Monday, June 1, 2009

General Motors (GM) files bankruptcy!

General Motors (GM) has filed for Chapter 11 bankruptcy protection Monday morning, submitting its reorganization papers to a federal clerk in Lower Manhattan. This is in accordance to the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. This has made the 100 years old giant to ruin in soil. GM was one of the largest auto makers in America and had a strong economic hold. About 20,000 workers are expected to lose their jobs due to this bankruptcy directly and numerous indirectly.

GM's bankruptcy is going to have a huge impact on Indian economy too. Many of the Indian giants such as TCS, Infosys hold a share in GM's growth, which has now stunted. The recession is deepening and there are no signs of getting a rescue from this situation. Let’s hope to improve this situation in next two or three quarters. If this situation continues, it’s going to create more criminals than wise men.

Let’s keep our fingers crossed…and try to improve this situation!


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