Impact of recession on Indian economy:
5 Lakh jobs lost in the last 3 months (in India)
Five lakh people were rendered jobless between October to December 2008 due to the recession, according to the latest government study (by Labour Bureau of ministry of Labour and Employment – sample size of 2,581 units covering 20 centres across 11 states, and 8 sectors).
Tata Motors fails to pay vendors, suppliers
Tata Motors owes more than Rs 1,200 crore in unpaid dues to its suppliers accumulated over the past few months – source
India Inc’s fund raising via IPO in 2008 dips to 3-yr low
India Inc’s capital mobilisation through initial public offering has hit rock bottom as the total amount raised via this route in 2008 aggregated to $4,509 million, the lowest in the last three years, says a report.
The total fund mopped up through IPO in 2008 was $4.51 billion, 18.34 per cent lower than the amount raised in 2005.
Compared with 2007, fund raising has dipped by 54.55 per cent. Fund raising activity through IPO reached its peak in 2007, when a whopping $9,920.65 million was garnered. – source
Nasscom lowers IT services exports growth to 17% in FY09
NASSCOM said software and service exports will grow 16-17% in 2008-09 to $47 billion, lower than earlier estimates of $50 billion as the global economic slowdown dampened demand. – source
Truck Sales decline by 65%
Truck sales plunged 65% to 9,258 units against 26,564 units in the same period last year, as truckers were unable to expand their fleet due to deepening economic slowdown. – source
It’s going to be a long winter – so brace yourself up (read our earlier interview with VCs/Startups : Recession & Startups)
Recommended Read: Money Saving tips for Entrepreneurs | Industry House Chairman’s letter to CEOs and COOs on Recession