Tuesday, September 16, 2008

Maaya ki Maaya...

No no... I'm not talking about Mayawati... I am talking about Lakshmi... Not the lady... The currency....
Just about 6 years ago a friend of mine complained about the fact that his company (Obviously an IT firm) is not giving him a nice raise.. Reason.. Currency was not stable and his company which was earning dollars, showing rupee income types was at loss... So, No Hikes....
Then came the green back days.. Dollars gave more rupees when en cashed and a SAP names animal was born.. Everyone was gung-ho about its prospects till entirety... People started to go abroad to implement software... The hikes were still missing for few.. Reason... We are expanding, we will pay after we get returns on it...
Then came the great sub-prime crisis of 2007, Dollar was in dumps.. A country which was doing well against the dollar, oil which went up in absolute dollar terms was cheaper as value of dollar went downwards. The IT wallah still didn't get a hike, with companies crying out loud... Dollar is low, though in dollar terms we are earning great... But we show profits in rupees, Govt is not supporting us, We can't do anything about it... So better luck next time with hikes...
The story lives on.. Greenback at its usual highs, Oil cooling off a nice 30% of its highs, 2 BIG Investment Banks went down (R.I.P.)... And guess what.. No hikes... Reason.. Dollar is high... Oil is low.. But our clients are closing their business... So, well... Here is your reward for standing with the thick and thin of our business, for so many years that we had made a mistake of unduly pleasing the CNBC TV-18 on results conference call, for greedily looking at my pocket when we were earning more and looking deeper in my pocket when earnings went down... Here is your PINK SLIP!!!
And I am sure... This is not the end... Its just the beginning of just another chapter... New banks will open, business will come... IT will prosper... Ramalingam Raju, premji and so many like them will add few more millions to their kitty... My friend will again be employed... The pressures will still remain, the margins will be heading southwards, stock markets might not be receptive (After all people will get educated), India will prosper (So, R.I.P. Low cost dirty jobs), Dollar might again dip or rise by 30%... And guess what.. The Hikes.. Will still be elusive... as some old sage scripted in Hindi... Maaya ki Maaya Anokhi...

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