Mukesh Ambani: Reliance Industries has lost 42,000 jobs, what is the reason for the layoffs?

Mukesh Ambani: About 42,000 people have lost their jobs from Reliance Industries, the country's veteran businessman Mukesh Ambani. The company has reduced its workforce by around 11 per cent in the 2023-24 financial year compared to last year. There have been reports in the media that Reliance Industries has taken this step to cut costs. Due to the decline in retail business, the company has decided to cut jobs, the statement said. The company did not make any new recruitment during the entire financial year. In fiscal 2022, the number of employees at Reliance Industries stood at 3,89,000, The Economic Times reported, with many stores closing and expansion slowing. 3,47,000 in FY 2023-24. Citing Reliance Industries' recent annual report, the company has cut fresh recruitment by more than a third to 1,70,000 in the 2023-24 financial year. Maximum layoffs in retail sector: Several businesses of Reliance Industries have fully matured, the report said, citing a leading brokerage. It is also supported by digital initiatives. All the businesses of the company are at peak. The brokerage said the company has cut jobs to cut costs. Reliance Industries has made the most layoffs in the retail sector. In the financial year 2022-23, the number of employees in the retail sector was 2,45,000. 2,07,000 in FY 2023-24. Apart from this, Reliance Jio's headcount has come down to 90,000 from 95,000 in FY 2022-23. Also Read: Who is the woman to take over Ratan Tata's seat and what is her connection with Cyrus Mistry? Why do media reports say that Reliance Industries has done less hiring to cut costs in FY 2023-24? There has also been a decline in new appointments, according to the company's annual report. This year, Reliance Industries has cut new hires by a third to 1,70,000. Also Read: Is Bengal Longing For Bangladeshi Hilsa? Imports stopped after Sheikh Hasina coup The post Mukesh Ambani: 42,000 people lost their jobs from Reliance Industries, do you know the reason for the layoffs appeared first on Prabhat Khabar.