On Thursday, Oct 30, ASSOCHAM released a report stating that over 25 pc job cuts is necessary to balance the haywire economic turmoil in the industry. "It is irresponsible on the part of Assocham to make such an outrageous statement," remarked Jairam Ramesh while speaking to journalists in Bangalore. "The industrial bodies should stop making scary headlines in a bid to arm twist policies," the minister noted. "It is okay if the Assocham is saying that there will be a reduction in the additional jobs to be created. But, saying that the existing jobs will be cut is an irresponsible statement," he added.
A press release by Assocham said that the job cuts would be across the steel, cement, construction, real estate, aviation, IT-enabled services and financial service sectors. According to Assocham President Sajjan Jindal, major companies have drawn up plants to curtail their workforce. The decision is painful, but there is no other alternative, the report said.