The economic downturn has begun to affect lives everywhere and if you thought that working for a top conglomerate would spare you the recession blues, you are grossly mistaken.
India’s showcase business group Reliance Industries is so badly hit by the global financial crash that Mukesh Ambani’s SEZ in Haryana has laid off most of its staff. You have nowhere to hide, really.
Work at the much-hyped Haryana’s pride SEZ has come to a standstill. The SEZ has a staff of around 800 (around 250 permanent and 550 contracted employees).
Although Reliance executives involved with the project claimed that the company had decided to “go slow” due to the recession, SEZ sources confirmed that work won’t resume until the recession ends.
According to company sources, a large number of employees both at the senior and junior levels have already been asked to leave. But a Reliance spokesperson disagreed. He said, “The project has not been delayed as the company is still acquiring land for it. There is a business plan for everything and it takes a long time to implement such big projects,” he added.
Do you think recession is the sole reason behind this step taken by Reliance?
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