Defeating recession
SUMIT RAINA
Recession is the fashion and talk of the town. In India we may be facing it for the first time directly, but in this Global Village, we can’t remain isolated. Sometimes I wonder how recession can come in one day. One fine morning you wake up and see a headline in bold black letters ‘World in Recession’. Then companies start their cost cutting operation. Job cutting is the first thing in their plan. A day back when the same employee was earning profits for company, how can he/she become unproductive in one day? Recession is the time when companies should come forward and assure their employees about their future and analyse the cause of slump.
Who is responsible?
But employees are made the scapegoats for the mistakes of the top management for they only carry out the orders of their superiors. What was the cause of Lehman Brothers becoming bankrupt? Was it not because of the wrong decisions and the policies of the management rather than the mistake of the employees of the company? When Citibank’s shares are plunging downwards and their debts increasing has their top management been sleeping?
Why fill the bank accounts of celebrities and film stars for endorsements in this time of recession? It can save lot of money and at least can also save a few hundred families from starvation. Can’t we work without investing huge amounts in the interiors of the offices? Why not have meetings in the office premises? There is need to find new markets for our service and manufacturing industry. We can’t remain solely dependent on the American market. And last but not the least appeal to big business magnates, you earn billions of dollars of profit every year through your employees; can’t you share the company’s burden at this time? Don’t shy away from social responsibility especially in a country like India.
I may sound to be socialist in this capitalist world but these measures can certainly bring down expenditures and help in cost cutting. Job-cutting should be the last measure.
Yes, American government can bailout their companies and people with a seven hundred billion package but who will bailout the Indian middle class?
Effective cost cutting
Surely we can ourselves fight and defeat recession. Think about people in deserts who know the value of every drop of water. They conserve water during the monsoon for use in summer. We, middle class people, should follow the same policy. Value the power of money and save it for the future. It is true that due to economic boom, lots of money has come to middle class. But is it wise to waste it on lavish marriages and luxury items?
Cars have become the next fashion and passion for the middle class. But you can use public transport to save your money and some precious oil also. If you still want the comfort of car travel, start using a car pool.
Don’t try to invest in share markets, if you have proper knowledge and expertise. Be safe and happy. Try to invest in diverse sectors so that risk is less.Try to have back up career options, especially technology and financial professionals. Rise may be steep but fall is also very hard. There will certainly be a new sunrise but we must keep in mind that night can come again.
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