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May 7, 2001
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Money > Business Headlines > Report May 7, 2001 |
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Indians working in dot-coms in US filing for bankruptcyThe dot-com boom went bust taking down with it dreams of many Indians who had arrived in the US thinking of making it big in the Internet economy. The Internet companies have cut over 50,000 jobs in the year 2000 and many Indians are filing for bankruptcy and watching their cars and other property being carted away by collection agents. Placement firm Challenger Gray and Christmas said that most of the job cuts are in the San Francisco bay area where many Indians were employed. An industry estimate said the high tech jobs would go down further by over 500,000 during 2001. The study has also predicted that 80 per cent of the remaining dot-coms in the San Francisco bay area will fail in the next year and wipe out another 30,000 jobs. Indian techies will have tough time keeping their head above water. UNI |
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