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Haryana shuns, Karnataka funds


Haryana shuns, Karnataka funds
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Gurugram is North India s Bengaluru for startups, but a quota law enacted by the Haryana government could soon cause a mass exodus of startups, and with them, talent and investment. Karnataka meanwhile is tapping the rich and famous to set up a Rs 100-crore fund for startups. Talk about a contrast.
Also in today’s letter:
Three days, four unicorns
24x7 food delivery in Mumbai
Most startups in Haryana are ‘rethinking plans’
More than 60% of startups based in Haryana are rethinking their investment plans in the state following the enactment of the job quota law. ....

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Haryana job reservation law forces startups to rethink their investment plans in the state


Haryana job reservation law forces startups to rethink their investment plans in the state
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Synopsis
The impact of the Haryana job reservation law on Gurgaon-based startups is expected to be significant since 67.3% of the employees earn below Rs 50,000 per month.
Agencies
The Haryana job reservation law is seen as likely to undermine Gurgaon s position as the North Indian hub for startups.
New Delhi: Nearly 60% of startups based in Haryana are taking a relook at their future investment plans in the state following
the recent enactment of a job reservation law.
The New Haryana State Employment of Local Candidates Act, 2020, which stipulates 75% job reservation for locals with a monthly salary of up to Rs 50,000 in the private sector, will result in the shifting or expansion of operations to other states which do not have such laws, IT industry lobby group Nasscom said in a survey released last week. ....

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80% firms wary of Haryana's job quota law, say it will negatively impact future ops


80% firms wary of Haryana s job quota law, say it will negatively impact future ops
The state s move would impact nearly 1.5 lakh current jobs in IT-ITES sector, and given the industry s high attrition rate, could have a severe implication in 1-2 years, Nasscom said in a survey
PTI | March 16, 2021 | Updated 10:09 IST
Nearly 80 per cent of the companies surveyed by Nasscom recently stated that Haryana s job reservation law would negatively impact their future business operations and investments plans. The state s move would impact nearly 1.5 lakh current jobs in IT-ITES sector, and given the industry s high attrition rate, could have a severe implication in 1-2 years, the survey by Nasscom said. ....

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