Madurai - a reality check - Madurai Economy Trend - April 2009

I was talking to some experts working in corporates in Madurai to see what is the trend going on.

Overall, it seems to be bleak in terms of economy across all the industries, due to global recession.

Since the banking and insurance are not doing well, there is obviously downward trend in Information Technology. All of the Loans and majority of the Projects comes from Banking and Insurance industry to IT - hence it seems be a dull market for now.

Industries in Madurai are scaling down. Both in terms of cost and also willing to close down industries, when the unit does not make profit.

Auto industry, Mobil retail and FMCG are all suffering.

Another new trend in Madurai is - all the corporate retail shops like Reliance Fresh, Mobile outlets etc., are renegotiating the rent with the land lords and delaying the rent payment overall with the landlords. Even they are threatening that they would not vacate, if they don't reduce the rent of the property. The retail units have promised on a rent in boom period and now they are trying to reduce it.

About unemployment - People are trying to stay in the jobs, wherever they are. Employers are cutting salaries and laying off. Even the salaries are paid delayed. No questions asked!

Companies recruiting in campus, has not sent joining letters , including corporate companies. This leads to more unemployment. My advice for these unemployed - go and do higher studies until the economy comes back.

Anyway, overall things seems to be down. Hopefully market would recover globally and we will prosper soon!

Having said all these - as always politicians, cinema executives/actors, some corporate businessmen, illegal businessmen and criminals do not have anything less!!