“When the going gets tough, the tough gets going”
You probably heard that proverb before.5lakh people laid off in one month! 30,000 sent in another week in the U.S.In India, a few hundred lay offs here, a few hundred there – all in the name of bad performance.You are right I am talking about recession.
The only sure bets these days seem to be cycles of recession and layoffs.This is one of the reasons people are flocking to the idea of home based business.Another contribution to this movement is the lack of job security even when people are employed.
It might sound funny, but here is something that would set your thoughts.Jessica Walter did not go to Harvard University to study cupcakes, but they are what she does since losing her job as Vice president for credit and strategy at Bear Stearns a J P morgan subsidiary. Her goal is to have this job full time and make enough to live.
The US economy has suffered 10 recessions since the end of World War II. The Great Depression in the United States was an economic slowdown, from 1930 to 1939. It was a decade of high unemployment, low profits, low prices of goods, and high poverty.
A slowdown in the US economy is bad news for India. Indian companies have major outsourcing deals from the US. India's exports to the US have also grown substantially over the years. The Indian economy is likely to lose between 1 to 2 percentage points in GDP growth in the next fiscal year. Indian companies with big tickets deals in the US would see their profit margins shrinking.
Recession has created educated unemployment in India too.Some of the companies like Wipro and Syntel have postponed the appointment of engineers.Engineering graduates of 2008 are only expected to join in the third quarter of 2009.More than the organized sector , the workers at unorganized sector are getting affected.Especially workers in diamond polishing & other small scale industries.
What is to be done now?
Those persons who have lost jobs may try to utilize the time by developing new skills.they can take course of SAP,join MBA or chartered financial analyst course. These are new areas with ample opportunities. The course in animation, power engineering, and environmental engineering and biotechnologies may be thought of. Fresh graduates can take up some assignments in well-known companies even in low salary, waiting for better assignments, where skill can be learnt.Graduates from Arts, science and commerce can prepare for jobs in banks, insurance and civil service.
At a time when the world economy is facing the worst credit freeze in several decades, India attracted $2.7-billion FDI in January, up 58.8 per cent from a year ago, and remained a favourite destination for cross-border investments.
"January numbers are very good...it is an indication of the confidence that the rest of the world has in India," Secretary in the Department of Industrial Policy and Promotion Ajay Shankar told PTI.
The foreign direct investment (FDI) inflows for the April-January period aggregated to $23.8 billion and is expected to cross the last year's target of $25 billion this fiscal.
Though the government had set a target of $35-billion FDI for 2008-09, it looked rather ambitious in the wake of the global downturn.
Up to September this fiscal, the monthly inflows were in excess of $2 billion. However, the following three months saw a sharp dip in the overseas investments.
The January figures bring a renewed hope that India is back on the radar of global investors.
if there is one silver lining in the dark recessionary clouds, it is the availability of talent in the job market. Layoffs due to financial constraints are common during recessions and these are often more due to the external environment than performance-related. So you have many a talented employee looking for other opportunities to work. The recession may engulf all of us. We need to fend for ourselves with patience by developing new skills and traits for a better future.
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