RECESSION AND RETRENCHMENT
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India is a solution not the problem: Naukri COO
Published on Tue, Nov 18, 2008 at 20:43, Updated on Wed, Nov 19, 2008 at 12:44 in Business section
Tags: US Financial Crisis, Stocks
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With recession hitting US and a large part of Europe, Indians are becoming a worried lot. Though there have not been any lay-offs in the country as yet, the financial tsunami has already claimed some victims. Naukri.com COO, Hitesh Oberoi answered queries of IBNLive readers on the job scenario in India and whether this is a good time to change jobs or to stay put in one place and let the recession blow over. Read on
Pintu: Is India also in recession?
Hitesh Oberoi: Most economists feel that India will grow at 7pc this year and 6pc next year. However growth in the next two quarters could slow down to under 5pc and then there could be a mild recovery with growth picking up towards the 2nd half. My sense is that India will probably grow at 5-6 pc only for the next 12 months. This is not really a recession. Yes companies have hired assuming 9pc growth and therefore they will take a few months to adjust to this new reality and hiring may slow down considerably in this period.
Keyur: Hi Nitesh. Good Evening. What is your view on job opportunities in BFSI segment for IT industries? I feel that due to cost cutting activities in US and all over world, cheap Indian labour will be at distinct advantage and more job opportunites will be available.
Hitesh Oberoi: The BFSI segment is the worst affected. It may take some time (atleast 6-9months) for the BFSI segment to recover. Other segments will recover much faster in my opinion
Rahul: Hi, I am working as a functional consultant in one of the banking product companies in India. Given the present outlook, though the Indian IT companies have not really started layoff, however if they do, what are prospects of firing functional folks, as they are way less compared to software developers or technical folks.
Hitesh Oberoi: There has always been a shortage of functional consultants. I think your job is relatively safe.
Deepjyoti Paul: What do you feel about the recent future of mid time placement consultants?
Hitesh Oberoi: Consultants which are dependant on only 1-2 sectors or just 2-3 clients may run into problems especially if they are not financially strong.
Yoganathan: What's your take on changing jobs now, any tips?
Hitesh Oberoi: Do your research well. Go to a company which is well funded, profitable and can take a couple of bad quarters in its stride.
Deepjyoti Paul: Do you think there will be a dot com bust as there was in 2000-2001?
Hitesh Oberoi: Any company which is not well funded and does not have a business model which works whether a dotcom or otherwise will face a tough time.
Anil Kumar: What you think about IT jobs in India after Obama has been elected president. Are the numbers going to come down?
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DEAR SIR
INDIA IS ONE SUCH COUNTRY WHICH HAS A SOLUTION FOR EVERYTHING
THANKS
REGARDS
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Hi Oberiu
Every body wants to know how safe his domain is in current scenario buy i
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