FY11 GDP growth rate revised, put at 8.4%
Business Standard/Economic Times
The Government has revised the gross domestic product (GDP) numbers for the years 2008-09, 2009-10 and 2010-11, Business Standard reports. It revised the GDP growth for 2008-09 to 6.7 percent, lower than the earlier figure of 6.8 percent. For 2009-10, the rate of growth has been raised from 8 percent to 8.4 percent and lowered for 2010-11 from 8.5 percent to 8.4 percent. Last year, GDP growth for 2009-10 was revised to 8 percent from 7.7 percent estimated earlier. As a result, economic growth for that financial year was revised from 7.7 percent to 8 percent and now to 8.4 percent. Kaushik Basu, chief economic adviser to the finance ministry, said growth in 2012-13 is expected to be higher than the current year, but not close to the potential of 8.6 percent, adds Economic Times. 
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Job creation plummeted in UPA’s first term
Mint
"Data released by the government shows that the first stint of the Congress-led United Progressive Alliance (UPA) generated a mere 400,000 jobs a year, Mint reports. This was in sharp contrast to 12 million jobs annually during the tenure of the Bharatiya Janata Party-led coalition, the National Democratic Alliance (NDA). During the period 2004-05 to 2009-10, growth in the economy was an average 8.43 percent, delivering the politically uncomfortable message of jobless growth. The data released by the National Sample Survey Office (NSSO) in the Ministry of Statistics was part of the 66th round of the survey, conducted between July 2009 and June 2010. The findings militate against the inclusive growth ideology that had helped the UPA come to power in 2004.
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EU pledges to push growth, employment
The Hindu Business Line
Heads of European states and governments promised to stimulate growth and create jobs at a conference in Brussels, The Hindu Business Line reports. The debt crisis has sent unemployment soaring as leaders focused on slashing deficits to gain investors’ confidence. Overall, 23 million people, or 10 percent of the active population, are jobless across the European Union (EU). The European Commission said there was still €82 billion in development funds that had not yet been allocated. These funds should be “rapidly” committed to projects focused on growth and job creation, a statement at the summit said. The leaders pledged to offer more training for young people to ease their transition to the workforce, deploy unused development funds to generate jobs, lower barriers to business across the 27 EU countries, and make credit available to small businesses.
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High premiums force cuts in medical benefits
Economic Times
Companies are trimming healthcare benefits of employees to rein in premium costs, Economic Times reports. Putting a ceiling on room rent during hospital stay and introducing co-pay are some of the popular methods being used. According to a study by Vantage Insurance Brokers conducted across 285 organisations, close to 87 percent introduced sub-limits on room rent in the group health policies covering their employees. Nearly 45 percent have added the co-pay clause to keep rising premiums down. Parental coverage offered to all employees decreased to 66 percent in 2011, compared to 71 percent in 2008. Around 18 percent did not cover parents at all in 2011. However, not all measures involve cost curtailment. Around 50 percent of the companies were looking at implementing “health and wellness initiatives” to encourage employees to take better care of their health, the study stated.
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Nokia Siemens to axe 4,100 in Germany, Finland
Economic Times
Nokia Siemens Networks (NSN) will cut 2,900 jobs in Germany and 1,200 in Finland as part of its restructuring plan announced in November, Economic Times reports. “The discussions concern 1,200 out of 6,900 employees in Finland and 2,900 out of 9,100 in Germany,” a company spokesman said, confirming that employee representatives had on Tuesday been informed of the proposed cuts. In November, NSN, with 74,000 employees worldwide, announced plans to reduce its global workforce by approximately 17,000 by the end of 2013. In Finland, official negotiations regarding the cuts were scheduled to begin on February 8. Employee retraining, job re-assignment and entrepreneurship support programmes would be introduced to help cushion the blow of the planned retrenchments, NSN said in a statement. The 2,900 cuts in Germany are equivalent to roughly every third Nokia Siemens job in the country, causing outrage among unions.
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Encourage women leaders at corporate, rural levels
Times of India
More than 150 industry leaders from across the country exchanged thoughts on the changing dynamics of women leadership and the need for including women in various facets of business, Times of India reports. The conference on “Developing women business leaders - agenda for action” was organised by the All India Management Association (AIMA). Naina Lal Kidwai, country head India and director HSBC Asia Pacific, said women employees in middle management need to be celebrated and acknowledged by the top management. The inclusion of women at the corporate and even rural levels is critical in today’s times. Rekha Sethi, director general, AIMA, spoke on harnessing women’s leadership talent. Companies need to have a clear mandate for a gender-diverse boardroom. They can start with fair allocation of work and responsibilities. Building programmes around honing leadership skills, networking opportunities and mentoring will be a big help.
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Going back to the basics reshapes perspective
Times of India
Going back to the classroom provides an opportunity to hone skills and gain more knowledge, say some managers who took time off to go back to school, Times of India reports. “I feel the best place to acquire new skills is school. It is important to get back to basics to refresh one’s thought process and shape new perspectives to solving problems,” says Ravi Golla, head HR, Enteg, who pursued an MPhil in strategic management. Vimal Kejriwal, alumnus of the Kellogg School of Management and currently president - transmission, KEC International, says, “The business I run at the moment has set up shop in 28 countries. Having met people from 13 different nations during my ‘back to the classroom’ stint really helped me understand how they thought and what their different needs were. This knowledge helps me today in making several crucial decisions.”
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Assess managers on how they manage the team
Times of India
Managers should be reviewed in terms of how effective they have been with their employees and other managerial tasks, Times of India reports. Managers play a crucial role by understanding and providing the right kind of support to employees, which enables them to achieve the final result. It is essential for them to strike a balance between the well-being of employees along with ensuring positive results. Providing the right work culture and a healthy environment is crucial for productivity. Organisations with strong performance-oriented cultures witness far better financial growth. Managers being assessed on how they manage their teams as a whole should be a core component of their performance appraisal, says Saurabh Singh, national head, Pearson Talent Assessment. Ideally, senior managers should be evaluated on the team’s accomplishment than on their individual outcomes.
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No scope for comfort zone at workplace
Times of India
When work is mundane and repetitive, professionals often slip into a comfort zone. There are a number of ways to avoid complacency at the workplace, Times of India reports. Prem Kumar, managing director of Fly Mobile, defines the phenomenon as a fear of facing challenges that makes employees get into their comfort zone, thereby keeping them from accepting change. Once they find it, they settle in quite easily and refrain from looking beyond their set horizon. Companies should take up the responsibility of pushing employees out of their comfort zones through development programmes and job rotation. For employees, Rushi Patil, head - talent acquisition, Tata Motors Finance, suggests some quick remedies. Be open to unknown situations and welcome uncertainty. Interact with colleagues from different departments every day. Instead of avoiding workplace problems, go to your boss with solutions and make him challenge his comfort zone.
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People Moves & Recruitments

Vodafone India adds two senior roles
The Hindu Business Line
Vodafone India has created two new roles at the top management level, The Hindu Business Line reports. Sunil Sood, currently director business operations for south and west, will be COO. Sanjoy Mukerji, currently director business operations for north and east, will be chief commercial officer. Both will report to CEO Marten Pieters.
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Publicis Capital ramps up Delhi team
exchange4media
Publicis Capital has appointed Suresh Subramaniam and Harikrishnan Warrier as business unit heads to strengthen its account leadership in Delhi, exchange4media reports. Subramaniam from Percept/H joins as vice president, heading the Nestle and United Biscuits business. Warrier joins from Dentsu India.
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Wipro picks Sales Enablement Head from TCS
Times of India
Wipro has appointed Robert Racine, a top Tata Consultancy Services (TCS) executive, as vice president and global head of sales enablement, Times of India reports. He was the global head of sales process excellence at TCS since April 2008. He has more than 30 years of enterprise solutions selling experience with global solution providers including SAP, Oracle and CGI.
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Hindustan Motors MD quits
The Hindu Business Line
Manoj Jha, managing director of Kolkata-based Hindustan Motors, has resigned, The Hindu Business Line reports. The company in a notification to the Bombay Stock Exchange said Jha had ceased to hold the position.
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