Sample this: In one of India’s biggest-ever layoffs, engineering major Larsen & Toubro (L&T) shed 14,000 employees across businesses during the first half of fiscal 2017. Now, according to media reports, some other companies ranging from Snapdeal to Microsoft are also planning to trim their workforce over the coming months.
That is not all. A study by the All India Manufacturers’ Organisation (AIMO), which represents over 3 lakh micro, small, medium and large-scale industries engaged in manufacturing and export activities, reveals that micro and small-scale industries suffered 35 per cent job losses and a 50 per cent dip in revenue in the first 34 days of the cash ban, while a 60 per cent drop in employment and a 55 per cent loss in revenue is likely before March 2017.