Big companies like Hewlett Packard, Goldman Sachs, DHL, Barclays Bank and American express have slashed jobs in the last two months. The latest cut of 50,000 jobs globally by Citigroup's is by far the largest but the bank says the impact in India will be minimal.
But will India see layoffs in similar scale to the US & Europe? Human resource consultants say India is surely not isolated but there will be no mass lay offs in the country.
“''Mid term and long term is fine. Offshoring will continue, so jobs will be created',” says Ma Foi Management Consultants Business Head Anil Kumar.
He says that only the growth rate in job creation may get hit in some sectors.
''We will say not job cuts but job growth may get impacted in hospitality and real estate, IT,” Anil Kumar adds.
There are actually some sectors which are giving us a reason to cheer. A recent survey done by HR firm Ma Foi says public sector and government undertakings are going to be the saviours.
No surprises, in just last one week, firms have unveiled plans of hiring some 40,000 people in the country.
In finance sector, the State Bank of India (SBI) is set to hire 20,000 new hands, Bank of India to hire 10,000 people, private insurer MetLife India is looking to recruit about 2,000 managers and a whopping 30,000 advisors by March.
In consultancy sector - Deloitte Touche Tohmatsu is looking to hire 3,500 employees, Accenture will hire 10,000 people. Even the Infotech companies - TCS and Infosys will hire 25000-30,000 people, TCS too will absorb 8-10,000 people.
Big daddy of manufacturing sector - L&T plans to take 10,000 people and Maruti will hire 1,000 fresh hands.
A global recession might slow down the Indian job market but it will end up creating some opportunities also.
