TCS, Voltas, Tata Consumer, Titan, Tata Motors<\/a>, Tata Chemicals<\/a>, Tata Power, Tata Steel, Trent and TataCapital are among the group blue-chip entities that have already announced pay increases and staff bonuses. Top group officials said they are optimistic about the India growth story, with the country likely regaining its position as the world’s fastest-expanding major economy.
Compensation of top management executives is being restored by the end of this month and pay increases are being finalised across group companies.
Bhaskar Bhat, Tata Sons director, said there is optimism about business prospects in the country.
\"Businesses in smaller towns are roaring and I am very optimistic about the Indian consumer,” Bhat said. “The wheels of growth are driven by the consumer. The group focused on protecting its employees last year and kept costs in check. Going ahead, profits will be driven by business growth too.\"
To be sure, the hospitality company that runs the Taj<\/a> chain, Indian Hotels, continues to face growth challenges and may not raise pay, group insiders told ET.
Significant cost compressions such as electricity, security and food costs have gone straight to the bottom line, the CEO at a group company said.
“No one is talking about how much infrastructure costs they saved, with employees working from home,”said a top industry<\/a> executive.
TCS, Voltas, Tata Consumer, Titan, Tata Motors<\/a>, Tata Chemicals<\/a>, Tata Power, Tata Steel, Trent and TataCapital are among the group blue-chip entities that have already announced pay increases and staff bonuses. Top group officials said they are optimistic about the India growth story, with the country likely regaining its position as the world’s fastest-expanding major economy.
Compensation of top management executives is being restored by the end of this month and pay increases are being finalised across group companies.
Bhaskar Bhat, Tata Sons director, said there is optimism about business prospects in the country.
\"Businesses in smaller towns are roaring and I am very optimistic about the Indian consumer,” Bhat said. “The wheels of growth are driven by the consumer. The group focused on protecting its employees last year and kept costs in check. Going ahead, profits will be driven by business growth too.\"
To be sure, the hospitality company that runs the Taj<\/a> chain, Indian Hotels, continues to face growth challenges and may not raise pay, group insiders told ET.
Significant cost compressions such as electricity, security and food costs have gone straight to the bottom line, the CEO at a group company said.
“No one is talking about how much infrastructure costs they saved, with employees working from home,”said a top industry<\/a> executive.
Optimism evident<\/strong>
Companies such as Tata Power have also seen improved business.
\"Also, as essential services, our employees have shown great resilience and commitment toward their roles despite health concerns and we find it appropriate to acknowledge and reward their contribution to growth,\" a top company official said. A Tata Capital<\/a> spokesperson said monthly business disbursements are back to similar or higher levels than last year.
\"Monthly collection efficiencies are also moving to a better level than the same time as last year. Focus on more use of digital channels for sales, service and collections across products has brought down cost to income ratios. We are optimistic about the India growth story next year, with the country becoming the fastest growing economy\" she said.
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