India Inc warns layoffs on horizon

Published on NDTV profit, by Shweta Rajpal Kohli, November 16, 2008 (New Delhi).

Corporate India’s top leaders got together at three-day ‘Indian Economic Summit’ on Sunday and have warned of a bad situation becoming worst if the government doesn’t take action.

“If companies need to survive they don’t have an option. So they will have to cut some jobs to ensure they can retain some jobs,” said A M Naik, chairman, Larsen and Toubro …

… With general elections a few months away the government is vulnerable to a political challenge on its handling of the financial crisis. Even more so as the “real” economy feels the pain.

With the financial crisis now taking a toll on India’s growth rates, the mood at the India Economic Summit was anything but upbeat. The message is clear that we need to act aggressively and swiftly to respond to the crisis be it by way of interest rate cuts, spending on infrastructure or reform push. (full text).

More articles:

Second G20 summit planned for London, by Stephen Foley in Washington, 16 November 2008;

Tibetans protest as China takes part in economic summit, by Phayul, November 16, 2008;

The Lame Duck Economic Summit: Bush brings the G-20 to Washington; but world leaders would rather talk to Obama;

Developing economies get to sit with the big boys, by ANNE GEARAN, Nov. 16, 2008;

World leaders grapple with crisis, 15 November 2008;

Medvedev “satisfied” with results of economic summit, Nov. 15, 2008;

APEC Economic Leaders Meetings are held once a year in the APEC host economy: Declarations from these meetings set the policy agenda for APEC.

Comments are closed.