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HONG KONG: India’s economic growth will drop to five percent this year but the country’s stimulus measures should allow it to rebound to 6.5 percent in 2010, the Asian Development Bank said Tuesday.

The ADB said that growth in Asia’s developing economies this year would fall to 3.4 percent, down from 6.3 percent last year and 9.5 percent in 2007. afp

Well the news in blue is definitely encouraging compared to that in red. Some strong steps have been taken by the present govt to quell the slowdown. This will bear fruit in the future. Just shows that due to our lesser dependence on exports and FDIs the economy will remain largely insulated to the global recessionary trends.

Hope the Congress party can form a govt without left (CPI-M) support. Then definitely we will see double digit growth by 2012 at least.
 

With election just round the corner,it might be just a stimulus package in it's own right as you have to purchase vehicles,mobiles,food ,liqour and other stuff so some smart guy should make some money:guns:
 
KG BASIN is a good thing to happen as India can save $10b in forex and use that money for infrastructure educationetc.
 
India to fork out $20bn for crisis kitty - India Business - Business - The Times of India

NEW DELHI: India is open to the idea of contributing a total of around $20 billion — roughly Rs 100,000 crore — towards increasing the capital base
of the IMF, the World Bank and the Asian Development Bank (ADB) as part of the global effort to enable these institutions to lend more.

The contribution, which is likely to be spread out over the next two years, will be in proportion to the quotas or shareholding that India has in these multilateral bodies, sources said. In response to a question on why India had made no commitments of additional resources to the IMF at the G-20 summit in London, unlike its neighbour China, the sources said "we do not wish to make any grand announcements, but we would be willing to contribute to the extent of our shareholding".

India's quotas in the IMF are currently 2% and that would translate into roughly $10 billion for that institution alone. An equal amount might be needed for the World Bank and ADB when the exercise to enhance their capital base and rebalance shareholdings takes place, the sources said, adding that these were just preliminary estimates.

The amounts involved could be larger if the reallocation of quotas happens before the contributions are to be made. The money given to the IMF will initially be part of the new arrangement for borrowing (NAB) that the body is now running on an ad hoc basis, but will eventually be transformed into an enhanced equity base.

China announced at the G-20 that it would put in $40 billion as its contribution to the NAB.

The reallocations of quotas in the IMF has been a vexed issue for long with Europe and the US having traditionally been reluctant to loosen their grip on these institutions, but the reallocation earlier expected to happen around 2013 has now been advanced to January 2011.

While India has approached the World Bank for an extra $5.2 billion in lending over the next two years — the bulk of it, $3.2 billion, for recapitalization of public sector banks — there was no immediate plan to hike borrowing from the ADB, the sources said. India is already the largest borrower from the ADB and there was little headroom for any more till the bank's capital base is expanded, they said.

The increase in the ADB's equity has more or less been accepted by the 64 member countries, but would need to be formally approved by the ADB's board, and also at the annual general meeting in May this year. Once that happens and the ADB has more resources, India could consider seeking more from it, the sources said.

On another key decision at the G-20 summit, to "name and shame" countries that behave as tax havens and do not comply with transparency norms on tax matters, the sources

said while the idea clearly was to take some sort of action against them if they refused to fall in line, "that stage has not yet come".
 
India to seek $5.2 billion from World Bank

London (IANS): Assured a greater say into the affairs of multilateral lending institutions, India will seek additional assistance of $5.2 billion from the World Bank for its financial sector and infrastructure projects, officials said.

The main component of this assistance is for recapitalisation of state-owned commercial banks over the next two to three years, Indian officials here said.

The rest of the amount is for infrastructure finance companies and power grid corporations.

India normally gets assistance worth $3 billion from the World Bank annually of which half is given in concessional form.

At the G20 summit that concluded on Thursday, Prime Minister Manmohan Singh was assured that developing countries like India will have a higher voting right in institutions such as the International Monetary Fund and the World Bank.

Leaders at the G20 on Thursday pledged a $1.1 trillion package alongside measures for a tighter regulation of the international financial system to help bring the world out of recession.

The measures were also designed to prevent future shocks.

The leaders agreed to negotiate a speedy conclusion of the Doha trade round and put some $250 billion more into trade finance — key demands from India, represented by Mr. Singh.

Out of the $1.1 trillion pledged for various institutions, $250 billion will be given to the IMF to lend at cheaper rates to needy countries in the form of special drawing rights (SDRs).

The leaders agreed to another major Indian demand by deciding to sell IMF gold reserves to raise $6 billion that will go toward helping out the world's poorest countries with cheap loans over the next two to three years.

Besides India, Britain and the U.S., the G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the EU.
 
Hyderabad airport among the world's top 10

March 30, 2009

Though only a year old, the GMR-group promoted Rajiv Gandhi International Airport in Hyderabad has already etched its name along with some of the world's best.

According to the results of a survey conducted by the Airport Council International, RGIA was rated the second most service-oriented airport in the 5-15 million passenger per annum category.

It was also named as the fifth most service oriented amongst the world's top ten airports by scoring 4.41 on a 1-5 scale in overall passenger satisfaction.

The airport celebrated its first anniversary on March 23, 2009.

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A view of the international check-in area.

The 105,300 sq.m. terminal has the capacity to handle 12 million passengers per annum.

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A view of the arrival lounge.

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ATC Tower with Technical Building.

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Air India international lounge.

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A view of the ticket counters.

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Domestic baggage carousel.

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Domestic check-in counters.

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Duty Free Store at international departure - 1.
 

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A side view of the passenger terminal building from the Air Traffic Control.

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Self check-in information kiosks.

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Front view of the passenger terminal building.

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IIFA bar at domestic departure area.

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International departure area.

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ARFF Building with fire fighting Panthers.

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Hard Rock Cafe at international departure area.
 

April 2, 2009

India will save $9 billion in its oil import bill with the beginning of production from Reliance Industries' eastern offshore KG D-6 fields, said Petroleum Secretary R S Pandey.

"Yesterday (Wednesday) evening, as RIL has informed us, production has begun," he told reporters.

The initial output was at 2.5 million standard cubic metre and will gradually increase. "Tomorrow (Friday), it will become five million standard cubic metre per day," Pandey said.

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Reliance Industries' KG-D6 floating production storage and offloading vessel is seen off the Bay of Bengal.

The first of the 15 fertiliser plants that will get all of the initial output is expected to get the gas in 3-4 days time, he said, adding, "The most distant plant will get the gas in about 15 days. In four months time, the production will be 40 mmscmd and in about a year's time it will be 80 mmscmd."

"It will reduce our oil import bill by about $9 billion annually during peak production at current prices," Pandey said, adding that gas sales over the 11 year-life of the field will generate $42 billion in revenue.

The government's share in the production would amount to a minimum $14 billion, he said.

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Reliance Industries' KG-D6 control and raiser platform is seen off the Bay of Bengal.

Reliance Industries created history when natural gas from its deep-sea Krishna Godavari basin fields flowed to surface on Wednesday. This feat, which was achieved in just seven years, will transform India's energy landscape.

"Natural gas production from the wells started at 1700 hours Tuesday and it reached the onland receiving facility at Gadimoga in Kakinada district of Andhra Pradesh this (Wednesday) morning," a source in know of the development said.

It took 13-14 hours for the gas to travel from the sea-bed to the onshore facility. "The flare (at Gadimoga) lit up at 0920 hours," the source said.

A company spokesperson confirmed the start of gas production, but did not give details. "We will be issuing a statement shortly," he said.

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The control room of Reliance Industries' KG-D6 facility located in Andhra Pradesh.

Reliance took just seven years from the date of discovery to begin gas production from the deep-sea KG-D6 block as against the global practice of a minimum nine years.

The gas would boost power supply from idle electricity generators starved of fuel and produce cheaper urea for agriculture.

"It is a landmark in the history of oil and gas production. World-over, this has created a new benchmark for deep-sea developers," said Director-General of Directorate General of Hydrocarbons V K Sibal.

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Reliance Industries' KG-D6 facility located in Andhra Pradesh.

The $8.835-billion (Rs 441.75 billion) project will double domestic natural gas production when the field hits its peak output of 80 million cubic meters per day in 2010.

It will wipe out the fuel deficit at urea-making fertiliser plants and meet half of the 36 mmcmd gas shortfall in power plants. Reliance will produce enough gas to meet about a third of the UK demand.

"Whenever I have interacted with officials from global oil majors like Chevron and BP, they have been highly appreciative of the project management skills of Reliance," Sibal said.

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Reliance Industries' KG-D6 facility located in Andhra Pradesh.

The gas output will start at 10 mmcmd and rise by the same volume every month to reach 40 mmcmd by July-end.

"Each well is capable of producing 5-6 mmcmd gas," Sibal said.

"Our endeavour is to quickly ramp it up to peak 80 mmcmd. We are targeting the peak-out by the year-end (2009 calendar year)," the company's head of oil and gas business, P M S Prasad, had stated last week.

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Reliance Industries KG-D6's floating production storage and offloading vessel is seen off the Bay of Bengal.

If achieved by 2009-end, the peak output will come a year earlier than previously planned. Of the 18 wells drilled in the Phase-I of the project, six would be put on production initially and the remaining would be hooked up one by one.

Besides doubling the nation's domestic gas production, KG-D6 gas would displace costly naphtha or imported LNG as fuel at power and fertiliser plants.

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RIL Chairman Mukesh Ambani holds a jar containing the first crude oil produced from the KG-D6 block.

At $4.2 per million British thermal unit, KG-D6 gas is 25 per cent cheaper than the fuel produced by UK's BG-operated Panna/Mukta and Tapti fields in western offshore and 20 per cent cheaper than liquefied natural gas imported on long-term contracts.

'KG-D6 gas will replace about seven per cent of India's oil consumption in 2009-10, rising to 14 per cent in the following three years,' Goldman Sachs said recently in a report.

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Reliance Industries' petrochemical plant at Jamnagar, western India.

Besides, it would also reduce the Asia's third-largest oil consuming nation's current account and fiscal deficits and support economic growth.

'All else being equal, the current account deficit could improve by 0.2 per cent of GDP in 2009-10, and progressively go higher to an average improvement of 0.6 per cent of GDP in 2010-11 to 2013-14,' the report said.
 
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April 2, 2009

Inflation rose marginally to 0.31 per cent for the week ended March 21 as prices of certain food items such as tea, gur, aerated water and imported edible oil went up.

Inflation as measured by movement in wholesale prices was 0.27 per cent for the week ended March 14 and 7.8 per cent in the corresponding period a year ago.

The price of blended tea went up by 48 per cent, while packaged tea and aerated water became expensive by 22 and 10 per cent, respectively.

Among other items which became dearer were soft drinks, oil cake, bajra, condiments and spices, while among non-food items cement, rubber, plastic products and PVC fittings became expensive.

Inflation is close to negative territory, something that was witnessed only in the 1977-78.

Soyabean, niger seed, raw rubber, groundnut, mustard seed and raw cotton too became dearer. On the other hand, fruit and vegetables, barley, jowar, raw silk, khandsari, salt, mustard and coconut oil became cheaper.

Similarly, prices of furnace oil, textile items, hair oil, steel ingots and bars went down.

Meanwhile, inflation for the week ended January 24 has been revised downwards from 5.07 per cent to 4.7 per cent.

Despite declining inflation, prices of commodities have not really dropped. Arvind Virmani, chief economic adviser to the finance ministry, said a week ago that the retail price-based inflation, which is ruling above the wholesale price index, will come down with a lag but would not fall as much as the rate of rise in wholesale prices is falling.

"I expect consumer price index also to come down with a lag but I don't think it will go down to a level we see in the WPI," Virmani said.

He said that he does not expect wholesale price index (WPI) in March 2010 to be lower than March this year. "We have been saying that industrial growth is weak and inflation is coming down. That has certain implications for the policy, which the Reserve Bank of India will take account for," Virmani added.

After a year of spiraling prices, rising inflation, India might be heading for deflation, say economists. Some economists insist that this is dis-inflation and not deflation. So what is deflation and why is it bad?

What is deflation and why is it bad for the economy?

Deflation is a fall in the price of goods and services. Deflation occurs when the inflation rate falls below zero per cent. This is the opposite of inflation.

When the inflation rate is negative, the economy is in said to be in a deflationary period.

Why does deflation happen?

A fall in spending -- it could be personal spending or a cut in government expenditure -- leads to deflation. The decline in the supply of money and credit thus leads to deflation.

So, if money-supply decreases; supply of other goods increases, demand for money rises, and the demand for other goods slips, it is deflation.

What are the consequences of deflation?

Deflation leads to a lower level of demand in the economy. It increases the real value of money. It also increases unemployment.

In a deflationary environment, those sectors with a high proportion of variable costs are likely to benefit from falling input prices, according to Goldman Sachs.

What could happen if India slips in deflation?

India would see deflation or reduction in general price level from next month due to slackening demand, according to financial services firm Goldman Sachs said.

"We expect yearly headline WPI inflation to fall rapidly below 1 per cent in March. And enter a period of deflation beginning in April, which could last till end-2009 due to not only continuing demand destruction but also a sharp step-up in the base," it said in a research report.

"There will be negative inflation for a few weeks in the first quarter of next fiscal, driven largely by higher base effect but we do not expect a pronounced deflationary trend in the economy," Dun and Bradstreet chief operating officer Kaushal Sampat said recently.

Is deflation good for you as prices are falling?

A fall in the prices may sound good for consumers. But it is not actually good. The lack in demand may push companies to further lower prices.

This can lead to a situation where the prices of product fall bellow the cost of manufacturing a product. This in turn forces the companies to cut production, slash jobs and shut down business till demand picks up. This worsens the situation.

Is deflation here to stay?

Deflation is not likely to last long. The monetary and fiscal stimulus measures of the government is likely to boost demand in the long run. In 2010, however, Goldman Sachs expects inflation to come back due to both a gradual pick-up in demand, and conversely, a low base from 2009.

It further said that the Reserve Bank could slash cash reserve ratio (CRR) for banks by 150 basis points by mid-2009 to provide liquidity into the system.
 

April 07, 2009

India is expected to see the highest salary increases among nations in the Asia-Pacific region, of around 10.8 per cent this year, due to the huge demand for talent in the country, despite the global economic crisis severely impacting overall wage increments in the region, a study says.

According to the Salary Trends survey by global HR consultancy ECA International, pay hikes in the Asia-Pacific region are expected to average at 4.8 per cent in 2009, a drop of 30 per cent from last year's 6.9 per cent increases.

The declining overall trend in pay hikes notwithstanding, some Asian countries, including India, Vietnam and Indonesia, may still see big increases in 2009, the study revealed.

"Wage increases in India are expected to be the highest at 10.8 per cent, followed by Vietnam (10.6 per cent), the only location in the region where rises are still higher than last year, and Indonesia (9 per cent)," the global HR consultancy ECA survey stated.

ECA regional director Asia, Lee Quane said, "There is still a huge demand for talent in India (that) is keeping pay increases high despite (the) current economic situation. While, in Vietnam and Indonesia persistently high levels of inflation are keeping increases up."

The survey stated that pay rises across Asia-Pacific are down 40 per cent from hikes predicted prior to the global economic crisis and almost one-third of firms surveyed are planning to put salary increases on hold. Further, salaries in Japan, Taiwan, Hong Kong and Singapore have recorded the biggest downward adjustments in 2008.

"Asia Pacific has been severely affected by the economic downturn and this is reflected in their planned salary reviews for 2009," Quane said.

Just over six months ago, companies operating in Japan had forecast salaries increases by a relatively healthy 2.8 per cent, but now half the companies surveyed have stated they would be freezing pay, the report stated.

ECA Salary Trends survey is conducted annually for over 50 countries, but it was re-run to monitor how changing economic conditions have affected companies' business plans since the study was first conducted in September.

Salary increases worldwide are expected to fall to around 4.7 per cent from last year's 6.2 per cent average as firms look towards cost cutting in response to the economic crisis.

In 2008, a range of factors like rising inflation, the competition for talent in many markets and healthy level of economic growth meant high salary hikes by firms, Quane said.

However, the economic upheaval since last September has prompted many firms to revise salary hikes significantly from previous predictions. Globally, firms revised their forecasts downward by more than a third on an average, he added.

Globally South American countries, Venezuela and Argentina, top the charts for expected salary increases, while India is at the third place.
 

MUMBAI: The Employees State Insurance Corporation (ESIC), has signed a Rs 1,182-crore contract with software major, Wipro Technologies, for
converting its paper-based administrative and operational system into a paperless E-governance system, a top ESIC official said.

"ESIC has signed a Rs 1,182-crore contract with Wipro Technologies for converting its paper-based administrative and operational system into a paperless E-governance system. The five-phase project would be implemented in the next five years," ESIC (Maharashtra) Additional Commissioner, S C Chakraborty, said at a meeting on 'Recent Developments in Employees State Insurance Scheme' organised by the Indian Merchants Chamber here.

"We expect this to vastly improve the ESIC's service delivery," Chakraborty said.

The ESIC was incorporated under Article 41, 42 and 47 of the Indian Constitution for extending social security to needy people. While social security was under the Concurrent list, medical care was under the State list.

"Hence, the ESI scheme is being operated jointly by both state and central governments, sharing the costs on a 1:7 ratio repectively," Chakraborty said.

There are over 5,000 ESI dispensaries in the country and about four crore employees and their dependents benefit from them.
 

NEW DELHI/HYDERABAD: Infosys Technologies has won an outsourcing contract worth about $80-100 million from Australian phone firm Telstra.


Telstra had undertaken a vendor consolidation exercise to reduce its IT service providers from four — EDS, IBM, Infosys and Satyam — to two.

The consolidation was aimed at bringing down the cost of managing its IT systems.

According to an outsourcing expert, vendor consolidation at Telstra is not over yet. “Infosys and EDS are clear winners, but we will need to wait for few more weeks to get the entire picture,” he said.

Infosys refused to comment on the Telstra deal as it’s in the silent period before the announcement of its quarterly earnings.
 

HYDERABAD: India’s biggest software exporter TCS has won a $80-million outsourcing contract from UK’s Child Maintenance and Enforcement Commission (CMEC), the first in a series of almost $2-3 billion worth of contracts to be awarded by the UK’s state-owned departments. The UK’s state-owned departments are seeking help from the Indian offshoring industry for bringing troubled government technology systems
back on track and lowering the cost of managing government IT systems anywhere between 25% and 40%, according to several experts ET spoke with recently.

“CMEC plans to have this system up and running smooth within next 1-2 years,” a UK-based expert told ET on condition of anonymity. TCS will help CMEC implement and integrate various applications
, including Oracle’s Siebel customer relationship management software and TCS’ Bancs software.

The new system will integrate the processes of case management, automated scheduling of payments, arrears management and civil and legal enforcement.

When contacted by ET on Tuesday, a TCS spokesman declined to comment as the company is in a silent period because of its upcoming financial results announcement. TCS was one of the three vendors shortlisted by the agency. ET could not identify other vendors who presented their bids for this contract. The UK’s Child Support Agency (CSA) was replaced by CMEC last year, after different government audits revealed inefficiencies due to failure of IT systems at the agency.

The department of work and pension (DWP) has recently started seeking new outsourcing partners after “not so pleasant experiences with older contracts worth over $650 million awarded to EDS,” the expert added.

The government IT spending in the UK is estimated to be over $36 billion every year, Bob McDowall, research director at TowerGroup Europe told ET in a recent interview.

Apart from the troubled National Health Service (NHS) modernisation program, which needs restructuring, HM Revenue and Customs (HMRC) will also seek to outsource more work as the department plans to make it mandatory for firms employing more than 50 employees to file tax-related and other information online by 2011. “The UK government’s IT projects almost always suffer from scope creep, financial and time over-run of a significant dimension,” Mr McDowall had said.

One of the reasons for UK’s government departments to look for help is the scarcity of competent professionals for transforming the systems.

DWP’s earlier project did not fetch expected dividends because the agency opted for a custom-built software application that required tremendous training and debugging efforts. By opting for packaged software from TCS and Oracle this time, the department is hoping to run applications
based on a standard platform.

“As the internal IT development resources are not of the strongest quality, good people go to commercial organisations. Those that are outsourced to UK-based providers are not always delivered on a more efficient, timely and cost effective basis,” Mr McDowall added.
 

BANGALORE: Top Indian tech firms TCS, Infosys and Wipro, along with multinational rivals IBM, Accenture and HP-EDS , are currently chasing an outsourcing contract worth over $100 million from Australia’s biggest retailer Woolworths, as the retailer plans to deploy a SAP-based solution for transforming its merchandising and supply chain platforms.

At a time when new business is increasingly becoming tough to come by, Australia has emerged as a great opportunity for the outsourcing vendors. Other recent outsourcing contracts awarded by Australian companies include the $100-million deal from Telstra and the over $50-million contract from mining firm Rio Tinto. Both were won by India’s second biggest software company, Infosys.

When contacted by ET on Tuesday , a Woolworths spokesman confirmed that the retailer is, indeed , evaluating vendors for its SAP project.

“Woolworths is currently working with SAP on a project where, over time, we will replace our core merchandising systems. These systems are a very important piece of IT for a retailer,” said Luke Schepen , a Woolworths spokesperson.

“Woolworths will lead this project internally but we are currently going through the process of determining other technology vendors who will assist (Woolworths) with this project,” he added.

With over $18 billion in revenues during the half-year ended December 2008, Woolworths runs several supermarket chains, apart from consumer electronics and hotel businesses across Australia, New Zealand and the UK.

According to research firm Forrester , Australian companies will buy around $39 billion worth of software products and services this year, accounting for almost 4.6% of the country’s gross domestic product (GDP).

While Australian enterprises are not as severely impacted by the global economic recession when compared with their rivals in the US and Europe, the country’s leading corporates, including Rio Tinto and phone firm Telstra, have recently intensified their efforts to reduce their operational costs by working with Indian service providers.

In October last year, Wipro won a 10-year outsourcing contract from Origin Energy, Australia’s second biggest energy retailer for a SAP-based transformation. A few months ago, Infosys was awarded an over $50-million outsourcing contract by Rio Tinto for managing the global mining giant’s IT applications and some back-office procurement activities.

Experts such as Arno Franz of offshore advisory firm TPI say that Australian customers will continue to outsource because of obvious benefits. “The business case for outsourcing, including offshoring, is compelling and, given current economic circumstances, even more so; organisations are increasing their focus on cost realignment, and outsourcing/offshoring offers the best and most risk mitigated and timely way of doing this,” he said.

Many Satyam customers in Australia including Telstra, Qantas and the National Australia Bank have been criticised by local experts for their offshoring initiatives. However, these companies continue to outsource because business benefits far outweigh the risks involved . “In fact, we have seen no curtailing of plans that companies have in train or are contemplating in relation to offshoring,” Mr Franz added. “Current Satyam clients seem to have taken an appropriate approach of wait and see, while at the same time putting in place risk mitigation approaches.”
 
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