The economy is showing new weaknesses almost every day and the pain is just starting to be felt. I have been wondering how the return of Indian workers abroad will affect the country's economy. Those workers have been sending home billions of dollars every year, substantially adding to our foreign exchange kitty and also boosting the spending power of relatives back home.
Now with that money flow drying up and the workers back home without work, it could be a double whammy for the Indian economy.
States like Kerala, with virtually nothing to show for industrial production or agricultural production, are going to be the worst hit.
Sadly, no one in the government or outside seems to have realized the impact this slowdown will have on the economy. Things are going to get a lot worse and there seems to be no concerted effort to mitigate the aftershocks.
The stimulus packages that are being talked about and offered are going to be just drops in the ocean, I feel.
Today the father of a guy doing his executive MBA from a top business school told me placements have become an issue. That surprised me, because I had thought that there would always be top B-schools. And that is also an indicator or how deep the rot is.
Unfortunately, the politicians are still playing politics and have little time for the common man. Why should they worry anyway: the more suffering there is the more opportunity for them!
