No hire and fire, India is not America: Congress

-

So, are we saying 'Capaitalism' as the world knows doesn't work for India?  What happens if the business loose its revenue. Will government pay the dues?

With the sacking of nearly 1900 of its staff by Jet Airways turning into a political sensitive issue ahead of elections, a worried Congress today disapproved of the hire-and-fire policy and bluntly told the industry that "India is not America".

"Hire and fire is not a proper labour policy... Hiring them recklessly and then firing them recklessly is not proper. We do not approve this," Congress media department chief M Veerappa Moily told reporters in New Delhi

Source: No hire and fire, India is not America: Congress

Global Recession : Is It The Fall of Capitalism?

When I was discussing this quote by senior Congress leader with a journalist from Hyderabad, he did resonate with the thought. He questioned, the US Government bailing out is not different than what we normally see in a Communist or a Socialist regime. US Financial market blow exposes the fundamental limitations of Capitalism that we know of.

Just making 'profits' and 'hire and fire' policies of today's capitalism does not concern about National interests and doesn't fundamentally look for uplifting the nation. So a socialistic or capitalism with a better outlook and responsibility is the way to go.

In that sense, 'hire and fire' is bad for Developing country like India, as nation expects these corporates to assume some social responsibility to help the nation, not just their bottom lines.

Comments

Post a Comment

Popular posts from this blog

Newsworthy News in Red October : Dow Jones & Tax Dodgers

-
Dow Jones Index crosses the symbolic 10000 figure. U.S. stocks rallied, sending the Dow Jones Industrial Average above 10,000 for the first time in a year, on better-than-estimated earnings at JPMorgan Chase & Co. and Intel Corp. Bank of America Corp., American Express Co. and JPMorgan more than doubled since the Dow slid to a 12-year low on March 9 as global financial firms began recovering from $1.6 trillion in writedowns and credit losses. International Business Machines Corp. and Hewlett-Packard Co. jumped at least 54 percent since March 9 on signs the nation was recovering from the worst recession in seven decades. Source: Bloomberg And, about 7500 International Tax dodgers file for IRS Amnesty to avoid jail Some 7,500 international tax dodgers have applied for an amnesty program that promises no jail time and reduced penalties for tax cheats who come forward, the Internal Revenue Service announced Wednesday. … The program is part of a larger eff...
Read more

USCIS Selects Final H1B Petitions by Random Selection - Almost a 50% chance for each Application

-
U.S. Citizenship and Immigration Services (USCIS) announced today that on April 12 it conducted the computer-generated random selection process to determine which H-1B petitions, subject to the congressionally mandated H-1B cap for fiscal year 2008 (FY 2008), would continue to final processing. USCIS completed this determination ahead of the preliminary schedule noted on April 3, when it announced it had received enough petitions to meet the cap for FY 2008. The 123,480 cap-subject petitions received on April 2 and 3 were labeled with unique numerical identifiers and selected randomly by computer. The chosen numerical identifiers were then transmitted to the appropriate service center for further processing. Source: USCIS Announcement Number 123,480 looks a lot better keeping in view initial estimates. A good 50% chance for each application to be selected.  Update: 3rd May 2007 Hello friends, I understand your anxiety. But don’t loose your hope and/or temper yet. Please wai...
Read more

H1B 2008:USCIS released Preliminary Numbers

-
USCIS today released the final count of number of unique pieces of mail received for H1B petitions. It received 133,000 unique pieces of mail containing H-1B petitions. I guess, each piece of mail will ' mostly ' contain more than one petition, as no company would send each petition in a seperate package and its most unlikely that a firm applies for just one petition. Probably by the end of next week, we might know the actual number of H1B petitions filed and how lucky one must be to get through the initial filter. Source: USCIS Releases Preliminary Number of FY 2008 H-1B Cap Filings  (26KB PDF) 04/05/2007 During Monday and Tuesday, USCIS received 133,000 unique pieces of mail containing H-1B petitions. This is lower that the original USCIS estimate of 150,000. USCIS based the initial estimate on amounts from manifests received along with the mail. USCIS reached the updated number following a physical count of the mail. Each piece of mail may contain more than one H-1B pe...
Read more