Layoffs in India
With globalization, India is being affected as well. Oddly enough, the Finance Minister has stated recently that India will not be affected by the US and global recession, provided that domestic demand keeps up. I’ve not looked but quite a significant chunk of India’s GDP is in the IT & ITES sectors, so I wonder how that will hold true.
Times of India article on American Express laying off (sacking as known in India) workers.
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India is rapidly growing. The Engineering Services Outsourcing (ESO) industry in the country is set to achieve $55 billion in revenues by 2020. Indian companies are becoming outsourced providers of critical R&D in sophisticated areas like semiconductor design, aerospace, automotive, network equipment and medical devices. Both the Palm Pre smart phone and the Amazon Kindle, two of the hottest consumer electronics devices on the market, have key components designed in India. Intel designed its six-core Xeon processor in India. Major automobile companies have already established their shops and R&D centres here. Even new customers, including Renault, Volkswagen and Harley Davidson, are seeking to outsource their complex design engineering projects to India.