I am happy with the appreciating rupee value. It is good for manufacturing industries in India. It gave heavy blow to the software coolies and their bass. IT coolie companies recruit all branches of engineers in bulk for menial work. The recruitment is to show the resources to their client for work orders. There is brain waste. We can appreciate the brain drain but not brain waste. They are responsible for reduction in the innovation in the manufacturing. As on today no IT companies do challenging work needed for the world. They don%u2019t develop any products. Some reader, who has got short vision, may say that Infosys has Fincale and many banks use it. Finacle is used in banks not because of the innovative product based on their banking research. It is a cheap solution developed by coolie engineers graduated from great academic institutions, who don%u2019t have the brain. Really lots of challenging research problems is there in the IT. IT revolutionizes the way we live. All section of people can be benefited by the IT. But these cos. are not bothered. I would say IT companies and the government missed the opportunity of globalization. China strengthened their manufacturing base and now they add service to their economy. India has missed the opportunity to strengthen the manufacturing base. If there is any shift in economy manufacturing base can't be shifted immediately. But it is possible for the service.
RE:It is Good for India
by Bharath Ramaiah on Jul 25, 2007 05:38 PM Permalink
You are absolutly correct.Very few people in India understand that most of the IT companies in India do not even have a well known product.These companies only suply manpower and charge on an hourly basis in terms of USD wheras they pay their staff in Indian rupees.Now with the rupee appreciating, they are finding it tough to pay the salaries of their staff and at the same time maintian their profit margins which are usually more than 100%.My advice to the IT and ITES staff would be not to agree for working extra hours and at the same they should not agree for pay or increment cuts.These IT companies in India have enough reserves with them to sustain for the next one year.
