The stock markets in India have gone back 4 years. The automobile industry has had a slow Diwali, Aviation sector is in trouble and retail spending is low. There is caution in the markets and people are spending carefully. But is it crisis yet?
Experts believe that the growth path that the Indian Economy is on is irreversible. We believe so is Pune! Lets look at the industries that drive Pune’s economy; Manufacturing, IT/ITES, Automobiles and Auto Ancillary have traditionally been driving Pune’s growth. The investments that these industries have been attracting in the past few years have resulted in a boom in the retail and hospitality sectors.
Nasscom recently said that the Indian IT Industry is insulated from the financial crisis that has hit many economies globally. It also says that Indian IT companies have not stopped hiring professionals either.
As for the Automobile industry, on one hand, it is expected to grow slower at 6%, in the current scenario, against earlier projection of 12%. On the other hand, Super Luxury cars like Rolls Royce, Bentley and Volvo are making inroads to the Indian markets, hoping to offset the impact of lower sales, global. General Motors and Volkswagen are already building huge facilities in Pune’s auto-cluster.
The hospitality industry is seeing high investment as there is a significant shortage of hotel rooms in the city, especially in the business and luxury segment and large retail spaces continue to come up too.
Although the current economic scenario has made people cautious, it should only improve retention, especially in 'high staff turnover' sectors such as ITES and BPO. This is enabling companies to focus on recruiting newer skills for expanding their businesses instead.
Companies are bullish on Pune, as they continue to invest in the city, leading to more jobs being created. myJobsinPune.com is seeing steady growth in the number of jobs across various sectors and believes that this will only get better in 2008-09.
-Saurabh
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