Wednesday, 29 October 2008

Firms seen cutting jobs by 25% in next 10 days: Assocham

Indian firms are likely to lay off a quarter of their employees in the next 10 days, as part of steps to contain costs in the face of shrinking margins amidst the economic turmoil, an industry body said on Wednesday.

Trade body Associated Chambers of Commerce and Industry of India (ASSOCHAM) said the job cuts would be across the steel, cement, construction, real estate, aviation, IT-enabled services and financial services sectors.

Expansion has slowed in Asia's third-largest economy in the last two quarters, from the 8 percent or more annual growth in the past four years, with high interest rates crimping demand and on the global financial crisis.

The Reserve Bank of India last week cut its forecast for growth in 2008/09 to 7.5-8 percent from its earlier view of 8 percent. This compares with the economy's 9 percent growth in 2007/08.

Source: EconomicTimes

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