. Peter. “Before you get settled in though, it seems we have a problem. You see, strangely enough, we’ve never once had a Human Resources Manager make it this far and we’re not really sure what to do with you.”

“No problem, just let me in,” said the woman.

“Well, I’d like to, but I have higher orders. What we’re going to do is let you have a day in Hell and a day in Heaven and then you can choose whichever one you want to spend an eternity in.”

“Actually, I think I’ve made up my mind, I prefer to stay in Heaven”, said the woman

“Sorry, we have rules…”

And with that St. Peter put the executive in an elevator and it went down-down-down to hell.

The doors opened and she found herself stepping out onto the putting green of a beautiful golf course. In the distance was a country club and standing in front of her were all her friends – fellow executives that she had worked with and they were well dressed in evening owns and cheering for her. They ran up and kissed her on both cheeks and they talked about old times. They played an excellent round of golf and at night went to the country club where she enjoyed an excellent steak and lobster dinner.

She met the Devil who was actually a really nice guy (kind of cute) and she had a great time telling jokes and dancing. She was having such a good time that before she knew it, it was time to leave. Everybody shook her hand and waved goodbye as she got on the elevator.

The elevator went up-up-up and opened back up at the Pearly Gates and found St. Peter waiting for her.

“Now it’s time to spend a day in heaven,” he said. So she spent the next 24 hours lounging around on clouds and playing the harp and singing. She had great time and before she knew it her 24 hours were up and St. Peter came and got her.

“So, you’ve spent a day in hell and you’ve spent a day in heaven. Now you must choose your eternity,”

The woman paused for a second and then replied, “Well, I never thought I’d say this, I mean, Heaven has been really great and all, but I think I had a better time in Hell.”

So St. Peter escorted her to the elevator and again she went down-down-down back to Hell.

When the doors of the elevator opened she found herself standing in a desolate wasteland covered in garbage and filth. She saw her friends were dressed in rags and were picking up the garbage and putting it in sacks.

The Devil came up to her and put his arm around her.

“I don’t understand,” stammered the woman, “yesterday I was here and there was a golf course and a country club and we ate lobster and we danced and had a great time. Now all there is a wasteland of garbage and all my friends look miserable.”

The Devil looked at her smiled and said…
“Yesterday we were recruiting you, Today you are an employee.”

I got this story via email so don’t have an source for it. Do share your comments!

Well we all know that INDIA will overtake CHINA in term of population explosion by 2015. But do we know that INDIA will overtake CHINA as the world fastest growing economy by 2015. Yes this is right. According to a survey by Morgan Stanley group INDIA will overtake CHINA as the fastest growing economy.

We all know that INDIA’s population is increasing but there is also an increase in the working age group i.e. people in the age group of 18-65 and a decrease in the dependent group. For any economy to grow there needs to be more people in the working group. Whereas on the other side CHINA is lagging behind because of the one child policy adopted by them in order to curb the population explosion. This was a temporary solution to gain control on population explosion but now it has counter fired. As a result CHINA is facing a situation where there are more people in the dependent class than in the work group. For any country to prosper it is essential that the population division is proper. INDIA thus gains an upper hand to CHINA in respect to population.

Secondly there is an increase in the FDI in INDIA in recent years. So INDIA has ample money power to grow as the fastest economy by 2015. Also, CHINA has cancelled all the deals for FDI put in front of them. As a result FDI in CHINA is decreasing and the second best option for investors is INDIA.

Also because of the geographic location, INDIA is quite the attractive destination for investors. Globalization has creeped in and INDIA has taken the utmost advantage of it.

To conclude, INDIA with the growing population, the money in the form of FDI and globalization can truly become the fastest growing economy by 2015.

Check out: Sensex to touch 50,000 in 7 Years

The 2010 Commonwealth Games are scheduled to be held in Delhi, India between 3 October and 14 October 2010. The games will be the largest multi-sport event conducted to date in Delhi and India generally, which has previously hosted the Asian Games in 1951 and 1982. The opening ceremony is scheduled to take place at the Jawaharlal Nehru Stadium in Delhi. It will also be the first time the Commonwealth Games will be held in India and the second time the event has been held in Asia (after 1998 in Kuala Lumpur, Malaysia).

Bidding process

The two principal bids for the 2010 Commonwealth Games were from Delhi, India and Hamilton, Ontario, Canada. A ballot of members was held in November 2003 at the Commonwealth Games Federation General Assembly in Montego Bay, Jamaica. Delhi bid won by a margin of 46 votes to 22, confirming India’s first successful bid for the Games, while marking Canada’s to host its fifth games. India’s bid motto was New Frontiers and Friendships.

Costs

The total budget estimated for hosting the Games is US$ 1.6 billion and this amount excludes non-sports-related infrastructure development in the city like airports, roads and other structures. This will likely make the 2010 Commonwealth Games the most expensive Commonwealth Games ever, being larger than the previous games in Melbourne 2006 (approx. US$ 1.1 billion).

Other preparations

In preparation for an influx of English-speaking tourists for the Games, the Delhi government is implementing a program to teach English, and the necessary skills for serving tourists, to key workers – such as cab drivers, security workers, waiters, porters, and service staff. In the two years prior to the Games 2,000 drivers were taught English. The program aims to teach 1,000 people English per month in the hope of reaching all key workers by March 2010. In addition to Delhi, the Indian Government plans to expand the program to teach people in local tourist destinations in other parts of India.

Delays

In September 2009, Commonwealth Games federation Chief Mike Fennell reported that the games were at risk of falling behind schedule and that it was “reasonable to conclude that the current situation poses a serious risk to the Commonwealth Games in 2010″. A report by the Indian Government released several months prior found that construction work on 13 out of the 19 sports venues was behind schedule. The Chief of the Indian Olympic Association Randhir Singh has also called expressed his concerns regarding the current state of affairs. Singh has called for the revamp of the games’ organizing committees commenting that India now has to “retrieve the games”. Other Indian officials have also expressed dismay at the ongoing delays but they have stated that they are confident that India will successfully host the games and do so on time. As the Times of India reports, all CWG projects were to be completed by May 2009 and the last year should have been kept for trial runs. The newspaper further reports that the first stadium was handed over for trial runs in July 2010 only. To put the delays in perspective, Beijing National Stadium was completed much ahead of schedule for the 2008 Summer Olympics, while the venues for 2012 Summer Olympics in London are scheduled to be delivered one year before the games and the construction of the venues is on track.

Vigilance-related irregularities

On July 28, 2010, the Central Vigilance Commission (CVC) released a report showing irregularities in up to 14 CWG projects. As per official reports, in total 129 works in 71 organizations have been inspected. The detailed preliminary findings include

1. Award of works at higher prices
2. Poor Quality Assurance
3. Award of work to ineligible agencies

There are also allegations of wide spread corruptions in various aspects of organizing the games including procurement and awarding contracts for constructing the game venues. The Commonwealth Games Organizing Committee on 5th Aug 2010 suspended T S Darbari (joint director in the organizing committee) and Sanjay Mahendroo (deputy director general in the organizing committee) following the report of the three-member panel which was probing the financial irregularities related to the Queen’s Baton Relay. Also Organizing Committee treasurer Anil Khanna resigned from the post in the wake of allegations that his son’s firm had secured a contract for laying synthetic courts at a tennis stadium.

Corruption has creeped into the minds of the organizing committee. We see that there are so many incompatible hiring and renting of products for the COMMON WEALTH GAMES 2010. For eg:

Source of estimates: The Economic Times dated 2/08/2010 and 5/08/2010

We also see that the major sponsors of the games are on the verge of quitting their sponsorship after these corruptions related issues were brought in view by the media a few days ago. The games were already facing a shortage of sponsors and now when the existing sponsors also making a move back will only affect the games and its success.

There are promises made and promises broken by the existing committee of the games. India’s reputation is at stake at the COMMON WEALTH GAMES.               Who knows what will happen when the game goes on. We get up in the morning; switch on TV to watch news and the most common news of it is the corruption in COMMON WEALTH GAMES. This is all that we all listen and see all day long. Some new controversy created related to the games. If this goes on surely the games will spell a disaster for the country and the promises made by the committee to make these games bigger than CHINA’s summer Olympic Games will tumble like house made of cards.

Whether the game is a SUCCESS or a FAILURE time will only tell but as of now looking at the current condition it seems that the worst fears may come true.

Whats your take on this ? Will it be success ? Comment!

Reference : Wikipedia & ET New Paper

Indian Rupee recently got a new design and has joint an elite club of few nations which have currency symbols.

Did you start using the new Rupee symbol? You may have surely seen it across Economic Times, they are using it on a large scale.

Indian Government will soon come up with a Key Board button just like a USD Button in the numerals.

Check this interesting PPT :

World trade comprises not only exports and imports of merchandise goods but also of commercial services. In 2009, world trade saw a huge downfall of 12%. This was worse than the 1969 depression. Though, all the developed economies are still finding their way out of recession, the World Trade Organization (WTO) has forecasted 10% growth in world trade in 2010.

Having a look at India’s share in world trade, in the last few years its making a slow upward movement. Its now at 1.2% to total world trade. India stands 22nd in the list of importers, and 15th in terms of exports. While China leads in exports followed by Germany, USA is the largest importer followed by China.In commercial services, India is ranked 12th both in export and import. United States of America is leading in both export and import of commercial services.

Privatization and globalization have paved the wave of various countries economic development world wide.

China is the leading economy among the BRIC Nations. Also it has a huge amount of Forex reserves.

India will soon follow the steps of China as US Consul General, Paul Folmsbee projected the Indian economy to grow to 5 Trillion USD!

What’s your take on this? Comment !

Economy of India is likely to grow in near future and expected to reach $5 trillion. This is just like dream come true a 500% increase! So Surely the SENSEX will touch 50,000 mark soon as it was predicted earlier!

Indian economy is currently at $1.2 trillion and is expecting to grow at $5 trillion soon was predicted. US Consul General, Paul Folmsbee was at Nagpur for a seminar on Indo-US Relations where he mentioned that there should be much concentration on matters like transfer of technology, sudden change in climate, hiigher education and there should also be a focus on small and medium enterprises. (source)

Here is an impact on Indian education sector because of this – Many US varsities were in the process of setting up their establishments in the country with Columbia University already establishing its institution in Mumbai and even the news of Harvard searching for a class room space in India!

So India is really Shining! Isn’t it ?

India’s Union Minister for Human Resource Development, Kapil Sibal, unveiled a low cost computing-cum-access device, whose price is estimated at $35 per piece, which is set to gradually drop further to $20 and ultimately to $10 per unit.

Picking up the mantle from Nicholas Negroponte’s One Laptop per Child (OLPC) project.

Minimum Functionalities expected:-

• Support for video web Conferencing facility
• Multimedia content viewer for example .pdf, docx, .ods, adp, .doc, .xls, .jpeg, .gif, .png, .bmp, .odt, .zip, AVCHD, AVI, AC3, etc.
• Searchable Pdf reader
• Unzip tool for unzipping zip files.
• Possibility of installing suitable firmware upgradation.
• Computing capabilities such as Open Office , SciLab , cups (for printing support)
• Media player capable of playing streamed as well as stored media files.
• Internet browsing with flash plug-in, JavaScript, pdf plug-in java.
• Wireless communication for Audio/video I/O.
• Cloud computing option.
• Remote device management capability.
• Multimedia input output interface option (for allowing DTV, IPTv, DTH, streaming etc.)

This is going to prove of great importance in future of Indian Growth and development!

This topic has been in discussion since quite long time – “Indian Rupee to have a new currency symbol”

This Symbol is a combination of the Devanagari ‘Ra’ and the Roman capital ‘R’ without the stem and two parallel lines running at the top which represents equal to sign it is very much in line with what Finance Minister Pranab Mukherjee had envisioned.

The basic aim of the new symbol is to provide the Indian rupee international recognition as the country’s economy exerts more influence in the global space, the unique sign will also help isolate the currency from the current abbreviation ‘Rs’ which is used by neighbouring Pakistan, Nepal and Sri Lanka.

The Ministry had organised a symbol design competition with a prize money of Rs 2.5 lakh. IIT post-graduate D Udaya Kumar’s design from among five shortlisted symbols and recommended it for Cabinet approval.

In a bid to minimize paperwork, the finance ministry has made it mandatory for companies to file their income-tax returns electronically. It was however made mandatory for companies to file their e-returns from assessment year 2006-07, but there was no pre-requisite of a digital signature. It’s a precaution to the insecurity that a usual e-return is prone to.

Digital signature makes the document more authenticated. It gives the receiver a better knowledge of the actual sender. Digital signature is not much different from a usual signature by a pen on a paper. Instances of forgery and frauds are almost zero in these cases . The sender of the electronic document, in the above case-the assessee,has his own user id and password. When the sender sends his return,it gets encrypted i.e. its translates in all together a different language. This can be decrypted by a key which only the receiver has. In the above case, i guess the Income Tax department has one single key for all the returns. But all-in-all, it has made e-filing a lot safer for companies.

In the case of individuals, if said person is a professional and his/her gross receipts exceeds Rs.10 lacs, then it is mandatory to file an e-return. And in case of a person who is not a professional the limit is Rs.40 lacs. The above limits have been changed to Rs.15 lacs and Rs.60 lacs respectively for the assessment year 2011-12. The last date for filing an income-tax return for individuals is 31st of July and for companies it is 30th of September.

Check out :

• The BUZZ of filing Tax Online
• e filing Tax a step by step presentation

The much awaited results of one of the top IT companies of  India are out. Infosys came out with their first quarter results on Tuesday. The Stock market had quite a bit of expectations from the results, but as the figures were discouraging, it ended flat.

Infosys is the second largest information technology services company in terms of revenue,just behind Tata Consultancy Services.  The net profit fell  2.6 percent at Rs.1490 crores. The share of european clients declined from 25 percent last year to 20 percent. The company had forecated a good share from the european market but given the fact that the european economies are struggling to come out of the debt trap, the share was more likely to decline.

Infosys is one of the leading hirers for IT professionals. In the previous year, the company had hired roughly 27000 personnel. But in the first quarter, it stood at 1026. It forecasted that they would end up hiring 30000 to 36000 employees by the end of FY 10-11.  With the rivals, like TCS and Wipro,increasing the salaries  by 10 to 20 percent to sustain their employees, the company is following suit.

The company has a list of big stalwarts in its 500 odd global clients. The list includes Goldman Sachs, BT group and BP. A below par performance saw the stock fall by 3.3 percent after the results were declared.

The Company having its headquartes at Bangalore, is also listed on the American Stock market-NASDAQ.  Its the second largest outsourcer in India. Though the result might not have met its delight but the company, continuing with its conservative nature, envisages a better growth story.