The Global Recession and India
The third quarter of 2007 saw a tremendous rise in the Indian stock market. It was amoment when every sector in India was booming, and the SENSEX, peaking at the20000 mark was the focus of every person in India. It was a moment when peoplewondered if they had lost the opportunity of a lifetime. What was then a hastydecision by most to make a quick buck, resulted in total pandemonium when thestock markets came crashing down all through 2008. It was in the last year with skyhigh oil prices and a liquidity crunch; that we received the greatest economicchallenge of the 21stcentury - the subprime crisis in America that has shatteredsome of the world’s largest financial institutions. Its ripples have played havoc onworld economies including India. To this I question; is it right that a country on the other side of the world should dictate the lives of millions in our country?
The answer is NO.
In my view the Indian Government has not taken enough steps to improve workingstandards and labour laws; and their indecisiveness on such matters plus aninability to plan for all eventualities has resulted in huge job losses. Towards thefirst half of fiscal year 2007, with prospects of high growth rates in all sectors, itseemed that all laid down norms were sufficient. But with the financial crisis nowtaking a firm grip on Indian sectors, we can see scores of job losses in textile,jewelry, manufacturing, construction and real estate. These are labour intensivefields. Most people here have indirect employment and are therefore exploited bycompanies due to loopholes in labour laws. In these tough economic situations,hundreds of thousands of Indians have lost their livelihood as companies downsizeto increase profit margins. Most have no other way to feed their families. While every country in the world has inverted to try and change their internalsituations, India should use this time to its advantage by creating a favorableenvironment for the...
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