END OF THE SUNSHINE DAYS??

I had aspirations to study Physics as I was taken in awe by the vastness of the Universe as well as the smallest dimensions of atoms and its particles even though I knew well enough that the mathematical background needed to understand it was poor. Thanks to my Physics coaching master, the urge to study the queen of sciences was growing. Finally I landed up studying Engineering though not by choice specializing in Electronics and Communication after rounds of constant brain wash by parents and relatives. The reason given was the defined and immediate job opportunities it would provide given my ‘middle’ middle class background (this was in 2004 and IT was booming). With the same fervor which I would have put if I had done Physics I pursued the course and as expected I was recruited into an IT MNC with a handsome pay package early on in my pre-final year. It was a proud day for my father as I was the first Engineering graduate in the family and more proud and happy by the fact that my starting compensation was nearly the double of what he currently earns after more than three decades of working. A year has passed since the offer was made and more than four months have passed since my graduation and I am yet to receive my posting orders. Months of waiting has paved the way for frustration and dejection. Similar fate is shared by most of the freshers who have passed out in 2008 and were given offers in IT companies with the exception of a privileged few from premier educational institutes. Even after constant promises from companies that offers would be honored dark clouds looms large with the current global economic turmoil. Over dependence of both our economy and the rising work force on the IT industry has led to this poor state of affairs. Our failure to concentrate on other growth areas such as manufacturing, agriculture, production etc has added to the woes resulting in inflation that has led to drastic organizational measures and restructuring like cost cutting and employee layoffs. News of employee layoffs by IT concerns has become the order of the day sending shock waves across the population of new blood of expectant pass outs. Are these the hours of darkness in the sun-shine industry?

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!