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The economic slump that is shaking the whole world is deeper and affecting more industries than expected. Every industry is slashing jobs as cost cutting measures and yesterday is the worst day for labours. Nearly 70,000 jobs have been slashed yesterday.
The construction equipment giant caterpillar announced on Monday that it is cutting 20,000 microsoft_logojobs as a result of plunging sales amid sharp economic slowdown. The software industry too seems to be feeling the heat as Microsoft has decided to slash 5,000 jobs in the next 18 months. Yahoo too has decided to freeze appraisals for its employees.

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mumbai_stock_exchange1Ladies and Gentlemen: We are in recession! Don’t expect Barrack Obama to say this to you. We are experiencing the worst Recession since “The Great Depression” in 1930s.that depression had the saviour called Roosevelt. he could control the depression by taking positive reforms. But the biggest advantage he had is that the depression only affected his homeland, USA.
But what we are experiencing is on much larger scale and it is taking its toll not only on USA but also the world. Me sitting in India could not guess wats the whole problem is…We believed every bloke in our country could get a job in the world famous Indian software companies once we land out of our college. Things were rosy and I could see many faces really ecstatic at their carrer.But suddenly from the hell this thing called recession set in.
The whole scenario changed.What seemed an US mortgage problem ballooned in to a world crisis.There were large lay-offs in the BFSI sector at first and the poison spread to all the other sectors. I thought the bailout plan by US will save the world and watched the voting on the plan as if it is an India-Pakistan match. But things seem to have gone worse from there.
We saw everyone going bankrupt…From Lehman Bros to Pakistan, We saw the organizations plying here and there in private jets asking for help…nothing materialized. Finally the recession has visited India. What seemed a comfortable life has now become a throne? Employees are thrown out like wastes and the future employees (I am one among them) have been put under eternal wait. For now we seem to be in murkier water but it would clear up soon. There is always a solution to every problem and we would be able to solve the crisis soon. There is light at the end of the tunnel and let us pray we would reach there soon…

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