Karnataka Pauses Controversial Private Sector Reservations Bill | Reservation Bill Explained
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- Опубликовано: 5 сен 2024
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Private Sector Reservations Bill | Reservation Bill on Hold | Karnataka Private Sector Reservation Bill On Hold | Top of the Morning | Mint Podcast
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The Indian stock markets BSE and NSE remained closed on Wednesday on the account of Muharram.
The upcoming Union budget on 23 July is set to unveil a new initiative aimed at boosting the domestic production of medical devices, mirroring an existing program for pharmaceuticals. This move is intended to enhance self-sufficiency in medical equipment, potentially lowering healthcare costs. While the specifics of the financial backing remain under wraps, ongoing discussions signal a strong government focus on enhancing the sector's global standards. Currently, India’s medical device market is predominantly composed of disposables and implants, which contributed to an $11 billion industry in 2022, accounting for about 1.5% of the global market. Projections suggest this could expand to $50 billion by 2030. Mint’s Priyanka Sharma reports that the proposed scheme is expected to resemble the Revamped Pharmaceuticals Technology Upgradation Assistance Scheme launched earlier this year. The scheme supports technological advancements in the pharma sector through financial incentives.
A new piece of legislation from the Karnataka government made news on Wednesday. The now-halted bill required that 50% of management and 75% of non-management roles in the private sector be reserved for local residents. Local residents are defined under the bill as individuals born in Karnataka or have lived in the state for at least 15 years. Being able to speak Kannada is also mandatory under this bill. The pause came after this policy shift was being seen as a serious challenge, particularly to the IT sector, which is a major contributor to the state's economy. The potential impact on these sectors includes a decrease in investments and a possible exodus of companies to other regions with less restrictive employment laws. Industry bodies like Nasscom even expressed deep concerns, predicting that such protectionist measures could deter global firms looking to invest in the state. Mint’s Devina Sengupta explains how the now-paused piece of legislation could have impacted Karnataka’s position in the race to become the country’s biggest tech hub.
Guess what tech startups can do without? A Chief Technology Officer. Major tech-driven companies like Zomato, Healthify, Swiggy and others are reconsidering the necessity of this senior executive role. Mint’s Mansi Verma reports that instead of hiring new CTOs, these firms are redistributing responsibilities to existing team members or leaving the position vacant altogether. So what's causing this shift? Firstly, the cost of maintaining such a high-level position is substantial. CTO compensation packages often include hefty salaries and stock options, which can be financially burdensome. Additionally, internal promotions and reallocation of duties are proving effective. Companies are finding that empowering existing staff can maintain momentum and innovation without the need for a dedicated CTO. Despite this, an absence of the CTO could pose challenges, especially for companies relying on cutting-edge technology.
The impacts of climate change are increasingly visible and distressing, ranging from severe floods to prolonged droughts. These events not only disrupt lives but also foreshadow significant economic turmoil. We're looking at potential drops or fluctuations in agricultural yields, which could lead to persistent food price inflation. Additionally, the severity of monsoon-related coastal flooding is likely to increase. In this article, part of Mint’s special series of pre-budget stories, former Minister of State for Finance Jayant Sinha talks about how India’s goal of net zero emissions can be reached through three steps: legislation, emission trading and capital mobilisation.
Once synonymous with inefficiency, public sector undertakings or PSUs have transformed into significant wealth generators. In 2023-24, the 56 listed PSUs in the BSE PSU index recorded a combined profit of over ₹5 trillion, an all-time high. This surge is partly attributed to the government's emphasis on enhancing India's infrastructure, with capital expenditure rising dramatically over the past decade. Yet, this remarkable performance raises questions. Are we witnessing a sustainable growth trajectory, or is this another market bubble driven by government spending and sector-wide euphoria? Investors should consider whether they are chasing short-term gains or genuinely investing in long-term growth. (cont..)
The ruling party of Karnataka was the strong opponent of Shivsena's jobs for locals in Maharastra. Now the same party is doing what they opposed earlier. They should remember that INDIA is one country and any such act will have repercussions not only in Karnataka but also in other parts of India and they cannot become a national party again
A lot of damage has already been done. Now it will only cause disharmony between the Kannadigas and non-Kannadigas even if the bill is scrapped. Not to mention the racist behavior towards North Indians on social media by some Kannadigas will only make it worse.
Bill is on hold but not scrapped. Companies should think and should start shifting from Karnataka or expand their other state primises
As an Indian in north side of country I think every state should keep quota for locals in private job even as a congressi i would say that KA government should keep quota for locals in place. Ye to North side k governments aur logo ko sochna chahiye ki why we need to relocate to other state for small job. These quotas for locals are mainly for small jobs big salary jobs companies hire whom they find fit for the job and don't look for local or non local.
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I am IT Company owner. I am planning to leave Karnataka ASAP. Planning to move North. ✌
Better shift to kolkata
kolkata probably has more muslims than dhaka
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How can someone move from a bad situation to the worst possible place
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