As the current government takes up its regime for the second term, the country seems to have hit hard in terms of economy. The earlier years have hit hard with the menace of demonetization hampering the GDP. As former PM Dr. Manmohan Singh rightly predicted that India will hit hard with yet another recession, it seems that the market is going bad to worse in the year 2019. The economy has hit hard this year which was never the case since 45 years, the unemployment seems to soar in the past few weeks with major companies in almost all the sectors have laid off a huge amount of employees from their companies.
To get the crux of the recession which is all set hit hard once again hampering the Indian economy, it would be interesting to see how different top companies in different sectors have laid off their employees cutting down the cost and salaries of them in a big way. Let’s check them out:
- HSBC – The BFSI Sector is first to hit hard and we see the company laying off more than 200 employees in Pune and Hyderabad of the mid-management level workforce.
- Cognizant – The IT Industry is also reached to its bad shape as we see a few hundred of its employees getting laid off to slash down the costs. The company has kept the appraisal process on hold as they have the plan to save $65 million of annualized savings.
- GameStop – It has hampered as well with top executives losing the job in the company. More than 120 corporate staff positions have been scrapped. The company has a cascading effect that has started from the HQ to the branch offices.
- Parle G – It has never happened in the history of this company to hit so hard that it has decided to lay out more than 10,000 employees from their company. They claim that despite reducing the GST, the company seems to be in a bad shape in terms of its economy.
- Nestlé – Similarly the other food company Nestle to has been hit hard as more than 360 workers are currently shown the door. Meanwhile, there seems to be a prediction to see more than 4000 employees being laid off with some logistics shift this year.
- Maruti – The worst is the auto industry which has hit hard this year. Maruti has shelved more than 3000 employees and other companies to have joined the race to try to secure their ships to sink in the national turndown.
- Oracle – The global companies like Oracle too is facing the bad music of recession starting from the HQ and raising high in India as well. More than 300 top jobs have been lost in this and this continues to grow in the Asian countries like India.
As said, all that glitters is not gold as our Indian media has been pointing out. The country is pitted with tough market conditions and it is on the verge to hit hard yet again with another recession this year. Unless the ruling party plans to take some strict measures against the local turn down, things would continue to become bad to worse.