Job losses: You just won't believe which sector is worst hit

The report comes amid fears of 'jobless growth' being witnessed in the country at present. "Even as the economy improves, layoffs - due to cost cutting, reducing redundancies after a merger or acquisition, and restructuring events due to changes in the industry - remain commonplace," career transition company Risesmart said in a report after interviewing 1,000 executives

Job losses: You just won't believe which sector is worst hit
The government and the ruling party had later explained that jobs created in sectors such as tourism and aviation were not counted for the purpose. Image source: Reuters
By PTI
Updated: Sat, Apr 14, 2018
09:32 am
PTI
RELATED NEWS
India cuts tax on crude, refined palm oil imports from ASEAN countries India cuts tax on crude, refined palm oil imports from ASEAN countries
Demonetisation hit growth, jobs, bank credit: Economists' report Demonetisation hit growth, jobs, bank credit: Economists' report
India lost 4% of GDP from power distortions in 2016: World Bank India lost 4% of GDP from power distortions in 2016: World Bank
India's July-September current account gap hits 4-year high on oil price rise India's July-September current account gap hits 4-year high on oil price rise
China rejects India’s proposal to trade in domestic currencies rupee-renminbi China rejects India’s proposal to trade in domestic currencies rupee-renminbi

Even as the economy grows, job losses continue to remain a "commonplace" with the automation prone information technology industry employees experiencing more pain than the others, a report said. The report comes amid fears of 'jobless growth' being witnessed in the country at present. "Even as the economy improves, layoffs - due to cost cutting, reducing redundancies after a merger or acquisition, and restructuring events due to changes in the industry - remain commonplace," career transition company Risesmart said in a report after interviewing 1,000 executives. "The survey concluded that employees in the IT sector experienced more layoffs in comparison to employees in other industries," a statement issued here said.

It, however, did not elaborate by quantifying the responses across sectors. In May last year, the then Union labour minister Bandaru Dattatreya had confirmed fears of the 'jobless growth' by stating that the economic growth was not translating into rise in employment opportunities. "The current growth is a jobless growth. Many European and Asian countries, including India, are facing it... Growth is being reported but it is not reflecting in employment generation," he had said.

The government and the ruling party had later explained that jobs created in sectors such as tourism and aviation were not counted for the purpose. In the statement, Risesmart said India has been one of the biggest employment creators globally but hiring has "plummeted" recently and the spectre of job layoffs is hitting both big and small companies. 

By continuing to use the site, you agree to the use of cookies. You can find out more by clicking this link

Close