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Global meltdown causes Indian monthly trade deficit to widen by over $10 billion – IT and call center outsourcing collapsing
Srikant Archary
Jan. 1, 2009
The Call center, body shopping, IT cyber slave trades have started collapsing. As the American and European economies collapse into deepest depression ever, Indian outsourcing industry and the so-called India Inc. is collapsing at a much faster rate.
The toll is showing up in the fast accelerating and widening Indian trade deficit. India's exports fell by 9.9 per cent in November 2008 under the impact of declining consumer demand in the U.S. and other major global markets, with negative growth for the second month running and widening monthly trade deficit by over $10 billion.
The trade deficit and balance of payments are both deteriorating at a fast rate. Export contracted by more than 12 per cent in October showing negative trend for the first time in the last five years.
The biggest casualty is the outsourcing sector creating massive unemployment among the educated elite middle class Indians.
Manufacturing sectors like leather, textile, gems and jewellery have also been hit hard because of demand slump in the U.S. and Europe.
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