According to an estimate top 10 industrialists of our country have lost 139 arab US$ in this Financial Tsunami with top lossers being Mukesh Ambani wid loss of 4000 crores,Suneel Bharti Mittal of Airtel lossing 2500 crore,KP singh of DLF real estate loosing 2500 crores,Ajij Premji of Wipro loosing 700 cores,Anil Ambani of ADAG of Reliance loosing 300 crores .In all in all stats show that this loss of top 10 industrialists comprises of 16% of India GDP.
Every Sector is suffering from heavy losses due to this recession .IT industry has been hit hard wid Top IT companies lossing major projects due to collapse of major investment banks of US.This has resulted in large job cuts and Layoffs in IT industry.Even story is the same is other sections too banks and financial institutions have also suffered heavy losses wid many foreign banks laying of employees,same is the scene in Real state industry,aviation industry has also been hit hard due to price rise of fuel in international market and this recession.Recently Jet laid of 1900 employees and took them back by reducing their salary.Thus every company is engaged in jobs cutting and cost cutting.
This recession has also caused gloomy atmospheres among young graduates passing out from T schools and leading B schools with placements being affected at large and pakages going down,companies are either deferring the joining or cancelling the joining of last year campus recruits.
The country's growth have been affected with GDP for current year expected to be lower than what was expected and also growth in manufacturing sector have come to halt.
Under this scenario of investors and general public lossing faith in market the finance minister and RBI governor are trying to restore faith by continuoslly saying that India has sound finacial base and will not be affected much by world financial crisis.Though RBI has taken some steps by decreasing CRR to 6.5 ,repo rate dropping down to 8 from 9 percent and several other measures but all these measures have not been able to restore confidence in investors.
This global market turmoil started with subprime crisis when US banks gave loan to subprime lenders in a realestate boom but were unable to recover the huge loans and thus got bankrupt.The name of US big investment banks who got destroyed includes Bear Stern,Washinghnton Mutual,Lehmann Brothers and the latest one being Alpha bank .This financial Tsunami has now gripped the whole world in its arms.
Thus there are some lessons to be learnt from this whole story of turmoil that is some wrong decisions are very much important where one right decision can take you to the pinnacle of success some other wrong decisions such as subprime lending can lead to this what is being termed as one of the greatest financial crisis ever in the world.
Diwali is near but mood of the people is gloomy.Makets are void of customers and people are worried and not in festive mood.Diwali me logon ka Diwala nikal gaya hai.Hope condtions will recover as soon as possible Amen!!!