Shark Tank India judge and entrepreneur Anupam Mittal on Saturday questioned the lack of media coverage on the recent layoffs conducted by Reliance. The businessman, who is the brain behind Shaadi.com, pointed out that the reported layoffs are a major news and wondered why there is no serious discussion around it.
Sharing his opinion in a post on social media platform, X, formerly known as Twitter, Mittal said, “42k? Why is this ‘quiet news’? Should be raising serious alarm bells across the economic & political circles.”
42k? Why is this ‘quiet news’? Should be raising serious alarm bells across the economic & political circles 🤷🏻 https://t.co/L0XP0nnzHu
— Anupam Mittal (@AnupamMittal) August 10, 2024
Some users showcased their wit and said this decision was taken to manage finances after Anant Ambani’s wedding. One individual wrote, “Wow, after spending 5k cr on a wedding, they have really made a point on cost cutting!”
However, others pointed out that the layoffs only impacted retail segment and a private business decision shouldn’t require political attention. One of the users wrote, “It was mostly from Retail, mostly part-time or contract employees depending on need. They added 1.7 lakh in other areas. Maybe they are bringing in changes.”
Notably, a recent report by The Economic Times revealed that Reliance Industries cut down its workforce by 11 per cent during the 2023-24 fiscal year (FY24). This move affected 42,000 jobs in the conglomerate. The report noted that the layoffs were particularly focused in the retail business of the company.
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As of 2023-24, Mukesh Ambani’s Reliance Industries employed 347,000 individuals, while its workforce stood at 398,000 in the preceding year 2022-23. The report stated that the firm also clocked a fall in hiring by more than a third as it recruited 170,000 fewer new employees.
The retail wing of the conglomerate logged a workforce of 207,000 people in 2023-24, against 245,000 people employed in the previous year. This section accounted for 60 per cent of Reliance Industries’ overall employee count.
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