Click to play videoNew Delhi: The falling sensex, fear of job cuts, declining growth are all worrying indicators that the economic crisis seems to be getting more serious.
But how is the slowdown affecting the common man in India?
A CNN-IBN special Series Falling Sensex and The Aam Admi looks at the gloabl crisis' impact on carpenters, electricians and plumbers — people who repair and embellish the economy.
In fact, an overwhelming majority of Indians work as daily labourers. For the last 30 years, Abrar Beig has walked the same path with a paint brush in his hand. His destination is Barah Tooti labour mandi in Old Delhi, which is one of the oldest labour markets in Delhi, and a one stop shop for anyone who wants to get something repaired in their house.
Abrar sits with his fellow workers — all migrants to the capital — hoping to earn his dihari (daily wage) that varies from Rs 150 to Rs 300, depending on the work. But on many days, he just sits there the whole day. And it's happening more often even during the festive season.
"Last year we made as much as Rs 8000 during the Diwali season, but this year none of us could earn anything over Rs 4000. Labour is getting hit but we have no other option," he says.
The labourer at Barah Tooti is the ideal face of the common man that everyone loves to talk about. Experts believe that as the economy further slows down and jobs are lost, the pinch might begin to hurt even more.
The reason for such pessimism is the lack of any social security for what economists call the 'unorganised sector.'
"Job loss is particularly high during an economic slowdown and it's the daily labourer who gets hit more than the others. One way to deal with this is to provide them skill upgradation so that when they lose their jobs, they can take up another one," convenor, National Campaign Committee for Unorganised Workers, S Bhatnagar says.
But words like skill upgradation have no meaning for Suresh, a daily labourer who makes a living by cleaning other people's ears. He is skilled enough for his job that involves just three pins, one clipper, one needle and one pin.
Suresh does not have a bank account, does not own any property or vehicle, not even a ration card. Zero investments mean zero losses even when economy is heading downwards.
"This is the only job I know. I make the same Rs 100 - Rs150 per day and with that I feed my children and try to educate them," Suresh says.
A market bust might be news elsewhere, but at Barah Tooti it's the empty stomach which bothers Suresh and Abrar Beig. As daily wagers they are used to hardship and uncertainty like no one else.
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