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68% of 40,000 firms may cut pay, freeze hiring or lay off staff: Crisil MD

In a Q&A, Ashu Suyash of Crisil says these companies from across 55 sectors have a wage bill of Rs 12 trillion and are at risk if urban demand does not pick up

Topics
Unemployment jobs | IT layoffs

Vishal Chhabria  |  Mumbai 

Even as some high-frequency data raises hopes of partial recovery, Ashu Suyash, MD & CEO, Crisil says with afflictions continuing to rise, economic activity will remain curbed. In an interview with Vishal Chhabria, she says the second quarter would also see on-year contraction before a mild recovery in the second half of this fiscal.

Exceprts: There is much debate on the quantum of contraction in the Indian economy in fiscal 2021, with some estimates suggesting a decline of over 10 per cent. What is your assessment? We expect gross domestic product (GDP) to contract by at least 5 ...

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First Published: Sun, August 02 2020. 17:13 IST
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