This the 2nd in our series, Dynamic India New Choices, New Paths. Read part one here.
Part 1 of the series detailed all the benefits of foreign investment (Made in India). At the opposite end of the success in hardware manufacturing are the layoffs and contract terminations for Indian-based staff and global Indian community workers.
Large-scale layoffs and staff reductions in USA-based tech enterprises (Twitter, Meta, Microsoft, Amazon, and to a lesser extent Alphabet, Netflix, Snap, and others) also directly hurt Indian staff. None of the enterprises acting in the most recent period have disclosed specific impacts on their India-based or Asian staff. Anecdotal and hearsay stories point to specific groups being hurt more than others.
Layoffs and staff reduction have also seen action at Indian startups like BYJU’s, Ola, unacademy, Cars24, and Chargebee. Educational, distributed finance, and gig-economy enterprises are high-profile examples of these transitions. Some transitions in funder interest and commitment are not unusual in Challenging Times. Growth in global investment emphasis can be seen in green technology (climate change), transportation and energy sectors, and foods. Reductions in venture and developmental funding parallel those typically seen in the USA and globally during Challenging Times.
Ekalore helps organizations deal with rapid change by improving processes and exploring tactical and strategic improvements. If you are an outsourcer looking to provide new and different offerings in a changing US market, drop us a note at sales@ekalore.com
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