Exodus begins in India

I was chatting to one of my friends over in India the other night. He was talking about layoffs in the high tech sector

 

(2/23/2008 2:20:06 AM):

LN: siababa.. what you told me... on that day is true.. recession has started here..
LN: engineers are loosing the jobs..
LN: TCS / Yahoo / IBM 
LN: layed off around 800 Engineers

 

What LN is telling me is telling me the prediction I made 4 years ago is begining to come true. The engineer's had it good for a while, jumping from job to job and expecting double digit pay raises.. Alas, they have priced themselves out of the market, exodus begins. Right now its a small trickle, soon it will gain momentum and before anyone realizes, all the big companies will be gone and won't be back for a long time. Alot of folks will be without work but lots of loans to pay off. Hard times to come. 2008/2009 will be bad years. My advice to my friends in India is, save cash, pay off loans asap, and find a good paying job in a local company if you can. Its gonna get tough.