1. This post is in continuation of post related to recession impact in India and the means to tackle the recession. All will have a hearty laugh till the time one does not undergo the mental trauma of being downsized and self is feeling the pinch due to a reader of this finance blog being downsized and pain is being felt by me on interacting through Google chat with the individual. If one can feel the pain while chatting itself, than one can understand the trauma a person will be undergoing despite earning more than million plus per annum. The individual is a software professional with a number of awards to his credit including best employee of the year of the award. The individual is based in Hyderabad and if any of the blog reader can help him out by offering or recommending his name can leave the message by commenting below this post. Let us help an individual in distress.
2. Anyway recession is a reality and more than 2100 employees have been fired by Infosys due to poor performance. Thus do not take your career for granted and as a first step to be prepared for recession and follow the action plan as listed below:
(a) Have your own house and stop paying rent. Atleast income tax rebate will pay partially for your house.
(b) Do not go for insurance plans which assures benefit when one survives and instead go for term plans which have lower premium but these plans do not pay in case a person survives.
(c) SBI is presently giving concessional home loans @8% and thus make use of the same and said scheme is likely to be extended till Sep 2009.
(d) Plan your present income, do not just blow off all amount during good times. Invest in good fixed deposits to have a steady source of income. Invest in the name of your father or mother to avail additional 0.5% interest rate.
(e) If every thing fails and you have been shown the pink slip; than identify your strength and take a plunge as a self entrepreneur. Here also one can make use of SBI which is offering interest rate @8% for all new SME customers with loan requirements up to Rs 5 lakh for starting the business; however one has to be covered under the credit guarantee scheme for small and micro enterprises (CGTMSE). If you are dreaming big and have capital requirement ranging between Rs 5 lakh but below Rs 25 lakh, than be ready to pay @10% for 2 years and be covered by CGTMSE.
3. The best method to fight recession is to be prepared for the same and take the bulls by horns; incase the things do not go as per the wishes.
Safe Method to fight Recession in India
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