Shaadi.com's Anupam Mittal reacts to Mukesh Ambani's Reliance laying off 42,000 employees, says, 'why is this...'
Mittal expressed his concern about the low-profile nature of the report, emphasising that such news should be causing serious discussions in economic and political circles
Anupam Mittal, the founder of Shaadi.com, recently highlighted the news of Reliance Industries Ltd.'s significant job cuts. Mittal expressed his concern about the low-profile nature of the report, emphasising that such news should be causing serious discussions in economic and political circles.
According to a report by the Economic Times, Reliance Industries reduced its workforce by 42,000, or 11%, during the 2023-24 fiscal year compared to the previous year. The company's total number of employees fell from 389,000 in 2022-23 to 347,000 in 2023-24. The layoffs were notably concentrated in the retail sector. Reliance’s annual report also reveals a sharp drop in new hires, with 170,000 fewer added to the workforce, a decrease of over one-third.
An anonymous analyst quoted in the report noted that Reliance's new business ventures and digital initiatives have matured, allowing the company to manage its operations more efficiently.
The analyst suggested that while the current workforce has been optimised, future hiring could increase with new business opportunities and strategic changes.