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Old 9th January 2009, 18:03   #106
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Originally Posted by sbasak View Post
I'll second that. Remember that, when UN was formed India was offered a permanent seat in security council but some idiot politician gave it away to China! They have a single party government. The bad this is that they can force people to work for food & shelter only without paying any money (they do it anyway). But the good this is, good decisions are implemented there much faster where in India, it becomes a debate between multiple political parties.
Well said. Leave alone the comparison on industrialization. Chinese Human Health Index (such as maternal mortality rate, infant mortality rate) and Literacy rate has gone to one as developed nations. And in india we are no where near to them.
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Old 9th January 2009, 21:26   #107
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China too manipulate figures,dont forget that their currency Yaun is still not showing its real value against other foreign currencies same goes for other Index,the way I see daily LME inventories of copper and zinc(main metals which China is using)don't surprise in short time if China accepts recession! Not far let me tell you.
For me China is in recession,today or tomorrow picture will be visible to all of us.
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Old 22nd January 2009, 10:59   #108
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I feel really miserable right now. Two of my teammates are going to be 'released' today, and they dont know it yet. Its difficult even to have a normal conversation with them.
They are good people, they dont really deserve this. But the pressure from the client to reduce billable resources is just too much.
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Old 22nd January 2009, 11:26   #109
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Indian economy is not in recession. I dont think Indian IT is in recession as a whole. Would be great if we know what sectors are in recession.
Real estate is the only one that I can count of. But even in West real estate never grows consistently, its always going up and down and is not really a huge factor.

Its funny that we are assuming others recession to be ours. In Asia, 40% of the economic share is in manufacturing. This might affect us going forward.

Its indeed bad times. One can't imagine what a recession in India would be like.

Last edited by srishiva : 22nd January 2009 at 11:30.
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Old 22nd January 2009, 12:16   #110
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We are largely dependent up on USA and other countries via the route of exports. Be it IT/Services/ Auto components or consultancy. When these firms have extinguished, how would we survive. Why do you think Lay off's taking place in India?
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Old 22nd January 2009, 14:04   #111
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I work for a large Indian IT company. IT growth will face its bad ever in the coming year 09-10.

IT is expected to grow at 5% in 09-10. Even in 2000-01 downtime, IT industry grew at 20% average.

The recession we are seeing now is the worst in last 40 years as per Industry experts. The worst is yet to come in 09-10.

Lay offs everywhere but not reported in media. Many of my friends in IT/Service/Retail industries have got Pink Slips.
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Old 22nd January 2009, 22:24   #112
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Default Layoffs: Microsoft 5000, Intel 5-6K, IBM (rumour 16K)

Hi guys,

I just heard that Microsoft is laying off 5000 guys, and it appears most of them are in the US. I got this news from a pal of mine who works in Microsoft, Hyderabad. Per him, the CEO in India has sent a mail to all employees in India that no permanent positions in India are affected.

Microsoft was one of the few companies that had a track record of not ever issuing pink slips, but it looks like they have now departed from this tradition.

Last month, AT&T laid off around 12000 employees in the US and other international locations. Luckily, nobody in India was affected.

God knows what lies ahead ! Keep your fingers crossed, guys. Hope India is not affected. We dont have any labour acts like COBRA, etc to take care of employees who are laid off.
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Old 22nd January 2009, 22:56   #113
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Add another 5000 from Intel.

http://www.mercurynews.com/business/...nclick_check=1
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Old 22nd January 2009, 23:19   #114
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Yup thats the state. No layoffs in India at the moment but not sure how long it'll be the same.
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Old 23rd January 2009, 00:06   #115
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Originally Posted by vnabhi View Post
...I just heard that Microsoft is laying off 5000 guys, ...
unbelievable .

I thought this was one product-based IT company that wouldn't be affected by the vagaries of the economy. Guess the worst of this market slump is yet to come.
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Old 23rd January 2009, 00:29   #116
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Venu, this is shocking news. I happen to handle Microsoft as an account and meet key stakeholders from senior leadership team every other day.

In fact, i met some senior leaders from APAC, India and Redmond in Delhi yesterday and no news of this sort was even slightly indicative came out from most of the leaders that i met.

I will speak to my contacts tomorrow and double check the same. If true, it's really bad news for my business

Btw, there is no CEO in India. Every group ( their are 6 of them and major ones being in Hyderabad like IDC, MGSI, MSIT and PSS) have individual heads and I met every one of them in the recent past. In any case, let me come back again tomorrow.

Last edited by mobike008 : 23rd January 2009 at 00:34.
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Old 23rd January 2009, 01:01   #117
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I am currently in "The" Silicon valley.
It feels weird here. In 2007 you had to rush to office by 8:15 otherwise the coveted covered parking in our multi company complex would be full, no its half empty any time of the day. The entire road which had offices now has for lease signs all over.
Its like the companies disappeared overnight!
Not only our office area, but such for lease/sale signs are everywhere, in the apartments, in the offices.
In India recession is visible, but not so much, over here its kind of scary. Its a pure carnage.
IBM/MS/Intel etc., etc., are big companies, so its visible in news etc., but there are hundreds of small companies which had folded up and there is no media coverage.

I am really wondering when will we see the bottom. If economy does not turn around for a year more, its going to be the year of carnage
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Old 23rd January 2009, 02:50   #118
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Microsoft will lay off 1400 by March 2009, and the remaining by 2010.

Its a scary feeling now,being in the US. I went through a lay-off last year and took 4months to find a job. Today,my brother lost his job. And we were with the same biopharmaceutical firm.

God help us all!
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Old 23rd January 2009, 03:26   #119
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Quote:
Originally Posted by Nitin View Post
Microsoft will lay off 1400 by March 2009, and the remaining by 2010.

Its a scary feeling now,being in the US. I went through a lay-off last year and took 4months to find a job. Today,my brother lost his job. And we were with the same biopharmaceutical firm.

God help us all!
Hey Nitin,

Really saddening to hear about your bro, the US based jobs are at a higher risk of lay offs.

I work for a US based co, believe me its as Tsk mentioned, there are just carcasses of businesses all around the neighborhood.

Seriously sad to see the financial powerhouse - the USA go to such lows.

Let's all hope and pray hard that these times too will pass.

Regards

M M

Last edited by mmmjgm : 23rd January 2009 at 03:28.
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Old 23rd January 2009, 08:00   #120
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If giants like Microsoft are affected, I now really wonder what is the real state of US economy. And I am really worried about this field as I am going to be in this field from around 4-5 months from now.
The worst shock came to me from Intel. They are doing good business and I am sure that they are not losing a lot of money. But still the huge cut is surprising. And there are no such news from AMD, the company that is yet to come out of the C2D blow. May be Phenom II gave intel the blow, but jokes apart, its now only hope that the entire world comes out of this as soon as possible.
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