Layoffs in India: From reliance to Tata...
Unemployment is a major problem among the large youth population in India. Meanwhile, a trend has emerged that can worry experts and policy makers. During the last financial year, thousands of people in the country became victims of layoffs and surprisingly, many big companies from Reliance to Tata are among those who were laid off.
Names of these companies among the companies that did layoffs
An ET report shows that during the last financial year, 52 thousand people lost their jobs in the retail sector alone. The companies that did layoffs include reliance Industries' reliance Retail, Tata Group's Titan, Raymond, Page industries, Spencer and other well-known companies. The annual reports of these retail companies show that they made a huge cut of about 52 thousand in their workforce during the last financial year.
38 thousand layoffs in reliance Retail alone
If seen in terms of employees, reliance Retail is the largest company in the domestic retail market. According to the annual report of reliance industries, the total number of employees in its retail sector came down to 2,07,552 in the financial year 2023-24, which is equal to about 60 percent of its total employees. A year ago, 2,45,581 employees were working in the retail sector. That is, during the last financial year, about 38 thousand people lost their jobs in reliance Retail.
Employees also reduced in Titan
Similarly, during the last financial year, the number of employees of Titan decreased by 8,569 and the figure came down to 17,535. The number of people working in Page industries came down to 22,564 in the financial year ended march 31, 2024, which is 4,217 less than a year ago. The combined figure of reduction in the number of employees in reliance Retail, Titan, Page, Raymond and Spencer reaches 52 thousand.
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