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Layoffs still 'commonplace' in India, IT sector worst-hit: Report

The report by Risesmart comes amid fears of 'jobless growth' being witnessed in the country at present

Press Trust of India  |  Mumbai 

Intelenet has seen many changes in ownership since it was founded as an equal joint venture between TCS and HDFC in 2000

Even as the grows, job layoffs continue to remain a "commonplace" with the prone employees experiencing more than the others, a report said today.

The report comes amid fears of 'jobless growth' being witnessed in the country at present.

"Even as the improves, layoffs - due to cost cutting, reducing redundancies after a merger or acquisition, and restructuring events due to changes in the - remain commonplace," career transition company 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 had confirmed fears of the 'jobless growth' by stating that the economic growth was not translating into rise in 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 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, said has been one of the biggest creators globally but hiring has "plummeted" recently and the spectre of job layoffs is hitting both big and small

First Published: Fri, April 13 2018. 21:05 IST