17000 lost jobs in textile sector, L&T dismisses 14000, banks dismiss employees: What happens to indian economy?
New Delhi, September 3: Recent study says that the sign of economic slowdown on the textile sector was dramatically increased. Over 17000 lost their jobs in the textile sector. L&T dismissed 14000 employees. no difference in the case of private banks private banks. they too dismissed 17,600 workers. This includes jobs in small-scale industries making the crisis more intense.
On March 31, 2017, Larsen & Toubro dismissed 14,000 workers. Only limited recruitment was held in IT sectors.
On the first quarter of this financial year, 873913 were employed in the top five companies in IT sector. Tech Mahindra (1714), TCS (1414), Infosys (1811) and some of the companies like Wipro and HCL Technologies are not disclosing their numbers.
According to reports, from January to March, the crisis also affected the new Generation banks, which fired 6096 employees.
During the period of October to December, jobs of 4581 employees were cut which include private bank employees.
The crisis also affected in solar, wind energy sector. Suzlon Energy Ltd and the turbine manufacturer Rigen Power have been fired engineers in windmill Suzuki Energy Limited. Salaries cannot be paid off several months in Inox Wind Ltd
An analytic graph shows that there will be no profit for startup companies.
In 2016, 212 companies were shut down. This year also shows a major shutdown in newly started companies. Stacey and TaskBab are at the edge of a lock.
The decline in private investment and the decrease in exports is the main curse depreciation in their income. This was accompanied by demonetization and GST. The crisis became intense as many companies in the textile industries as the had been shut down. Most of them were using power looms.
The unemployment rate in the sector is likely to rise as the number of job cut increases.