Till recently, they were derided as bureaucratic destroyers of wealth and struggled to attract talent. Now, PSUs are suddenly hot property once more, thanks to the slowdown.
On January 13, announcing its financial results for the year 2008-09, infotech giant Infosys announced that it had shifted cash worth Rs 1,000 crore from private sector banks to public sector major State Bank of India (SBI). Infosys thus did exactly what thousands of retail investors had already done. Spooked by rumours that the American sub-prime crisis would have disastrous repercussions on Indian private sector banks, they opted for the security of a government-owned bank.
India Inc is reeling under one round after another of layoffs and salary cuts. But not only are public sector units hiring, their staffers are likely to get a hefty pay hike —amounting to almost 50% in most cases — thanks to the government's recent acceptance of the Pay Commission report.
Many senior bureaucrats have told TOI off the record that they were contemplating early retirement from government service in order to avail of lucrative offers from the private sector. All those plans have been put on hold. "Why accept a job which may not even exist tomorrow?" asked one. The improvement in quality of life thanks to the Pay Commission won't hurt.
For years, PSUs that went to Indian Institute of Management-Ahmedabad during recruitment season returned empty-handed. This time, 41 out of 234 members of the Class of 2009 signed up for a sarkari job.
Indians who grew up in the post-liberalization era may find it hard to believe, but there was a time when the public sector truly occupied the commanding heights of the economy, when an SBI branch manager in a mofussil area was a local deity almost at par with the DM and SP, and when a government job considerably enhanced one's prospects in the marriage market.
All that, of course, changed with economic reforms, which opened a whole new world of multinational salaries and globetrotting careers to young Indians. Private enterprise flourished. New business empires were created, old ones reinvigorated. PSUs were consigned to the shadows, derided as bureaucratic, sluggish and wealth destroyers. Talk of disinvestment and privatization gained ground, since "government had no business to be in business". It seemed that PSUs would soon go the way of the dinosaurs.
Only, they didn't. In fact, they're back with a vengeance. Welcome to today, which seems much like the day before yesterday. Globally, socialists are chuckling. The US government is frantically extending bailouts to former icons of capitalism like General Motors and Citibank (a few days back, TOI headlined a front-page report `USA turns into USSR'.
It's no different in India. At a time when many leading private sector companies are seeing dips in profitability, if not outright losses, PSUs are going from strength to strength. Unwieldy size now comes across as reassuring solidity and economy of scale. No wonder investors too have rediscovered their virtues.
Consider the insurance sector. In December 2008, LIC's market share in collection of premium for insurance cover was 60% — up from 56% in the same period last year.
Similarly, public sector banks have increased their business and profitability as well. In the October-December quarter of 2008-09, while mobilization of many private sector banks dipped, that of public sector banks increased rapidly. The deposits of State Bank of India (SBI) increased by 36% or Rs 1,83,00 crore against around 24% for the entire sector. Similarly, in credit disbursal too, SBI and other PSU banks have outpaced the private sector banks.
In the October-December 2008 quarter, while SBI's profit increased by 37%, ICICI Bank's declined by around 3.5%.
Naturally, PSU chiefs are crowing. Says Bharat Heavy Industries CMD K Ravikumar, "Due to their innovative yet conservative approach, good corporate governance and highly dedicated and motivated workforce, PSUs have been able to face this time of recession much better then their private sector counterparts." Another PSU chief said the main difference between the public and private sector is that the former provides job security. But, "this is vital to motivate employees in tough times," he said.
And what's the stock market verdict? Well, the BSE sensex has crashed 38% since September 15 last year. The PSU index too has declined, but by a comparatively modest 24%.
So all in all..."Jai Ho" to PSU..!!!
Main apne batch ka pehla RECESSION ka shikaar huun.
Ab top maarne pe khush houn ya sad feel karun.
duvidha mein huun.
HELP ME!!!
saala recession mere stipend ka 25% kha gaya. :( Aur upar se 1.75% towards insurance bhi kaat liye. :(
hum nahin khel rahe recession recession. Mummyyyyyy. :( :(
{ Ab :( smiley (ya saddy) se kaam nahin chalegaa. koi aisa saddy bataoo jismein aansuu bhi nikalte houn. }
Socha nahin tha takdiir yaahan laayegii.
bina naukri ke bhi recession ki maar satayeegi.
humne socha tha kya (10k)
aur kya se kya mila (7.3k)
peeni padegii tension yaara paani mein milaa ke.
:(
:(
:(
Everyone welcome our new blogger
the one and only
our beloved
PANDEYJI...!!!
Four friends.
Bahar barsaat.
Four glasses of beer.
Celebration means......
Hundred bucks of petrol.
A rusty old bike.
And an open road.
Celebration means......
Maggi noodles.
A hostel room.
4.25 a.m.
Celebration means....... ..
3 old friends.
3 separate cities.
3 coffee mugs.
1 internet messenger.
Celebration means.......
Rain on a hot tin roof.
Pakoras deep-frying.
Neighbours dropping in.
A party.
Celebration means......
You and mom.
A summer night.
A bottle of coconut oil.
A head massage.
Abe koi kuchh to post karo...
This blog is becoming dead...
ST@ST
LOL baat about Govil..ab pata chali....
"
govil bachpan se ek flying robot banana chahta hai jo uski hamesha help kare.. isiliye quark 07 mein usne robotics ki wrkshop karayi aur sabse paise waste karaye... baad mein usne flying robot ki ek orkut community banayi.. jo ki ek secret community thi.. only limited ppl wid valid passwrd had access to it.. Par aajtak wo TOP SECRET project fly nai kar paya.. Jab use laga ki flying robot finally fly nai kar paega to somebody else came into his life.. usne flying robot kabad mein bech diya..
"
as explained by Ankit Vatsa:
Aisa hai ki mujhe abhi abhi Abhi(shek) aka phodu se pata chala ki QIMONDA...bankrupt ho gayi hai :)
To aisa hai ki hamara plan hai usse khareedne ka..to apni pockets tatolo, aur paisa lagao...especially Yahoo interns and BHEL,Amazon ke future employees....maine bhi apne SBI Zuarinagar Branch ke account ki statement mangwa li hai...aur jaise hi mere last semester ka advance SWD mere account mein daal degi, waise hi hum woh company khareed lenge....
aur tab tak jo hamare saathi IIM etc jaa rahe hai..woh bhi hamari comapny ki madad karen...
btw me in Lucnow till Tuesday, will be back in Delhi the same evening....
Happy Republic Day to all :
PS: 1st line mein kitne saari "abhi".. ;)
PPS: Jo iss topic ka matlab nahi samajh paaye hai..its similar to Chandni Chowk to China..ba hamara hero Abhishek Agarwal aka Phodu..aur Chandni Chowk=Rampur( read Aligarh) and China=Singapore.Bas ab uski Deepika Padukone dhoondni hai ;)
Well PS II starts tommorow, and its time to arrange the stuff I need to take to PS. I dunno why but people at ST have been told to get an updated resume, photographs, an ID proof ( license, voter i-card- apparently my BITS ID card is not good enough a proof for my identity ;) ). So I am busy running around try to find my voter id card ( yes yes I have a voter id card, though being in Goa, i missed my chance to vote :P ).
Also its the end of the chilled out days @ home ( well literally, the minimum temperature has been hovering around in single digits since the past few days...)
It is also the end of an era, all of us heading out to different places- Me at Noida, Vishal at Babrala, Vishrut at Bangalore, Pandey at Pune and Phodu at Singapore( Rampur to Singapore :P ). Also Meet and Abhay back at campus, with their placements starting soon, I do hope companies are coming( waise Abhay ko BITS Pilani Goa Campus Placement division ki koi zaroorat nahi-he has been placed @ Amazon for 11LPA - highest placement :) - aur ab do-chaar EEEnI and chemical walo ko to Abhay adopt karne ki soch raha hai ;) ).
Chalo, I have to go, Vishal pahuchne wala hai, we'll both go for registration together tomm and then its bye bye to hime too. :(
yoyoyoyoyoyo time..
Abhay got into Amazon...:D
Thats the way bro...!!
Only sad thing ki hum tujhe laatein nahi maar paayenge aur party nahi le paayenge..!! :(
but then also...yoyyoyoyoyo....
jo bhi next sem campus mein ho... pls abhay ko sab ki taraf se laatein maare daily..!!
Aur party le har samay... :P
Itni aasaani se mat chhodho.. :D
All just wish our Abhay all the best for his forcoming Interview for Amazon..!!!
And w8 for the party..!!
Sun is rising as usual in the east .I am standing here outside the
school, waiting for my 10 yr kid. He studies is class 2.Only this year he
could get admission into the school. For the last 5 yrs admissions were
closed for the general category students.
School bell rings. I can see a lot of happy children coming out of the
gate, I waited for half an hour and my kid came at last after other
children. General students are not allowed to cross the gate unless other
OBC/SC/ST students have crossed the gates.
OBC/SC/ST fathers drive away their children in classy cars. But I have
to walk back home with my kid a 5km stretch. I lost my car some years
back when Govt. came with a rule that general people have to deposit a
tax equal to cost of their cars .Failing which I had to sell the car.
As far as buses are concerned, the seats in buses are reserved for
OBC/SC/ST. So no place there also. After walking some 5km in scorching heat
I finally reached home. It was Wednesday ... shit no electricity. Every
mon, wed, thu, sat is power cut in the houses of General category
population So that SC/ST/OBC can be uplifted by providing them with every
opportunity and in that consideration electricity is an important factor.
Its 10:00 pm in night no electricity at home. It's very hot inside the
four walls of home .So I dare to step out in park with my wife and kid.
I seated myself with my family on a secluded bench in garden. It was
hardly 5 min. a guard came to us strolling in the park. He asked me what
caste you belong to. I said with some hesitation. G..General. He asked
me to pay a fine of Rs.200 and get out of the park. My Fault... The
bench I was sitting on was meant for again the SC/ST/OBC. For their
upliftment peace of mind is on essential things. So govt came with this
decision to Reserve benches for them. Kudos to them...
It's early in the morning ...the newspaper wala just knocked the door.
I took the newspaper and started reading, its independence day. I never
used to forget these days some 20 yrs back. My kid hardly knows w h at
15th august is, because I never told him any stories of greatness of
our country or anything rel ated to country. I don't feel like telling
him the failures after freedom.
On front page of newspaper, in a corner there is a news about a OBC
member getting 6 months imprisonment in "BAL SUDHAR GRAHA" from a juvenile
court for murdering a six year old girl .Yes the rules have
been amended ,since the last 5 years. The Culprit was a 25 year old OBC
so age relaxation was provided for trial of crime. So he was taken to
juvenile court, since there is an age relaxation for OBC/SC/ST.
About 11 am some one gave me the BAD news about demise of one of my
neighbor and friend Mr.Mehta. I went to his house for condolence next day;
his body was lying there still rotting in the heat. I asked his son
about the Cremation .His son told me "Many reserved category have died
yesterday so we are not getting entry to cremation ground" . This rule is
the latest from Govt. Where the seats in cremation ground will be
reserved for SC/ST/OBC for their upliftment.
Finally next day Mehta ji was cremated. I could see sun seeing through
the Flames burning a liberated Body, liberated from caste n creed. I
was surprised sun still sets in the west?
It was about 9 pm, I was about to sleep in my bed my son came to me
with innocence in his eyes, inquisitively he asked me the question what is
reservation?
I asked him where u listened that he suddenly burst in tears.. I asked
him to keep... quiet but i could listen through his sobs "mujhe bhi
reservation chahiye (i too want reservation)".
How can I convince him it's no other toy in the market I can get for
him?
He kept cryin g that night, claiming many of "his classmates have got
reservation".
To make him quiet I said ok; ill buy you reservation at your next
Birthday . HOPE he understands the bloody concept soon.
Bye Bye India
A dedication to Chhotu from his friends, jinko uski ultimatest naukree lagne kee treat ab tak nahee mili hai:
Hai popular,
hai ulti popular..
hai P1's most eligible bachelor..
(he's a bachelor)^2..
Chhoti ki noukree BHEL hai,
package bhi ultimate hai..
7 lakh ka package haathon me,
job hai Government wala..
BUT Chhotu can't treat saala! (hoy.. hoy.. hoy.. hoy..)
Chhotu party nahee de sakta!!
Tirikita tana Tirikita tana Chhotu ko peeto sab!
Tirikita tana Tirikita tana Chhotu ko peeto sab!
Chhotu ke paas hai BE Chem,
Karta hai humare bina hee holiday..
Chhotu Guitar bajata hai,
Jahan jata hai, bumps khata hai!
BUT Chhotu can't treat saala! (hoy.. hoy.. hoy.. hoy..)
Chhotu party nahee de sakta!!
Tirikita tana Tirikita tana Chhotu ko peeto sab!
Tirikita tana Tirikita tana Chhotu ko peeto sab!
:D
Note: Please show your creativity and add more lines to the song :)
Haan to bahi log, its raining money and its not raining on CS engineers this time for a change... ;)
Test 2 se just pehle hamare Vishal babu ki lag gayi...NAUKRI (pata nahi kya kya soch lete hai log!!)
BHEL and that too Noida( ghar ke bilkul paas..) aur package ke liye dil tham ke baithiye... it was 4.5 LPA when they had come to the campus...bt Pay Commission ke aate hi...it'll is going to be nearly 7LPA... O.o ...aur hai bhi to Government of India ki Navratna company...agle 50 saal tak band nahi hogi..( chahe Amrika aur Uncle Sam bheek maangne par aa jaye ;) )
To aap ko jab bhi yeh nanha sa prani dikhayi de..to bumps de sakte hai...
Waise aaj hamare zindagi ke akhiri T2 bhi khatam :( ..bahut miss karenge T2 ko yaar...
Haan to bhai log....its raining money on CS engineers...
Bihari Babu ab Cisco k offic emein dikha karenge.....8 lakh rupay mil rahe hain bhai....
Abhay to all set in Amazon...20K per month...f***
Boxer kee income till now 10.36 lac ho chuki hai. Jaldi hee woh saare records todh dega. But ek baat to hai, poori planning karee hai. Infosys mein job liya kyunki "use" bhi wahan mila hai. CSC mein liya kyunki bychance agar infy jaane ka man nahi kara to didi k saath kam karega..aur fir ek jhatke mein box kee family company takeover kar legi.
Meet to bas pics mein dikh raha hai. Kaafee mature sa lag raha hai.
Rahi baat meri...main thehra chem eng. 3 lakh kee job lagee hai. Jockey kee underwear bhi nahi khareed pao itne mein to.
Anyways...placement season still on....lets see.
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