Jet Airways a leading airlines company has recently laid off 850 staffers and will layoff another 1100 soon. Air India has offered its employees a unpaid leave for 5 years, whatever that means.
Pepsico. has laid off 3300 employees.
Satyam laid off 400 workers and have given notice to another 4500.
Stock Markets are under 11k down from 21k in January. Beat that.
Most companies have stopped hiring, more layoffs expected. RBI has taken some serious preemptive action.
ICICI is closing down branches. HDFC and other institutions are seeing a decline in demand.
Malls are less crowded, airports are emptying. But the ones with jobs are still ok. There will be no 50% offs in most shops this festive season. And its money saving time anyways.
But the worst affected will be the new graduates of this year and the next when they come out with no jobs in sight.
Tough times ahead. Didn't someone say Indian economy is decoupled from US economy?
Updated News: Jet Airways takes back its fired employees. According to the chairman of the company Naresh Goyal, he has listened to his conscience, while the avitiation minister jumped into to take credit by saying he asked Goyal to take back sacked back employees.
It seems the truth is political pressure arising from the coverage of the sacking and the effect it will have on the salaried class and the upcomign elections.
