Cover Story
- Jagdish Khattar recounts his bumpy ride at Maruti’s wheel when BT asked some industry veterans like him to share how they survived severe crises in times of economic slowdown. Job loss: Are you next?5 Lakh to 50 LakhThere’s life after layoff...Dealing with your first slowdownTime to talkCampus droughtUnited we stand
- Communication with stakeholders such as shareholders and suppliers pays when it is proactive, aimed at providing transparency and solutions.
- India Inc. faces an internal acid test, as bosses and managers try to help GenX graduate from fairy tales to real life. Anand Adhikari writes. Job loss: Are you next?5 Lakh to 50 LakhThere’s life after layoff...Time to talkCampus droughtUnited we standVeterans in the downturn
- That is the range of estimated job losses among blue-collar and informal sector workers. Both the magnitude and the consequences are way higher than the white-collar layoffs.
- Companies aren’t just laying off employees but have also become cautious with new hiring. The result? A steep fall in the quantity and quality of new offers on the campuses. Job loss: Are you next?5 Lakh to 50 LakhThere’s life after layoff...Time to talkDealing with your first slowdownUnited we standVeterans in the downturn
- And it can be quite fulfilling and productive if you do the following. The only assumption we have made in listing these options is that creditors are not after your blood.
- Strategies to fight the downturn can be effective only if they are communicated well to the employees. Here’s how a few companies are doing it.
From the editor
For the first time in India, the economic interests of employers and employees are at loggerheads on such a large scale. Though not deliberately, companies are securing their future by making the future of their employees insecure. The hunt is on to root out "excess" staff from the payrolls and emerge leaner and meaner to take on the challenges of the economic meltdown. Losing grip
By its own admission, the UPA presided over the best 5-year period of the Indian economy. But why doesn’t its financial management reflect this dream run? India Inc. sees a spate of resignations of independent directors, but mum’s the word for them and company managements. A handful of low-priced, low-volume stocks saw their prices spike up sharply for no apparent reason. What was at work? Managements blame bear cartels whenever their companies’ stocks get hammered. BT looks at the psychology behind it. Pay top dollar for the best, and go easy on the rest—that seemed to be the motto at the player auctions for the second season of the Indian Premier League. Borrowing funds against shares for the purpose of enhancing shareholder value may be noble, but why weren’t promoters being transparent about this?How long can we last without eating
… We have already defaulted on salaries. We are on extra time. Just persistence is allowing survival,” is how R. Subramanian describes affairs at Subhiksha today. 'More satyams will continue to happen'
As an it industry insider, i felt, like many of us, a personal sense of hurt by the Satyam episode. As an idealist, I believed that it was time for all well-meaning individuals to stand up and be counted in order to salvage the country’s corporate image. Employees as well as employers are struggling in this financial downturn—the employees to find jobs in a market where very few companies want to hire and employers to carry out layoffs as gently and painlessly as possible, and failing miserably. Saumya Bhattacharya reports. 5 Lakh to 50 LakhThere’s life after layoff...Campus droughtTime to talkDealing with your first slowdownUnited we standVeterans in the downturn Counterfeit wars
India’s fight against the fake currency racket isn’t getting any easier. Counterfeiters hitherto had limited printing facilities which made it easier to detect fakes. After Bangalore, technology is focussing on other Indian cities. The slowdown has claimed another victim: designers across India are reporting a drastic fall in orders. Even as the slowdown affects most industries, some enterprising farmers in the districts of Uttara Kannada and Shimoga in Karnataka are smiling all the way to the bank by farming orchids. It is something to do with Geography? Well, not quite. It is a mash-up of Google Maps, positioning technology and Google’s social media services such as Google Talk. More and more Asian companies are sponsoring sporting events, clubs and teams in “First World” countries. Mutual Funds’ sale and purchase of Satyam shares in the last two months reveals an interesting pattern. A global ranking of the world’s most ethical companies could be a source of worry for Asian firms. Rs 33,400 crore: The amount of investment in infrastructure projects approved by the Union Cabinet in February, including a metro rail network in Chennai. It also approved the widening of 1,410-km highwaysMortgaging hurt the economy most?
Nicola Horlick, CEO of Bramdean Asset Management, spoke to Anamika Butalia on the economic crisis and how the East must learn from the mistakes of the West. PM’s Economic Advisory Council expects 2009-10 to be better than 2008-09—pleasant news in the current gloomy environment. But what underlies its optimism?Graphiti/ McKinsey blobal survey
McKinsey blobal survey The fortnight’s burning question. Is the government being realistic in claiming that GDP growth in 2009-10 will be higher than the current year’s forecast of 7.1 per cent? Gallery girl
At 26, Roshini Vadehra is already one of the key figures in the art world. She knows her way around a Chinese menu, too. Every issue we ask a prominent businessman about the books that made them who they are today. This month: Sanjeev Bikhchandani, the founder of InfoEdge (Naukri.com and Jeevansathi.com). The controversial nightclub that spawned the Long Island Iced Tea may have faded away after its founder’s death in 2007, but the legacy promises to be around forever. Featuring Tetsuma, Punjab Grill and F Bar and Kitchen. Each month, we ask a beautiful woman about men, sex and relationships. This month, Mumbai-based Parvathy Omanakuttan, first runner-up at the Miss World pageant, reveals that she’s not dating anyone at present because men aren’t brave enough to ask her out. You’ve heard of a weekend break within the city—nothing new there. But within a mall? Anumeha Chaturvedi reports. The most demanding sailing event in the world stopped by Kochi last year. Anamika Butalia went to find out what it takes to be a part of the action. Litigation, divorce and armed security guards—there’s no limit to what can go wrong if you don’t choose your interior designer wisely. top interior decorator and artist, Pinakin Patel, offers some cautionary tips. A room is often defined by its furniture, especially chairs. Today, the humble chair stands at the forefront of design and adds just the right amount of chutzpah to any space. Don’t take our word for it, just check out these fabulous designs! A house becomes a home when it’s lit right. Amit Gupta, Director, Vis-a-Vis, throws some light on how to bring your house to life. Before the launch of the new Aman hotel in Delhi comes a book celebrating the group’s 20th birthday. What’s new and what’s happening this month. Something unprecedented is happening with superheroes. They’re getting a personality. Paul McCartney is a Knight. He was also a Beatle. And in the final act of his long career, he has re-emerged as a fascinating recording artist. Anna Zegna, Image Director at Ermenegildo Zegna, speaks about the new Menswear line and its international ad campaign shot in Jaipur. When it comes to creating luxury furniture for the stupendously rich, the House of Raro leaves no stone unturned. Sanjiv Bhattacharya reports on a bar that raises the bar on ostentation. The new Vaio versus the Macbook Air presents the age-old trade-off—useful versus sexy. (Isn’t it always that way?) Keeping your skin hydrated and clean is important in any weather. There’s plenty out there to entice you and your loved ones this March. Welcome to the abs factory!
It was almost 11 P.M.— closing time at the gym—and I was on my way out when I suddenly heard sounds of commotion coming from the workout floor. Ranked
Ranked: Mukesh Ambani, CEO of Reliance Industries, as the third richest CEO by Forbes magazine, in a list of 10 wealthiest CEOs. Star treks on crowded turf
It’s still the leader in terms of eyeballs it attracts but STAR doesn’t dominate the way it once did, thanks to increasing competition from a clutch of new kids on the broadcasting block. Anil Ambani’s Reliance Power has bagged three of the four ultra mega power projects that have been awarded by the government. Has it bitten off more than it can chew? A big dip in confidence is causing consumers to stay at home and spend less. They are severely affecting not just businesses but themselves too. As equity remains in the dumps and debt an expensive proposition, private equity finds its place in the sun. But in today’s sombre times, the rules of the game are different, and decidedly in favour of investors. No working mechanism to deal with personal insolvencies and bankruptcies exists even though EMIs have replaced MRPs for most big consumables. It’s time India introduces an efficient mechanism to deal with personal bankruptcy cases. Manu Kaushik reports. Love's labour lost
The current economic crisis has exposed the Indian floriculture industry’s over-dependence on Valentine’s Day and the demand for roses surrounding it. N. Madhavan checks out the scenario. Understanding depressions
Krugman gives us a lucid tour of history’s worst slumps. Unfortunately, he also proves that we are doomed to repeat the same mistakes. Want a job, go rural
At a time when urban jobs are dwindling, microfinance’s many economic enterprises are generating significant direct and indirect employment, mostly in the rural areas—provided you have the right skills and aptitude.Saumya Bhattacharya goes into the details. In the hot seat
It can’t be easy being the CEO of a company whose erstwhile promoter is in jail, whose cash position is uncertain and whose clients and employers appear poised to fly the coop. Hold the auditors to account
Just as Satyam has dented the image of the Indian IT industry, Price waterhouse Coopers, the auditing firm, has sullied the fair name of the accounting profession (BT cover, February 22). Lessons from Brockovich
She needs no introduction. Erin Brockovich, 48, took the world by storm when, in 1996, she spearheaded one of the largest direct action lawsuits in the history of the US against PG&E, a utility company in California. Mobi-browse
Tired of your phone’s pre-installed browser? You have options;more, in fact,than on a PC. Silicon power
Semiconductor demand in India is increasing, but manufacturing of semiconductors remains a distant dream.'The crisis is an outstanding opportunity to change your business model'
It’s time to be bold, think big and make a profound shift—that’s the prescription of a five-member panel of experts on how to haul the IT industry up by its bootstraps. The third annual survey of visitors to the IT sector’s annual congregation captures the uncertainty that has enveloped the industry.
