NRI Worldwide > NRInterest
US regards NRIs as partners in improving ties with India
Report dated 16/10/2011 @ 6:34 PM
At an interactive meeting arranged by major Indian community organisations in New York, including the Global Organisation of People of Indian Origin (GOPIO), the National Federation of Indian-American Associations (NFIA), the American Association of Physicians of Indian Origin (AAPI) and the Society of Indo American Engineers and Architects (SIAEA), Mitul Desai, a senior Advisor with the US Department of State said the groups have been among the country's leading Indian American bodies for a number of years and are an important partner for the continued relationship between the US and India.
Desai stated the US-India relationship will be one of the defining partnerships of the 21st century.
Desai a second generation Indian American was appointed this year as Senior Advisor in the US Department of State's South & Central Asian Bureau. He earlier worked as an investment bank analyst, consultant and intellectual property attorney
India now 34th on global IT industry index
Report dated 15/10/2011 @ 9:11 PM
India has climbed 10 places to reach the 34th rank on the global IT industry competitive index, owing to its strong human capital and research and development (R&D) base.
According to a study compiled jointly by the Business Software Alliance (BSA) and the Economist Intelligence Unit, the IT industry competitiveness index benchmarks 66 countries on a series of indicators covering the critical foundation areas for IT innovation.
According to the BSA India Committee, to continue its trajectory as a rising IT power, India will need a safe and secure digital economy that inspires the trust and confidence of governments, businesses and citizens especially as markets across Asia become more competitive.
India scored above China who were placed at 39th rank, but remained behind Singapore and Australia.
Forex reserves cross $312 billion
Report dated 15/10/2011 @ 9:10 PM
The Reserve Bank confirmed that India's foreign exchange reserves rose by $749 million to reach $312.231 billion this week, after sliding for two consecutive weeks.
Foreign currency assets, the biggest component of foreign reserves, were up by $763 million to $276.462 billion for the week ended October 7.
Pointers on salaries returning NRIs should know
Report dated 14/10/2011 @ 10:11 PM
NRIs planning on returning to India because of the slump in the West and the job opportunities in India would do well to consider the definition of salaries.
Broadly, one could expect 40-70% of one's US salary as your salary in India. However here are a few pointers:
Salaries in India are quoted in terms of cost to company or CTC, which is the cost the company incurs to employ and keep you employed. This is an important factor because many components of your CTC may not translate into actual take-home pay every month.
A rule of thumb one can use is what you get in hand will be 70% of your CTC, which the company may beef-up, such as value of perks, interest subsidies in the case of banks, medical or life insurance, food subsidies, transport costs or subsidies, gratuity, and their provident fund contributions.
Tax deductions are withheld from one's income by the company, an amount that will depend on the components of your salary.
Annualised and variable components are applicable as well.
Employee Stock Option Plans that in effect apply only after working for the company for a certain period, plus the so-called strike price.
Lastly the 'relocation package' that some companies provide for just a few weeks, after which you are sometimes prey to rogue real estate agents recommended by the company.
These are caveats that exist in the corporate world that most returning NRIs are looking to, for the future welfare of their families.
India to join exclusive wine producers club
Report dated 14/10/2011 @ 10:10 PM
India is to formally join the Paris-based International Organisation of Vine and Wine (OIV), once the Union Cabinet ratifies the agreement for membership.
This move by the agriculture and food processing ministries will benefit India, as qualifying as a member will allow India to have access to scientific information available within the international group, recognised for its competence in work related to vines, wines, wine-based beverages, table grapes and raisins.
With the membership India will be the 45th wine producing nation to join the OIV.
India is the 9th biggest producer of grapes worldwide and is one of the growing wine markets of the world. Some 71,400 hectares of the country's vineyards are mainly oriented to the production of table grapes. Its vineyards are mainly located in regions of Maharashtra, Himachal Pradesh and Karnataka.