Tough Times

Its been time since i wrote, but couldnt resist writing on the recent financial crisis.

On one hand there were some celebrations in US with Obama's victory and on the other hand there were these n job losses. Now the number n doesnt matter because its high and by the time you read it and the next reader reads it this number would change significantly.

The worrying fact is its slowly hitting India and its effect is not just felt by IT companies as was thought initially. Naresh Goyal managed to bring back 1000+ Jet crew and brought smiles to many families but there are 35 expats who have been asked to leave now. TCS, Infosys came out in open and said they wont fire any one but Satyam fired some 30 people with reasons like fudging of bills etc. If you thought companies with major financial services focus will be the only ones hurt, L&T Infotech which primarily delivers for manufacturing clients has started forcing its employees to resign.

The buck doesnt stop there 7,00,000 people have lost jobs in Textile industry in last 2 months and another 5,00,000 will in one month. Most of these being daily wage workers. 50,000 lost jobs in Surat - Diamond Workers! Whose gonna buy diamonds at this time when countries like Iceland doesnt have food to eat. Tata Steel has fired some 400 and runs 2days a week; no one need steel these days.

Ripple effect flows on B Schools also with IIMs inviting twice the number of companies to de-risk and this year Middle East & Asia is what US & UK were last year. And dont forget the firing of HR consultants who used to supply resources for accounts like Lehmann, Goldman Sachs and others.

So that was India Inc. who initally thought it wont get effected by death of Lehmanns, Freddie Macs and other financial institutions of the world.

Now what....?? Is there a way out...Have we reached the bottom? How many more and where all? ....CSC...???Sales...?? ... I dont have answers to any of these & neither do i think any one has...I sleep with these questions daily waking to see another question added in morning! Reports from NASCOMM and others seems to prove themself wrong every 3-4 days...so i think we can just wait and watch and ofcourse....

To all those who earned million of bonuses - Thanks for this wonderful gift for your greed has brought down million of families and brought many kids/families on road!