India in Recession

Even twenty years ago, the 21st century would have been termed the time to be in; the coming millennium being associated with glory, progress, power and modernism (well except for the loony- heads who predicted it to be all about us living on Mars in latex suits!) But only nine years into our new century, we have encountered our first global obstacle towards our aim – recession. Yes, the term which has been overused to death (after terrorism), but certainly not overhyped. And its taken the whole world by storm, quite literally. The whole world has suffered incessantly as a result, not even sparing the most powerful economies of the world (fair enough, they started it, after all!)


The worse seems to have come to worst, with even the Indian and Chinese professional braniacs being sent back east (so much for the ‘brothers’’ war-of-the-biggest-brain drain) and Obama planning to install the new policy regarding the H1-B visas and of levying extra tax on US companies outsourcing services from other countries, among them being India, which seems to have made outsourcing a backbone for its IT industry. And the Satyam scam and political tensions don’t seem to have made the situation any clearer.


Also, reports show that Anil Ambani, last year’s biggest gainer according to the Wall Street Journal is this year’s biggest loser in the market. Not a very good scene indeed, and specimens of the same can be seen among the various sectors in the country. We all know this.


But what we must also notice is the country’s optimism in these times when other nations are screaming defeat, going as far as to compare the world’s economic state to that during World War 2. Our government, quite commendably, has remained calm in this situation of tumult. The government is doing everything to ensure that stability in all sectors is maintained. At a time when overseas clients in the country are drying up, the Indian exporters are looking to the domestic market to keep the business running, with buyer- seller meeting being organised at a much higher number than before. Also, ties and collaboration are still going strong, with most recently Dow Jones getting the facsimile of the Wall Street Journal in India, while Indian companies are striving for excellence even in these times, as can be seen by Bharti Airtel and ICICI being voted first and second for innovation in India. And while the IIT and IIM graduates might have become more inexpensive, there are a lesser number of foreign companies visiting the institutes for foreign placements. Thus, though not a trend, the government doesn’t seem to be complaining. After all, it will give the best brains of the country a chance to work ‘for’ the country as well. After all Ambani puts it, while the whole country is getting older, India is becoming younger, and thus there can only be prosperous times ahead for the nation.


Kritika Kushwaha

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