Lay-off and Job Cuts in India?

The impact of the global meltdown on Indian economy is clear further. the result will be more lay-offs and job cuts. That the Manpower Inc reportedly predicted that Indian job market will shrink by around five per cent. Manpower is a Canada-based employment agency, which has provided job placements to about 21,000 people in India and around five million globally to almost 400,000 of its clients worldwide, according to media reports.

Major companies have been adopting cost cutting measures. Global the biggest news - the Citi group to lay off 53,000 is big shocking news for the banking sector in India. Probably this was the second biggest set back after the bankruptcy filled by the two major banks of US.

The finance minister has been assuring about the sound health of the economy. The coast cost measures by the companies may lead to lay-off, it seems. The picture of the lay-off by the companies will be clear further. As SAP Labs India is planning to make big cost-cuts. The company has asked its vendors to axe over 1,000 people contracted to it by December, according to media reports.

World’s biggest economies have been reeling under the pressure of the global meltdown. Japan goes into recession; probably the world economy has been experience the first global crisis of the era. This will lead to more job cut and lay-offs in the coming days in many countries including India.