Bangalore, Oct 29: The ongoing global economic crisis have hit hard the IT hub of India, Bangalore that the celebration of the Diwali or the 'festival of lights' was literally muted in city. The senior officials of software companies opined by and large, the economic downturn has resulted in the mood being sombre and muted in firms this Diwali as a majority of them derive more than 50 per cent of their revenues from the US market.
The culture of corporate gifting also witnessed a cutdown, a sharp contrast to the days when clients and employees were lavishly given freebies in a soaring business environment. Some companies even used to offer employees long weekend holidays to the destinations of their choice.
T V Mohandas Pai, the HR head of Infosys said, "The economic environment is flat. There is a lot of cutdown in gifting for customers. However, one has to make the most of it. Exuberance has given place to seriousness".
The sweet shops which literally thrived on the sales from IT employees during the festival season also saw minimal business this festive season. For Anand Dayal Dadu, managing partner, Anand Sweets, one of the oldest sweet shops in Bangalore, whose 75 per cent Diwali sales came from software firms, sales this festival have dipped substantially, thanks to the 'global recession".
"Companies which used to place orders for sweet boxes worth Rs 28 lakh for Diwali have slashed it to a mere Rs 7 lakh this time," he said.