The recent stock market plunge has raised many questions about the sustainability of the various economies around the world. The so called G7 are the worst affected and the crises has trickled down to the developing economies and less developed economies. With every passing days we see more bloodbath in the market and no amount of government intervention and policy decision has been able to steam the tide. The situation is very similar to the bull run where no amount of regulatory measures was able to contain the markets and on the contrary it climbed to higher levels with every passing day.
With US going under severe recession economies around the world will take a hit. It is said the when US sneezes the whole world catches cold, this time US is suffering from acute viral one can only compherehend the woes of other economies.
In India one can already sense the cooling of the economy. Companies have started cutting investments and suddenly cost cutting has become the most important management tool. In such crazy times ...crazy because just the other day everything was hunky dory, no one can be immune to any event. Just the other day indian media went berserk over the sudden dismissal of about 1000 employees of a very prominent airline company. My sense is that it is just the tip of the iceberg and many such news will make headlines in times to come.
All the leading financial institution across the world are cutting jobs and huge layoff is a fear that has gripped ever one in the corporate world especially the ones in financial sector. One can only imagine the plight of people who left their home for a cushy jobs, little did they realize the trauma that awaits them. Most of these men and women would probably be living in a nuclear family having very little to do with parents and siblings, have been a part of the world wide consumerism drive and where EMI's have become a part of their life.
In India too we will see the rub off effect. Already major airlines have announced the layoff and more will follow the suit.
In such difficult time one cannot help but wonder weather Indian way of life which is built on family values, advocates savings, gives a slightly conservative approach to life and a spiritual inclination will come in handy.
No wonder the world is seeking everything Indian from fashion to food, from spiritualism to entertainment and now Indian way of life could be the next big thing in the west...........