Drop in demand: Top biscuit maker Parle may lay off 10,000 workers
New Delhi, Aug 21: The country's largest biscuit maker, Parle Products may lay off up to 10,000 workers owing to slowing economic growth and falling demand in the rural heartland.
Founded in 1929, Parle Products employs around 1 lakh people. Parle has 125 manufacturing units as well as 10 company-owned facilities.
"The situation is so bad, that if the government doesn't intervene immediately ... we may be forced to eliminate these positions," Shah was quoted as saying by The Indian Express.
Giving out the details, Shah told the Economic Times that, "We have multiple biscuit brands that are aimed at mid- and low-income consumers which form the core consumer base of a category such as ours, and we are hoping the GST increase will be rolled back if the government wants to revive demand."
Parle, which makes the popular Parle-G, Monaco and Marie brand of biscuits, employs 1 lakh people, and operates 10 company-owned plants, in addition to 125 third party manufacturing facilities.
Earlier this month, biscuits maker Britannia Industries Ltd's Managing Director Varun Berry said consumers were "thinking twice" about buying products worth just 5 rupees ($0.07).
"Obviously, there is some serious issue in the economy," Berry had said.