Volume IV. Issue V. MArch 2013
TM
BEYOND BARRIERS Volume IV Issue V
March 2013
From the MD
D
ear junctionites,
With March, another financial year comes to an end. It has been a mixed year. The economy did show some signs of revival but in the end it was a dampener. According to Fitch Ratings, the recovery in financial market conditions has not been matched by the real economy so far. In fact, it says that Q4 saw the weakest quarterly GDP growth in the eurozone and the US since the 2009 recession. This has prompted Fitch to revise downwards its growth forecasts in its latest quarterly Global Economic Outlook. It forecasts a global growth of 2.2% in 2013 and 2.8% in 2014 based on market exchange rates, down from 2.4% and 2.9% in its previous outlook.
SIDE WHAT ’S IN ej clinches CSR award 2 Social champions honoured 3
Fitch has revised down its forecast for both 2013 and 2014 and now expects GDP to contract by 0.5% in 2013, followed by 1.0% growth in 2014, while unemployment will remain above 12% until 2014. India of course cannot remain insulated and for India too, Fitch has revised downwards its previous growth forecast to 6%. We have also had a rather tame Budget this year. India Inc. called it a “responsible” Budget. They felt the Budget was growth-oriented and aimed at attracting more investments. The Budget indeed aims at a higher growth rate for inclusive and sustainable development and to revive manufacturing. Taxing the super-rich was also a first step of its kind. The fact remains that we as a country are treading cautiously. While still remaining largely insulated from the economic turmoil, we are keen to keep it that way and we know that inclusive growth is the only way to real development. That is what the Budget indicates and that is where our priorities should lie. At mjunction, we pride ourselves on seizing opportunities when we identify them, even while focusing on our core strengths. The coming year we resolve to stick by this guiding light – build on our strengths and develop new ones. We are not looking for dramatic turnarounds. We are looking for a steady but sure and safe climb. And that will come with sound policies, which are being chalked out by an efficient team. The award for Best use of CSR Practices in IT industry for ejunction is encouraging and heartwarming. I want to congratulate the entire team of ejunction, the volunteers and the coordinators for the achievement. It also reaffirms our faith that we are on the right track. However, the last thing mjunction has
‘IT will continue to play an integral role’ 4 Rourkela hosts 6th MET 5 Travelogue: An European sojourn 6
Client Speak The basics of TOC Featured junctionites Foundation day at mj
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ever done is to rest on its laurels. And with CSR it will be making no exception. We plan to do more and make vast improvements. But again we want to do it surely and steadily. I had the honour and the privilege of being the chief guest at the Tata Social Enterprise Challenge final session at IIM Calcutta. It was a joint initiative of the Tata Group and IIM Calcutta, to find and reward India’s most promising social enterprises. Every time I have the opportunity to meet and interact with such social champions, I never cease to be amazed by their grit, their determination and their mindsets which compel them to think differently. Their calling of giving back to society is something we can only admire and of course, support. What we can do is contribute in our own small way. A word about the CSR activities of the Tata Group would perhaps not be out of place in this context. Long before the term was coined, the group was the frontrunner of CSR activities in our country. From the very inception of the group, it has practised the ethos of “giving back to the people what you have earned from them”. And that precisely will be the principle of the new Companies Bill which is currently in the process of being passed by Parliament. That will make it compulsory for companies of a certain size to spend 2% of their profits towards CSR activities. That will add a completely new dimension to the activity, but I would like mjunction to do its CSR with a heart, rather than just meet certain requirements. I believe that alone can bring success and satisfaction. Let us all be united in that mission. Regards, Viresh Oberoi
Writing the TBEM application Spot awards and new faces Mixed Bag Branch picnics
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Annual sports mj @ Tata Steel founders’ day Photo contest & Quiz Corner
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