• Corporate
• Markets
• Info-Tech
• Marketing
• Money & Banking
• Agri-Biz & Commodities
• Industry & Economy
• Logistics
• Opinion
• Variety
• Corporate Results
• Columns
• States
• Web Extras
• Index

• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

• Rates

• Ports

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Subscription

• Business Line

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

NEW DELHI: After Diwali festivities, India Inc is set to show pink slips to 25-30 per cent employees in businesses like IT, aviation, steel, financial services, real estate, cement and construction as part of their cost-cutting measures, industry body As socham has said. These seven sectors are no longer in a position to sustain their operations with existing manpower strength, Assocham said in its study on 'Jobs Scenario Post-Diwali.'

“HR heads of these sectors have drawn up conclusive plans to curtail their workforce by 25-30 per cent, announcements for which is likely in the next 10 days or so,'' said Mr Sajjan Jindal, President, Assocham.

Without naming the companies which would take this step, the chamber said the corporates have no other alternatives to sustain operations with squeezed margins after drastic cost-cutting measures like denying bonus and ex-gratia.

The chamber further said that the negative sentiments in the seven sectors could be turned into opportunities provided the Reserve Bank discontinues with its tight monetary policy and cut the interests rates by at least three per cent. - PTI

Prev: No global financial pact possible without India, says Lamy
Next: FM meets RBI, SEBI chief

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line