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    TRAINING AND DEVELOPMENT

    IN

    INFOSYS

    A Minor Project Report

    Submitted in partial fulfillment of the requirements for BBA (travel and

    tourism management) Semester III Programme of G.G.S Indraparastha

    University, Delhi.

    Submitted by

    YOGESH GUPTA

    Course - Bachelor of Business Administration - Semester-III

    Enrl. No. : 01611301709

    BITTR

    TIKRI KALAN, ROHTAKROAD

    New Delhi 1100

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    Declaration

    I hereby declare that the minor project report, entitled Training and

    development in infosys, is based on my original study and has not been

    submitted earlier for any degree or diploma of any institution/university.

    The work of other author(s), wherever used, has been acknowledge at

    appropriate place(s).

    Place: .. Candidates signature

    Date: Name.............................

    Enroll.

    No..

    Countersigned

    Name:

    Supervisor

    BITTR

    (ii)

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    Preface

    I, Student of bittr affiliate to Guru Gobind Singh Indraprastha University

    pursuing BBA (travel and tourism management) course. I have put mysincere effort to accomplish my objectives within the stipulated time.

    Despite all the limitation, obstacles, hurdles and hindrances, I

    have toiled and worked to my optimum potential to achieve the desired goal.

    Being in the highly competitive world of business. I came across some

    difficulties to make my objectives a reality. Anyhow, with the kind of help

    and genuine interest of one and all and formally supported by me guidance

    of my guide, I am presenting this hard carved effort in coloured. I tried my

    level best to conduct a research to gain a thorough knowledge about the

    project in my topic Consumer protection and Consumer obligation I have

    the best of my efforts and have also tried to do justice with the availability.

    I would like to thank Misses. Ruchi ____, my guide for

    assigning me this highly learning project and further enlightening me with

    her immense knowledge and helping me out in this project. She has helped

    us in finding a project of our interest and to delve deeply in the topic. My

    sincere regards to jha sir of the institution for guiding me in completion of

    my project work.

    (iii)

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    Chapter 1

    Introduction

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    Chapter 1 Introduction

    1.1 Industrial Review

    The Indian Information Technology industry accounts for a 5.19% of the country's

    GDP and export earnings as of 2009, while providing employment to a significant

    number of its tertiary sector workforce. More than 2.3 million people are employed in the

    sector either directly or indirectly, making it one of the biggest job creators in India and a

    mainstay of the national economy. In 2010, annual revenues from outsourcing operations

    in India amounted to US$54.33 billion compared to China with $35.76 billion and

    Philippines with $8.85 billion. India's outsourcing industry is expected to increase to

    US$225 billion by 2020. The most prominent IT hub is IT capital Bangalore. The other

    emerging destinations are Chennai, Hyderabad, Mumbai, Pune, Bhubaneswar, NCR,

    Jaipur and Kolkata. Technically proficient immigrants from India sought jobs in the

    western world from the 1950s onwards as India's education system produced more

    engineers than its industry could absorb. India's growing stature in the information age

    enabled it to form close ties with both the United States of America and the European

    Union. However, the recent global financial crises has deeply impacted the Indian IT

    companies as well as global companies. As a result hiring has dropped sharply and

    employees are looking at different sectors like the financial service, telecommunications,

    and manufacturing industries, which have been growing phenomenally over the last few

    years.

    India's IT Services industry was born in Mumbai in 1967 with the establishment of Tata

    Group in partnership with Burroughs. The first software export zone SEEPZ was set up

    here way back in 1973, the old avatar of the modern day IT park. More than 80 percent of

    the country's software exports happened out of SEEPZ, Mumbai in 80s.

    Each year India produces roughly 500,000 engineers in the country, out of them only

    25% to 30% possessed both technical competency and English language skills, although

    12% of India's population can speak in English. India developed a number of outsourcing

    companies specializing in customer support via Internet or telephone connections. By

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    2009, India also has a total of 37,160,000 telephone lines in use, a total of 506,040,000

    mobile phone connections, a total of 81,000,000 Internet userscomprising 7.0% of the

    country's population, and 7,570,000 people in the country have access to broadband

    Internet making it the 12th largest country in the world in terms of broadband Internet

    users. Total fixed-line and wireless subscribers reached 543.20 million as of November,

    2009.

    Throughout the 1990s, another wave of Indian professionals entered the United States.

    The number of Indian Americans reached 1.7 million by 2000. This immigration

    consisted largely of highly educated technologically proficient workers. Within the

    United States, Indians fared well in science, engineering, and management. Graduates

    from the Indian Institutes of Technology (IIT) became known for their technical skills.

    The success of Information Technology in India not only had economic repercussions but

    also had far-reaching political consequences. India's reputation both as a source and a

    destination for skilled workforce helped it improve its relations with a number of world

    economies. The relationship between economy and technologyvalued in the western

    worldfacilitated the growth of an entrepreneurial class of immigrant Indians, which

    further helped aid in promoting technology-driven growth.

    2001

    Infosys Media Centre in Electronic City, Bangalore.

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    Millenium Tower in Kolkata, Salt Lake Sector-5, a mojor IT hub in the city.

    Tidel Parkone of the largest software parks in Asiawas set up on the July 4, 2000

    in Chennai, to aid the growth of Information Technology in Tamil Nadu.

    Cyber Towers at Hitech City in Hyderbad

    Patni Knowledge Park, Airoli, Navi Mumbai

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    Cognizant's Delivery Center in Pune

    India is now one of the biggest IT capitals in the modern world.

    The economic effect of the technologically inclined services sector in Indiaaccounting

    for 40% of the country's GDP and 30% of export earnings as of 2006, while employing

    only 25% of its workforceis summarized by Sharma (2006):

    The share of IT (mainly software) in total exports increased from 1 percent in 1990 to 18

    percent in 2001. IT-enabled services such as backoffice operations, remote maintenance,

    accounting, public call centers, medical transcription, insurance claims, and other bulk

    processing are rapidly expanding. Indian companies such as TCS, Wipro, and Infosys may

    yet become household names around the world.

    Today, Bangalore is known as the Silicon Valley of India and contributes 33% of Indian

    IT Exports. India's second and third largest software companies are head-quartered in

    Bangalore, as are many of the global SEI-CMM Level 5 Companies.

    And Mumbai too has its share of IT companies that are India's first and largest, like TCS

    and well established like Reliance, Patni, LnT Infotech, i-Flex, WNS, Shine, Naukri,

    Jobspert etc are head-quartered in Mumbai. and these IT and dot com companies are

    ruling the roost of Mumbai's relatively high octane industry of Information

    Technology.Such is the growth in investment and outsourcing, it was revealed that Cap

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    Gemini will soon have more staff in India than it does in its home market of France with

    21,000 personnel+ in India.

    On 25 June 2002 India and the European Union agreed to bilateral cooperation in the

    field of science and technology. A joint EU-India group of scholars was formed on 23

    November 2001 to further promote joint research and development. India holds observer

    status at CERN while a joint India-EU Software Education and Development Center is

    due at Bangalore.

    1.1.2 India's IT industry (USD bn) [Source:NASSCOM]

    Particulars FY 2004 FY 2005 FY 2006 FY 2007E

    IT Services 10.4 13.5 17.8 23.7

    -Exports 7.3 10.0 13.13 18.1

    -Domestic 3.1 3.5 4.5 5.6

    ITES-BPO 3.4 5.2 7.2 9.5

    -Exports 3.1 4.6 6.3 8.3

    -Domestic 0.3 0.6 0.9 1.2

    Engineering services, R&D and Software

    products2.9 3.9 5.3 6.5

    -Exports 2.5 3.1 4.0 4.9

    -Domestic 0.4 0.7 1.3 1.6

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    Hardware 5.0 5.9 7.0 8.2

    Total IT industry 21.6 28.4 37.4 47.8

    -Exports 13.4 18.2 24.1 31.9

    -Domestic 8.3 10.2 13.2 15.9

    1.1.2 Top Eight IT Hubs in India

    Ranking City/Region Description

    1 BangalorePopularly known as the capital of the Silicon Valley of India is

    currently leading in Information Technology Industries in India.

    2 ChennaiFamously known as "Gateway of South India", it is the second

    largest exporter of Software.

    3 HyderabadHyderabad which has good infrastructure and good government

    support is also a good technology base in India.

    4 Pune

    Pune, a major industrial town, hosts numerous multinational and

    national software giants along with BPO and KPO firms. World

    class SEZs like Hinjawadi IT park and Magarpatta city give

    Pune a distinct advantage. The city is a major educational hub

    and churns out thousands of technocrats every year.

    5 KolkataKolkata which is slowly becoming a major IT hub in near future.

    Some of the well known technological corporations are si

    6 NCR

    The National Capital Region of India comprising Delhi,

    Gurgaon, Faridabad, Noida, Greater Noida and Ghaziabad are

    having ambitious projects and are trying to do every possible

    thing for this purpose.

    7 Mumbai Popularly known as the commercial, entertainment, financial

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    capital of India, This is one city that has seen tremendous growth

    in IT and BPO industry, it recorded 63% growth in 2008.TCS,

    Patni, LnT Infotech, I-Flex WNS and other companies are

    headquartered here.

    8 Bhubaneswar

    The capital City of Odisha India, Bhubaneswar is one of the

    emerging IT City in India. Hosting all four major Indian IT

    company: Infosys , Satyam, TCS and Wipro. Have IT SEZ on

    Infocity-I and new SEZ is going to start on Infocity-II. There are

    many Large, Mid and Small It companies present in this City

    from last 2 decades .

    1.2 Companies Profile

    Infosys Technologies Ltd. (NASDAQ: INFY) was started in 1981 by seven people with

    US$ 250. Today, we are a global leader in the "next generation" of IT and consulting

    with revenues of US$ 5.4 billion (LTM Sep-10).

    Infosys defines, designs and delivers technology-enabled business solutions that help

    Global 2000 companies win in a Flat World. Infosys also provides a complete range of

    services by leveraging our domain and business expertise and strategic alliances with

    leading technology providers.

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    Our offerings span business and technology consulting, application services, systems

    integration, product engineering, custom software development, maintenance, re-

    engineering, independent testing and validation services, IT infrastructure services and

    business process outsourcing.

    Infosys pioneered the Global Delivery Model (GDM), which emerged as a disruptive

    force in the industry leading to the rise of offshore outsourcing. The GDM is based on the

    principle of taking work to the location where the best talent is available, where it makes

    the best economic sense, with the least amount of acceptable risk.

    Infosys has a global footprint with 63 offices and development centers in India, China,

    Australia, the Czech Republic, Poland, the UK, Canada and Japan. Infosys and its

    subsidiaries have 122,468 employees as on September 30, 2010.

    Infosys takes pride in building strategic long-term client relationships. Over 97% of our

    revenues come from existing customers (FY 10).

    Infosys Technologies, Best Employer in India, Training and Development, Recruitment,

    Selection, Retention, Capability Maturity Model, Infosys Leadership Institute, Leadership

    Development, Performance Appraisal, Organization Culture, Role Based Structure,

    Attrition, Instep, Global Talent Program , Campus Connect, Compensation Structure

    Vision

    "To be a globally respected corporation that provides best-of-breed business solutions,

    leveraging technology, delivered by best-in-class people."

    1.2.2 Mission

    "To achieve our objectives in an environment of fairness, honesty, and courtesy towards

    our clients, employees, vendors and society at large."

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    1.2.3 Values

    We believe that the softest pillow is a clear conscience. The values that drive us

    underscore our commitment to:

    Customer Delight

    Leadership by Example

    Integrity and Transparency

    Fairness

    Pursuit of Excellence

    A Magnet for the Best Global Talent

    Fortune magazine identified Infosys among the top companies that "inspire, nurture and

    empower a new generation of global leaders." We are committed to remain among the

    industry's leading employers.

    1.2.4 Quality Focus

    'In God we trust, everyone else must come with data' is an oft-heard phrase at Infosys.

    We constantly benchmark our services and processes against globally recognized qualitystandards. Our certifications include SEI-CMMI Level 5, CMM Level 5, PCMM Level 5,

    TL 9000 and ISO 9001-2000. In February 2007, Infosys BPO was certified for eSCM

    level 4.0, the eSourcing Capability Model for Service Providers developed by a

    consortium led by Carnegie Mellon University's Information Technology Services

    Qualification Centre.

    1.2.5 Innovation, Speed and Excellence in Execution

    We were one of the first companies to develop and deploy a global delivery model and

    attain SEI-CMMI Level 5 certification our offshore and onsite operations. We manage

    growth by investing in infrastructure and by rapidly recruiting, training and deploying

    new professionals. We have 63 global development centers, the majority of which are

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    located in India. We also have development centers in Australia, Canada, China, Japan,

    Mauritius, and at multiple locations in the United States and Europe.

    1.2.6 Industry Leadership

    Our history is marked by a series of firsts. We were the first Indian company to list on a

    US stock exchange and the first Indian company to do a POWL in Japan. In December

    2006, we became the first Indian company to be added to the NASDAQ-100 index and

    became the only Indian company to be part of any of the major global indices. We were

    recently listed on The Global Dow. Infosys was also ranked No. 14 among the most

    respected companies in the world by Reputation Institute's Global Pulse 2008. We were

    also listed on Forbes' Asian Fabulous 50 for the fourth consecutive year. Infosys is also a

    five-time Global MAKE Winner and one of only two Indian companies amongst global

    leaders to have won the award in 2008.

    1.2.7 ACHIVEMENTES OF PAST 10 GLORIOUS YEARS

    2010

    Infosys, the most admired Indian company: The Wall Street Journal Asia 200

    survey

    Infosys is ranked among the top ten value-creating technology and

    telecommunications companies by The Boston Consulting Group

    Telstra and Infosys won Best ITSM (IT Service Management) Project of the Year,

    the top industry award bestowed by itSMF Australia, the peak body for ITSM in

    Australia

    Infosys BPO was recognized for outsourced services delivery at the Shared

    Services & Outsourcing Network (SSON) 2010 North American and Australasian

    Shared Services Excellence Awards.

    Infosys was voted the best company in management, corporate governance,

    investor relations, and corporate social responsibility (India) in a FinanceAsia

    magazine survey

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    Infosys ranked second in The International Association of Outsourcing

    Professionals 'Global Outsourcing 100'

    Infosys BPO wins the "Most Dynamically Developing BPO Center in Poland"

    award from Forbes Magazine

    Infosys ranked among 'Best Companies for Leaders'

    Infosys ranked among the best in investor relations in APAC region

    Infosys wins award for the 'Best investor relations by an APAC company in the

    US market'

    Infosys BPO wins "BPO Organization of the Year" and "Fun at Work" awards

    from Stars of the Industry

    Infosys has been voted in The Asset Triple A Corporate Awards - Gold Award for

    Investor Relations in Technology in USA

    Infosys, the most sought-after company in India: Business Today Survey

    Infosys wins American Society for Training & Development (ASTD) award for

    excellence in inclusivity

    2009

    Independent Research Firm Names Infosys as a Leader Among Oracle Service

    Providers

    Infosys among Asia's Most Admired Knowledge Enterprises

    Infosys Honored with Oracle Titan Partner Award at Oracle OpenWorld 2009

    Infosys Siebel Business Process Testing Solution Named "Partner Solution

    Offering of the Year" at HP Software Universe 2009

    Infosys Named as a Top Supplier for Sears Holdings Corporation

    Independent Research Firm Names Infosys as a Leader in SAP Implementation

    Infosys BPO Bags Excellence Award for Diversity Hiring Initiatives

    Infosys BPO Receives e-SCM-SP Capability Level 5 Certificate from Carnegie

    Mellon University's ITSqc

    Infosys Cited as a Leader in North American SOA Systems Integration Services

    Market by Independent Research Firm

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    Infosys BPO receives "positive" rating in leading analyst firm's Comprehensive

    Finance and Accounting Business Process Outsourcing MarketScope report

    Infosys listed on Forbes' Asian Fabulous 50 for the fourth consecutive year

    Infosys ranked among the greenest brands in India

    Infosys in 'India's Best Companies to Work For' : Survey by Great Place to

    Work Institute

    Infosys in Fortune's 100 fastest-growing companies

    Infosys, the most admired Indian company: Wall Street Journal survey

    Infosys, the Best Outsourcing Partner: Waters Rankings 2009

    Infosys has received the highest rating on corporate governance by ICRA

    Infosys was ranked among the top 50 most respected companies in the world by

    Reputation Institute's Global Reputation Pulse 2009

    Infosys listed among best companies for leaders by Hay Group and Chief

    Executive Magazine

    Infosys received the distinction of having one of the 'Best Ranked Online Annual

    Reports in Greater China & Asia/Pacific' at IR Global Rankings 2009

    2008

    Infosys, the Best Outsourcing Partner: Waters Rankings 2008

    Infosys selected as a member ofThe Global Dow

    Infosys BPO recognized at the Asia Business Continuity Awards

    Infosys BPO recognized at the Six Sigma Global Summit

    Infosys receives "positive" rating in leading analyst firm's Remote Support &

    Monitoring Services' MarketScope reports

    Infosys BPO wins special award at the 2008 NOA Awards

    Infosys Cited as a Leader in Oracle Implementation Services by Independent

    Research Firm

    Infosys Australia achieves enhanced CMMI Level 5 quality standard

    Infosys wins the Most Admired Knowledge Enterprises (MAKE) award

    Infosys wins first-everRMMY award for customer relationship management

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    Infosys and Infosys BPO honored at the Software Technology Parks of India

    (STPI) and Karnataka State IT Exports Awards

    Infosys wins HDS Diamond Award for 'Best Virtualization Strategy' and

    Platinum Award for 'Best Green Strategy for a Data Center'

    Infosys wins the NASSCOM gender inclusivity award

    The Asset magazine acclaims Infosys' Corporate Governance

    Infosys BPO wins the Global Six Sigma award

    Infosys BPO wins 'Group Excellence in Business Continuity Management' award

    at the Asia Business Continuity Awards 2008

    Infosys Annual Report 2008 wins LACP Platinum award

    Infosys wins Sears Holding Corporation's Partners in Progress award for the

    second consecutive year

    Infosys BPO awarded Provider of the Year 2008 award in the Large Enterprise

    Category by FAO Today

    Infosys wins two Banker Technology Awards for its exceptional work in

    wholesale and capital markets

    Three of Infosys BPO's top-level executives named in FAO Today's Global

    Superstars List now in its fourth

    Infosys wins Eastman Chemical's Supplier Excellence Award for the second

    consecutive year

    Infosys BPO receives COPC-2000 CSP Standard Version 4.1 Certification for

    selected client programs - in the telecom order entry and order validation

    processes

    Infosys BPO receives "Positive" Rating in leading analyst firm's Comprehensive

    Finance and Accounting Business Process Outsourcing Market Scope Report

    Infosys ranked No. 14 among the most respected companies in the world by

    Reputation Institute's Global Pulse 2008

    Infosys wins award for best investor relations by an APAC company in the U.S.

    market at IR Magazine U.S. Awards 2008

    Infosys received the Boeing Performance Excellence Award (BPEA) from The

    Boeing Company for a 12-month gold-level performance

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    Infosys received the '2007 Vendor of the Year' award from Ameriprise Financial

    The International Association of Outsourcing Professionals (IAOP) named

    Infosys in its '2008 Global Outsourcing 100'

    IAOP, in association with Fortune magazine, inducted N. R. Narayana Murthy

    and Nandan M. Nilekani, co-founders, Infosys, into 'The Outsourcing Hall of

    Fame'

    Infosys wins Investor Relations Global Rankings 2008 awards in APAC

    categories

    Infosys Cited as a Leader in SAP Implementation Services by Independent

    Research Firm

    Infosys moved up to No. 14 on FinTech 100, an international annual listing of the

    top 100 global application and service providers to the financial services industry

    Infosys entered the Balanced Scorecard Hall of Fame for Executing Strategy on

    the strength of its innovative strategy planning and execution capabilities

    Infosys was honored with the Sharpening Brand and Competitive Differentiation

    Marketing Excellence Award from the Information Technology Services

    Marketing Association (ITSMA) for its success in shifting its perception from a

    provider of offshoring services to that of a partner that helps companies reshape

    their businesses in a flattening world

    2007

    Infosys becomes the first Indian company to win Nielsen Norman Group's

    Intranet Design Annual awards

    Infosys receives Balanced Scorecard Hall of Fame Award for Executing Strategy

    Infosys Ranked 14 in FinTech 100

    Infosys BPO conferred Provider of the Year award by FAO Today

    Infosys Awarded Best-In-Class ITSMA Marketing Excellence Diamond Award

    BT and Infosys Awarded National Outsourcing Association's Innovativ

    Outsourcing Project of the Year

    Infosys Positioned in the Leaders Quadrant for European Offshore Application

    Services Pages

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    Infosys Ranked No.1 offshore service provider in securities processing BPO

    Infosys Positioned in the Leaders Quadrant for North American Offshore

    Applications Services Pages Magic Quadrant

    Infosys Consulting Co-Founder Named to Consulting Magazines Top 25

    Consultants

    Infosys Named Wachovia's "IT Vendor of the Year"

    Infosys Receives the Highest Score in Strategy in Forrester Research's Report on

    the Applications Outsourcing Market

    Finacle from Infosys positioned in the Leaders Quadrant in the Magic Quadrant

    for International Retail Core Banking Solutions

    Infosys received the '2007 Vendor of the Year' award from Ameriprise Financial

    Infosys wins NASSCOM-India Today Woman Corporate Award for excellence in

    gender inclusivity

    Infosys wins Global MAKE award for the fourth year

    Infosys in Fortune's Top 10 Companies for Leaders

    Waters readers name Infosys as Best Outsourcing Partner

    Bloom Group: Infosys.com, a prospect-friendly website

    The Reputation Institute: Infosys, a globally respected company

    Infosys in Dun & Bradstreets Top Indian IT Companies 2007

    Won the Export Excellence Award in the Services Category from the Federation

    of Karnataka Chambers of Commerce & Industry

    Etihad Airways receives industry honors for web strategy implemented by Infosys

    Infosys Named "Best Outsourcing Partner" in Waters Rankings Survey

    Forrester names Infosys a Leader in Global IT Infrastructure Outsourcing

    Infosys Named Royal Bank of Scotland Group's 2007 "Best Technology

    Supplier"

    Infosys Receives Two "Partner in Progress" Awards from Sears Holdings

    Corporation

    Infosys won the poll for the New Age Employer of Choice Award 2007

    conducted by CNBC TV18, CNBC Awaaz and Moneycontrol.com

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    British Telecom and Infosys were awarded the National Outsourcing Association

    (NOA) award for Innovative Outsourcing Project of the Year 2007

    Infosys Annual Report wins LACP Silver Award

    Infosys wins the 2007 Optimas Award in the "Global Outlook" category

    2006

    Infosys BPO ranked among Top 100 in the Deloitte Technology Fast 500 APAC

    rankings 2006

    Infosys won the APICS Corporate Award of Excellence for 2006 in the Education

    category at the APICS International Conference in Orlando

    Rated among the Top 5 investor relations websites in APAC/ Africa by IR

    magazine

    ICAI judges Infosys Annual Report 2006 best in "Information Technology,

    Communication and Entertainment Enterprises" category

    Best Presented Accounts in Communication and Information Technology Sector

    in SAFA (South Asian Federation of Accountants) BPA Awards, 2005 and

    overall winner of the SAFA Best Presented Accounts 2005

    Finacle from Infosys emerges as a leader in retail banking platform

    Infosys CEO is Forbes Asia Businessman of the Year

    Nandan M. Nilekani gets Dataquest IT Person 2006 award.

    Infosys is the Best Company to work for in India 2006 says the BT-Mercer-TNS

    survey published by Business Today

    Infosys in BusinessWeeks Ten to Watch companies

    Infosys added to the NASDAQ-100 Index

    Infosys is ranked the Businessworld Most Respected Company in a survey

    Nandan M. Nilekani recognized as one of the World's 100 Most Influential People

    Infosys ranked #36 on the worldwide list of the World's Most Innovative

    Companies

    BusinessWeek ranked Infosys #10 among World's Most Innovative Companies in

    the APAC region.

    Infosys one of 74 Global High Performers chosen from Forbes' Global 2000 list

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    Infosys' Global Education Center called the "Taj Mahal of training centers" by

    Fortune magazine

    Nandan M. Nilekani joins World Economic Forum (WEF) Foundation Board

    Infosys Awarded DaimlerChrysler's "IPS Supplier of the Year 2006"

    Infosys Named Sainsbury's 2006 IT Supplier of the Year

    Nandan M. Nilekani conferred the Padma Bhushan, India's third highest civilian

    award, by the Government of India

    2005

    First position in SAFA (South Asian Federation of Accountants) Best Presented

    Accounts Award 2004 in the Communication and Information Technology Sector

    based on the evaluation of the Annual Report of the company

    Business 2.0 ranks Infosys at No. 8 among fastest growing tech companies

    Infosys ranks No. 9 on The Wired 40

    Infosys named India's Best Managed Company based on a study conducted by

    Business Today and A.T. Kearney

    Infosys tops the regional rankings for best Corporate Governance in Asiamoney's

    Corporate Governance Poll

    Best Annual report award from the Institute of Chartered Accountants of India for

    tenth successive year

    2004

    Infosys has won the Golden Peacock National Quality Award for 2004

    SAFA (South Asian Federation of Accountants) Best Presented Accounts Award

    2003 in the Communication and Information Technology Sector based on the

    evaluation of the Annual Report of the company Award from Global Finance magazine as the Best company in the Computer

    Software Sector in Asia

    Infosys Technologies won the prestigious Global MAKE (Most Admired

    Knowledge Enterprises) award

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    Infosys is ranked as one of the World's Most Respected Companies in the

    Financial Times-PwC annual survey

    Infosys Sweeps Businessworld Most Respected Companies Awards

    TIME magazine Global Tech Influentials list (August 2004) identified Mr. N. R.

    Narayana Murthy, Chairman of the Board and Chief Mentor as one of the ten

    leaders who are helping shape the future of technology

    Infosys Ranked as the Best Offshoring Partner for 2004 by Waters magazine

    Infosys wins the 2004 Annual Asian Most Admired Knowledge Enterprise

    (MAKE) award

    Nandan Nilekani rated among the world's most respected business leaders in FT-

    PwC survey

    Infosys Global Business Foundation School has been selected for the American

    Society for Training & Development (ASTD) Excellence in Practice under the

    workplace learning and development category

    The Medinge Group, a high-level international think-tank on branding and

    business, has identified Infosys as one of the eight companies across the world as

    top brands with a conscience.

    Infosys training and development team won the American Society for Training

    and Development (ASTD) BEST Award for the contribution of learning to

    organizational performance

    BusinessWeek ranks Infosys among the top 3 IT Services Companies in the world

    Infosys in Forbes-A list

    2003

    Infosys wins the prestigious Global Most Admired Knowledge Enterprises

    (MAKE) Award

    Infosys ranked 34 among WIRED Magazine's 40 companies that are reshaping

    the global economy

    Business Week ranks Infosys 74 among the top 100 fastest growing IT companies

    in the world

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    Infosys has been presented with a Texas Instruments (TI) 2001 Supplier

    Excellence Award

    Ranked as the No.1 Employer in the IT sector by Dataquest for the second time in

    a row.

    Ranked the Best Employer in India by Business Today-Hewitt in their annual

    survey.

    Rated among the best Under a Billion Forbes Global 200 small companies for

    2002 by Forbes Global

    Awarded the Global Corporate Achievement Award 2002 for Asia Pacific Region

    by Economist Intelligence Unit [EIU]

    Awarded Diamond Award for the marketing initiative WIBTA by Information

    Technology Services Marketing Association [IMTA]

    Ranked as the Best Managed Company In India by Asia money

    Ranked No.1 among Asia's Leading Companies in India by Far Eastern Economic

    Review

    Rated the Most Respected Company in India by Business world

    Rated the Most Globally Competitive Company, Most Dynamic Company, Most

    Ethical Company and Best IT Company by Business world

    A Financial Times-PwC survey listed Infosys among 50 companies that

    demonstrate the most integrity

    1.3 Swot Analysis Infosys

    1.3.1 Strengths

    Since the company is based in India its competitive advantage is enhanced. The

    Indian economy, despite weak economic indicators such as relatively high rates of

    inflation, has low labor costs. The workforce has relatively high skills levels in

    Information Technology. Couple these two elementstogether and you have an

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    operational basis that offers low-cost based, highly skilled competitive advantage.

    Trained Indian personnel often speak very good English and are sensitive to

    Western culture, underpinned by India's colonial past.

    Infosys is in a strong financial position. The business turned over more than $4billion in 2008. This means that it has the capital to expand, and also the basis to

    leverage potential investors.

    The company has bases in 44 global development centres, most of which are

    located in India, although the company has offices in many developed and

    developing nations. This means not only that Infosys is becoming a global brand

    but also that it has the capability to support the global operations of multinational

    clients.

    1.3.2Weaknesses

    Infosys on occasion struggles in the US markets, and has particular problems in

    securing United States Federal Government contracts in North America. Since

    these contracts are highly profitable and tend to run for long periods of time,

    Infosys is missing out on lucrative business. Added to this is the fact that its

    competitors do well in terms of securing the same Federal business (and one

    should also take into account that many of its competitors are domiciled in the USand there could be political pressure on the US Government to award contracts to

    domestic organizations).

    Despite being a huge IT company in relation to its Indian competitors, Infosys is

    much smaller than its global competitors. As discussed above, Infosys generated

    $4 billion in 2008, which is relatively low in comparison with large global

    competitors such as Hewlett-Packard ($91 billion), IBM ($91 billion), EDS ($21

    billion) and Accenture ($18 billion).

    It is sometimes argued that Infosys is weaker when it comes to high-end

    management consultancy, since it tends to work at the level of operational value

    creation. Competitors such as IBM and Accenture tend to dominate this space.

    1.3.3 Opportunities

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    At a time of recession in the global economy, it may appear that some companies

    will reduce take up of services that Infosys offers. However, in tough times clients

    tend to focus upon cost reduction and outsourcing - with are strategies that

    Infosys offers. So hard times could be profitable for Infosys.

    There is a new and emerging market in China as the country undergoes a huge

    industrial revolution.

    The strategic alliance between Infosys and Schlumberger gives the IT company

    access to lucrative business in the gas and oil industries.

    1.3.4 Threats

    India is not the only country that is undergoing rapid industrial expansion.

    Competitors may come from countries such as China or Korea where there are

    large pools of low-cost labor, and developing educational infrastructures such as

    universities and technology colleges.

    Customers may switch to other offshore service companies in other countries such

    as China or Korea.

    Other global players have realised that India has the benefit of low-cost, highly-

    skilled labor that often speaks English and is culturally sensitive to Western

    practices. As with all global IT players, Infosys has to compete for skilled labor

    and this may have the effect of driving up wage levels, and making it more

    difficult to recruit and retain staff.

    1.4 Competitors Analysis

    Main competitors

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    IBM

    IBM Global Services has the modest goal of making a smarter planet. The IT services

    and consulting arm of International Business Machines operates in about 170 countries,

    providing a comprehensive range of services to commercial and public sector clients.IBM's service operations are organized into two primary units: Global Technology

    Services (GTS) encompasses IBM's business process outsourcing, infrastructure support,

    and product maintenance offerings; Global Business Services (GBS) handles application

    management services, consulting, and systems integration. IBM Global Services

    integrates both IBM products and third-party hardware and software

    WIPRO

    When global corporations need technology services, many call in a pro. Wipro

    Technologies, the global technology and consulting services division of Indian

    conglomerate Wipro Limited, is one of the world's leading providers of integrated

    business, process, and technology services. A leading global provider of independent

    R&D services, the firm offers such services as application development, enterprise

    systems implementation, networking, systems integration, and technology consulting

    services. It is a world leader in offshore business process outsourcing (BPO) services.

    Wipro Technologies gets the majority of its revenues in North America

    Tata Consultancy Services Limited

    Tata Consultancy Services (TCS) is a leading global provider of consulting and

    outsourcing services, with operations in more than 40 countries. While it offers a full

    range of business services and IT services (including business process outsourcing,

    enterprise systems installation, network management, and systems integration), the

    company's core business is developing and maintaining customized software for

    businesses. Most of its clients are located in North America, Latin America, and

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    Europe. TCS also provides product and industrial engineering services, as well as

    strategic consulting and project management. The company is controlled by textiles

    and manufacturing conglomerate Tata Group

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    Chapter - 2

    Conceptual Discussions

    Chapter - 2 Conceptual Discussions

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    NATURE OF TRAINING AND DEVELOPMENT

    In simple terms, training and development refers to the imparting of specific skills,

    abilities and knowledge to an employee. A formal definition of training & development

    is it is any attempt to improve current or future employee performance by increasing an

    employees ability to perform through learning, usually by changing the employees

    attitude or increasing his or her skills and knowledge. The need for training &

    development is determined by the employees performance deficiency, computed as

    follows:

    Training & Development need = Standard performance Actual performance.

    We can make a distinction among training, education and development. Such distinction

    enables us to acquire a better perspective about the meaning of the terms. Training, as

    was stated earlier, refers to the process of imparting specific skills. Education, on the

    other hand, is confined to theoretical learning in classrooms.

    Table 1. Training and Education Differentiated

    Training Education

    Application Theoretical Orientation

    Job Experience Classroom Learning

    Specific Tasks General Concepts

    Narrow / Perspective Broad Perspective

    Training refers to the process of imparting specific skills.

    Development refers to the learning opportunities

    designed to help employees grow.

    Education is theoretical learning in classroom.

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    Though training and education differ in nature and orientation, they are complementary.

    An employee, for example, who undergoes training is presumed to have had some formal

    education. Furthermore, no training programme is complete without an element of

    education. In fact, the distinction between training and education is getting increasingly

    blurred nowadays. As more and more employees are called upon to exercise judgments

    and to choose alternative solutions to the job problems, training programmes seek to

    broaden and develop the individual through education. For instance, employees in well-

    paid jobs and/or employees in the service industry may be required to make independent

    decision regarding there work and their relationship with clients. Hence, organizationmust consider elements of both education and training while planning there training

    programmes.

    Development refers to those learning opportunities designed to help employees grow.

    Development is not primarily skill-oriented. Instead, it provides general knowledge and

    attitudes which will be helpful to employees in higher positions. Efforts towards

    development often depend on personal drive and ambition. Development activities, such

    as those supplied by management developmental programmes, are generally voluntary.

    To bring the distinction among training, education and development into sharp focus, it

    may be stated that training is offered to operatives, whereas developmental

    programmes are meant for employees in higher positions. Education however is

    common to all the employees, there grades notwithstanding.

    AIMS/OBJECTIVES OF TRAINING & DEVELOPMENT

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    The fundamental aim of training is to help the organization achieve its purpose by adding

    value to its key resource the people it employs. Training means investing in the people

    to enable them to perform better and to empower them to make the best use of their

    natural abilities. The particular objectives of training are to:

    Develop the competences of employees and improve their performance;

    Help people to grow within the organization in order that, as far as possible, its

    future needs for human resource can be met from within;

    Reduce the learning time for employees starting in new jobs on appointment,

    transfers or promotion, and ensure that they become fully competent as quickly

    and economically as possible.

    INPUTS IN TRAINING AND DEVELOPMENTS

    Any training and development programme must contain inputs which enable the

    participants to gain skills, learn theoretical concepts and help acquire vision to look into

    distant future. In addition to these, there is a need to impart ethical orientation, emphasize

    on attitudinal changes and stress upon decision-making and problem-solving abilities.

    Skills

    Education

    Development

    Ethics

    Attitudinal Changes

    Decisions Making and Problem Solving Skills

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    The Benefits of Employee Training

    How Training Benefits the Organization:

    Leads to improved profitability and/or more positive attitudes towards profit

    orientation. Improves the job knowledge and skills at all levels of the organization

    Improves the morale of the workforce

    Helps people identify with organizational goals

    Helps create a better corporate image

    Fosters authenticity, openness and trust

    Improves relationship between boss and subordinate

    Aids in organizational development

    learns from the trainee

    Helps prepare guidelines for work

    Aids in understanding and carrying out organizational policies.

    Provides information for future needs in all areas of the organization

    Organization gets more effective decision-making and problem-solving skills

    Aids in development for promotion from within

    Aids in developing leadership skills, motivation, loyalty, better attitudes, and

    other aspects that successful workers and managers usually display

    Aids in increasing productivity and/or quality of work

    Helps keep costs down in many areas, e.g. production, personnel, administration,

    etc.

    Develops a sense of responsibility to the organization for being competent and

    knowledgeable

    Improves Labour-management relations

    Reduces outside consulting costs by utilizing competent internal consultation

    Stimulates preventive management as opposed to putting out fires

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    Eliminates suboptimal behavior (such as hiding tools)

    Creates an appropriate climate for growth, communication

    Aids in improving organizational communication

    Helps employees adjust to change Aids in handling conflict, thereby helping to prevent stress and tension.

    Benefits to the Individual Which in Turn Ultimately Should Benefit the Organization:

    Helps the individual in making better decisions and effective problem solving

    Through training and development, motivational variables of recognition,

    achievement, growth, responsibility and advancement are internalized and

    operationalised

    Aids in encouraging and achieving self-development and self-confidence

    Helps a person handle stress, tension, frustration and conflict

    Provides information for improving leadership, knowledge, communication skills

    and attitudes

    Increases job satisfaction and recognition

    Moves a person towards personal goals while improving interactive skills

    Satisfies personal needs of the trainer (and trainee)

    Provides the trainee an avenue for growth and a say in his/her own future

    Develops a sense of growth in learning

    Helps a person develop speaking and listening skills; also writing skills when

    exercises are required. Helps eliminate fear in attempting new tasks

    Benefits in Personnel and Human Relations, Intra-group & Inter-group Relations and

    Policy Implementation:

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    Improves communication between groups and individuals:

    Aids in orientation for new employee and those taking new jobs through transfer

    or promotion

    Provides information on equal opportunity and affirmative action

    Provides information on other government laws and administrative policies

    Improves interpersonal skills.

    Makes organizational policies, rules and regulations viable.

    Improves morale

    Builds cohesiveness in groups

    Provides a good climate for learning, growth, and co-ordination

    Makes the organization a better place to work and live

    Methods and Techniques of Training:

    Training techniques represent the medium of imparting skills and knowledge to

    employees. Obviously, training techniques are the means employed in the training

    methods. Among the most commonly used techniques are lectures, films, audio cassettes,

    case studies, role playing, video-tapes and simulations. presents the list of training

    techniques along with their ranking based on effectiveness. The higher the ranking (1 is

    the highest rank), the more effective the technique is.At this point, it is worthwhile to elaborate on important techniques of training. We

    explain the following-lectures, audio-visuals, on-the-job training, programmed

    instruction, computer aided instruction, simulation and sensitivity training.

    Lectures

    Audio-visual

    On the job Training (OJT)

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    OJT is conducted at the work site and in the context of the job. It is, much time,

    informal. An experienced worker shows a trainee how to work on the job.

    Programmed Instruction (PI)

    Computer-Assisted Instruction (CAI)

    Simulation

    Case Study

    Role playing:

    Vestibule Training:

    Sensitivity Training:

    H.R Practices For Training And Development In Infosys

    The spirit of learnability among our people and an organizational commitment to

    continuous personal and professional development keeps Infosys at the forefront in a fast-

    changing industry. Our framework for continuous learning at Infosys is built around a

    number of focused programs for our employees. These range from major initiatives such

    as the Infosys Leadership Institute to various ongoing management development and

    personal improvement programs. They complement a host of technology advancement

    and ongoing training options.

    The training plan provides a sequence of inputs as individuals grow through their

    professional career. Commencing with a structured induction at the beginning to

    leadership trainings while assuming senior responsibilities. Training and development

    initiatives are available at each milestone and cover the following-

    Technical training by Education & Research department:

    We have an entry-level technical training program, which is for a duration of 14

    weeks. This program has been certified by educationists as being equivalent to a

    BS program in the US. The Education & Research (E&R) department at Infosys

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    offers a variety of training programs on a regular basis for Middle level

    employees as well.

    Quality Process Training:

    Infosys has a strong focus on quality processes and methodologies. This training

    is tailored to the role that one is playing ie. Software Engineer, Programmer

    Analyst, Project Managers etc

    Personal Effectiveness and Managerial Programs:

    Programs to enhance the managerial capabilities and leadership abilities, to enable

    better customer satisfaction, achieve organizational vision and create high

    performing multicultural teams.

    ILI: The Infosys Leadership System:

    The Infosys Leadership System (ILS) and the Infosys Leadership Institute (ILI)

    address the issue of sustained growth in general and creates a formal and

    committed system for developing leadership capabilities in Infoscions.

    The most significant attribute of the Infosys leadership development model is its

    partnership approach with the other groups in Infosys and the ownership of the

    entire process by the top management in what is termed as the Internal Synergy

    Model. ILI is based at a world-class physical infrastructure, in Mysore, India

    The education philosophy at Infosys has been to equip the participants with the know-

    how to find the best solution, rather than to teach one way to do it and also to relate to

    real life situations We also encourage employees to go in for further part time and

    distance education programs with fee reimbursement subject to eligibility criteria laid

    down by the policy.

    The note prepared by the ILI faculty enumerates 'the nine pillars for leadership

    development' as:

    1. 360 degree feedback

    This is the mechanism through which the company gathers data about an individual's

    performance and abilities. This information is collected from coworkers, including peers,

    subordinates, managers and customers. Personal development plans are prepared on the

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    basis of this feedback. Then, each of these individuals is assigned an ILI faculty member

    to help prepare the PDP and to follow it.

    2. Development assignments

    Identified high potential Infoscions are trained at various functions of the companythrough job rotations and cross-functional assignments. This helps employees to acquire

    new leadership skills outside their own areas of expertise and experience.

    3. Infosys Culture workshops

    These workshops are designed to fortify the Infosys culture amongst the participants,

    help instill better communication skills through sustained interaction amongst

    themselves, and identify with the values and processes involved in leadership

    development.

    4. Development relationships

    This includes one-on-one interaction in actual on-the-job work climate and leads to better

    sharing of knowledge and camaraderie amongst individuals. Mentoring forms an integral

    part of this exercise.

    5. Leadership skills training

    The 'Leaders Teach Series' are workshops that the company's Tier-1 members, including

    Narayana Murthy and Nandan Nilekani (CEO and MD), hold to acclimatise the next rung

    with leadership roles and to groom them through their own rich experience.

    6. Feedback intensive programmes

    These are akin to 360 degree feedback, but based on formal and informal feedback from

    employees that an individual interacts with.

    7. Systemic process learning

    This helps individuals to gain an overall view of the company and its diverse and

    complex systems, business, operations and processes. It is a continuous process and helps

    improve the individual and also the systems.

    8. Action learning

    This exercise constitutes solving real problems in real-time conditions, but as a team.

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    9. Community empathy

    The company stresses the need to give back to society through involvement in various

    developmental, educational and social causes. This programme helps nurture a social

    conscience amongst its leaders.

    "The last 25 years for Infosys have been successful. And we are ready for the future. Yes,

    our growth rates will change, the business cycles will change, our ability to influence the

    business environment will change, even our leaders will change. But what

    will notchange in Infosys's future is our ability to achieve profitable growth legally and

    ethically, our guiding set of principles and our values," says Gopalakrishnan.

    Meanwhile, there is a buzz about the imposing edifice of the ILI set amidst the verdant

    expanse that is the Mysore campus of Infosys: the next CEO, COO, CFO are being

    readied there.

    Need for Training

    The dynamic nature of the software and IT industry requires its workforce to upgrade

    frequently in technology and skills. Companies were focusing on continuous training

    and development of their employees, which also helped in the reduction of attrition

    rate.

    At Infosys, every new recruit underwent approximately three months of training before

    they were made billable to clients.

    The American Society for Training and Development (ASTD) rated Infosys as the

    worlds best in employee training and development and conferred Excellence in

    Practice Award continuously for three consecutive years 2002, 2003 and 2004. The

    award was conferred for its Global Business Foundation School. It was a program for

    all fresh engineering entrants to Infosys to equip them for the challenging software

    career ahead of them. The program ran around the year and was implemented over

    several global centers across the organization.

    The Global Business Foundation School comprised of generic conceptual courses,

    platform specific courses, mini projects for application, and an end term project

    tailored from real life projects. In addition to technical courses, fresh entrants were also

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    exposed to courses on communication skills, interpersonal skills, customer interaction

    etiquettes, management development, and quality systems.

    In 2005 Infosys established Infosys U, one of the largest corporate training centers in

    the world.

    Infosys U

    The Global Education Center was set up in 2005. It was one of the biggest corporate

    training centers in the world. The Global Education Center would run a 14.5 week

    residential program, which would impart generic and work specific training in

    technology areas, along with soft skills and leadership programs to freshers. The center

    had 2,350 rooms spread across the campus, 58 training rooms, 183 faculty rooms,

    state-of-the-art library and a cyber cafe. The center had the capacity to train around

    15,000 freshers in one year.

    The Training Program

    After the new recruits joined Infosys, they were taken to Infosys U for a 14.5 week

    training program. At Infosys U, the freshers were welcomed in Infosys by NR

    Narayana Murthy through an audio visual presentation. The initial days of the training

    program, freshers filled forms and learned the values that drove Infosys. During the

    entire training program, new recruits were trained to work or program different tech

    applications.

    The library had an online database of Infosys case studies to help the recruits. The

    trainers generally imparted training in hard skills through lectures on the concepts and

    theory for a few hours and then allowed the recruits to work independently and build

    their own applications for the rest of the day.

    While the training program focused mainly on technical skills, the freshers were also

    trained in soft skills. There were separate rooms and faculties for soft skill training.

    Training was imparted on global etiquette, comportment, importance of body language,

    public speaking, improving interpersonal communication and team-building. The

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    various methods used included, asking the freshers to perform skits, going through

    several what-if scenarios and to practice smiling in front of the mirror.

    The campus provided best of food to at an affordable price. Among other options, the

    campus had the retail outlet of the pizza chain Dominos Pizza where both Westernand Indian varieties of pizzas were available. The pizza could also be ordered while the

    employee was working, but the Infosys culture discouraged working during lunch. The

    Infoscions believed in taking break during lunch and socializing.

    The center had an Employee Care Center to facilitate all round development. The

    employee care center offered recreational facilities such as a gymnasium, a swimming

    pool, Jacuzzi, bowling alley and a meditation hall. It also had an international-class

    cricket ground and a multipurpose ground with a six-lane synthetic track, which

    housed basketball, volleyball, squash, and tennis courts. The campus also housed an

    auditorium, which had a seating capacity of 1,300 people and three multiplex theatres

    with a capacity of 150 seats each. The freshers had to work for eight hours every day

    and at the end of the training program, the freshers had to pass two comprehensive

    exams before proceeding further. About 1% to 2% failed in the exams.

    Infosys U also served as the opportunity to interact with Infoscions working in

    countries other than India. In 2006, Infosys U had the capacity to train over 4,000

    freshers at a time and had expansion plans of increasing the capacity to 10,000 by

    2007.

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    Chapter 3- Research and Methodology

    Chapter 3- Research and Methodology

    3.1 Methodology

    To know which method is used for, completing the project firstly we have to know

    basically what primary data and secondary data are.

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    3.1.1 Primary Data

    Information collected for the specific purpose at hand or specifically for the currently

    undertaken.

    3.1.2 Secondary Data

    Information that already exists somewhere, have been collected for another purpose.

    I used secondary data for this project. I refer some books and also some websites for the

    project. These books and websites are mentioned in the bibliography.

    3.1.3 Limitations of the study

    Although sincere efforts have been done to collect authentic and relevant

    Information ,the study may have the following limitations.

    Limited scope: scope of the study is limited because of limited time. So;

    results of the study may not be generalized as whole.

    Results may be inaccurate: This study is based on the assumption that

    perceptions are true and factual althoughat times that maynot be the case.

    Existence of biases: though every care has been undertaken to eliminate

    such biases , but considering the human factor possibility Of small bias

    having come up cannot be ruled out altogether .

    Consumer behavior: Consumer behavior is dynamic in nature and thus

    Over the time, finding of today may be invalid tomorrow.

    Sample size: The Sample size taken is small and may not be sufficient

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    to predict the 100% accuracy and hence finding may not be generalized

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    Chapter 4 Finding and Analysis

    Chapter 4 Finding and Analysis

    All numbers in thousands

    PERIODENDING 31-Mar-0931-Mar-0831-Mar-07

    TotalRevenue 4,663,000 4,176,000 3,090,000

    Cost of Revenue 2,699,000 2,453,000 1,777,00044

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    GrossProfit 1,964,000 1,723,000 1,313,000

    Operating Expenses

    Research Development - - -

    Selling General and Administrative 590,000 564,000 458,000

    Non Recurring - - -

    Others - 8,000 3,000

    Total Operating Expenses - - -

    Operating Income or Loss 1,374,000 1,151,000 852,000

    Income from Continuing Operations

    Total Other Income/Expenses Net 101,000 175,000 84,000Earnings Before Interest And Taxes 1,475,000 1,326,000 936,000

    Interest Expense - - -

    Income Before Tax 1,475,000 1,326,000 936,000

    Income Tax Expense 194,000 171,000 84,000

    Minority Interest - - (2,000)

    Net Income From Continuing Ops 1,281,000 1,155,000 850,000

    Non-recurring Events

    Discontinued Operations - - -

    Extraordinary Items - - -

    Effect Of Accounting Changes - - -

    Other Items - - -

    Net Income 1,281,000 1,155,000 850,000

    Preferred Stock And Other Adjustments - - -

    Net Income Applicable To Common Shares $1,281,000 $1,155,000 $850,000

    Balance sheet

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    Histogram

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    Bibleography

    http://www.rediff.com/money/2006/aug/03mspec.htm

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