IS AMERICA THE NEW GREAT BRITAIN?

The most written columns on page one last week were massive job cuts and scaling down of salaries of employees of top IT companies in India. You name them and you will find them on the list. TCS, IBM, Infosys and the tails extends. Reason of sacking was given as depreciating American dollar against Indian rupee and the oscillatory nature of US economy. Experts say there has been a rupee appreciation of 14% which has slowly shifted businesses to new avenues like the Philippines etc.Worries are growing in export industries because the United States is India's largest trading partner. For example, most customers of India's information technology industry are American companies, and if their profits fall, the flourishing local software companies could suffer. Only the top order of the Indian IT circuit had opened publicly the numbers they have dropped from their rolls causing uproars with the industry insiders but still left in the dark are similar actions carried out by smaller and lesser known companies. And there are concerns that foreign investment into the country could decline if there is a slowdown. This can be attributed to over dependency of our IT and ITES machinery on business outsourced from the US. Even the run of the Indian bull is accelerated or retarded by the rise and fall of stocks overseas. America seems indirectly to be the new Great Britain ruling India and its economy. When the English left, the country was left in the lurch and analogous will be the situation when America slowly moves it outsourcing base from India. If the present state of affairs continues the Indian economy which has self proclaimed IT and ITES as its backbone may crumble to ashes from which the rising of the phoenix may never happen.

This can be tackled by bringing a balance in the growth areas. Planning should be done with a long term holistic and 360’ vision in order to bring stability. Agro industries could be brought to lime light by giving it a face lift. Investments could be made on new technologies that may help to increase production thereby indirectly bring a rise in revenue. What are we going to fill our tummies with for survival, without addressing the farmer’s needs and requirements?

A basement that is not strong enough may pull down at anytime a beautifully designed and well constructed building!