The Indian Express
points to spreading employment distress in a market where fresh hiring
opportunities are increasingly limited.
TEXTILE to capital
goods, banking to I-T, start-ups to energy, the economy’s downward
spiral is leaving a trail of job losses across both old and new economy
sectors.
In the near absence of consolidated employment numbers,
disaggregated data collated from across these sectors by The Indian
Express points to spreading employment distress in a market where fresh
hiring opportunities are increasingly limited.
Consider:
*
In the textiles sector, in the last three financial years, 67 units are
reported to have closed down across the country, impacting over 17,600
workers — this is as per official Union Textile Ministry data restricted
to just the organised segment of the cotton and man-made fibre textile
mills. This excludes the small scale industries (SSI) section of the
textile value chain where shutdowns and job losses are reported to be
far higher.
* Capital goods major major Larsen & Toubro
(L&T) laid off about 14,000 employees across businesses during the
first two quarters of the fiscal ended March 31, 2017, terming it a
“strategic decision.”
* During the first quarter of this fiscal,
three of the five biggest IT companies that together employed 878,913
people at the end of the June quarter, saw their workforce shrink by
over 1800 people. TCS saw its workforce decline by 1,414 people, Infosys
Ltd saw a net decline of 1,811 while Tech Mahindra Ltd, reported that
its workforce shrunk by 1,713 people. The numbers would have been worse
but for Wipro Ltd and HCL Technologies Ltd which reported net additions
to their workforce.
* HDFC Bank’s total employee headcount came
down by 6,096 during the January-March 2017 period – from 90,421 to
84,325. In the preceding October-December 2016 quarter, the headcount
was down by 4,581. Other private sector banks are also reported to be
cutting down on staff strength.
Please click here to read more.