Slow and steady...

IIPM PUBLICATION

Canara Bank reported 24% growth in overall advances to Rs.985 billion in FY ’07, which is a gradual moderation compared to 31.5% growth in the previous year and 28.6% growth in Q3, FY ’07. “Going forward, we believe credit growth to moderate to around 23-25% in FY ’08 driven partly by policy measures and to some extent by moderation in overall GDP in FY ’08 to around 8.3% (YES Bank estimates). As such, we expect pressures on resource gap to alleviate during the year.” says Shubhada M. Rao, Chief Economist, Yes Bank. “Consumer credit may slow down to 20-25% due to rising interest rate and the base effect,” adds ICICI Bank CEO K. V. Kamath.

However, if one were to have a look at the composition of available resources with banks and the competition they are facing from alternate avenues of investment, moderation in credit off -take will actually give banks some time to work on their resources. To mop up resources to fund the credit growth of over 30% in FY ’07, banks have been scrambling for deposits, which has very obviously pushed up the costs and it’s really a cat and dog fight out there.

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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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Over the last five years, the contribution of IT to India’s GDP has grown from 1.4% to 4.8%.

IIPM MANAGEMENT INSTITUTE

The bulk of this growth has been contributed by the top five Indian IT companies viz. Infosys, Tata Consultancy Services, Satyam Computers, Wipro and HCL Tech; with all of them witnessing astronomical growth in income and profits. While Infosys has been in the news for succession moves (like Narayana Murthy stepping down and K. Gopalakrishnan taking on the position of CEO from Nandan Nilekani), Wipro has continued with its ‘String of Pearls’ strategy, acquiring diverse companies like Austria’s NewLogic, Portugal’s Enabler and Finland’s Saraware. On the other hand, HCL undertook its ‘Blue Ocean’ strategy with the company expecting 50% of its future business to come from various unexplored technology areas like aerospace and life sciences.

Even TCS has launched its ‘Experience Certainty’ drive – a global marketing campaign claiming that 96.63% of TCS deliverables are achieved on time. Satyam Computers has focussed on innovative HR practices, which have reduced its employee turnover rate from 21% to under 13%. While the growth story seems like a near-perfect scenario, there are certain factors that need immediate attention. Parag Shah, an analyst from Sharekhan, explains, “The rupee appreciation against the dollar has limited profit margins of IT companies. Another factor is the cap on the limit of H1B US visas. In the Clinton era, nearly 195,000 visas were issued, whereas in the Bush era, the cap has been reduced to 65,000.” However, with inflation down, and RBI coming in stronger, and even US industry bigwigs coming down hard on Bush, the going just might become too exciting!



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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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Companies downloaded higher input costs to customers...

IIPM PUBLICATION

Companies downloaded higher input costs to customers... But surprise, surprise! Customers downloaded the same to their wallets, happily. Now, that’s consumerism!

For a change, let’s start this sizzling hot sector update with the coolest of them all – air conditioners (ACs). The year 2006 was definitely a very good year for AC firms as both Indian & foreign companies rode high on the ‘heat’ wave of consumerism in India. According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), the split AC segment registered an exorbitant 90% growth in 2006. In 2007, the overall AC segment is expected to grow at a rate of 20%, which is the highest growth rate among all segments in the Rs.300 billion Indian consumer durable industry. Suresh Khanna, Secretary General, CEAMA, further elaborates on the current scenario of consumer durables in India and says, “The AC and refrigerator segments have grown the maximum, last year; and these two generated maximum sales for consumer durable companies. But a strange thing was that the growth in these two categories came from the southern market.” This is also echoed in AC Nielsen findings, which claims that in the split AC segment, for the year 2006, the southern region market generated an incredible business of Rs.19 billion.

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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

Rhythms of development!

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All the countries who have inherited the British education system are facing the problem. Pakistan is top in the list. Md. Nasir Khan, President of Islamabad Chamber of Commerce said while talking to B&E from Islamabad, “Pakistan is facing the problem like never before. The talented ones are going to Britain and USA, leaving us with scum.” The situation is worse in Bangladesh and Sri Lanka where at the first place; there is very less talent pool and that too are willing to move West. These countries, mesmerised by the success of India in BPO sector, tried to copy the trend but have failed miserably because of the lack of labourers with required skill-set. In fact, the advantage South Asian countries had over their European counterparts is slowly fading away. Now, countries like China and Brazil have replaced them in the most favoured list of MNCs. While many of the MNCs that had BPOs in India have shifted to other nations; the BPO industry in Pakistan and likes are already in disarray in its nascent phase.

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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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