As part of cost cutting-measures to tackle the global economic downturn, the most of the Indian IT industries announce major job cuts. The Sathyam, one of the India’s major IT industry frauds is added more burden with this global Economic crisis.
Last Wednesday February 25, 2009 the United States President Barack Obama’s latest stand on outsourcing is also making worry Indian IT peoples. Barack Obama the US President says, “We will restore a sense of fairness and balance to our tax codes by finally ending the tax rates for corporation that ships our jobs overseas.” In previous of this month the US government announces restriction for largest chunk of the H-1B work visas.According to the latest data released by the US Citizenship and Immigration Services (USCIS) for the year ending September 2008, just four Indian IT companies alone accounted for more than 10,000 H-1B visas issued by the US in last year. Microsoft is the only non-Indian and also the only American company which got more than a 1000 H-IB visas issued. These are the factors affect the IT industry, and forces to reduce the workforce in significant amount and cost cuts. These current situations make Indians to worry about their job. Every minute they got fear due to current crisis. For their every email from Human Resource Manager scares them much than earthquake even though from manager level. Today also India’s one of the major IT industry TCS announce job-cuts are possible if the situation worsens, but said there are no immediate plans for lay-offs. The company already cuts out the salary hikes next year and frozen “lateral intake” besides increasing weekly working hours for employees. The Dell, the world’s No. 2 PC maker also faces revenue to fall this year, in the middle of heated competition and the global slowdown. It expects to announce significant amount of jab lay off soon. Before this happen the land valves, house rent, food item cost and living cost of the Indian metro cities are in peak of the Everest. Now is slow down. The most of the shops are closing down. The number of peoples in bar and pub are reduce in significantly. Due to this unsteady economic situation forced some of the professionals and graduates to apply job for Armed forces. This is the current status of the Indian. The money spent by the IT people is some how reduced much than previous one. They spent money only if it is necessary for their life. They are ready to make them highly stuffed one than others in the industry. Some of them are preparing them self for their higher studies. Few of them sold their cars and luxuries properties in recent month.