Unemployment is a major problem among the large youth population in India. Meanwhile, a trend has emerged that can worry experts and policy makers. During the last financial year, thousands of people were laid off in the country and surprisingly, many giants from Reliance to Tata are among those who laid off.
Names of these companies among the companies that laid off
An ET report shows that during the last financial year, 52 thousand people lost their jobs in the retail sector alone. The companies that laid off include Reliance Industries’ Reliance Retail, Tata Group’s Titan, Raymond, Page Industries, Spencer and other well-known companies. The annual report of these retail companies shows that they made a huge reduction of about 52 thousand in their workforce during the last financial year.
38 thousand layoffs in Reliance Retail alone
In terms of employees, Reliance Retail is the largest company in the domestic retail market. According to the annual report of Reliance Industries, the total number of employees in its retail sector came down to 2,07,552 in the financial year 2023-24, which is equal to about 60 percent of its total employees. A year ago, 2,45,581 employees were working in the retail sector. That is, during the last financial year, about 38 thousand people lost their jobs in Reliance Retail.
Employees also cut in Titan
Similarly, during the last financial year, the number of employees of Titan decreased by 8,569 and the figure came down to 17,535. The number of people working in Page Industries came down to 22,564 in the financial year ended March 31, 2024, which is 4,217 less than a year ago. The combined reduction in the number of employees in Reliance Retail, Titan, Page, Raymond and Spencer reaches 52 thousand.
These retail companies increased their workforce
However, on the other hand, the number of employees in many companies in the retail sector has also increased. The number of employees in Tata Group’s Trent was 19,716 in the financial year 2022-23, which increased to 29,275 in the financial year 2023-24. Similarly, the number of employees of D Mart increased from 60,901 to 73,932. Vmart’s workforce increased from 9,333 to 10,935. Similarly, Jubilant’s workforce increased from 32,752 to 34,120.
Total 42 thousand layoffs in Reliance Industries
A few days ago, there were reports about Reliance Industries that it has reduced the total number of its employees by 42 thousand in the financial year 2023-24. Shark Tank judge Anupam Mittal had shared that news, which started a discussion about it. Apart from retail in Reliance Industries, there was a big layoff in Reliance Jio as well. The number of employees in Jio has come down from 95,326 to 90,067 at the end of FY 2023-24.
Also read: What did Anupam Mittal say on the layoff of 42 thousand employees in Reliance Industries?
