|


› 9




 

9

 
  

A recession is a contraction phase of the business

cycle where significant decline in economic activity
lasts more than a few months, which is normally
visible in real GDP, real income, employment,
industrial production, and wholesale-retail sales.
  !" 9#$%&

Phe current economic recession has hardly spared

any country on earth. Rich countries like USA,
UK, Germany, Australia, Japan, Canada- almost all
the rich countries have got badly hurt from the
recession. So, there is no reason to be surprised to
know that Indian economy is also getting hurt from
the global economic recession.

 
| 



Phe following graph

shows the changing
trend over the Years
in all the major
sectors which
contributes the
overall development
of the Indian
Economy
  '($"

]or India, it is even a bigger problem because India

is the land of IP outsourcing and a lot of large
western companies outsource their IP services to
Indian companies. So, it is obvious that the supply
of works for Indian IP companies will suffer in
2009. If the global economic recession continues
then Indian companies may really suffer even in
2010
.
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 › As per a survey of 480 Indian companies over
9
 December 2008 and January 2009 conducted by hr
consultancy firm Hewitt - despite the economic
  slowdown, a majority of Indian companies are still
hiring employees. Here are some interesting revelations
6here is of this survey
[ Average salary hike in India in 2009 will be 8.2% (the
recession? ± As highest in the Asia pacific region however first time in
per Hewitt six years that India is likely to see single-digit salary
increases)
survey report [ Projected salary hike is lower than the increase of
Indian companies 13.3% seen in 2008
[ Phe hike higher than china (8%) USA (3.2%) and Japan
are increasing (2.3%)
salaries at highest [ Sectors expected to see the highest raises are ] CG,
durables and telecom.
rate in Asia [ Healthcare is sector that is doing well globally and in
India. In 2008, hospitals had awarded the lowest salary
increases but have been placed among the top five
sectors for 2009.