India, Suddenly Starved for Investment

[Coventina]

Source: New York Times

GURGAON, India — Sumit Sapra is a member of that ambitious, impatient generation of young Indians who rode the crest of the global economy. In five years, he changed jobs three times, quadrupling his salary along the way. Even when satisfied with his position, he kept his résumé posted on job sites, in case better offers came along. And he splurged. In three years, he bought three cars, moving up a notch in luxury each time. For weekend jaunts, he bought a motorcycle.

Mr. Sapra’s last and best-paying job was at the Indian headquarters of the financial services arm of General Electric, investing western money in Indian energy projects. But last December, foreign money dried up and Mr. Sapra, with a prestigious degree, was laid off.

(snip)

Not long ago, Indian leaders confidently predicted this country would emerge largely unscathed from the global economic crisis. It is now becoming clear that that view was too optimistic, nowhere more so than in this city south of New Delhi that was once the symbol of India’s economic boom.

A few short years ago, construction sites here buzzed 24 hours a day, crews working through the night, cramming down food from onsite trucks during breaks in the twilight. Now real estate sites lie fallow. The once-booming art market has slowed to a crawl. And charmed professionals with coveted degrees, like Sumit Sapra, are unemployed or taking pay cuts to hold on to their jobs.



Read more: http://www.nytimes.com/2009/05/05/business/global/05rupee.html?ref=asia

[YOY]

1. Sorry but when one of the main customer no longer has the means to pay...

they stop buying.

[Hello_Kitty]

2. You beat me to it!

It's so simple and yet some of the so-called greatest economic minds failed to grasp this basic fact.

[YOY]

4. I pointed this out at business school.

I got called nasty names behind my back for it.

I'm hardly laughing now still.

[OhioChick]

6. Bingo! n/t

[thunder rising]

3. Unlike those worthless Americans, Indians are "charmed professionals with coveted degrees,"

[Skittles]

7. those "coveted degrees" are often bullshit

[madmom]

5. All I can think of is "what goes around comes around"

[rpannier]

8. I bear no ill-will toward Mr Sapra, nor do I feel any sense of glee at his misery

To be honest if an Indian Corporation came to the US offering good paying jobs most of us would take the work.

The problem is with the Multi-National corporations that play us and people in other countries for suckers.

Wal-mart has been moving some of their plants out of China and into Bangladesh and Vietnam.
Why?
Because they have to pay Chinese workers about one dollar a day more than they do in Vietnam or Bangladesh.