Being in a private sector, amidst recession is not really a good feeling, there is a sword of Damocles hanging on each one's head. There are rumors, speculations that lead to further uncertainity, as a layman its always difficult to understand the true colors of recession and how is it really impacting the economy, and subsequently our lives.
I truly believe, that India is undergoing a slowdown and not recession in truest sense of the term. Our monetary and fiscal policy has really stood the test of the day, and with so many Leviathan banks across globe's vanishing or declaring bankruptcy, Indian institutions have stood the test of the time.
I personally feel, that this slow down was imminent, as the going was to good to be true. My observations are restricted to the job market, and not a very macro one. There was a kind of an euphoria, defying all logic, youngsters, with less than two years of experience (not the IIM's and IIT's) expecting salaries and perks, much beyond their calibre and output. People had become too self centered and were overlooking the dynamic of any business, that operates in an environment. But, since it was a norm, and there were alternaltives, the employers or the companies, mostly yielded to demands.
Job hopping had become a fashion statement, and stability and long term commitment was looked down upon as weakness. Naturally good money brings better life and you tend to look at all the good things in life, which gives one, a sense of achievement and satisfaction. This led to a huge spurt in spending on consumerism, and banks and financial institutions, abetting this trend by giving credit cards, easy loans.
Alas! all good things comes to an end, and with the setting of recession, starting with the bust of Lehman Brother, the world, which seemed so good got Topsy turvy. Within no time the rules of the game changed, the same employers who pampered people for retention, brought out apt performance criterion and sometimes arbitrary, to trim down cost and work force. A whole new generation, which had never been witness to downturn, suddenly, saw an environment, where to survive you have to be diligent, disciplined and thrifty.
Suddenly, heroes turned villains, all the corporates who got into downsizing and cost cutting were labelled as shrewd, callous capitalists, who are intent on sucking the blood of innocent employees. Well I would not want to get into the morality of the debate.
One good thing which I feel this recession has brought about, is an attitudinal correction, especially among the youths, who after seeing the harsh realities of life are realizing that road to success is always through staircase and taking a lift, will always come at a price!!!