Shark Tank India judge Anupam Mittal in a recent post on unknown (before Twitter), raised questions about Mukesh Ambani Reliance Industries laying off more than 42,000 employees in fiscal year 24.
“42,000? Why is it a ‘silent news’?” Mittal asked, adding: “It should ring alarm bells in economic and political circles.”
42k? Why is this a “silent news”? It should ring alarm bells in economic and political circles 🤷🏻 https://t.co/L0XP0nnzHu
— Anupam Mittal (@AnupamMittal) August 10, 2024
According to the company’s annual report, Reliance had a headcount of 3,89,414 employees in FY23, which has now declined to 3,47,362 employees in FY24.
Reliance Retail was the worst hit company, with its headcount falling from 2,45,581 in FY23 to 207,552 in FY24.
It is worth noting that Reliance Retail accounts for nearly 60% of the employee base of the entire Reliance conglomerate.
Reaction of Internet users
Since it was shared, Mittal’s post has garnered over 422,000 views and over 9,800 likes.
“Most of the employees were from the retail sector, mostly part-time or contracted as needed. They added 170,000 in other areas. Maybe they are making changes. But why does there need to be political attention? It’s a business decision by them,” one user wrote.
My point is that if our largest companies are cutting staff, the employment situation will get much worse. We already need 8-10 million net new jobs a year. I am not suggesting that they should take up the issue with Reliance, but we need a bold plan that works.
— Anupam Mittal (@AnupamMittal) August 10, 2024
“It is never a business decision. Companies in India or any other country cannot fire people whenever they want,” wrote another.
It’s not about Reliance, it’s more about the state of the economy
The growth of the stock market and the premium segment has been hiding the real pain of the bottom 80%— Bubble Head (@bejoosy) August 10, 2024
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.