No 'gloom and doom' in job situation for techies: PM panel | business | Hindustan Times
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No 'gloom and doom' in job situation for techies: PM panel

Allaying fears of 'gloom and doom' in employment situation in India, Prime Minister's economic panel said there would not be any enduring unemployment for techies.

business Updated: Jan 23, 2009 20:16 IST

Allaying fears of "gloom and doom" in employment situation in India due to global financial meltdown, Prime Minister's economic panel on Friday said there would not be any enduring unemployment for techies.

"I expect reduced turnover and some reshuffling of technical persons across different sectors. But, I do not expect there will be enduring unemployment across sectors... There is no basis for gloom and doom which has been imported from abroad," Prime Minister's Economic Advisory Council Chairman Suresh Tendulkar said.

He, however, said he is not underestimating the hardships faced by workforces in certain sectors.

Tendulkar said, "As far as general employment situation is concerned, remember that your rural economy has broadly remained unaffected by the international turbulence."

He said the rural incomes have been growing at a fast rate for the past four five years and that momentum is not going to be lost.

"I think employment guarantee and other schemes are also there to take care of employment in rural areas ", he added.

In the rural markets, there is no evidence of significant turbulence and it is playing an immense role for corporates going to villages, he said.

"The only script which is surviving is that of Hindustan Unilever which has been going to rural areas. In rural markets there is no evidence of significant turbulence."