In the current economic conditions, companies are trying to reduce their variable expenses, and one of the first casualties are the jobs. I personally feel that salaries in the last few years have increased too rapidly and many people are overpaid for doing too little work.
The basic cost of living in India is still low, so most of the extra money people were earning was wasted on luxuries. Hopefully , the media will stop hyping that kind of lifestyle and people will learn some humility.
A job in a reputed company may have lot of status in society, but in a job however well it may pay, you have very little control over your future. One wrong decision by the management and you may end up jobless.