How are you doing? Is everything fine at the home? I know that mother would be eager to know about my well being! Please tell her that I am doing fine.
You know that after leaving for Ernakulam city, I have been working as in the administrative section of the ‘Apple a Day’ builders. They are very well known builders who have been undertaking housing projects in the whole of the state Kerala. They have been providing housing solutions to high and middle class alike. They now have more than 8 housing projects in different stages. The pay was good and the company did provide me decent accommodation. I was happy, that we would be able to pay off our loans But the things have starting to look a bit uncertain.
You might have noticed that the TV and newspapers are abuzz with news about the economic crisis. Our company is facing a severe shortage of funds mainly due to fewer off take of finished projects and the financial institutions who hitherto backed our project are reluctant to release more funds. Hence, the ongoing projects are on hold. You know that this city, Ernakulam, is the hub of the economic activities in our state. The construction activities have been at full pace and the cityscape was expanding to Kakkanad, Vytilla and nearby islands like Vallarpadam and Vypeen. The so called Smart City project, the biggest IT park in India was to come up Kakkanad. But, what is happening? I am unable to comprehend the sudden stall in the activities. It is said that the American economy is in crisis, then the Europe and now Asia. But, I never thought a city like Ernakulam, part of a small state in India would be affected so much due to the crisis in the countries like America.
This is what I could find out on my own. Our nation has been opening up to the global economy and many Global companies invested heavily in joint ventures with Indian companies in the infrastructure development. Those companies are facing fund crunch. Foreign Institution Investor have withdrawn their stakes in Indian securities thus pulling down the stock market. This has destroyed chances of the Initial Public Order planned to be issued by major Indian companies like the ‘Reliance’. This has prevented the resource mobilizations. And it had a cascading effect on Indian economy and thus in our state economy.
The banks, public as well as private, have stopped lending to individuals and companies alike. The major IT companies are downsizing the staff. The BPO centers are hit hard by the crisis. They are not receiving enough orders from abroad. In fact, the IT and IT enables companies and the infrastructure development companies have been driving the activities in Ernakulam for long. Now the companies have lesser profits, lesser employees and the employees have lesser pay. Moreover, the exports activities at the Cochin Port, is declining day by day. The crisis in Gulf countries is forcing thousands of Keralites to return to the state. It is another major problem in our state. So the demand for houses have comedown drastically.
Last month half of the employees were sent out from the company. Though I have made a good reputation in the company for my efficiency, I don’t know for how long I could hold my job. Experts say that the economy will bounce back and everything will be back to normal by the end of the year. Hope I will keep my job till then. Need not to worry much.
With lots of love,