Assocham withdraws it’s Job Cut Report

Assocham earlier released a report (that stated 25-30% India Inc workforce will be laid-off within 10 days from Diwali) that drew a major flak from the government and other industry associations like FICCI and CII.

It is okay if the Assocham is saying that there will be a reduction in the additional jobs to be created. But if they say that the existing jobs will be cut, it is nothing but irresponsible – Planning Commission Deputy Chairman, source

Under tremendous pressure from government, Assocham has withdrew it’s report stating

the report was “not representative of the industrial segment in its totality.” He said the “analysis” of job cuts was primarily in real estate, brokerage and investment advisory sectors. – BS

What’s interesting to note is that Assocham mentions that it’s earlier analysis (i.e. of 25% job cut) was based on survey – something which was not at all mentioned when the numbers were announced.

Though the report has been withdrawn, the reality is that most of the companies are under hiring-freeze and are trimming their flab.

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