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Is the Global Meltdown Beginning to Affect The Indian Youth?

Certainly, Global meltdown is taking its toll on Indian Youths as well. Those already in job are trying to save their jobs and new jobs are out of question. The depression rate is increasing as no one feels safe because of pink slip which was recently shown to infinite employees in recent past. The situation is worst in engineering and banking field. The most effected ones are those who are struggling to get a job. Youths have lost hope. And, those waiting for increments or change in job are having sleepless nights as are putting more working hours so that to be on safer sides which is leading to stress.

 

There is large cut down on outsourcing so those in BPOs and KPOs suffered a lot. Just think about those who were handed pink slips and that too while working. And, this depression has its effect in the whole market directly or indirectly. Everyone is suffering. Many shops in malls have been closed because of slowness and lack of capability to buy goods. In a recent survey it was estimated that even Event management companies have cut down their costs up to 40%.

Why? Because masses can not afford that lavish weddings.

“My juniors are told to wait for some time before their final placements by college from where I graduated and those who were selected by some software firms too are told to wait till the time economy turns smooth and hence, is leaving young ones devastated”, Shubhra Rishi, System Analyst in HCL quoted. Now, we can very well make out what can be the scenario in other engineering colleges or B-Schools..

Since, jobs in India is a danger so looking for a job abroad sounds next to impossible at this point of time. When Jet airways and Kingfisher airlines merged, then several air hostess’ and flight stewards along with Pilots and other staff were told to leave their jobs. Although, matter was fixed after strike and whole staff was told to join their jobs back but on certain terms and conditions, decreased pay scales and other parameters. There is peril of losing jobs indeed with it which is really disheartening.

 

Now a days, youths are compromising their careers in less than what they actually deserve. It can be seen engineers taking calls in call centers underestimating their qualifications, burring their dreams keeping in mind “Beggars can not be choosers”. They are depending on the career by chance and not career by choice.

USA is one of the countries which was affected most out of all. And since most of the US companies do business in India and with companies in India and the world over, India is affected a lot. However, for the next two years the whole world, including India, is expected to reel under the effect of the current financial crisis considered as the worst since the Great Depression of 1929.This meltdown has resulted in slowness in jobs as Lehman Brothers, Powai unit employed 2,200 people which are rendered unemployed till the time any other company will take over same. Increase rate in inflation rate can be expected in future as well. And, for those in share market and Sensex, it is a roller coaster ride.

Hence, squeeze is that only wait, watch and having patience is the cure for now. Those in job needs to stick with their job and those struggling need to grab opportunity. But, one benefit of this meltdown is that Youths are patient and have started valuing money then ever. But, hope sun of 2009 will take positive vibes along. All the Best!

Contributed By: Kriti Sharma, an IT professional pursuing MBA in marketing and International Business from GGSIPU. kritish2007@gmail.com

 

 

 

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