BRIGADE INSIGHT - Brigade Group

Fortune magazine tells Americans:“Where your job is going...to Bangalore, India”7Every weekday, as thetropical sun begins itsswift descent over theDeccan plain, fleets ofwhat the Indians call“multi-utility vehicles”f a n o u t a c r o s sBangalore. The TataSumos and ToyotaQualises bump alongthe potholed, muddyresidential streets ofIndia’s fifth-largestcity, stopping to pickup young men andwomen and carrythem to work. Then, as business hours begin inthe Eastern U.S., thousands of these youngIndians don telephone headsets and do theirenthusiastic bit to help the American people gettheir Internet service working, figure out theircredit card bills, and order tacky limited-editioncollectibles.In Bangalore some 110,000 people areemployed writing software, designing chips,running computer systems, reading MRIs,processing mortgages, preparing tax forms, anddoing other essential work for U.S., European,Japanese, and even Chinese companies.The attraction of the Indian knowledgeworkers who get those jobs is that they're paid10% to 20% of what Americans would exceptfor similar work—and in many cases they do itbetter. That has stoked understandable alarm inthe U.S. Together with China’s rise inmanufacturing, it is bringing protectionists outof the woodwork. It is also causing even thoseof a less reactionary bent to wonder just what itis that Americans will do for a living now thateven knowledge work can easily be sentoverseas.The real clincher is that despite constantcomplaints about Bangalore’s insane traffic,skyrocketing real estate prices, and fickleworkforce—and constant efforts by other cities,especially Hyderabad and Chennai, to get in onthe action—companies and people keep comingto Bangalore. —Excerpted from Fortune, 1 DecemberVidhana Soudha to become a BPO centre ?When it comes to IT and BPO, Bangalore hasbecome a part of common lore around theworld. Reproduced below is a humorous emailthat has been doing the rounds in the USA.Please read the piece with tongue-in-cheek.Bush Lays Off Congress; will OutsourceLawmaking to India—by Jay SlupeskyCiting the growing cost of running theFederal government and the need to cut costs inorder to reduce the budget deficit, PresidentBush announced today that he was laying off all535 members of Congress and transferringlawmaking operations to a legislative supportcenter in Bangalore, India.“Hey, outsourcing is the way to go thesedays,” said Bush at an impromptu newsconference where he announcedthe decision, adding, “theAmerican people want to see lessgovernment waste. Since everyone of those ex-Congressmenhad a salary of $150,000, thismove will cut our costs by over$80 million per year, and that’snot even counting what we’llsave on health insurance and retirement plans.”Sources indicate that the Indian replacementswill be paid approximately $250 per month.”I think it’s a great idea,” said Vice-PresidentDick Cheney, speaking from a secure undisclosedlocation. “The American people were fed upwith that expensive do-nothing Congress whichdidn’t give the President everything he asked for.Our new Indian replacementsw i l l b e m u c h m o r ecooperative to the President,which is what we all want.”The new members ofCongress seem thrilled witht h e a t t e n t i o n t h e y a r ereceiving. Speaking from theoffices of All-India LegislativeSupport Centre Ltd in Bangalore, newMississippi Senator Ramchandra Shektar Guptatold reporters, “The Indian people are very hardworking and we will do our best as U.S.Congressmen and Congresswomen. And we aregoing to have some fun too. Just think: we have$2 trillion of the American taxpayers’ money tospend!”Home loans for NRIsThe Reserve Bank of India grants certain Indian HFCs and banks permit • General power of attorneypermission to provide funds to NRIs for the purpose of acquiring a house The loan amount sanctioned could range from a minimum of Rs 5for self-occupation. All NRIs holding a valid Indian passport can apply for lakhs to a maximum of Rs 1 crore. While the loan can be availed for asa housing loan. NRIs who are of Indian origin, but do not possess an much as 85% of the price of the property, the actual amount releasedIndian passport, don’t qualify for an NRI home loan.depends on the NRI’s past experience and present salary.A typical list of documents that need to be furnished by an NRI Fees, bank charges, pre-EMI interest payments and EMIs should beincludes: • Passport • Visa • Bank statement, both domestic and paid by remittances from abroad through normal banking channels. Theyinternational for the last 6 months • Salary certificate that mentions—in include your NRE or NRO account in India. More about home loans onEnglish—name, position, date of joining, and salary details • Work www.brigadegroup.com—Excerpted from Times Property, 21 NovemberHousing Loan SchemesIndicative Equated Monthly Installmentfor every Rs 1 lakh of loan *Four very exclusive apartment projectsWith 3- and 4-bed luxury apartmentsPeriod up to(in years)5101520Floating Rate of Interest7.5%7.5%7.5%7.5%EMIFixed Rate of Interest2,0047.75%1,1888.00%9288.00%8068.00%Brigade MayfairCambridge RdBrigade CoronetPalace RdEMIAs on 10 December 20032,0161,214* Conditions apply.• The loans can be availed up to a maximum of 85% of the cost of the property, depending upon the housing financeinstitution • Processing and administrative charges extra • Loan amount limit depends on the income of the applicant• Security of the loan is the first mortgage of the property to be financed • Some institutions may require a localguarantor • Repayment period ranges from 5 to 20 years or on superannuation or on completing 65 years of age •Loans can be availed from leading financial institutions • Interest rates and EMIs are subject to change without notice,check with the financial institutions for prevailing interest rates.956837Brigade HeritageCookson RdBrigade HallmarkRichards Town