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Modi asks India Inc to keep investment flow going

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Sumit Mazumdar source: timesofindia.com
Sumit Mazumdar
source: timesofindia.com

By NewsGram Staff Writer

New Delhi: Prime Minister Narendra Modi on Tuesday urged India Inc to use the current opportunity offered by global turmoil as an advantage and keep its investment flow going. He said that this situation must not be seen as gaining from someone’s pain.

 

“The prime minister said that somebody’s pain shouldn’t be our gain. Instead, we should make our own efforts domestically to take up the opportunities from the current global situation,” Confederation of Indian Industry president Sumit Mazumdar cited him as saying at a meeting here with union ministers, corporate heads and economists to discuss the global markets’ turmoil sparked off by the Chinese economic slowdown and attendant opportunities for India.

 

Our economic foundations are strong, that is why we have not been affected by recent Chinese events. However, the prime minister told us that in this situation we should, as an industry, also show some risk-taking ability,” he told media persons after the meeting.

 

The meeting, that lasted over three hours, discussed the global situation that impacted India economically like a possible hike in the US Federal Reserve rate, the world powers’ nuclear deal with Iran contributing partly to cheaper oil and the way the Chinese slowdown opens up opportunities.

 

Finance Minister Arun Jaitley remarked that India was transiently impacted by recent events in China. He further added that the global situation instead presented an opportunity for the country as it is a net importer of commodities and oil is in free fall.

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“India is one of the lesser impacted economies (by the China devaluation), partly because our own fundamentals are reasonably strong,” Jaitley said while briefing reporters.

 

“The main thrust of the meeting was that since India is relatively touched little except for a transient impact on the markets, it should therefore strengthen its domestic economy so that the larger benefits of the global economy may come India’s way,” he said.

 

“Being a net importer of commodities globally, the low oil prices are an opportunity for us,” the finance minister added.

 

Global crude oil in free fall touched the $40-a-barrel mark in trading late in August, having already dropped under $50 for the second time this year from the level of over $100 last year.

 

“The general consensus was that the growth of emerging economies is all slowing down, except that we (India) are growing at seven percent. So how can we take advantage of this opportunity (of slowdown elsewhere),” said Mazumdar after the meeting.

 

“The prime minister said this is an opportunity for us to take advantage of and invest. Cost of capital is too high but I don’t know how many people can go ahead to take risk and invest… many of us raised the issue of interest rate,” said Federation of Indian Chambers of Commerce and Industry (Ficci) president Jyotsna Suri.

 

“The Chinese slowdown means that for India, which has a lot of untapped potential in infrastructure, the costs of creating it are going to come down with lower input costs like steel and cement,” said Subramanian.

 

With inputs from IANS

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Hiring for Your Business? Get it Right First Time

If you can keep these things in mind, you should have no issues coming up with ideas that will help you to hire the right kinds of people for the business.

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Business
You have to keep in mind the fact that there are a lot of different types of people .Pixabay

There are so many things that you need to keep in mind these days if you are running a business, and one of the essential things is the fact that you need to get your workforce right. There are a lot of people out there who you will have the chance to hire for your business, and it is so important to make the right choice here. There are a lot of things to take into account when you are doing this.

Think about what you want to get from your employees, as well as what you can do to make sure you are focused on bringing things forward in a business sense. There are a lot of things you need to think about when it comes time to hire the right staff, and there are plenty of things to consider. This is how you can get right the process of hiring, and make sure you choose the right people.

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Small businesses take advantage of co-working spaces like this one, in Ho Chi Minh City, VOA
Interview Them Yourself

One of the best ways of getting this right is making sure you are focused on conducting the interview yourself. This is one of the best ways of getting a feel for the person you are interviewing and making a judgement about what you think they are like. There are so many things that might play a role in your decision-making, and you should consider what it takes to get this right immediately.

Background Checks

Think about carrying out a background check on prospective candidates before you actually commit to hiring. Of course, a more professional and in-depth one will be carried out once they accept the job, but you can conduct your own before even offering them the role in the first place. Carrying out an online people search can be an eye-opener when it comes to improving the way you conduct yourself as a business, and making the right choice for the future.

business
There are a lot of issues to keep in mind when you try to make a decision about who suits the business. Pixabay
Look at Their Qualifications

When hiring a person, it is important to make sure you keep an eye on their qualifications and suitability for the job at hand. There are so many different ideas and options that play a role in the employment process, but it’s clear that experience and qualifications play one of the biggest roles. So, you need to make sure you are looking at those people with the right qualifications.  

What is Their Personality Like?

Also consider what their personality is like and what you can do to ensure you are hiring someone who is going to fit. There are a lot of issues to keep in mind when you try to make a decision about who suits the business. This is why you have to make sure you keep this in mind so that you can hire the right sort of person for the task at hand.

Business
Think about what you want to get from your employees. Pixabay

If you can keep these things in mind, you should have no issues coming up with ideas that will help you to hire the right kinds of people for the business. You have to keep in mind the fact that there are a lot of different types of people, and the better you can do this, the better choices you will make.