Job Creation Rise in Informal Jobs ONLY

100% job creation has happened in informal jobs as labour laws confiscate half of gross salary

From Economic Times 

28 DEC, 2012, 10.33AM IST, 

Most people will not connect the baffling mystery of why 100% of net job creation took place in informal jobs during the last 20 years with theEmployee Provident Fund Organisation's (EPFO) recent attempt to redefine salary.

Yet they are closely related. Even though India's labour force increased by 200 million between 1991 and 2011, the official unemployment (9%) and informal employment (93%) numbers have remained the same. This means many jobs have been created but most of them have not been high paying or formal.

I would like to make the case that the explosion in informal jobs since 1991 has been driven by three reasons: a) a move to Cost-to-Company (CTC) by companies where all benefits were monetised and included in compensation, b) labour laws which mandate confiscation of 49.2% of gross salary. While some of these deductions are not taxes, calculation caps and the CTC idea mean takehome salary is disproportionately low for low-wage formal workers and, c) large mandatory deductions like PF, EPS and ESI are perceived as poor value for money because they offer rotten service, entail high costs and have no competition.

Let's look at all three reasons in some detail. The move to the CTC idea in corporate India was driven by an inability to cope with diverse demands (young and old people value benefits differently and employees have different liquidity preferences), high healthcare costs, the move away from defined benefit pensions, and more competent CFOs.

Most government servants don't view benefits as compensation, even though the Sixth Pay Commission estimated that cost to government was three times overall salary, 3.75 for railways and four for armed forces.

Maybe the recent moves by the EPFO were driven by this lack of understanding of CTC, expanding the calculation base for pension contributions actually reduce take-home pay. This brings us to the second driver of informality: labour laws requiring employers to deduct 49.2% of gross salary.


Benefits like employer PF contributions, statutory bonus, gratuity, and so on were assumed to be over and above salary. But in the CTC world of formal employment, employers are required to deduct almost half of gross salary under various legislation.

This high salary deduction feels particularly brutal at lower wages and the biggest pushback for higher net salaries comes from employees who often have informal employment choices.

The third driver of informality is the view of PF and ESI as poor value for money. More than half of PF accounts are inactive; rather than believe the fairy tale that employees are foolish and forget their money, we must recognise that the humiliating customer service of the EPFO gives them a massive corpus on which they no longer credit interest.

http://economictimes.indiatimes.com/opinion/comments-analysis/100-job-creation-has-happened-in-informal-jobs-as-labour-laws-confiscate-half-of-gross-salary/articleshow/17787914.cms

Capitalism Behind Bank Scandal

Bank rate-fixing scandals reveal the rotten heart of capitalism

The magnitude of the banking scam must be realised and tough action taken

This is the year the consensus changed. Around the world, policy-makers, regulators and bankers recognised that the legacy of the 20-year credit boom up to 2008 is more corrosive than all but a few realised at the time. The bankers – and the theorists who justified their actions – made a millennial mistake. Navigating a way out of the mess was never likely to be easy, but it is made harder still by not recognising the magnitude of the disaster and the necessary radicalism involved if things are to be put right.

If there were any last doubts they were dispelled by the record $1.5bn fine paid by the Swiss bank UBS for "pervasive" and "epic" efforts to manipulate the benchmark rate of interest – Libor – at which the world's great banks lend to each other. The manipulation was at the behest of the traders who buy and sell "interest rate derivatives", whose price varies with Libor, so that cumulatively billions of pounds of profits could be made. Nor was UBS alone. What is now evident is that all the banks that made the daily market in global interest rates in 10 major currencies were doing the same to varying degrees.

There was a complete disdain for the banks' customers, for the notion of custodianship of other people's money, that was industry wide. It is hard to believe this culture has evaporated with the imposition of a fine. No banker falsifying the actual interest rates at which he or she was borrowing or lending, or trader who requested that they did so, had any sense that there is something sacred about banking – that the many billions flowing through their hands are not their own. It was just anonymous Monopoly money that gave them the opportunity to become very rich. The UBS emails, which will be used to support criminal charges, could hardly be more revealing. This was about making money from money for vast personal gain.

Interest rate derivatives are presented as highly useful if complex financial instruments – essentially bets on future interest rate movements – that allow the banks' customers better to manage the risks of unexpected movements in interest rates. Whether a multinational or a large pension fund, you can buy or sell a derivative so you will not be embarrassed if suddenly interest rates jump or fall. Bookmakers lay off bets. Interest rate derivatives allow buyers to lay off the risk that their expectations of interest rate movements might be wrong.

What makes your head reel is the size of this global market. World GDP is around $70tn. The market in interest rate derivatives is worth $310tn. The idea that this has grown to such a scale because of the demands of the real economy better to manage risk is absurd. And on top it has a curious feature. None of the banks that constitute the market ever loses money. All their divisions that trade interest rate derivatives on their own account report huge profits running into billions. Where does that profit come from?

The answer is it comes largely from you and me. Global banking, intertwined with the global financial services and asset-management industry, has emerged as a tax on the world economy, generating much activity and lending that has not been needed, but whose purpose is to make those who work in it very rich. The centre-left thinktank IPPRreports that people with identical skills earn on average 20% more in financial services than in other industries, with the premium rising the higher the seniority. That wage premium does not come from virtuous hard work or enterprise. It comes from how finance is structured to deliver excessive profit.

The Libor scam is an object lesson in how finance taxes the rest of the economy. Plainly, the final buyers of the mispriced interest rate derivatives could not have been other banks, otherwise they would have lost money and we know that they all made profits. In any case, they were part of the scam. The final buyers of the mispriced derivatives were their customers. Some must have been large companies, but many were those – ranging from insurance companies and pension funds to hedge funds – who manage our savings on our behalf.

Here a second scam kicks in. One of the puzzles of modern finance is why the returns to those who buy shares in public stock markets are so much lower than the profits made by the companies themselves. One of the answers is that there are so many brokers, asset managers and intermediaries along the way all taking a cut. Sometimes it is through excessive management fees, but another way is not doing honest to God investing – choosing a good company to invest in and sticking with it – but through churning people's portfolios or unnecessarily buying interest rate derivatives to protect against interest rate risk, while charging a fee for the "service". Many of those mispriced interest rate derivatives will have ended up in the investment portfolios of large insurance companies and pension funds or, more sinisterly, in the portfolios of the banks' clients.

Bank managements are presented as ignorant dolts, fooled by rogue traders. They were no such thing. The interest rate derivative market is many times the scale than is warranted by genuine demand precisely because it represented such an effective way of looting the rest of us. The business model of modern finance – banks trading on their own account in rigged derivative markets, skimming investment funds and manipulating interbank lending, all to underlend to innovative enterprise while overlending on a stunning scale to private equity and property – is not the result of a mistake. It represents a series of choices made over 30 years in which finance has progressively resisted any sense it has a duty of custodianship to its clients or wider responsibilities to the economy. It was capitalism allegedly at its purest. We now understand it was capitalism at its most rotten. It needs wholesale reform.

The government's proposals to ringfence investment banking from the rest of a bank's activities, following the proposals from Sir John Vickers, is a start. But it is only that. Last week, Conservative MP Andrew Tyrie's cross-party parliamentary commission proposed " electrifying" the ringfence with the threat of full separation if malpractice continues. It also considered banning banks from trading in derivatives on their own account. But while tough, the commission should extend its brief. The issue is to create a financial system in its entirety that serves individuals and business alike, makes normal profits and, above all, embeds its public duty of custodianship in the bedrock of what it does. The government fears that more upheaval will unsettle banking and business confidence. It could not be more wrong. Reform is the platform on which a genuine economic recovery will be built.

• • Will Hutton
  • The Observer, Sunday 23rd December 2012
  • http://www.guardian.co.uk/commentisfree/2012/dec/23/banking-reform-ubs

How To Finish Deadlock On Issue of Quota In Promotion Process for Dalit

Congress Party led UPA government under the pressure of Mayawati led Bahujan Samaj party has in their mutual interest agreed to amend constitution to permit reservation in promotion to SC ST and other eligible castes. To serve their malicious interest, clever leaders of ruling party are ready to even overrule the recent adverse judgments given by High court and Supreme Court. Though party claim to respect the spirit of the Constitution and that of Apex court, they may in practice do not hesitate in going against the basic structure of the Constitution and important ruling of Apex court as they did in famous Shah Bano Case.

Clever politician of ruling UPA by their insistence to change laws of the land to gain the vote of Dalit community has not only divided anti - congress political parties but has also divided various trade unions, individuals of castes and finally the society. This has resulted in strike call by one section of employees and other sections of employees who are protagonists of quota in promotion have decided to forceful functioning of offices. Willingly or unwillingly, such prejudiced amendment in Constitution has to result in chaos and conflicts between two groups and give rise to breaking of hearts, breaking of unity and breaking of friendship. It will not be an exaggeration to say that these corrupt politicians will sacrifice the interest of the country for their self interest.

I would like to mention here that root cause of resentment, frustration and annoyance among employees of SC, ST and dalit caste is that promotion process has many loopholes which gives ample power to competent authorities to permit a junior and incompetent employee and reject a meritorious and senior staff. Culture of arbitrary and whimsical process has only resulted in demand for quota in promotion processes. There are many instances when incompetent and corrupt staffs are promoted only because they have good relation with top officials or ministers, or when they spend handsome amount in giving bribe to top officials to get promotion in lieu thereof. On the contrary there are numerous examples of employees getting rejected in promotion processes always because they do not have any Godfather in Interview boards. In this dirty process of promotion, officers and babus irrespective of their caste and  community are facing humiliation in promotion processes and posting.

 I have experienced how corrupt officers are getting frequent promotion and choice posting whereas good and meritorious officers are posted at critical places, rejected in promotion processes and finally served charge sheet and made scapegoat for crime committed by corrupt officer .Senior executives exert all efforts to get the corrupt officer exonerated from punishment and they search some weak guy for making scapegoat. Birds of same feather usually are sitting at top post of most of organization and government offices barring a few exceptions. Flatters and sycophants are more often than not given preference in all types of promotion and posting .

This dirty culture is prevailing in almost all offices and all government departments and undoubtedly it is fundamentally responsible for current anger of not only people of dalit caste but of upper caste too.

As such if government gets success in permitting reservation for dalit in promotions, they may add fuel to already existing fire. For a short period members of dalit community may feel victorious, but in long run such unhealthy rules will create social imbalance and disturb badly the harmonic relation among members of various caste and communities. Not only this performance level of meritorious and hard core workers will get erosion in long run and damage the work culture in all offices.

I have however one suggestion to place before the government and before Members of Parliament belonging to all parties including learned clever leaders of Congress Party, BSP , BJP , SP and other parties .Every department may be permitted to recruit staff strictly as per prevalent policy of reservation and thereafter employees should be given promotion to higher scale or higher position strictly as per seniority in a well defined framework of time.

It is true that some hard core worker will get demotivated when a non performer will get promoted. But such type of feeling will be diluted and reduced to zero once they are made to understand that every employee irrespective of their caste has right to be promoted without any discrimination and to avoid the whimsical rejection of good workers by members of Interview panel constituted to promote staff from one cadre to other.

Both ways of promotions, on by seniority and another merit based promotion, has its own merit and demerit. But after taking into accounts all pros and cons of the both methods of promotions , it is desirable to adopt strictly seniority based promotion to avoid all disputes and to avoid all demand of quota in promotion process. Government may further formulate a policy to provide incentive to those who perform better than average workers and formulate another policy to punish those who perform worse than average performers. In this way GOI may reduce number of cases pending in various courts and avoid showing disrespect to ruling of High Court and Supreme Court. It is necessary to point out here that thousands of cases are pending in High court and Supreme court filed by aggrieved officer against whimsical decision of management. 

To conclude I would like to substantiate my views by pointing out the current status of government banks. During last two decades of liberalization, management of public sector banks have enjoyed complete freedom in the matter of recruitment, promotion and posting. They changed the policies related to recruitment and promotion many times as per their whims and fancies. These banks always claimed that they have a well defined merit oriented promotion policy and it is true also that they have promoted many officers during last two decades. But it will not be an exaggeration to say that many officers who got promotion were mostly flatterers and corrupt and it is they who created sickness in banks. 

It is they who raped good performers in the name of merits. It is they who are responsible for bad asset quality of banks. Two lac crore worth advances are now Non Performing asset, eight lac crores as stressed assets but concealed by restructure and tens of thousands of crores of rupees is lost in fraud during three years. Officers are promoted but banks are getting downgraded by rating agencies. Obviously it is top management who misused merit oriented promotion policy for their self interest and damaged the fundamental of banks. And hence it is justified to adopt seniority based promotion which protected banks to a larger extend before the reformation era launched in 1991.

Role of Human Resource Department

What does the Human Resources (HR) division do?

The banking industry is highly competitive. The key to a bank’s success is having the best people. In fact, people are the main commodity. Banks don’t manufacture anything; they offer a service. Human Resources is core to the success of the bank. It’s the HR team that hires, motivates, and develops the people that offer that service.

HR is responsible for people issues across the whole company. This includes things like:

• making sure the business is employing the best people, helping develop those people - and importantly ensuring they don’t leave!
• working with other divisions such as Legal and Compliance to help set company rules - and in some cases communicating those rules to staff
• ensuring employees are treated fairly, that they know what their rights are, and that there are measures in place when something goes wrong 

One of my best achievements at the bank was that I was a founding member of our ‘employee engagement club’, which meant direct involvement in organizing fun events for employees.

Also, in my first year at the bank I organized a successful women’s event here in Tokyo, a chance for women at the bank to network and listen to speeches and presentations. More than 100 women attended. We collaborated with a local organization called the Association of Women in Finance and all of the senior members of the bank, including the CEO, turned up to show their support.

Kanako, HR Advisor, Tokyo

                                                                                                          

Promotion Quota Tehalka To Divide Anti- Congress Forces

Promotion quota: PL Punia demands benefit for OBCs

Nistula Hebbar, ET Bureau Nov 28, 2012, 06.34AM IST

NEW DELHI: Bahujan Samaj Party chief Mayawati's determination to force the government to table a bill creating reservation in promotions to Dalits and Tribals in government service is matched by the Samajwadi Party's implacable resolve to block any such move. Now, a letter written by chairman of the national commission for SC/STs, PL Punia to the ministry of social justice and empowerment, has added another dimension to the debate. Punia has demanded that OBCs too should be extended reservation in promotions, as they avail reservations at entry levels and face similar obstacles.

"A conscious decision was taken by the Government of India to extend reservations in services in direct recruitment to Other Backward Classes in order to ensure participation of this section of society in governance and decision making. There are certain levels where direct recruitment is not held and unless we extend the reservation in promotions to OBCs at that level we shall not have their participation in those levels on government," said the letter sent in June.

Punia told ET that this was also done to make sure "there was equity and no division between classes facing discrimination." Congress MP Hanumantha Rao too has demanded the same through the OBC MPs forum in Parliament. This demand, emanating from a section of Congress, a BSP leader said, was unacceptable to it. "There is no comparison between the two sections, and we don't know what is behind this," the BSP MP said. The Samajwadi Party too had not made any such demand, instead their statements were more towards making sure that the bill on quotas for promotions for SC/STs was blocked.

"If this bill is cleared, then you can be sure that in a few years not a single officer from privileged castes would be at secretary level or in the top echelons of the bureaucracy," said SP leader Ram Gopal Yadav. He said he had not heard of any extension programme for OBCs. "Let the government put its view forward," he said. UPA had tried to introduce the bill on the last day of the monsoon session. Mayawati does not look like she would let the government get away without getting the bill cleared

http://articles.economictimes.indiatimes.com/2012-11-28/news/35409152_1_promotion-quota-obcs-mp-hanumantha-rao

Government staff to strike against quota in promotion bill

Dec 10, 2012, 03.40AM IST TNN

LUCKNOW: State government offices are likely to witness a sharp decline in attendance post noon on Monday with employees responding to a work boycott call to protest the Centre pushing the reservation in promotion bill in Parliament. The protest would get full support of the Samajwadi Party-led state government which is already against the motion.

The demonstration will see participation of over 18 lakh employee of various departments, essentially those who would be affected by the provision. Employee will completely stop working after 1 pm in various district headquarters. In Lucknow, the employees will hold demonstration outside Vidhan Bhawan from 2 pm.

Shailendra Dubey the president of Sarvajan Hitay Sanrakshan Samiti said employee associations of various departments coordinating to make the protest a success across the state. The employees, essentially from the general and OBC categories, have under the aegis of the samiti threatened going on strike in case the bill is passed. It is scheduled to be tabled in the Rajya Sabha on Monday.

On the other hand, UP Officers' Association, the union of Dalit employees, said it would not allow government functioning to be affected by the protest. "Reservation is the constitutional right of Dalits, who otherwise face harassment since the provision was withdrawn by the state government,'' said association president K B Ram.

The move to introduce the bill in the upper house comes three days after Bahujan Samaj Party (BSP) chief Mayawati and party Rajya Sabha MP lend her support to the Congress-led UPA government on the foreign direct investment (FDI) in retail sector issue, in what was seen as conditioned to bring in the reservation bill in Parliament.

BSP, a key proponent of reservation in promotion for government employees, has been pressing the demand to bring the bill days after Supreme Court upheld the Allahabad High Court order that struck down the provision put in place by the previous Mayawati government that came to power in Uttar Pradesh in 2007.

Situation changed completely post-March 2012, when Samajwadi Party swept the UP polls. Heavily against the provision, Akhilesh Yadav government decided immediately to abide by the court order. Soon, hundreds of engineers and state government employees, waiting for their due promotion got their share.

It remains to be seen how the SP combats the bill even as Mulayam Singh Yadav tries to consolidate his OBC vote bank (OBCs are not covered in the provision), while wooing the upper caste by opposing the bill. Senior party leaders, including SP boss Mulayam Singh Yadav and national general secretary Ram Gopal Yadav, had been insisting that the provision was against "natural justice".

http://m.timesofindia.com/city/lucknow/Government-staff-to-strike-against-quota-in-promotion-bill/articleshow/17550871.cms

Promotion quota bill may stall reforms rush

By Subodh Ghildiyal, TNN | Dec 10, 2012, 03.35 AM IST

NEW DELHI: Post-FDI, Congress's hope of upping the ante on economic reforms will face the challenge of 'promotion quota', with arch-rivals SP and BSP vowing confrontation inParliament. 

The government has listed the Constitution amendment bill in Rajya Sabha for Monday. BSP has made 'promotion quota' the centerpiece of its agenda while the Samajwadi Party has vowed to stall it. UPA managers conceded the upper House is likely to face blockade in the coming days till the warring SP and BSP agree to talk. It could hit the government's plan to bring more contentious legislations like those relating to banking and insurance. The banking amendment is likely to come up in the lower House on Monday. 

Samajwadis against promotion quota bill 

The promotion quota bill could put the remaining part of the winter session under a cloud since there seems no getting away from the contentious bill. 

The Centre has committed itself to restoring reservations in promotions and has to appease BSP. However, the Samajwadis are opposing the quota move with their eyes on votes from upper castes and OBCs — social groups that can dramatically alter the electoral equations if they coalesce on the anti-dalit plank. 

SP MP Naresh Aggarwal said, "We will not accept it. You cannot compromise the efficiency of the system by ignoring 82% people." The rabid tone from SP ranks hints at heightened protests though party leaders said the future strategy would be finalized ahead of Monday's proceedings. UPA managers apprehend the din could be prolonged because SP and BSP see the standoff as giving them a chance to grandstand. 

"Both are appealing to their supporters. While the Samajwadis have an eye on backwards and upper castes, Mayawati is looking to solidify her base by being seen as their sole champion. This may reduce the incentive on compromise," a leader said.

http://timesofindia.indiatimes.com/india/Promotion-quota-bill-may-stall-reforms-rush/articleshow/17550837.cms

FM IS Bent Upon Exploiting Banks For Political Gain

5 DEC, 2012, 04.10AM IST, ET BUREAU 

FM P Chidambaram asks bank chiefs to play a more proactive role in hiring

MUMBAI: Finance Minister P Chidambaram has asked chiefs of public sector banks to play a more proactive role in the recruitment of their employees instead of depending on the Institute of Banking Personnel Selection to fill vacancies.(My Comments: IBPS is constituted of same corrupt and greedy bank officials who are master in picking up officers or promoting officers not on the basis of merit but to serve their own greed and own friends and relatives. It is these corrupt top officials who picked up only those corrupt officials for higher post who could earn money through bribe and share with them honestly. Same officials after their retirement take charge of IBPS and they pick up officers not on merit but on the basis of recommendations and illegal giftings they receive in return )

In a meeting with bank chiefs in Delhi, the minister said every bank should design its own recruitment policy to suit its needs.

At present, the Institute of Banking Personnel Selection (IBPS) screens applications and conducts a uniform online examination on behalf of public sector banks. Although IBPS does not hold interviews of the candidates, it has a say in directing candidates who have cleared the examination to different banks for interview.

"Bankers have been satisfied with IBPS and recently some banks were thinking of asking IBPS to interview candidates on their behalf," a banker who attended the meeting said. "However, the finance minister's view on the subject will result in rethinking on this matter."

Candidates are required to name three banks where they would like to appear for interview if they clear the written examination. While most candidates prefer bigger banks, many opt for banks that have head offices near their hometown.

Bankers said IBPS is the only institute in the country with the infrastructure to conduct bank recruitment examinations.

"When we are looking at hiring thousands of employees, we receive applications from over a lakh candidates. Hiring at a PSU is a massive task," said a bank chief.

In 2011-12, IBPS tested 9.7 million candidates. Besides PSU banks, it also conducts exams for insurance.

(My Opinion: I therefore reiterate that policies are seldom faulty ,it is the people who are at fault in most of the cases. It is also  undoubtedly true that these clever people are not  innocent, though they always  blame others and global recession for their failure.

Will Government now carry out introspection and institute Special Investigation Team to know the bitter truth , to know the reason for growing sickness, for insurmountable corruption ,for relentless price rise , for inflation going beyond control and for bad assets rising continuously despite several so called corrective steps taken by regulating and controlling agencies.

Most of members of Team Anna or that of Ramdeo followers of some well wishers demand SIT to look into financial fraud allegedly committed by minister but I demand SIT to investigate various  frauds committed by banks, insurance companies ,public sector undertakings and government departments in recruitment, promotion and posting during last two decades.)

Please Click and read following link slowly in few days and try to understand more on fraudulent activities going on in recruitment and promotion in Bank .If you further explore the bitter truth of HR policies of state run banks , it will become clear that it is bad HR policies which has created only bad assets in banks and which are responsible for poor  rise in wage  revision during Bipartite Settlements

1.

http://www.allbankingsolutions.com/Articles/Articles-DJ-SIT-HRD-issues.htm

2.

http://dkjain4970901092007.blogspot.in/2012/06/supreme-court-on-annual-performance_03.html

3.

http://dkjain4970901092007.blogspot.in/2012/07/how-to-get-success-in-promotion-test.html

4.

http://dkjain4970901092007.blogspot.in/2012/07/marks-in-apar-and-interview-depends-not.html

5.

http://dkjain4970901092007.blogspot.in/2012/09/interview-taken-for-promotion-of.html

6.

http://dkjain4970901092007.blogspot.in/2012/08/media-men-and-members-of-interview.html

7.

http://economictimes.indiatimes.com/news/news-by-industry/jobs/fm-p-chidambaram-asks-bank-chiefs-to-play-a-more-proactive-role-in-hiring/articleshow/17485530.cms

8.

http://dkjain4970901092007.blogspot.in/

FM Should Ponder Over Why Indian Talent Prefer Foreign Job

2 DEC, 2012, 09.26PM IST, PTI 

P Chidambaram pleads with Indian human resources to return (Economic Times )

Mohali, Dec 2 (PTI) Asking the young talent to contribute in building India, Union Finance Minister P Chidambaram today asked country's human resources to return after spending few years in other parts of the world to meet challenges of their own country. 

"After 11, 12 months your (students) temptation is to migrate to USA or elsewhere in the world...it is a legitimate desire...Indian human resources will find opportunities all over the world...seize these opprtunities...spend few years...but please remember that there is no other place in the world which can challenge you (students) like India," he told an august gathering after formally inaugurating the Indian School of Business (ISB) campus here. 

"Spend a few years wherever you feel whether in USA, Europe, Latin America, East Asia or Africa, but please remember it is only India and no other place that can challenge you (students)," he said. 

He asked the young talent to ask themselves a few questions as to where in other country of the world one need to add 1,00,000 MW of power, construct thousands of kms of roads, bring drinking water and sanitation to over 700 million of people. 

"The greatest challenge is to build India," he said referring to the brain drain. 

"At some stage or the other return back and help build India...challenge is not only in business but elsewhere too," he said. 

Expressing concern over "limited world class institutions" in the country, he said that he had exhausted all five fingers of one of his hand in listing these institutions. 

"We have one institution of world class in Science, a couple in engineering and technology, one in Mathematics and one in international studies," he said, adding that the country need to build world class institutions.

http://economictimes.indiatimes.com/news/politics-and-nation/p-chidambaram-pleads-with-indian-human-resources-to-return/articleshow/17453523.cms