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"This is going to be a prolonged downturn," he said referring to the global economic slowdown.
India's large pool of English-speaking engineers and cheaper wages have helped attract outsourcing from Western firms such as Citigroup, General Electric, Qantas and Airbus.
But a recession in the United States, which accounts for more than half the sector's revenue, and turmoil in the global financial sector have halted the sector's scorching pace of growth and battered stocks.
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As observed people these companies grew in a rapid pace and recruited people in mass to complete the projects on time. These people were promoted everytime they threw a tantrum of quiting and also got a pay hike, this trend was found across the board from VP to a guy with 1 yr exp. All prices got inflated due to the pay these people got, real estate in cities like Mysore and Bhuvaneshwar went up due to these companies setting up shops there. As Ashwini pointed out any of these companies give back the land that they got for peanuts?? The second biggest asset of these companies are the land they own. These companies need regulation and we do not need another behemoth falling like Satyam. Our competency in the science and research sector has been wiped out with all people going to work for these companies. We need to rethink on a lot of things and this is an opportunity to rethink. In 20 years we might not be left with land to grow anything if politicians give land to greedy comp
As, the technology sectionr is largely involved by the engineers and other highly educated technocrats of the society. The management of all these multi-billion outsoucing comapnies had forgotten to a very simple principle that every sudden rise will have equal downfall. I would certainly blame the management of these companies by offering extra large amount as pay packet to these employees and there were tough competion among them. It had reflected very badly to the society by way of increasing real-estate prices, luxury items etc. There are several cases were reported killing the famlly members, sucides etc. All these is the impact of such unenthical rise of pay packet by which the youngers were brought with all kind of luxuy. Unfortunately, they did not have experience to live with bad time even. All these major IT companies must reliaze these mistake in the future if at all they remain in the market.
What then does Infosys proposes to do with hundeds of acres of land they took for a pittance from Karnataka and AP govts with a promise to create thousands of jobs ?