Wednesday, November 19, 2008

Mumbai's Local talk on economy!!!

They say the great Mumbai local is the kaleidoscope of livid and vivid Mumbai..
During my daily commute on the western track(Chuchgate to Virar) i observe a lot of things,best is the banter and free talk and camaraderie which the fellow hassled commuters share.
Its not surprising to find the reflection of current global meltdown in daily banter.
It all started when Lehman got bust..The joke doing rounds was Lehman has turned into Lemon and sells the same instead of shares and debentures!!!
The job cut initiated by the Citi group has been a cause of concern as its going to affect 52000 families.The hushed tones of share traders and business people is out and loud now.The stories of traders going berserk due to the downturn and suicides by Sensex affected families are abound.
The job cuts are evident as told by a fellow commuter a trading house has reduced its western staff strenght from 62 to 16!!
IDBI home finance western track has 9 sales man as compared to 19 just 3 months back.
The effect is evident in market and more so in malls,,
I wonder where has all the money went in last three months and why its getting worse by the day.
Hiring in most companies is on hold,the flashy biz schools are worried about the placements and job scenario.The real state market is still holding tight..
There is caution in the approach people used to do business earlier its a lack of trust and faith in the system...

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