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

Subscribe to GoodReturns
For Quick Alerts
Subscribe Now  
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    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

    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more