Reliance Industries Ltd. (RIL) has made a significant move by reducing its workforce by 42,000, representing 11% of its total employees, during the 2023-24 fiscal year. This news has sparked concern from Shaadi.com founder Anupam Mittal, who expressed alarm over the “quiet news” and its potential impact on the job market.
RIL’s decision is reportedly driven by a desire to enhance cost efficiency, with the retail division being particularly affected. The company’s total employee count has dropped to 3.47 lakh in 2023-24, down from 3.89 lakh in the previous year. Additionally, new hiring has been significantly reduced, decreasing by over one-third.
Analysts, however, suggest that the job cuts are part of a strategic shift towards optimizing operations. One analyst, speaking anonymously to The Economic Times, explained that RIL’s newer businesses have matured and are benefiting from digital initiatives, allowing for more efficient management.
Mittal, however, took to social media to express his concern, highlighting that the job cuts by India’s largest companies could exacerbate an already challenging job situation. He emphasized the need for a robust plan to address the country’s job creation needs, which currently require 8-10 million new jobs annually.
While some users on social media pointed out that the job cuts were primarily in the retail sector and involved part-time or contract employees, Mittal maintained that the overall impact on the job market should not be underestimated. He called for a larger conversation about the implications of such job cuts and the need for proactive policies to address the issue.
