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India Inc. finally faces reality based on truth – Indian tech sectors controlled by Indian oligarchs getting wiped out
The Indian oligarchs that control the tech sectors and believe that technology is just like spice trade are getting wiped out. But they are taking the honest common hardworking Indian middleclass with them.
The economic downturn is driving down house rentals in India’s IT capital, allowing more and more working people to move to cheaper houses or re-negotiate rents, striking better bargains with their landlords.
Residential rents have fallen by nearly 30 per cent in areas such as Jayanagar, a sought-after location for IT professionals in south Bangalore that saw land value climb nearly 300 per cent during the boom years.
Some realtors said part of the reason for the fall in rentals was that the rates were never reasonable during the bull run — but people, mostly new arrivals from other places, paid up. Now arrivals have fallen, many apartments are vacant, and the tenants cannot afford the high rents any more.
A freeze on recruitment by many firms has reduced the number of newcomers significantly, confirmed K. Rajagopal, a broker. “Earlier, we would get 10-20 (clients new to Bangalore) per month.”
We all knew these Indian trader type business oligarchs would get wiped out sooner or later. But what we underestimated is the pain these India Inc. jokers will cause Indian middle class.
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