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Economy Growing But Layoffs Aplenty; IT Sector Worst Hit: Report

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While Indian economy is registering growth, concerns lingering around job lay-offs are a 'commonplace' and the worst hit is the Information technology sector that has evolved in recent times due to automation which to an extent takes away job opportunities. The report has been revealed amid worsening 'jobless growth' situation in the country.

Economy Growing But Layoffs Aplenty; IT Sector Worst Hit: Report
 

Risemart, a career transition company after inputs from some 1000 executive said, "Even as the economy improves, layoffs - due to cost cutting, reducing redundancies after a merger or acquisition, and restructuring events due to changes in the industry - remain commonplace".

The survey further highlighted that the pain due to joblessness or lay-offs is more acute in the IT industry when compared to others. But it did not elaborated with the details by quantifying across sectors.

Bandaru Dattatreya, former Union labour minister in May last year iterated that the economic growth is not translating into increase in employment opportunities. He was quoted as saying in the PTI report, "The current growth is a jobless growth. Many European and Asian countries, including India, are facing it... growth is being reported but it is not reflecting in employment generation".

Risemart also said that world over India has been the biggest job creator but only recently hiring activity has slowed down while at the same time lay-off situation has been acute across both small and big companies.

With PTI Inputs

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