Indian Youth: Scapegoat of economic crises

Posted: September 17, 2008 in economic crises, inflation.job cuts, youth
Recently World Bank increased cost of living from $1.00 to $1.25 per day as bench mark of poverty. This renders India as a host of one-third of world’s poor. Also percentage of Indian population living below poverty line increased from 24% to above 40%.World bank is rightly justified in its move as price of most of the commodities have increased considerably in recent years. 

Here the question is whether wages increased in the same proportion to counter this rise. Still an industrial worker is working on monthly wage of Rs 3000. Ideally if a worker has to support a family of four then the daily share per head is Rs 25, not even fulfilling the earlier mark of $1.00 per day.
Everyone is talking of India shining and success of India inc ,but a deeper insight into it reveals the fact that only rich is becoming richer and poor is not even able to meet the basic needs. Indian middle class is trapped in a virtual hurricane rose out of increasing inflation coupled with the increase in loan EMI’s and is struggling hard to cope up even with their daily grocery bills. 
Speculation regarding recession in US economy, with its 3 out of top 5 investment banks either gone bankrupt or sold, its impact on India if not directly but indirectly is inevitable. Even though Indian FM is trying to convince people about the insulation of Indian economy with that of US but it’s not completely true. India being a service economy and US based companies constitute a large portion of its clientele. If US economy goes into recession, how come the service providers (read Indian companies) remain insulated from their clients? Impact of it is rightly seen in the firing spree in the service sector and deferred placements.
It’s really a hard time for Indian youth but we have to cope up with it in a hope of better future ahead. 

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Comments
  1. Divyendu Verma says:

    Hey GRT,
    Thought Buddy !!!!!!

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