January
13, 2008 Stunning
Indian Gift for British Workers
as Investors Fly In By
Dipankar De Sarkar
London
In a textbook example of globalization in action, soaring demand in
India has helped a British multinational company make a stunning
gift of a thousand pound ($1,960) bonus for each of its
Britain-based employees.
The Christmas bonus for the entire workforce of digger makers JCB
was one of the big financial stories of the festive season in
Britain, and now one of its senior executives confirmed just before
flying to New Delhi that India had everything to do with it.
"The connection is straightforward: our largest sales last year was
in India, wasn't it," JCB Global Director Philip Bouverat told IANS
on the sidelines of an India investors' gathering.
Bouverat is among a planeload of British executives representing 60
companies arriving in New Delhi Monday - part of an investment
delegation being led by Trade and Investment Minister Lord Digby
Jones.
JCB, which makes heavy-duty construction equipment, counts India as
among its more eye-popping success stories. In 2006, JCB India
became the first construction equipment manufacturer in India to
sell more than 50,000 machines - the final figure was well in
excess, at 56,000.
And sales in 2007 are likely to hit 70,000 - "a phenomenal growth,"
enthused Bouverat.
All 5,500 staff at the Staffordshire-based manufacturer got a 1,000
pound windfall after global sales topped 2 billion pounds ($3.9
billion) for the first time this year, largely on account of the
demand in India, where the construction industry is enjoying an
unprecedented boom on account of demand in infrastructure.
Turnover is up from the previous record of 1.75 billion pounds
($3.42 billion) in 2006.
"Every time a port, or an airport or a road is built, you need an
excavator, and guess who makes the best excavators? It's JCB," Lord
Digby Jones told IANS before flying out to India.
JCB Chairman Sir Anthony Bamford, son of founder Joseph Cyril
Bamford, said: "We have always rewarded our people when the company
has done well."
"What's extraordinary about this year is that we have set new
records for sales and production which makes 2007 our best ever
year. This really is something to celebrate and I thank everyone
involved in this superb effort," he added.
India is JCB's largest market and the company has three major plants
there - one in Ballabhgarh, Haryana and two in Pune, Maharashtra.
Together they sell one in every two constructions machines sold in
India.
At the London investors' meeting, Sukanya Badri of the
Bangalore-based Feedback Business Consulting Services said India
would need investments worth 170 to 185 billion pounds ($333-362
billion) across the entire infrastructure sector in the next five
years.
The textbook version of globalization - often derided by opponents -
holds that free trade and economic reforms can benefit workers all
over the world.
India's demand has translated into hard cash not only for JCB
workers in India, but also their counterparts in Britain.
As John Hepden, 41, of Tean in Staffordshire, who has worked at JCB
for 15 years, said: "The bonus makes it a really special Christmas."
Boloji.com is owned and managed by Boloji Media Inc Privacy Policy |
Disclaimer
No part of this Internet site may
be reproduced without prior written permission of the copyright holder.
