India’s outsourcing hit hard as US economy falls apart - IndyMac Bancorp initiates a 27% reduction in outsourced and temporary vendors mainly in India
Kirt Meham
Jan. 15, 2008

India’s outsourcing sector – the call centers, back office operations and the IT sector is getting hit badly by the free fall in US economy and cut backs by the American corporations.

IndyMac Bancorp Inc. is cutting its global work force by 2,403 people, or 24% of the total, including a 27% reduction in outsourced and temporary vendors, mainly in India.

The mortgage bankers are in deep trouble. The major US and European financial institutions are planning to lay off millions of people in US and Europe. The US corporations have started pulling back very fast from Indian outsourcing market.

At the same time, the free fall for US dollar and a surprising strong Indian Rupee has created a massive unemployment of educated elite in India.

Software companies are normally hit last. But when they are hit, they are hit bad. The Indian IT sector can contract by 50% between 2008 and 2012. That level of depression will create tens of millions unemployed in India.

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