Archive for October 22nd, 2007
US economy in recession? Why am I interested?
Americans fear a recession in their economy. World crude oil prices are touching $90 a barrel, food & utility prices are up in the US.Now, why would I, living in India be worried about a US economy supposedly heading towards a recession? There are two reasons. The first is obvious, Indian economy now is more tightly integrated with the US economy. The US buys a lot of our services and products. The most obvious is IT services – and I belong to that industry. The second reason for my interest in the US economy is more out of curiosity, although still linked with IT industry. One of the important ‘perks’ in this industry is an opportunity to work abroad, especially in the US. In a recent article, I read that people in the bracket of $35,000 income per annum were also lining up outside churches for free food! My knowledge tells me that majority of the Indian IT workforce, be it from any company, gets paid in that range; may be another $10,000 dollars. I couldn’t help asking, “Isn’t it uncomfortably low?” I think it really is something to ponder about.
Well, I might add a disclaimer here that I am drawing conclusions from what I have seen and read, which may be different from the ground reality. I have never worked in the US till date.
