India's Big Firms Poised to Cut Jobs

[OhioChick]

OCTOBER 30, 2008

NEW DELHI -- India's employment boom in its flagship industries -- one of the most visible signs of the vast nation's rapid development -- could be set to burst in dramatic fashion.

Many Indian companies in sectors including technology, financial services and construction are likely to cut one quarter or more of their employees in coming weeks, warned the Associated Chambers of Commerce and Industry of India, a trade group, on Wednesday.

A number of large companies have already drawn up "conclusive plans" to cut their work forces by 25% to 30%, said Sajjan Jindal, the group's president.

Even if the number of jobs cut is a fraction of the total predicted, it will still mark a stunning reversal for India's services-based industries, which have been the fastest-growing in recent years.

http://online.wsj.com/article/SB122528902134880197.html?mod=googlenews_wsj

[Azlady]

1. Welcome to my world... n/t

[comtec]

2. I KNOW I should not be happy about anyone loosing their jobs...

but... dude the sense of revenge and schuidenfreude is HUGE right now! :)
And yes I know, i cant' spell (phonetic) shydenfroid for nothing!

Angry IT worker here.