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LATEST NEWS UPDATES | Abstain from speculations, give exact job loss count, Finance Ministry tells India Inc.

Abstain from speculations, give exact job loss count, Finance Ministry tells India Inc.

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published Published on Aug 23, 2019   modified Modified on Aug 23, 2019
-The New Indian Express

There were also reports that the auto sector has seen 3 lakh crore jobs being lost.

NEW DELHI:
TAKING notice of daily reports on job losses, the Union Finance Ministry has asked business chambers and industries to produce the exact number of job cuts to derive the correct picture of the economy. It has asked the industries to abstain from causing panic.

“There are a number of reports that talk of job losses, and mostly come through reports. This is creating panic. The ministry has asked the businesses to give the exact job loss figures so that the government can assess the actual state of the economy. Businesses should,” a senior finance ministry official told TNIE.

The reaction came following media reports saying biscuit company Parle G is planning to sack 10,000 people, owing to slowdown. Also, much to the dismay of the government, the Northern India Textile Mills Association (NITMA), an association of textile mills in north India, advertised in leading business dailies on Wednesday that 3 crore jobs in the sector is under threat.

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The New Indian Express, 22 August, 2019, http://www.newindianexpress.com/business/2019/aug/22/abstain-from-speculations-give-exact-job-loss-count-finance-ministry-tells-india-inc-2022559.html?fbclid=I


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