Expect nothing, live frugally on surprise.

Monday, November 17, 2008

The Great Global slow down

vignette reflected in mirrors across the country. Yet a faint mixture of dots, a dull image that is bloodied by the day as a ghoulish dance of economic destruction sweeps through the economy.
Every morning urban India flips open the papers to follow the grisly tale of job losses in packaged daily episodes. People across the economic spectrum now know someone who has lost or could lose their job.
The job shredders are from the marquee of the corporate world. Motorola, Goldman Sachs, American Express, Merrill Lynch, Reliance Retail, Jindal Steel, real estate major DLF, L&T Infotech, Kingfisher Airlines, Jet Airways… the pattern is similar. A rumour, an SMS followed by a speculative report that is eventually confirmed by the company.The rumours are further fuelled by an unending stream of bad news. Barring the fall in crude oil prices to below $57 per barrel, there has hardly been any good news. In fact, all macroeconomic indicators show a marked deterioration. Industrial output for the first six months of this fiscal, as measured by Index of Industrial Production (IIP), stood at 4.9 per cent compared to 9.5 per cent a year ago and manufacturing, which accounts for 80 per cent of the index, grew by 4.8 per cent in September, from 7.4 per cent a year ago. Exports for October dipped by 15 per cent and excise collections dropped by 8.7 per cent. The automobile sector, already battered by the domestic slowdown, reported negative growth across segments for October vis-à-vis the previous year with goods carriers— the barometer for cross-country movement of goods—performing the worst.This question reminds me the Darwin's theory of the survival of the fittest. It is not only the Indian job market, but the market around the world has been affected. You should not only be the fittest, but the fastest and the smartest to weather the financial storm with a sense of hope and optimism. How truly Barack Obama said in his victory speech, "Yes we can


seema gupta November 18, 2008 at 10:35 AM  

" nice artical to read on Global slowdown, well whole of the world is waiting to come up from this drastic situation.... lets wait when and how..??"


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