The Internet services sector in India has potential to grow over three-folds to $124 billion with the help of favorable government policies and infrastructure improvement, a report by industry body IMAI said. “The Internet services sector in India is currently valued at $ 33.8 billion (about Rs 2.46 trillion) and by the year 2022, it is expected to reach $ 76.4 billion (about Rs 5.57 trillion) in conservative estimates. However, the sector has the potential to reach a value of $ 124 billion by 2022 if certain recommendations made in the study fructify,” the Internet and Mobile Association of India (IMAI) report said. Besides, the report estimates that the Internet sector is estimated to employ around 1 million employees presently, and is estimated to create 12 million net jobs by 2022. The IAMAI report ‘Economic Impact of Internet Services in India’ suggests that the sector can reach its potential $ 124 billion (around Rs 9 trillion) if certain critical factors such as forward looking and supportive government policies, better infrastructure for widespread internet connectivity, adoption of digital and advanced technologies across the ecosystem and offline sectors, etc are realized.
Mr. K N Radhakrishnan is now the Whole Time Director of TVS Motor Company. He will hold office as Director and CEO for a period of five years commencing from 23rd October, 2018. He began his career in Sundaram Clayton in 1986 as a Management Trainee (1986) and rose to become the head of Business Planning and TQM for the group. In this role he led Sundaram Clayton to win the prestigious Deming Prize, becoming the first Indian company to do so. In 2004, he was promoted as Executive Vice President of TVS Motor and in 2008 became its President. Under his leadership TVS has become the third largest selling two-wheeler brand in India. For the last three consecutive years TVS Motor has been recognized as No1 By J.D. Power for Customer Satisfaction in the two-wheeler category with its individual products being rated as segment leaders in quality and customer appeal. The company has also recently entered the super-premium segment with the launch of the TVS Apache RR 310. Mr. Radhakrishnan has led the expansion of TVS into over 60 international markets. He is known for his focus on quality, passion for customers, strategic planning and eye for technology. Commenting on the appointment, Mr. Venu Srinivasan, Chairman, TVS Motor Company said, “TVS Motor Company is delighted to elevate Mr. K N Radhakrishnan as Director & CEO. Over the decades, he has played a crucial role in shaping TVS Motor Company’s journey of becoming a global manufacturer boasting of superior quality products.
Companies are offering 10-15% more salaries than the previous year as the summer placement season in business schools began on a positive note with some of the top schools completing the process in less than four days. B-schools said more companies are showing interest in campus hiring, with consulting, sales and marketing, consumer durables, and financial firms leading the pack. Schools like Indian Institutes of Management at Lucknow, Kozhikode, XLRI Jamshedpur, Indian Institute of Foreign Trade (IIFT), Birla Institute of Management Technology (BIMTECH) in Greater Noida and Fore School of Management at New Delhi said they witnessed strong demand for their students. “This has been a good year for summer,” said Mr. Uday Damodaran, a professor and chairperson of placement at XLRI. He said consulting firms are a key driver of XLRI’s campus placement with some hiring more than 10 students. Boston Consulting Group was the top recruiter with 13 offers. Mr. Harkirat Singh, a professor in charge of placement at IIFT in New Delhi, concurred. “The placement season shows a lot of promise. Despite our batch size growing by 15%, we saw good response from top recruiters and it is a good sign before the final placement begins in a couple of months.” IIM-Lucknow, which placed 445 students in 140 companies as part of its summer placement, said it is becoming a destination for hiring talent for consulting, marketing and financial roles. Sales and consulting alone comprise half of total offers made at the business school.
Coca-Cola will get a new President, Chief Operating Officer, CFO and CTO. The beverage company’s top leadership is undergoing major changes with upcoming retirements and expanded operations. Mr. Brian Smith will take up the role of President and COO starting January 1, 2019. The current President and CEO Mr. James Quincey will continue to fulfill his duties as the CEO. At present, Mr. Smith is the Group President for Europe, Middle East and Africa. “At a time when our business is fast changing and getting more complex than ever, it is important to have a skilled executive who focuses intently on the success of our operations,” said Mr. James Quincey, Coca-Cola CEO. Mr. Smith will look after implementing strategies on a global scale while Mr. Quincey would be in charge of driving Coca-Cola’s long-term goals and success across all markets.
The cofounder and former CEO of Oculus is leaving the company. Mr. Brendan Iribe, who served as Oculus CEO until 2016, announced that he’s “moving on” from the virtual reality company he helped found, which was bought by Facebook in 2014. “So much has happened since the day we founded Oculus in July 2012. I never could have imagined how much we would accomplish and how far we would come,” Mr. Iribe said in a Facebook post announcing his departure. “And now, after six incredible years, I am moving on.” Mr. Nate Mitchell, an Oculus cofounder who has been heading the Rift and PC organization with Mr. Iribe at Facebook, will remain in his position and continue leading the team. Mr. Iribe had grown increasingly frustrated with the Facebook executive team, especially after last week’s cancelation of the “Rift 2,” a PC-powered virtual reality headset that he had been heading the development of. Mr. Iribe and Facebook had “fundamentally different views on the future of Oculus that grew deeper over time.
Job losses will be severe in the telecom sector due to consolidation. By the end of this financial year, the sector may lose over 60,000 employees. Due to consolidation, operators, infrastructure providers, tower companies and associated retail units are forced to optimise their staffing, experts said. Job losses are expected in two segments — customer support and financial functions, which together will let go of 15,000 employees, the report said. Faced with uncertainty, the once-sunshine telecom sector will continue to witness decline in headcounts for the next six-nine months, taking the total number of job losses to 80,000-90,000, a CIEL HR Services report had said. The sector, which has been witnessing rough weather in terms of profitability due to rising competition and lower margins, has witnessed large scale lay-offs making job scenario uncertain. The report is based on a survey among around 100 senior and mid-level employees of 65 telecom and software and hardware service providers to telecom companies. According to the report, since last year the sector has already lost around 40,000 people and the trend is likely to continue for the next six-nine months and may see the culling touching 80,000-90,000.
Myntra’s chief strategy officer Ms. Ananya Tripathi is set to join global private equity (PE) firm KKR & Co. as part of its unit KKR Capstone, which houses the operating team of the PE firm. Ms. Tripathi’s appointment comes at a time when the PE firm is increasingly looking at buyout opportunities in India. Ms. Tripathi will serve as director for KKR Capstone India, assisting portfolio companies of KKR with strategy and operations. She is serving her notice period and will join KKR in January. Ms. Tripathi served as head of the multi-branded business and chief strategy officer of Myntra, an online fashion retailer, driving the firm’s planning, investments and acquisitions. Before joining Myntra, she was associate partner at McKinsey, where she worked with clients across financial services, insurance and industrial goods sectors on strategy, operations and implementation across geographies such as the UK, Singapore, Canada and India.
As it battles financial crisis, Jet Airways has decided to trim its workforce and operations further. Jet Airways asked 15 managerial level employees from departments such as engineering, security and sales to leave in October. A Jet Airways official said that there was a lull in September but the pink slips have begun again. Additionally, the airline has also grounded eight of its planes at the Chennai and Mumbai airports. The official said that engines have been dismounted from these planes. It essentially means that these planes may remain grounded for six months or more. There have also been speculations that Jet is struggling to meet lease payment obligations. The affected planes include an Airbus A330, a Boeing 777, two Boeing 737s and three ATR turboprops. The airline, however, told the daily that it regularly evaluated fleet requirements. Jet Airways said that they regularly review its network to address its capacity exposure to routes, markets and airports. It did not comment on the workforce pruning. Jet Airways said that external factors such as crude price, rupee devaluation and pricing environment necessitate change in the airline’s operations. It said that they are also rightsizing the ATR network to align capacity and demand.
In a good news for lakhs of teachers and other government employees of Uttar Pradesh, the state government has accepted their demands to remove all pay disparities. The secretary of State Employee’s Joint Council, Mr. SP Tiwari and General Secretary Mr. RK Nigam have said that the finance department may act next month to eliminate pay inequality. The move may increase the salary of the employees by up to Rs 5,000. The salary committee constituted to look into the 7th pay commission demand of the employees had submitted its report in March this year. A decision has been taken to fulfil the 9 demands of the Employees Union leaders and 5 demands by the government teachers. The differences in the salary of the employees have widened after the implementation of the 7th pay commission and the 6th pay commission. If the government works out the differences, the mid-level employees will benefit the most. The state teachers have been demanding to increase the basic pay to Rs 17,140. They have conveyed to the chief secretary that the basic pay of the Assistant Teachers, recruited under the 6th Pay Commission, should be increased to Rs 17,140 per month. They have also demanded that the basic pay of the principals of the middle school should be hiked to Rs 18,150. The chief secretary has assured to look into this demand as well.
Prime Minister Mr. Narendra Modi’s ambitious healthcare scheme will create 10 lakh jobs in the health and insurance sector, an official said. The scheme is going to improve the quality of healthcare in public services and also in the private sector, Mr. Indu Bhushan, the CEO of Pradhan Mantri Jan Arogya Yojana said while addressing an event organized by industry body Assocham. “The scheme will create considerable employment opportunities. It will create 10 lakh jobs in health and insurance sector,” Mr. Bhushan said. The official also pointed out that India still has a very high level of expenditure on health compared to other emerging economies. “Six crore people in India go into poverty because of out of pocket expenditure on health, out of pocket expenditure is 2/3rd of total health expenditure in the country,” he said. Poor people tend to use less healthcare services, hospitalization, Mr. Bhushan added.
Former SBI chairman Ms. Arundhati Bhattacharya has joined the Reliance Industries board as an independent additional director, the Mukesh Ambani-led conglomerate said in a regulatory filing. She has been appointed for five years starting October 17, 2018, subject to shareholder approval, the statement further said. “The board of directors at its meeting has appointed Ms. Arundhati Bhattacharya as an additional director of the company, designated as an independent director,” the RIL statement to stock exchanges said. The appointment comes days after India-focused private equity firm ChrysCapital Advisors announced Ms. Bhattacharya as an advisor. Ms. Bhattacharya, who will advise on firm’s strategy and investments, will be working with ChrysCapital managing partner Mr. Kunal Shroff and other partners.
Private sector lender ICICI Bank said the RBI has approved Mr. Sandeep Bakshi’s appointment as Managing Director and CEO of the bank for three years. After resignation of Ms. Chanda Kochhar, who was facing inquiry, earlier this month, the bank’s board had elevated Chief Operating Officer (COO) Mr. Bakshi as the new managing director and CEO for five years until October 3, 2023, subject to regulatory and other approvals. The private sector lender said Mr. Bakshi had joined the group in 1986. He was appointed as the MD and CEO of ICICI Prudential Life Insurance Company on August 1, 2010 where under his leadership the company redesigned various products, re-engineered the distribution architecture and made significant improvement in productivity. He successfully led the listing of the company. Facing enquiry over the charges of nepotism and conflict of interest, ICICI Bank’s former MD and CEO Ms. Chanda Kochhar had quit the bank on October 4, six months before her current tenure was to end. Ms. Kochhar, 57, also resigned from all subsidiaries of the bank, including ICICI Securities where she had sought reappointment as the chairperson.
Paytm Money, the wealth management unit of One97 Communications Ltd said it had appointed former executive director of Central Depository Services Ltd. (CSDL India) Mr. Cyrus Khambata to its board of directors. Mr. Khambata, considered an industry veteran in capital markets, has previously served as the managing director of CDSL Ventures and CDSL Insurance Depository. With four decades of experience in the industry, Mr. Khambata also has set up products as businesses such as KYC registration agency and insurance repository among others. “I am very excited to see how far technology and digital distribution can take personal finance and make investing easier for India,” said Mr. Khambata in a statement. “Paytm Money is spreading the investing culture by convincing users of bank deposits, which provide lower returns, to park their hard-earned money in mutual funds schemes and other investment products, where returns can be much higher in the long run.”
Chief Marketing Officer of Myntra and Head of Jabong, Ms. Gunjan Soni is all set to join Singapore based Global Fashion Group as CEO of its online fashion brand Zalora. She will replace Mr. Parker Gundersen, who stepped down from the top post in February this year, citing personal reasons. She will join Zalora in early 2019. Founded in 2012, Zalora offers a huge collection of top international and local brands and products across apparel, shoes, accessories, and beauty categories for men and women. The company has presence in Singapore, Indonesia, Malaysia, Brunei, the Philippines, Hong Kong and Taiwan. Ms. Soni brings over 13 years of leadership experience in marketing, strategy and operations. At Myntra, she has been instrumental in positioning the brand as a leader in fashion and lifestyle and leading the turnaround of the Jabong business post acquisition. Prior to joining Myntra, she was Executive Vice President for Strategy & CEO Office with Star India.
Online pharmacy company 1 mg has roped in industry HR veteran and entrepreneur Mr. Avijit Shashtri to lead their HR function. Mr. Shashtri started his career with FMCG company Nestle in the year 2006. He was an entrepreneur from May 2017 till September 2018. This was after a total 11 years stint with corporates, the last six years being with Tata Motors. In his new role, he will lead the entire HR function of 1 mg and he’ll report to Mr. Tanmay Saksena, COO of the company. Mr. Shashtri is planning to take the organization to the next level of business partnering and tech-enabled service delivery. Talking about his new role, he said, “1mg is in a very exciting and crucial phase right now, with the Health-Tech sector showing highly promising growth. I look forward to driving cutting edge and business-oriented HR practices with the team’s and Leadership’s support. The aim is to make 1mg a business leader in a true sense through unleashing People Power. He termed his previous stint with Tata Motors as the most crucial phase of his professional life. He said Tata Motors had introduced him to the criticality of field force effectiveness, and the power of HR Tech. “I am glad I could go much deeper into both these fields during my Entrepreneurship. Getting introduced to the awesome startup ecosystem in the country was an added advantage of being an entrepreneur,” he added. Mr. Shashtri is an alumni of XLRI Jamshedpur and he has worked with companies such as Nestle, Cadbury and Wanbury Pharma.
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