Corporate India cuts 25% jobs

Time of panic in the high-end job sector is far from being over. The Post-Diwali
corporate India may resort to more job cuts to meet the challenges of the tough
time caused by the global financial turmoil, warns Associated Chambers of
Commerce and Industry of India (ASSOCHAM).

If the report is to be believed, 25 to 30 percent of the work force have been
laid. The most affect segments are IT-enabled services (ITeS/BPO), steel,
cement, construction, real estate, aviation, and financial services sectors.

"HR heads of majority of steel, cement, ITeS/BPO, financial and brokerage
services including construction, real estate and aviation have drawn up
conclusive plans to curtail their workforce by 25 to 30 percent, announcements
for which is likely in next 10 days or so," said Sajjan Jindal, President,
ASSOCHAM while releasing the 'Job scenario post-Diwali' analysis of the
organization.

The chamber said that the negative sentiments in the seven sectors could be
turned into opportunities provided the Reserve Bank discontinues with its tight
monetary policy and cut the interests rates by at least three percent.

Indian Prime Minister Manmohan Singh had asked the country to be prepared to
face slower economic growth temporarily