ASSOCHAM: India may witness 25% job cuts in 10 Days

Breaking News! The market meltdown and economic crisis are all set to affect the Indian industry. According to ASSOCHAM predictions, there may be 25 per cent job cuts in key sectors such as Steel, Cement, ITeS/BPO, Finance, Brokerage Services, Construction, Real Estate and Aviation. The ASSOCHAM predicts the job cuts within 10 days of post-Diwali.

ASSOCHAM President Sajjan Jindal confirmed that a large number of companies in the above segments have already drawn up plans to cut their workforce by 25 - 30 per cent. ASSOCHAM believes that the gloomy situation could be negated if the RBI sheds its tight monetary policy and reduced the interest rates by at least 3 per cent, which may not be a reality at all.