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Mumbai: Shaadi.com founder Anupam Mittal took X to share the news of the recent Reliance layoffs. In his post, he also questioned the media and asked why the news is quiet about it.<\/p>\n
\u201c42k? Why is this \u2018quiet news\u2019? Should be raising serious alarm bells across the economic & political circles,\u201d wrote Mittal as he reshared a post talking about the Reliance layoffs<\/p>\n
According to a report in the Economic Times, Reliance Industries Ltd. cut 42,000 jobs, or 11%, during the 2023\u201324 fiscal year compared to the previous year. This suggests cost-efficiency drives, and the report states that the reduction is particularly noticeable in its retail section. In 2023\u201324, Reliance Industries had 347,000 total employees; in 2022\u20132023 there were 389,000. The company\u2019s annual report states that there were 170,000 fewer new hires, a decrease of more than a third.<\/p>\n
The report quoted an analyst from a leading brokerage who did not wish to be named as saying, \u201cThe new lines of businesses (at Reliance) have matured now and have significant support from digital initiatives. Now they are a stage to better manage the operations with optimum strength. It doesn\u2019t mean that the numbers (of headcount) won\u2019t increase when new business opportunities emerge and strategy changes. They understand very well how to drive cost management and efficiency.\u201d<\/p>\n
In 2023\u201324, Reliance\u2019s retail division employed 207,000 people, up from 245,000 the previous year, making up 60% of the company\u2019s workforce. Reliance Retail did, however, add 3,300 new locations in 2023\u20132024, bringing its total number of stores to 18,040. Jio saw its number of employees reduce to 90,000 in 2023-24, compared to 95,000 the year prior.<\/p>\n<\/div>\n
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[ad_1] \u00a0 Mumbai: Shaadi.com founder Anupam Mittal took X to share the news of the recent Reliance layoffs. In his post, he also questioned the media and asked why the news is quiet about it. \u201c42k? Why is this \u2018quiet news\u2019? Should be raising serious alarm bells across the economic & political circles,\u201d wrote Mittal […]<\/p>\n","protected":false},"author":1,"featured_media":39878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-39877","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"jetpack_featured_media_url":"https:\/\/thenftimes.com\/wp-content\/uploads\/2024\/08\/Anupam-Mittal-reacts-to-Reliance-laying-off-11-workforce.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/39877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/comments?post=39877"}],"version-history":[{"count":1,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/39877\/revisions"}],"predecessor-version":[{"id":39879,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/39877\/revisions\/39879"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media\/39878"}],"wp:attachment":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media?parent=39877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/categories?post=39877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/tags?post=39877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}