 Yes, this video is about you, you could end up losing your job in 2023 if things continue like this. Since late last year there had been a massive boom in jobs and startups, most of these were in tech, but there were jobs created in online teaching, online retail, fintech and other types of online services. This is because Indian startups raised massive amounts of money last year, about 42 billion dollars. They were flushed with funds and went on a hiring spree and you might have heard stories of how techies were being offered 2-3 times the existing salaries to join new startups. All of this was happening because venture capitalists and investment bankers were betting big on Indian tech companies and of course some of the bigger ones, the unicorns raised money from the stock markets by launching their own IPOs, you would have remembered them from last year, Zomato, Paytm, Nica, all this money created a sense of great optimism in the startup world. Young people were getting fabulous salaries last seen during the boom of 2005-2008 and they were starting to spend. All their hands in startups were fought through the tough years, now are cashing in on the shares they held and they too were spending and of course there was a massive boom in the stock markets in 2020 and 2021 but between April 2020 to April 2022 the sensex gave a 115% return at more than double, who did have the most obviously the affluent who usually invest in the market. So here was an entire class of people from the startup and financial world who had made a lot of money in the past couple of years. Now in terms of numbers they are an extremely small group of people when compared to the size of India's workforce. They are like a drop in an ocean but they have an incredibly disproportionate impact on what is bought and sold in our economy. These affluent sections were buying houses, cars, traveling, eating in restaurants, buying clothes, they were spending on Amazon and also things like Netflix and its impact was being felt by those who produced goods and services for these rich consumers. Here is how it worked. The startup and financial world made money first and began to spend. In fact households in general spent more after being locked down for nearly a year it was being called revenge spending. Many dipped into the savings to buy things and indulge themselves. That is why India's total household savings dropped to a 5 year low this year. This increased spending partly from higher income and partly from savings sent a signal to other companies outside the startup world the demand was picking up. They too began hiring more people and giving bigger pay hikes to the talent they wanted to hold on to. So with a little bit of a lag people working in other big companies also started doing better and this showed up in an increase in salary jobs this year and a recovery of small service oriented businesses. The biggest pay hikes understandably took place in the big listed companies because they are the big brands they produce the goods and services that affluent people buy. So the tech and finance boom had a rub off effect on other sectors as well. But the startup ecosystem and the financial world have been in big troubles in the beginning of this fiscal year. Look at the money raised till now as I already said in 2021 startups raised 42 billion dollars. In 2022 till November they raised just 24 billion dollars and out of this nearly 50% came in just the first 3 months and another 30% came in the next 3 months. In 2021 between August and December startups raised an average of 4.2 billion dollars per month. This year between August and November this average has dropped to just 1.1 billion dollars almost one fourth of what it was last year. So what has happened to the share prices of the big unicorns that got listed? Paytm has done 66% from its listing price, Sumato has done 49% and Nica has done 56%. Understandably no investment bank or venture capitalist wants to put more money instead they have been pushing startups to cut costs and trim their wage bill. So massive cycle of layoffs have started. This year nearly 18,000 people have been laid off by Indian startups including all the big named unicorns and tech salaries have started dropping as fast as they rose. And where there was a shortage of applicants for vacancies last year HR companies job portals are saying that every new job opening now is getting a deluge of CVs and they are preparing for an even bigger job drought in the coming months. That means the bloodbath in the startup space is going to continue in 2023. Look at the stock markets they too have taken a beating this year. In 2021 as I said the Sensex gave a return of 21.6% and the consumer inflation level was averaged about 5.5%. That means if you had invested in Sensex stock you would have got a real inflation adjusted return of 16%. Compare that to this year till today the Sensex has risen by just 5.5% but inflation has averaged about 6.9%. That means the Sensex has given a real return of minus 1.4%. And that means that the rich haven't done well from their financial investments this year. Till now they've continued to spend on luxury goods but even that has started tapering off especially if one looks at high-end cars, luxury goods, houses etc that has started stagnating after a year of good growth. All this means the slowdown that has already hit the jobs in startup and financial sectors is going to come to other sectors as well and that means that if you thought that since you don't work for a startup or in tech your job is secure, think again. This slowdown is very likely going to hit you very soon, prepare for it. Start saving, stop spending on things you don't need. Winter is coming and it could last a very long time. If you liked this video don't forget to press the like button because that will tell YouTube's algorithm that you liked the video and YouTube will make sure it reaches more people because they too need to be aware of what is coming. Also click on our channel icon, check out all the other videos, I can guarantee you will like them and if you do, do subscribe to our channel and press the bell icon so that you get to know when our latest video drops. Till next time, goodbye.