Monday, April 27, 2009

Ride the Recession

The title of the post is the programme on NDTV this weekend with Dr Narayana Murthy of Infosys. The half hour interview could have been a one hour session giving more inputs from the Technology guru. There was meaning in every word he said and truth in the way he was explaining things. This recession is worse and it can get worser. But how much we are prepared for this is a big questions mark. Leave alone individuals or the corporate gaints, the unpreparedness is everywhere including in the way government machinery can tackle an economic tsunami. India with around 22 lakh people directly working in the IT sector is a no-nonsense segment providing huge export revenue to India. There are millions of others who are working indirectly wheeling the IT industry. The IT industry has changed the face of the Nation in the global platform. Indians with the intellectual brilliance had brought in a wider recognition for the country on the world map. Today we are not just a brown community, but a strong empowered group of intellects who can manage the world satellites, control the economy, create vast business empires and emerge as people who can bring in a tolerance and growth of the Nation. Except of the lakhs of NRI's residing abroad over 70's and 80's there wasn't a bigger recognition to Indians on the gloabl scenario till 90's when the IT industry changed the framework of accepting Indians all over. Today,the recognition is vital and predominant. Its not just the cheap labour or the exchange rate benefit that brought in export revenue to the country, but the hardwork, persistence and quality of deliverables, products that aim at customer satisfaction and quick turnaround and devotion to work is recognised. Economies played a major role and at the same time, value for the money paid made the western world depend on us. Today it is not just the economy of a nation in trouble, but this is a vicious circle where one economic downturn impacts the neighbouring economies as well. At the same time, the fall of the US economy did not destablise the Indian economy inspite of the impact being high on global revenues for the basic fact that the banking and financial fundamentals are strong and nearly 70% of the economy is dependent on the non-IT sectors. The only way to combat such a huge downturn and global crisis is to make indegenious products for self-sufficiency by every state to make the best out of the worst times. At the same time, keeping the global concepts as a add-on accelarators to the growth and revenue of any economy. The old adage "Make Hay while sun shines" still holds good for the fact that for every up there is a down and vice versa. Its time to wait for the other side....

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