Sunday, March 1, 2009

Recession hits IT city

The world economical melt down is affecting all people worldwide. And the influence is more visible in IT cities in India because here the richness of foreign money was very much visible. Now so many IT companies are facing problems and still its employees are getting pink slips and many are under the shadow of pink slip threatening. Many companies cut down the salaries. So all hesitate to spend money lavishly like before. This melt down is visible in shopping malls, theatres, supermarkets and everywhere. Real estate companies’ prices also have fallen down. Actually rent is so high in Bangalore. It was so struggle to survive for normal people here because of the high rents. Now that also is coming down. Even hospitals also were utilizing the IT money. Now they have to slow down their rates too.

TO LET boards are displaying everywhere. Also many jobless families are waiting for the ‘school year end’ to shift from here to native places. So by the end of March more vacant houses will be available. People who spent money in control in their golden time are feeling a little safety now. Others are suffering. Many are under depression and counseling cells are formed aiming them. The global recession has hit every sector. Changes are natural. All are affecting in one manner or in another. We must take it in the positive spirit and should work hard to carry on. If the living expenses are reducing as before we can tolerate it. Let us hope for the best hereafter.