Coimbatore - a reality check - Coimbatore Economy Trend - April 2009

I was talking to some experts working in corporates in Coimbatore to see what is the trend going on.

Overall, it seems to be bleak in terms of economy across all the industries, due to global recession.

Since the banking and insurance are not doing well, there is obviously downward trend in Information Technology. All of the Loans and majority of the Projects comes from Banking and Insurance industry to IT - hence it seems be a dull market for now.

Industries in Coimbatore are scaling down. Both in terms of cost and also willing to close down industries, when the unit does not make profit.

Auto industry, Mobil retail and FMCG are all suffering.

Another new trend in Coimbatore is - all the corporate retail shops like Reliance Fresh, Mobile outlets etc., are renegotiating the rent with the land lords and delaying the rent payment overall with the landlords. Even they are threatening that they would not vacate, if they don't reduce the rent of the property. The retail units have promised on a rent in boom period and now they are trying to reduce it.

About unemployment - People are trying to stay in the jobs, wherever they are. Employers are cutting salaries and laying off. Even the salaries are paid delayed. No questions asked!

Companies recruiting in campus, has not sent joining letters , including corporate companies. This leads to more unemployment. My advice for these unemployed - go and do higher studies until the economy comes back.

Anyway, overall things seems to be down. Hopefully market would recover globally and we will prosper soon!

Having said all these - as always politicians, cinema executives/actors, some corporate businessmen, illegal businessmen and criminals do not have anything less!!

Feeling the Macroeconomy disturbance - World Economy - not just about Coimbatore

When there was dot com burst in 2000, and during/after September 11 attacks in USA, there was a huge market recession due to heavy losses and improper business models, I had to feel the macro-economy disturbance.

When there is a disturbance at a macro-economy level, there is a disturbance in micro-economy level too. In 2001, we suffered out of no money. No one worked in my family, except my mother! Mother was working, one brother was studying, another brother was searching for a job and I was downsized from the company! I guess you are getting the financial picture of my family. It sucked!!

Now, there a sub-prime mortgage crisis, US real markets fall, banks fail or slow down and my life sucks. I am always on the edge of my life. Does it happen to everyone? Or is it just me?!

Is it my mistake of being jack of many, rather than a master of one?!

Inflation of >12% in India...oil prices rise...shares sink...
Need some life and break guys!! I hope everything will come up back.

Everyone in family is supportive, but need change sooner.
I hope after elections, things will change.

Coimbatore Software Companies: IT Exports turning to Dubai, UK/Europe from USA

Considering the slowdown in USA, weakening of the dollar in US, IT demand is getting temporarily slowed down.

IT product exports from India is changing its focus to Dubai, UK, including other countries in Europe. Exports of Indian IT products to the Middle East are expected to cross the $1.30-billion mark this year - an increase of 30 percent compared to $1 billion in 2007.

This is a way to go for a GLOBALIZED MARKET and GLOBALIZED ECONOMY in Coimbatore, Tamil Nadu, India.

Be aware of this fact - for the software companies in Coimbatore, if you are starting a business in Coimbatore and be benefitted/profitted.