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The worsening job scenario after the financial meltdown is creating a new
class of white-collar poor. These are salaried class professionals from the
IT, Airlines and real estate sectors. They have incomes of Rs. 50,000 per
month or thereabouts. Burdened with mounting debts, falling property
values, the majority earnings of these people are ending up towards
servicing of debts. Praveen Mamidi a 34-year old Solution Architect for a
leading MNC says “it’s been 3 months since I have been to a movie or
dined out or bought a new set of clothes for my eight-year old son.”
Praveen’s wife a Business Analyst was recently fired from her job. This
means, more than 65% of Praveen’s income is going towards EMIs of Home
loan, credit cards and his car. Parvat Trivedi of Alps Global says “There
are times when I think twice to spend even 3 Rs on a cup of tea; instead I
make do with the vending machine tea even though it tastes way too
sweet.” Praveen, Parvat and tens of thousands of white collared workers
like them are fast becoming globalized India’s neo poor. If the present
trend is any indication their numbers are only likely to increase.
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