Mumbai :Car-industry employees concerned that robots will put them out of work needn’t worry — at least for now.
Of the 13 publicly traded automakers with at least 100,000 workers at the end of their most-recent fiscal year, 11 had more staff compared with year-end 2013, according to data compiled by Bloomberg. Combined, they had 3.1 million employees, or 11 percent more than four years earlier, the data show.
Carmakers in China and other emerging markets, where growth is strongest, favour human labour because it requires less upfront investment, said Steve Man, an analyst at Bloomberg Intelligence in Hong Kong. In developed markets, tasks that can be handled by robots have already been automated years ago and automakers are now boosting hiring in research and development as the industry evolves.
“There’s been a lot of growth in emerging markets, especially China, so that’s one reason automakers are adding staff,” Man said. “More staff is being added on the R&D side, with the push for autonomous, electric, connected vehicles.”
A trio of Chinese automakers, SAIC Motor Corp., Dongfeng Motor Group and BYD Co. — in which Warren Buffett is a major investor — increased staff by at least 24 percent. Volkswagen AG accounted for more than one in five jobs among the group of 13, and increased its employee count by 12 percent in the period.
General Motors Co., which shrank its payroll 18 percent to 180,000, and Nissan Motor Co., which contracted by 2.8 percent to 139,000 workers, were the sole carmakers whose staffs got smaller, the data show. GM’s numbers were affected by the sale of its European division to PSA Group last year.
About 40 percent of autoworkers were women in 2017, compared with 38 percent four years earlier, based on data from about 30 of the largest vehicle producers worldwide. The analysis didn’t take into account wages or location of the workers.
Auto companies are hiring more for software positions than hardware roles to prepare for a future in which more vehicles are communicating with each other and their surroundings, Man said. The rising popularity of electric cars is also set to cause an upheaval at manufacturers that make parts for internal-combustion engines.
Total vehicle production worldwide in 2017 rose 11 percent to 97 million units, compared with 2013. Chinese plants cranked out 30 percent of all vehicles last year, followed by 12 percent in the U.S., 10 percent in Japan, 6 percent in Germany and 5 percent in India.
Five of the top 12 producing nations — it took 2 million units to qualify last year — were in Asia, three in North America, three in Europe and one in South America.
Global vehicle sales totaled 85 million units last year, an increase of 11 percent from 2013. Half of those sales last year were in the Asia-Pacific region, a slight uptick because the proportion from Latin America fell from four years earlier with demand waning in Brazil.
RBI needs to ensure stability: Shaktikanta Das
New Delhi: The head of the Reserve Bank of India (RBI) said he would take the steps necessary to maintain financial stability in the country and help create favourable conditions for growth.
India’s economy has grown because of measures such as the nationwide goods and services tax and the insolvency and bankruptcy code that prevents wilful defaulters from bidding for stressed assets, Shaktikanta Das said in his address to an investor roundtable.
The country’s growth story is backed by its strong domestic fundamentals, he said, citing lower inflation.
Annual retail inflation rate dropped to an 18-month low of 2.19 per cent in December, strengthening the views of some economists that the central bank could ease monetary policy next month.
India’s top business groups on Thursday urged the central bank to cut its benchmark interest rate by at least half a percentage point and lower the cash reserve ratio it imposes on banks.
The country also needs to watch out for any sudden turbulence in the gloal financial market, Das said.
Centre removes two PNB executive directors for lapses in Rs 13,500-cr fraud
Chennai:The Central government has removed two Punjab National Bank (PNB) Executive Directors — Sanjiv Sharan and K.Veera Brahmaji Rao — for the lapses in the Rs 13,500 crore fraud allegedly perpetrated by absconding diamantaire Nirav Modi.
The PNB has intimated the action to the stock exchanges.
“We welcome the Central government’s action to dismiss the two Executive Directors. The scam of such proportions could not have happened without the knowledge of the top management,” C.H. Venkatachalam, General Secretary, All India Bank Employees’ Association (AIBEA), told IANS.
“Perhaps for the first time, the Centra has removed the Executive Directors of a nationalised bank under the Nationalised Banks (Management and Miscellaneous Provision) Scheme, 1970. All these days it was said the top management of government-owned banks — Chairman, Managing Director, Executive Directors — are governed only by the contract of appointment.
“It is also good that the central government has followed the due process of giving the two PNB Executive Directors opportunity to put forth their views before dismissing them,” Venkatachalam added.
According to the Central government’s notification, on July 3, 2018, Sharan and Rao were issued a show cause notice as to why they could not be removed from office for having failed to exercise proper control over the functioning of PNB, thus enabling the fraud through the misuse of SWIFT at the bank’s Brady House branch in Mumbai.
After considering Sharan and Rao’s replies and the comments of the bank’s Board, the Centre removed them from office as it found it was expedient in the interests of PNB.
According to the notification, the dismissal of Rao is subject to the outcome of a plea in the Delhi High Court.
“We are happy to see some action being taken. Whether it is only the two Executive Directors and other officials are also involved in the scam has to be probed in full,” Venkatachalam said.
According to him, in the past, low-level officers would have been the scapegoats for such massive scams.
“With the action taken on the top management, people will be satisfied that public sector bank officials are answerable for their lapses,” Venkatachalam added.
In this new world, data is the new wealth: Ambani
Mumbai: Reliance Industries chairman and managing director Mukesh Ambani urged Prime Minister Narendra Modi to take steps against ‘data colonisation’, specially by global corporations, stating that Indian data must be owned by Indians.
Invoking Mahatma Gandhi’s movement against political colonisation, Ambani said India now needs a new movement against data colonisation.
“Gandhiji led India’s movement against political colonisation. Today, we have to collectively launch a new movement against data colonisation,” he said Gandhinagar at the Vibrant Gujarat Global Summit.
Stressing that, in this new world, data is the new wealth, Ambani said, “India’s data must be controlled and owned by Indian people and not by corporate, especially global corporations.”
He further said, “For India to succeed in this data driven revolution, we will have to migrate the control and ownership of Indian data back to India. In other words, give Indian wealth back to every Indian.”
Stating that the “entire world has come to recognise” Modi “as a man of action”, Ambani said, “Honorable Prime Minister, am sure you will make this one of the principal goals of your digital India mission.”
Later in the day, countering Ambani’s call, Governor – Commonwealth of Kentucky, Matthew Griswold, asked Modi “to think in the opposite” in order to realise the tremendous opportunity that lies in Indo-US partnership.
“Honorable prime minister you have been asked from this stage to think about limiting the amount of competition, limiting the exchange of ideas, information and goods. I would encourage you to think in the opposite,” he said.
While stating that it is important to put the people of India first, Griswold said, “It is also important to put their opportunity and our opportunity as citizens of the world to trade with one another and exchange ideas because iron sharpens iron.”
The greatest possibility comes from the exchange of these idea, he added.
“If we can cut the regulations, cut the bureaucracy, cut the red tape, the opportunity is enormous between our nations,” he added that India is now the 10th largest trading partner for the US and “climbing quickly”.
“The opportunity before us between India and the United States is incredible, but responsibility falls on each of one us, those of us in elected positions, those of you in the industry, those of you who represent various constituencies, we have much work to do…we must do this, ” Griswold said.