Numbers suggest that the Indian economy hasn’t been doing very well recently, and experts say that the numbers point to a trend of concern — a net aggregate decline in employee strength of the biggest companies!
The Indian economy has posted an impressive growth in the last few years, even when most major economies have been struggling to stay away from recession. In this context, anything below 6 percent growth is at a risk of being termed a ‘slowdown’; however, a 5.7 percent growth rate, coupled with scattered data on job losses, dipping private investment, unhealthy public sector banks and two major policy disruptions in a span of few months might give even the most optimistic economic expert jitters. Let us look at a few aspects of this debate, and understand how these numbers impact our world.
The slowdown and job slump
India’s GDP grew 5.7 percent during the April to June quarter, the slowest in almost four years, and has been declining continually for the last six quarters. All major institutions, national and global, have lowered India’s growth for the future as well, and the RBI has trimmed it liberally from 7.3 percent two months ago to 6.7 percent recently. Even the IMF lowered it to the same value from its earlier projection of 7.2 percent. On the same lines, the World Bank also adjusted it from 7.2 percent to 7 percent. An Indian Express report says that thousands of jobs in the textile, IT, and banking sector have been hit and quotes examples of L&T (14,000 jobs cut), HDFC Bank (6,000 job cuts) and Suzlon Energy Ltd (1500 job cuts) to substantiate the claim of lack of jobs in the market. Furthermore, the report stated that a total of 212 start-ups had wound up operations in 2016, nearly 50 percent higher than the preceding year.
This story is from the November 2017 edition of People Matters.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 2017 edition of People Matters.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
How Digital Transformation Can Power The Great Reset
Technology has the potential to serve as the key enabler of change between digitalising administrative tasks and fostering human connections
The Crypto Meltdown Of 2022
FTX implosion: A setback, but not the end for the crypto market
Govern Pre-IPO Unicorns to Create Value; Not Valuation
Billion-dollar startups always make the headlines. But is there true value behind those eye-catching valuations? How can proper governance be implemented for these much-hyped companies?
On change and change management
The best way to end the year, especially such a disrupted one as 2022, is by laying the groundwork for the year to come. Michelle Yong, Head of Resourcing at Shell, offers some insights on change management to bring us forward into 2023
The Great Reconnection: A paradigmatic moment for employers and employees
This year has not been a good one for employee retention. The Great Resignation, originally thought to be a US phenomenon, has emerged in Asia now. But is there a way to turn it into the Great Reconnection?
Lessons Managing in leadership: a global hybrid team
What takeaways can we draw from the pandemic? Fatima Koning, Chief Commercial Officer at IWG, shares what the last five years have taught her about managing a global sales team across 120 markets in the hybrid model
Eight HR trends that we saw throughout 2022
As companies manage their workforces in a dynamic era, HR departments have continually adapted and adjusted, and never more than this year as digital acceleration and workplace evolutions came together
One way to turn the tide of employee retention
There's a surprising link between skill development opportunities and job satisfaction. Here are some ways of boosting skilling and thereby talent retention
A key focus for L&D going into 2023 should be business alignment
Venkat Subramaniam of Degreed believes that learning is core to business success and organisations need to invest in the right processes and technologies to adapt to continuous change
WOMEN IN LEADERSHIP CAN BE GAME GHANGER FOR INCLUSIVE FUTURE OF WORK
BREAKING FREE FROM THE STEREOTYPES IN THE INSURANCE SECTOR, PAMELA THOMSON-HALL SHARES HER JOURNEY OF BEING A CHAMPION FOR WOMEN AND BRINGING ABOUT A CHANGE IN A MALE-DOMINATED INDUSTRY
