Employment generation not matching economic growth

The economic growth in India has not been matched by corresponding growth in employment, M R Srinivasan, former Chairman and member of Atomic Energy Commission, said here today. 

The growth of Indian economy has been stronger in the services sector, whereas that in China has been so in the manufacturing sector, he said delivering a guest lecture at 12th Annual Convocation of Visvesvaraya Technological University. 

Noting that China was referred to as the "work-shop of the world", he said, in comparison, India is described as the "Back-office of the world". 

In fact, in 1970s and 80s India's engineering industries were more advanced than that of China but the situation today was one where China's presence over a range of exports was overwhelming and India's, while not negligible, is that of moderate player he said. 

He said India was importing some 50,000 MW of power plant equipment from China, similarly, the electronic hardware import from China, Korea and other countries has been very extensive. "It is time to introspect how we lost our early lead and have become major importer of manufactured equipments." 

He also said that in conventional aspects of defence needs like tanks, guns, ships and aircraft India continued to depend on imports and added this was the time for industry and academic institutions committed to innovation to make India self reliant in defence procurement. 

Middle East Job Market Update : March 2013

The Middle East Job Market Update: March 2013

This year, expats heading to the Middle East are in for some good news. Emerging markets are offering higher salaries to attract talent, forcing the UAE to bring back bonuses and allowances to stay competitive.

Yet, the past crisis has led companies to remain cautious by linking pay to performance, and not effect a wholesale increase in fixed packages.

Salary increase: 5-6%

According to Vijay Gandhi, regional director at Hay Group, the global management consultancy, potential hires too are taking a ‘holistic’ view of their remuneration. Salaries are rising but not as much as in Asia, and companies are being more selective about their hires. The idea is to cut down staff costs which have escalated due to the 50-60% increase in salaries over the past 5-8 years.

This year, the average growth in Middle East salaries will be 5-6% - higher than that in developed markets where debt-ridden governments are still looking to cut costs.

Source: http://www.thenational.ae/thenationalconversation/industry-insights/economics/the-uae-expat-package-is-back-but-this-time-bonuses-are-more-modest

Expats Return

With the growth in salaries, the UAE’s high standards of living are proving more attractive than ever. There is a new breed of expats who have lived and worked here previously, and who now wish to relive the experience.

After the recession in the West made jobs and high salaries hard to come by, the number of returning expats in Dubai has gone up. “Yes, (they are coming back),” said Konstantina Sakellariou, Partner, Marketing & Operations Director at Stanton Chase International.

Hiring advisors Huxley Associates confirm that the UAE remains an attractive work destination for both new and returning expats. “Professionals are drawn to buoyant economies with resilience. This is what the UAE has shown,” said Hasnain Qazi, Middle East Business Manager at Huxley.

Source: http://www.emirates247.com/news/jobs-in-dubai-disillusioned-with-home-expats-return-for-a-second-stint-in-the-emirate-2013-01-15-1.491064

Sector Focus: Banking

In 2012, bankers received the biggest pay hikes in the UAE.
Job prospects in Europe are dim, and finance professionals are making a beeline for Dubai and other parts of the UAE.

Retail bankers are returning, mostly due to lack of opportunities in their home countries and the superior lifestyle they can enjoy in the UAE, according to Jennifer Campori, Managing Director, Middle East and Europe, at recruitment firm Charterhouse Partnership.

Ernst & Young’s recent European Banking Barometer says that cost-cutting will continue in the first half of 2013, with job losses to be seen across Europe. 45% European banks expect headcount to decrease in the next six months, worst hit being banks in the Netherlands and the UK with 70% & 64% banks expecting to let people go.

In contrast, the UAE offers sunny prospects, thanks to an increase in cash-flow as funds move to the UAE from other Arab countries, and also because investors see new opportunities in the region, shares Sakellariou of Stanton Chase International.

Source: http://www.emirates247.com/news/emirates/bankers-flock-to-dubai-once-again-as-reality-bites-in-the-west-2013-02-06-1.493974

Best Places to Work

The Great Place to Work Institute released its list of ‘2013 Top Companies to Work for in the UAE’, stating that the results point to a maturing HR sector in the UAE. 15 companies made it to the list, a few of which are: 

·  Microsoft (Technology)

·  Marriott (Hospitality)

·  FedEx (Transportation)

·  THE One (Retail)

·  DHL (Transportation)

Click here to view the complete list.

Job creation for UAE citizens/ nationals

H.H. Shaikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has declared 2013 as the year of creating jobs for Emiratis.

He termed it a national priority for which all efforts must unite, and announced a series of initiatives for the improvement of the country. Year 2013 would surpass 2012, with every year likely to be better than the preceding one.

Source: http://www.guide2dubai.com/jobs/1486-2013-will-be-the-year-of-job-creation-for-nationals.htm

Accountants prosper

The latest figures released by IMA, The Association of Accountants and Financial Professional in Business (Middle East), show a 74% increase - over 2010 levels - in the median annual compensation of accountants.

The current package stands at 107,343 dirham ($29,225). Earlier, the highest compensations were to be found in Qatar but this time, the median is highest in Bahrain, while the average base pay and total annual compensation are highest in the UAE.

Accountants in the UAE earn a median salary of Dh211,203 ($57,500), while the annual basic pay is Dh183,654 ($50,000), which is a 32% increase over 2010 levels.

That rounds up our current Job Market Update. As is evident, ‘growth’ is still the mantra in the Middle East. It’s still a good idea to cash in on opportunities for a promising salary and a lavish lifestyle and all of it, of course, tax-free.

Source Data : @ Rajendra

All About Dubai - reg

All About Dubai

One of the greatest facts is that, Dubai is ruled by the Al Maktoum Dynasty since 1833. Dubai is one of the seven emirates which make up the United Arab Emirates (UAE). It has become known as the country that is called "a wonder of the world"; as it is a city of skyscrapers, beautiful homes with swimming pools, the largest malls, the best 5 star hotels and golf courses which arise out of the middle of the desert. You can earn dollars that is tax free with many perks and benefits. This is the place for you and your loved ones. Live YOUR dream! Make the future that you want happen for YOU today!

Weather 
The climate is desert like with a very high seasonal temperature variation. In the summer months (March to October) it is very hot and humid, with temperatures around 40 degrees Celsius (105 degrees Fahrenheit) during the day. Rainfall is seldom and does not last very long, it occurs more so in the winter months. Winter months are more tolerable and have a daytime temperature of approximately 25 degrees Celsius.

Population 

The population of Dubai is now over 2, 003,170 in the year 2012. The growth of the population is incredible. In the day time, the population is higher at 3, 023, 426, and this is because of the large investment opportunities available and people who reside in other emirates come over to do business. The statistics has indicated that Dubai's population has grown by 5.1% in 2011. This growth rate has tripled the world's average growth rate.

Alltitude

The City of Dubai is located at sea-level.

Moving Around 

Driving in Dubai means drive at your own risk. Rules and regulations are unlikely to be followed. Drivers do not stop for pedestrians and cyclists. If you stop, you are at risk for getting your vehicle rear ended and running into the pedestrian. 

Parking; you may park however you feel comfortable, in two spots or on the pavement. There are many forms of transportation, by taxi, bus, ferry, air, car, local buses, metro, terhaal (a travel pass especially for tourists), metro monorail, abras (local boat). Driving is on the right side.

Renting a vehicle; you must present a valid international driver's license and a passport to rent a car. Temporary local driving licenses can be obtained as long as the driver can present a valid national license, passport and two photographs/photo IDs.

Who rules the UAE 

UAE is made up of 7 emirates, each with a Ruler. The constitution of UAE has a president and a vice president who are elected by the seven Rulers (they make up the Federal Supreme Council, which also has a chairman and vice chairman, serving a five year term). Khalifa bin Zayed Al Nahyan, is the current president.

Language / Religion

The official language of Dubai is Arabic; however, English is mostly spoken. They also have some other regional languages. 

Islam is the official religion in Dubai. Having said this, Dubai is a cosmopolitan city and has several other religions such as Christians, Hindus and Sikhs living together in complete peace and happiness.

Money exchange 

Foreign exchange is now completed at Al Ansari Exchanges throughout UAE. You can now buy and sell foreign currency at any branch at very competitive rates along with exceptional service.

Taxes and Taxation 

In Dubai there are no personal taxes other than import duties (mostly at rates up to 10%), a 5% residential tax assessed on rental value, and a 5% tax on hotel services and entertainment

Visas 

If you are coming to UAE to work, you will require a visa. All travelers, except for AGCC nationals (Bahrain, Kuwait, Qatar, Oman, and Saudi Arabia) are required to have a locally sponsored visa. Sponsors include hotels, or local companies and employers. 

A visitor may apply for an entry service permit (14 days), a visitor visa (60 days renewable), or a tourist visa (30 days non renewable). All current regulations should be checked before traveling as they change regularly.

Health Concerns 

Most health risks in Dubai are related to the heat. After all you are in a desert and It is important to keep yourself well hydrated and protected from harmful UV rays. Carry a bottle of water with you, and make sure you have proper sunscreen on whenever you go out into the hot Arabian sun. We recommend you wear a hat or head covering to keep cool, and that you invest in a quality pair of sunglasses, as the sun can reflect on the sand and can harm your eyes. The tap water is perfectly safe to drink, but most visitors prefer mineral water that is locally bottled and served in most restaurants and hotels. Dubai is well-equipped medically, and is home to the finest medical facilities in the Middle East. However, if you have any health concerns; make sure to contact your doctor before traveling. Your employer in most cases provides you with Private Health Insurance that will cover you for 100% of your personal health needs.

How safe is Dubai 

Crime is fairly low in Dubai. Incidents of pickpocketing and petty crime are also low. However, when travelling to any country, there are always precautions you ought to take, such as keeping your passport and visas in a safe place. You should lock personal items in a safety deposit box. In Dubai, you would not need these papers when traveling around because tourism is such an important part of the economy and the locals want to make sure you are at home. Try to be as respectful as you can by following the basic rules of thumb. Never leave anything valuable unattended, especially credit cards or other money as this can create unnecessary hassle. Accept the hospitality of the local people, but try not to be lead far away from the hustle and bustle of the city. Always use your common sense and you should be fine.

 Source Date @rajendra

The Hiring Climate - UAE

The Hiring Climate

85 % of Finance leaders are concerned about losing top performers in the next year. Despite lingering global job market uncertainty, the UAE has experienced relatively strong economic growth, which has resulted in increased hiring across specialist occupations. While many multinational organisations are taking a more cautious approach, waiting to see what happens in the eurozone, many local companies are taking the opportunity to recruit both local and expatriate candidates to help manage growth initiatives and rising workloads. 

Financial executives are optimistic, with eight in 10 confident about both their countries’ and their companies’ economic prospects, signalling additional hiring across the organisation. While volume has risen, the time it takes departments to hire has increased as well, often the result of multiple interview rounds for both permanent and temporary candidates, and more senior-level sign-offs are needed before an offer is extended. With some profiles in short supply, many organisations realise that their top choices are accepting offers from competing organisations. 

Staff retention and effective management strategies are therefore moving to the top of the business agenda for the coming year as companies look to keep their top performers. Many have turned to counter-offers to hold on to their star employees, although this is often only a short-term solution because these individuals generally move on once another opportunity presents itself.

Expatriate Versus Local Candidate Recruitment

Demand remains for expatriate candidates, particularly for some highly technical roles in financial services, risk and compliance. In these areas UAE countries look to some of the more mature economies of UK and Europe for the talent and experience that is unavailable locally. There remains an inflow of candidates from eurozone countries and the UK, as job market concerns prompt professionals to turn eastwards for career growth. 

Likewise, Arab expats from countries in political turmoil have increased as well. Government targets to increase nationalisation among private sector companies has affected organisations that are both looking for expertise from international talent and are unable to compete with many of the salaries on offer from the public sector. Many organisations, however, are looking for Arab-speakers with international experience and education who return to the UAE to pursue their careers.

Hiring Issues Forecast for 2013

A global perspective

Continued financial instability across the Eurozone and political unrest in some Gulf countries has affected recruitment plans, with many multinational organisations taking a wait-and-see approach before committing to additional headcount. In contrast, emerging markets appear to remain a focus for companies looking to expand. Many are concentrating on merger and acquisition strategies, particularly in Latin America, Asia and Eastern Europe. Companies in the UAE need to be aware that they are competing for top talent on a global stage and that attraction strategies need to reflect this. 

Regulatory environment

Regulatory change remains top of mind for executives who not only need to navigate fluctuating requirements but also need to find staff with relevant experience in such unchartered territory. The time and expenditure executives spend on regulatory change has increased, and many companies now look to more mature markets for individuals with the education, knowledge and experience to help them remain compliant. There also remains a significant requirement for risk, regulatory and compliance professionals, and as demand outweighs supply, companies face increased budgetary pressure to secure the market’s most sought after individuals.

The Robert Half UAE Salary Guide 2013. Next Page: Accounting Hiring Trends.

Accounting Hiring Trends:

Accounting Hiring Trends

Recruitment for finance and accounting professionals continues to gain momentum, and it is expected to remain buoyant throughout the year. Finance leaders now look for business-savvy individuals with strong commercial acumen, not only to perform traditional accounting functions but also to drive revenue growth while partnering with other departments. Companies that want to tighten controls on spending and find alternative ways to generate income streams covet the financial insight these individuals provide.

Many companies look to interview more candidates to be absolutely certain before they decide to hire. This has lengthened the hiring process, and with the best candidates receiving multiple offers, companies risk losing their top choices to competing organisations. In contrast, with 81% of finance leaders challenged to find the skilled talent they need, some companies look to interview even if no role exists, then create opportunities should the right individual come along.

Companies look for candidates who meet specific requirements and no longer look for a generalist accountant, but rather a specialist with the requisite skills, experience and qualifications to add immediate value. Finance leaders cite finance (29%), audit (24%), operational support (17%), compliance (12%) and accounting (12%) as the functional areas most challenging to recruit into.

Industries in demand

·                     Pharmaceuticals

·                     FMCG

·                     Aerospace

·                     Alternative energy

·                     Oil and gas

Skills in demand

·                     Recognised global accountancy qualifications (ACA, ACCA, CIMA, CPA)

·                     Language skills, particularly Arabic

·                     ERP systems: SAP, Oracle and full implementation experience

·                     Commerciality and business acumen

Roles in demand

·                     Financial analysts

·                     Financial managers

·                     Financial controllers

·                     Audit and compliance professionals

The Robert Half UAE Salary Guide 2013.

Source Data - @ Rajendra

India's Growth Story...

Hiii...

The India of the 21st century is not the India of the 20th century. With the reforms that began in 1991, we have been able to unlock the growth potential of our nation.

Our economic growth during the decade 2001-02 to 2010-11 was impressive. Our economy grew at an annual average of about 7.8 per cent during the decade, registering nine per cent-plus growth in four years. But the global economic crisis that began in 2008 adversely affected our growth, though we were less affected than most others.

Despite the financial crisis creating virtual mayhem in the largest economies of the world, India was able to withstand the turbulence and register growth of 6.7 per cent in 2008-09. We steered through the rough economic weather and achieved 9.3 per cent growth in 2010-11. Today we are facing increased pressure. It is estimated that economic growth would decline to five per cent in 2012-13.

The decline in growth is indeed a matter of concern. But, in comparative terms, India has performed better than most of the major economies of the world. It is also projected to outperform most major economies in the coming decade.

India's growth story is intact. Its per capita income is steadily rising and India is poised to be amongst the largest markets in the world. The increasing purchasing power of the 350 million-odd-strong middle class would continue to drive demand. I am confident that our economy would be able to achieve seven to eight per cent growth in the next two to three years.

The reform process is on. The Financial Sector Legislative Reforms Commission (FSLRC), set up in March 2011, has submitted its report yesterday.

I also had the opportunity to announce the direct benefit transfer scheme in my Budget Speech for 2011-12. The scheme was rolled out in January 2013.

To promote agriculture, I had outlined, as part of the 2010-11 Budget, a four-pronged strategy covering agricultural production, reduction in wastage, credit support and thrust to the food processing sector.

The policy has spawned positive outcomes. The implementation of the strategy for 'Bringing Green Revolution to Eastern India' has resulted in a significant rise in productivity and production in food grains in the eastern states in the country.

The captains of industry should keep faith in the robustness of our economy and strong fundamentals and raise their level of investment.

For a variety of reasons, private investment has not been very encouraging. Tightening of the monetary policy between March 2010 and October 2011 was necessary to combat inflation. But this led to an increase in cost of borrowing, making it difficult for the private sector to raise capital.

Several authoritative surveys on business regulation and procedures involved in starting business, dealing with permits, enforcing contracts and the like have given India low ranks. What many of our industrialists normally complain about is delays. Industrialists should be seen as wealth creators and their grievances addressed expeditiously.

In reality, growth, to be sustainable, has to be inclusive. The government has taken special measures to uplift the fortunes of the marginalised sections of society. The Right to Education, Employment and Food Security are the three pillars on which inclusive development rests. The National Rural Health Mission has shown very good results.

To facilitate employment creation, we would need better industrial relations. The labour laws of our country should be able to conform to modern business models. They should address the genuine rights and obligations of both the employer and the employee.

A pool of competent technical manpower would be necessary to take forward the 'competitiveness' dimension. Up gradation of our technical institutes has to be accorded priority. The interface between our technical universities and institutes and industry should be strengthened.

This is a decade of innovation. Without it, economic growth would contract. We are lagging behind in innovation and this calls for immediate remedial measures. In 2011, only 42,000 patent applications were filed in India, as against more than 500,000 applications each filed in China and the US. The reason for our poor performance is obvious. India's current expenditure on research and development (R&D) is 0.9 per cent of GDP. In comparison, it is 1.2 per cent for China, 1.7 per cent for UK and 4.3 per cent for Israel.

Our private sector, which contributes only one-fourth of the total spending on R&D, should increase their share, as in many of the leading economies.

The Business Standard Award winners represent the indomitable spirit of innovation and enterprise. I congratulate each one of them and hope that they would continue to inspire the rest of the Indian industry.

Source Data..

Wanted Job in Gulf Countries

Hiii Frd's, 

With due respect, I am looking for a suitable post anywhere in Gulf. My qualification and experience are as detailed in above attached CV. I have some core competence that could be utilised very effectively in the Office Auditing/ Finance / Accountancy/ MIS/ Budgeting/ Fixed Assets Accounting/ Project Reporting.

My Qualifications - CMA (ICWAI), M.COM, CA-INTER, LL.B - 6 YEARS + EXP

Presently I am in India, Coming to Dubai on visit visa basis to search a job. I am informing you that I can join immediately if offered and salary is negotiable.

I understand that working for any organisation requires a candidate who is team oriented and is able to deal with people in various departments. I am confident that I possess these skills, which will help me to perform the job efficiently and effectively.

I am confident to get a kind response on your behalf and being considered for an opportunity for a suitable position. I assure you that I will perform all my duties with due diligence & honesty and will be striving hard to deliver the best.

I sincerely hope in receiving call OR e-mail from you.

Thanking you in anticipation!

Yours truly,

Rajendra Reddy Kandula

Hyderabad, India.

+919885306603      

U know who n what is the reason for this..!!!!

CBI.....,ED....., ROC...., IT....., ANY CASE... ANY CHARGE SHEET.... SINGLE NUMBER ..A1... JAGAN FOREVER.. - Why..??

"Corruption", "Corruption" "Corruption"

First Blog of mine

Hiii.. Friends / Well wishers

For the First time I was in Blog, happy to know it at least on this day.. wanted to be post my opinions / Feelings very regularly.

Very Happy to Starting it @ 04/09/2013 - 12.26am

Rajendra