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Recession in India

Recession is the result of reduction in the demands of the products in the global market. It is a condition where the economical factor comes into play. According to a famous economist, 'Recession is the condition where the G.D.P. falls by one-third of its original value.' Recession can also occur due to deflation, i.e., the fall in prizes of the products.

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Again, it could be the result of inflation or a combination of increasing prices and stagnant economic growth in the west.

Recession in the West, especially the United States, is a very bad news for our country. Our companies in India have most outsourcing deals from the US. Even our exports to US have increased over the years. Exports have declined by 22 per cent. There is a decline in the employment market due to the recession in the West. The recent deduction of employees in high profile companies like Infosys is a live example of the effect of recession. There has been a significant drop in the new hiring which is a cause of great concern for us. Companies in the private sector and government sector are hesitant to take up new projects. And they are working on existing projects only. Projections indicate that up to ten million persons could lose their jobs in the correct fiscal ending March. The ten million figure has been compiled by Federation of Indian Export Organizations (FIEO), which says that it has carried out an intensive survey. The textile, garment and handicraft industry are worse affected. There has also been a decline in the tourist inflow lately. The real estate has also a problem of tight liquidity situations, where the developers are finding it hard to raise finances.

IT industries, financial sectors, real estate owners, car industry, investment banking and other industries as well are confronting heavy loss due to the fall down of global economy. Federation of Indian chambers of Commerce and Industry (FICCI) found that faced with the global recession, inventories industries like garment, gems, textiles, chemicals and jewellery had cut production by 10 per cent to 50 per cent.

How to tackle the global slump?

“Our economy is shrinking, unemployment rolls are growing, businesses and families can’t get credit and small businesses can’t secure the loans they need to create jobs and get their products to market,” Obama said.

“With the stakes this high, we cannot afford to get trapped in the same old partisan gridlock.