I don't know a damn about Economics, least of all RECESSION. But in the last one year, I have not counted, it would be innumerable times I have been asked about recession. People think that I, being a just to pass out engineer, will know everything about the term 'recession' and the repercussions that it has on the future of engineers like me. But no myself being from non-economics background, I have no information on that term which is affecting so many lives world wide. Of course, I can tell something about the miseries people are suffering because of it. Perhaps we Indians are lucky, we are affected in a lesser degree, but no doubt we have also fallen into its vicious trap.
Very recently, a cousin of mine who is an IT professional took a leave to marry but he was not sure whether after returning back the company will need him & more so if at all the company will exist. Every day thousands of employees are shown the door with either little or no compensation. Another incident happened with a passed out senior of our college, he was working in an MNC which is of good repute in our country(I don't want to name it) & was handed the pink slips even after having an experience of eight long years. Now, devastated to such an extent as to how he will pay back all the loans taken from banks to buy a car and a lavish flat that he came to a professor out here and requested to somehow manage a job of even five thousand bucks. He also has a family to sustain. All the major companies are into cost cutting efforts and the days of effluent and lavish spending and living are gone. Salaries are slashed in most of the companies. Gone are the days when people dreamt of earning in dollars and pounds by moving to the developed countries, as there is a growing trend in U.S. and Britain to offer jobs only to their countrymen in this situation of job losses & unemployment. And to me it sounds good also as I too won't like someone from another country eating away into jobs in my country.
Its not such that only the IT professionals are affected but it has taken into its sphere of influence all avenues of life starting from the petty daily labourers to the top level executives. The export business is the most affected. As India has the largest diamond cutting industry and the polished diamonds are then exported, the industry has to suffer heavy losses. Thousands of workers lost their jobs in those industries. You can understand the hardships they now have to face. perhaps semi-skilled workers in our country are the hardest hit.
Talking of all, how can we forget the ones who are to join the job market this year. They are the most unsecured of the lot. They don't have any experience to rely on for searching jobs. Even the companies that have offered jobs are trying to get away from them and these includes big names. Some though are not directly saying, they won't give offer letters but definitely joining dates are going to be delayed. The market that so recently was in upswing and felt there is a shortage of skilled workers has taken U turn. Companies used to hire professionals in advance so that whenever new project comes, they can be absorbed into them. No longer is the same case now. All the companies are taking a strategy of wait and see. Many job seekers have also changed their priorities as they no longer want to run after high salaried private jobs but settle into more stabilized government jobs.
The share markets climbed rapidly as there were lots of foreign investments and when they felt they made enough profits, started withdrawing their money from the markets. The share markets ballooned and then busted. It is one of the primary reason for all that having now.
Now, when I am talking so much into the effects of recession in people's lives, how can I stop without saying its impact on me. And as all of you can see I have jumped into the blogosphere.
But the silver lining is that experts are of the opinion markets going to improve in the near future & it would be much more stable than it was. This is the only hope though may be against the hope. Then there is no other way out also.