India city Kolkata covid-19 2020 economy crisis India city Kolkata

Lessons from 2008 crisis to weather covid-19 storm

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A report by the ministry of labour and employment states that about half a million people in India lost their jobs between October and December 2008 because of the global financial crisis.

But Kolkata-based Chandan Kumar Modi, who’d started working in 2008, faced the real consequences of the crisis in 2009. He worked in the sales and development department of an IT firm, but was asked to leave within a year because he was unable to secure any deals. “To recapitulate, the job and all the pressure impacted my physical and mental health," said Modi, 35, an IT professional.

It took Modi about six months to get another job and even that came with a 50% pay cut. Since he’d been working only for a year, he didn’t have enough savings to fall back.

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