| Font Size |
Expansion has slowed in Asia's third-largest economy in the last two quarters, from the 8 per cent or more annual growth in the past four years, with high interest rates crimping demand and on the global financial crisis.
The central bank last week cut its forecast for growth in 2008/09 to 7.5-8 per cent from its earlier view of 8 per cent. This compares with the economy's 9 per cent growth in 2007/08.
"Employers have no other alternatives as part of their corporate strategy ... for sustaining their operations with squeezed margins (even) after after drastic cost cutting measures," ASSOCHAM said in a statement.
Last week, realty firm Parsvnath Ltd said it would axe "non-performing" employees, as it was facing slowing sales.
Top private carrier Jet Airways had sacked 1,900 employees mid-October, citing declining demand and high fuel costs, but reinstated them days later on protests and political pressure.
Discuss this story on expressindia forums
|
|
The last two lines of your story shows that the content above is mere imagination.
Why not distribute profits to shareholders, after creating a pool for employ expense during recession. Both Government and Employer should contribute to it.
Why do you publish such rubbish far from possibility stories? Can such thing happen in India that too after seeing what happened in the case of Jetairways showing the gate for 1900 employees and going back?
This is a great tactic where Assocham is playing Shylock - wants its pound of flesh from government. The apex body of industries should be ashamed to be plotting against well-being of the citizens of our country - in indirectly claiming a huge share that would otherwise go the ordinary people. Why can't Assocham ask its industries to lower the prices of products - now that every raw material is getting cheaper by the day, why can't Assocham ask its industries to reduce their expenditure on advertisements on print, animated media and hoardings, why can't Assocham ask its industries to prepare for a re-engineering of all their processes for manufacturing only those goods or services that are needed by the society, that increases its well-being ? The move that Assocham is currently upto is deadly - it is like cutting its own feet. Unless Assocham is really interested in destabilising the economy of a nation by discreetly demanding bad loans, it should abandon this exercise. It can cut down on the salaries of all its staff - highest ones getting higher cuts, instead of creating this scare. Please remember - in a country of riots - nothing is safe. Please do not take the country to that brink and let industries or their bodies be not the ones to be part of any such unforeseen terror plots. Unitedly we can overcome - there could be many other non-violent means of achieving it.