Its after some 6-7 years the word ‘Recession’ is hitting the headlines nowadays. Everyday people are getting more and more worried seeing the words recession, economic slow down, global crisis, cost cutting, job cutting in newspapers, web sites and in TV channels. Big and large economic powers like Lehman Brothers collapsed and others like AIG and even citigroup on the verge of such crisis. Government investing monies on these monetary firms to keep them alive. Is this an indication that the capital economy power “USA” is converting to a socialist country? May be this will be the beginning.
With this economic slowdown, in my point of view, one of the worst affected is the IT sector in India, in which unfortunately I am also a part of. Being a resident of great garden city Bangalore, I can clearly see the effects of this so called ‘recession’ crawling up slowly into every body’s day-to-day life. Bangalore, which was one of the major car markets in India, has now lost 50% of sales in last two months. People are not giving their cars to garage any more. Two months before I used to get stuck in traffic jams for long time on my way to office, which has now reduced for a greater bit. Since Bangaloreans has the bigger option of volvos flying through the city to all the potential IT office areas, people might have started making use of that.
Bangalore used to be a partying city. Each and every pub around MG Road and Brigade were filled with boys and girls during weekends nights after their hectic work schedule of the entire week. Now it seems like pubs are getting filled fully rarely only. People, who were spending like anything, are trying to save out maximum money and are spending each and every single penny carefully.
Big big hotels near the IT areas had cut down their buffet menu. Companies used to sponsor team lunches often to these hotels, but as a part of cost cutting it seems they had stopped or rather they had reduced such big team lunches.
All IT companies had started cost cutting in some way. They are implementing it in several ways. The measures ranges from blocking usage of desk phones to outside companies to even removing tissues in bathrooms!!! Some companies are increasing the working hours, but wait, I don’t understand the logic in that. Raising working hours from say 8 to 10 hours, in my view, the increased 2 hours wont be of any use to company. That anyway is not going to increase production for sure, but it will increase the cost. More than that companies started charging for employee transportation also. Its been heard that some companies had limited the use of coffee machines even.
Really the economic slowdown is getting worst day by day. I am witnessing its effect in IT directly, thats why am scribbling about this area. But to be frank, it getting affected in almost all sectors, from big car manufacturers to cab drivers. When will this end? If it continues like this for some more time what will the future of me? I am really getting worried these days. Why did this stupid Americans took this much mortgage loans, which is now eating up the world…