Karnik to exit Nasscom

NEW DELHI: Raw treatment meted out to Indian information technology sector by Union Finance minister P Chidambaram in his Annual Budget 2007 seems to have taken a toll upon the main lobbying body for Indian software, Nasscom with its president Kiran Karnik bowing out of office.

The decision, formally announced by Nasscom on Thursday, confirmed what was being talked about in hushed tones by the industry captains for the past few weeks.

In a terse statement, Nasscom said it had appointed search firm Korn Ferry to look for Karnik’s successor in consultation with him and key organisation members. This, it said, was part of the mission to “institutionalize” Nasscom through appropriate structures, systems and processes “for which well-defined HR policies had been laid down”.

Read more at Economic Times

Liquidity crunch to end in few days: FM

Finance Minister P Chidambaram today said the current liquidity tightening is mainly due to advance tax payments and it will ease in few days as departments spend money.

"Liquidity (tightness) is mainly due to advance tax payments, it will be alright in few days as the ministries, departments start spending money," Chidambaram said on the sidelines of the release of a report by UNEFCAP. The government has collected around Rs 40,000 crore in advance tax payments in the last quarter ended March 15.