Thursday, January 15, 2009

The difference between 9 and 7

The title of the blog may seem absurd to many. Any mathematician will conclusively tell you the difference is of just two numbers. But when it comes to the growth rate of the Indian economy the two numbers seems to be so far away and between them may terms like layoffs, cost cutting, job stress losses and many others exist.

Till the last financial year the Indian economy was growing at a healthy pace of if 9% and above. There were jobs all around to choose from and employees had suddenly become king in true sense. The rising real estate price did not seem to bother the new urban markets and all the automotive giants in the world seemed to have found their largest potential market in India.

Information Technology, BPO, Finance and Real Estate were some of the sectors witnessing a boom during that period. Indian suddenly seemed to have changed gears. People were spending as if there was no tomorrow. Taking loans was no longer need based and credit cards had become a status symbol among peers.

Then the slowdown happened with IT being the first hit with the falling dollar prices. US financial giants declaring bankruptcy had assured that this depression was here to stay. The Indian economy took the jitters and slowed down. The people suddenly lots interest in the stock market and realised that their first honeymoon with the booming economy was over.

A 7% India's growth rate in this global financial turmoil may make many other economies envious but the 2% depreciation has hit us and hit us hard. Many corporates have freezed their hiring creating a virtual blocked for freshers trying to enter the market. Those within the pay rolls of organisations are living with constant fear of being fired from the company. Employees have finally come to terms with reality and have realised that a corporate job is not something to be blindly trusted upon.

There is a gloomy look in many faces and the gossip around the office campuses are no longer on India's performance in cricket matches. All these just because our economic growth rate dropped by 2%. Well who said statistics and numbers do not matter. It all seems to be a number game!


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