The ‘Great Recession’, since the World War 2 which stigmatized the nation with its noxious paws is almost coming to end, as prophesied by experts.
The downward spiral towards the recession trench was fuelled by the downturn of the Lehman Brother bankruptcy debacle in 2008, implications leading to vacuum of 5k employers in the UK, 20k in the US and around 2k in India.
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| Poor Piggy! |
By 2010, for India, things have being improving drastically for the positive. The BSE reached the 20000 mark on 21 September2010, the first time since January 2008.Subsequently; the rupee earned an all-high of 45.55 as against to a dollar. Moreover, the gold rate in Mumbai today is a whopping 19,695 per 10 grams.
The job market has definitely seen a spruce up. According to NASSCOM, IT conglomerates like TCS, Infosys and Wipro set to hire 90k employees as opposed to 20k last year, According to naukri.com recruitment in the IT industry is 45% higher than the previous corresponding months.
As reported in Economic times, you need to earn 40 lakhs per annum to own a house in Mumbai, all thanks to real estate prices skyrocketing close to 2 crores. Courtesy mumbaipropertyexchange.com a 1 BHK house in the suburbs could be anywhere between 12-15k per sq. Feet and South Mumbai could be anywhere around 25k – 35 k per sq. feet.
With the recent CWG success story in tow, it is estimated that there will be an overall economic impact of approximately US $4,940 from 2008-2012.
The citizens in US however, are singing a different tune. Approximately 1 in 6 Americans are jobless. Or are worried about the ones they are presently working with; or don’t have an apartment to call home; or who are struggling to pay their bills day to day.
These figures definitely don’t speak of a recession-stricken India. For now, it’s time to blow the cornet and wallow in the happiness.
For India, life just got better. Just like a bowl of cherries.
