Recession And The Indian Economy

As the world continues to reel under the global recession and economic meltdown, I think it better to clarify the reality of its impact on the Indian economy. Recession means a general slowdown in economic activity over a period of time when production as measured by Gross Domestic Product (GDP), employment, investment spending, capacity utilization, household incomes, business profits and inflation falls while bankruptcies and unemployment rise. By this definition, almost all the countries of the world, including the ones with strong economies, have faced recessions at some time or the other in their economic histories.

I don’t deny that we have had a rough time since September 2008 when the global recession hit our job market. There were job losses in the exports, finances, textiles, automobiles and BPO-KPO sectors and the salaries of even those lucky enough to survive were slashed. But it takes more than that to economically derail a resilient civilization of more than five thousand years. Despite the meltdown, India did well during and after the crisis and as early as March, 2009 announced that hope was back while the worst was over.

Now, whatever is happening elsewhere, things in India have started getting better. This year has seen a positive increase in spending and it’s estimated that in the next 3 years, corporate India will invest $ 250 billion and over the next year close to a million jobs would be added. The GDP is expected to grow at 8.5% up to 2014 and continue at 7.5% after that up to 2018 with the per capita income tripling from $ 1050 to $ 3400 by 2019, the year by which India is expected to become a $ 4 trillion economy. The sectors expected to witness the most significant increase in new jobs are health, hospitality, info-tech, real estate and construction, manufacturing, automobiles, engineering, financial services, telecom and education. Industrial growth has risen in the last two quarters and from an estimate that the Indian automobile industry will create another 5 million jobs by 2012 which is in tandem with the Automotive Mission Plan to create around 25 million jobs by 2016 along with the Government investing $ 100 billion dollars in infrastructure alone, much better times are ahead.

No benefit comes without the endeavor and the requisite skills to acquire and enjoy it. My advice to all of you willing to be a part of the given rosy picture would be to decide upon the right sector now and take steps to empower yourself with the requirements and expectations of that sector. The future is very bright; let’s not fail for the want of properly trained eyes to seize and enjoy its glitz.

It is in this context where colleges like Indic Institute of Design & Research participate to give qualitative education to its students and prepares them to be a vital part of the Indian economy.

Indic Institute of Design & Research is an engineering college in the vicinity of Khurda, Bhubaneswar, Orissa. It offers B.Tech degree courses in engineering education. It has been started by people who have gone from corporate and industry background to provide quality education to the next generation. Indic admits students through the JEE examination of Orissa.

Team Indic!