'Correction needs to happen in IT salaries'

There should be a correction in salary offerings rather than job cuttings in the IT sector, opined state major industries minister Kanna Lakshmi Narayana.

Delivering the inaugural address on ‘Business growth strategies in the economic downturn’ at the Confederation of Indian Industry’s MAN’EXE 2009 here on Wednesday, the minister said public should spend wisely and save more while builders should drop prices so as to bring buyers back to the market.

“The government should try and improve liquidity, while the cash reserve ratio and statutory liquidity ratio need to be cut further. Indian companies have to adopt a multi-pronged strategy, which includes diversification of the export markets, improving internal efficiencies to maintain cost competitiveness in this tight export market situation,” he said.

The petroleum, chemical and petrochemical investment region (PCPIR) between Visakhapatnam and Kakinada, the minister said, was likely to generate about 1.2 million direct and indirect jobs and that the investment proposed in PCPIR was about Rs 3.43 lakh crore. “Due to the availability of natural gas in the K-G basin, more number of chemical, refinery and petrochemical industries are expected in the region,” he added.

Stating that about 15,000 Mw of power will be added to the existing 13,000 Mw in the next five years, the minister said power tariffs in Andhra Pradesh were least in the country and were coming down year after year since the last four years.