Manpower Shortage Haunts Indian Construction Industry !

Just as the knowledge sector such as IT, ITeS and bio-technology, the Indian construction industry, which is set to witness massive investments in the next five years, is also facing an acute shortage of skilled workforce. The construction industry in India is facing a huge shortage of manpower, especially those with skill-sets to sustain the burgeoning growth in infrastructure and housing sectors.

The real estate boom has increased the demand for construction workers manifold and hiring workforce is becoming a major task for construction companies. Shortage of construction workers has, in fact, slowed down the growth of industry in metros and major cities across the country.

Special technically skilled manpower and project managers having all round knowledge are in short supply. There is 30 per cent shortage of specially skilled workforce. The demand for civil engineers, too, is much more than the available strength. Most of them prefer taking up jobs in the IT sector or accept lucrative assignments in the Middle East.

Civil engineering graduates don’t find these jobs lucrative because construction companies don’t pay enough and the jobs are also temporary. After a project is finished in one state the company moves to its project in another state leaving the workers behind. In most cases the workers too don’t prefer to shift unless they get good salaries and perks like in the IT companies.

According to a study many huge projects in major industrial belts are getting delayed by 12 to 18 months because of non-availability of workers. According to the study cities like Mumbai, New Delhi, Gurgaon, Chennai, Hyderabad, Bangalore and Kolkata are facing severe shortage of construction workers. It has also been pointed out that the construction sector will account for over one fourth of new jobs to be created in the next eight years.

With pending projects and thousands of vacancies staring them in the face the developers are trying all tactics to get the required workforce.

However, turnover is not the only casualty of this shortage as several construction companies have also been forced to lower their recruitment standards. The companies, which earlier had stringent qualifying standards, have now lowered the bar.

Secondly, they are no longer insisting on hiring engineering graduates only as diploma holders too are welcome. Now construction companies are also approaching educational institutions for job placements.

So while on one hand the shortage of workers is alarming, on the other hand it also translates as a bagful of opportunities as it has opened up a sector with thousands of jobs just waiting for enterprising takers.

Published on 24 Aug 2010 in Finance Jobs, by hanun

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Nri Home Loans India – Securing Sensible Fiscal Facilitator

There is a growing level of interest among the NRIs in the Indian real estate sector. NRIs are interested in acquisition of property either for future occupation, rental income or for pure investment. To make such an investment, various banks and financial institutions in India offers NRI home loans in India.

A NRI has options of fixed rate and floating rate interest home loans. In a fixed rate scheme the rate of interest associated with the loan is fixed, i.e., a borrower cannot take advantage of a reduction in interest rates in future. And, if they wish to change over to the floating rate scheme, they will be levied some extra charges. On the other hand, in a floating rate scheme, the monthly repayment amount changes according to the fluctuation of rate of interest in the market.

Non-resident Indians can avail of NRI Home Loans India for purchase, construction or extension of a dwelling unit anywhere in India. The maximum amount of the NRI home loans is Rs. 1 crore, or can go up to 85 per cent of the cost of the dwelling unit whichever is lower. Borrowers may avail the benefits of the NRI home loans in India for a period maximum of 10 years. The minimum income norms associated with such loans depend on the country where the applicant is residing and also upon the tenure of the NRI home loans India.

Borrowers of NRI home loans India may repay the loan in EMIs (Equated Monthly Installments), which includes principal and interest. This form of repayment starts from the month following the loan disbursement month. EMI is payable every month, on or before the due date. If a borrower is unable to repay the due amount the property may be repossessed.

For enabling a NRI purchase home in India, every financial institute or bank in India has provision of NRI home loans India. A NRI may apply for such home loans in India by visiting the particular branches or may apply online. However, advent of internet and telecommunication has revolutionized the process of loan application to a greater extent. In it, an applicant just need to fill up a simple application form and within a few clicks the application for the loan is submitted.

With a number of financial institutions and banks offering NRI home loans in India, it will be advantageous on the part of the borrower to compare the interest rates and other charges applicable with this loan. Only after considering each and every facet of such loans, a borrower should apply and avail NRI home loans in India. Since a home loan also risks of repossession of the home if repayment is not made in time, a would-be borrower should calculate properly whether he or she could repay the borrowed sum.

Published on 05 Aug 2010 in Finance Jobs, by hanun

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Confessions Of A Personal Finance Blogger

I have been trying to find out more about making money on the internet as a result of a little google ad that popped up next to one of my articles.

Since then, I have been sucked into the world of internet marketing and while I’ve learnt a lot, I can’t say I’ve really enjoyed myself. I like writing for the sake of writing and to have to keep adjusting my point of view to slant it a little towards a product I was trying to promote just took the fun out of the writing.

Not to mention having to think about these important things called keywords so google would find me. It drove me nuts trying to remember to mention a keyword, and not make the whole article sound like I was trying to mention the keyword.

But I ramble on. Actually, what happened was, I tried to create a blog on personal finance. I figured that maybe if my content was about money, maybe people would put all sorts of nice google ads about money on the site, and I could promote the internet products helping people to get rich.

I have since realised my flawed logic.

1. Money is an interesting topic. Personal finance is not. I was half-way through my blog when I learnt about this thing called doing keyword research and the number of people who actually search for blogs under personal finance are a tiny fraction of people who search for money blogs, of which there must be millions of them, mostly trying to sell something or other.

2. I don’t believe in the stuff I was supposed to be selling. I don’t believe in get rich quick schemes. But try advertising a product that tells people they can get rich slowly but surely, and in the most boring way, by saving, researching, investing etc and see how many clicks you get !

3. I changed my name of the blog from Why Money Matters – A blog on Personal Finance to Grow Rich Along With Me – The Best Is Yet To Be, and google found me ! Under “get rich blog”, google has decided I can come on its first page. Of course, once people come and visit and find out it isn’t something quick, they leave soon after. Oh well.

4. I failed a number of blogs created for the purpose of trying to make money. Actually, el cheapo me used blogger for most of them so google reviewed me and almost took one of my blogs off. Paid for another one but have since returned that !

5. My lack of savvy as a marketer became clear when I tried to sell Think And Grow Rich by Napolean Hill through Amazon.com, only to find after a few posts on it, someone else was advertising to give away a free version in the google ads next to my advertisement to sell the book !

Oh well. Have since become addicted to flooding cyberspace with blogs just for the fun of seeing them published. Have also littered the same cyberspace with articles meant to help promote my blog, but have found people read the articles, but don’t visit the blog ! Have also started a new blog on my internet marketing experience, separate from my personal finance blog, which is slowly gaining some regular readership.

Published on 28 Apr 2010 in Finance Jobs, by hanun

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