Mumbai: It seems inflation is likely to hit India very soon with many sectors are doing cost-cutting. India’s largest biscuit maker Parle Products Pvt Ltd may lay off up to 10,000 workers if the low consumption remains continue. Company’s famous biscuit Parle-G has become a household name in the country.
India is witnessing lack in demand for everything from cars to retail products. It has forced money company to low down production and jobs.
Mayank Shah, category head at Parle Products, while speaking to a leading news website said, “We have sought a reduction in the goods and services tax … but if the government doesn’t provide that stimulus, then we have no choice but to let go of 8,000-10,000 people.”
“The situation is so bad, that if the government doesn’t intervene immediately… we may be forced to eliminate these positions,” he further added.
Company claims after the introduction of GST, Parle forced to offer fewer biscuits in each pack keeping the price same as Rs 5. Following which, demand from lower-income consumers in rural India impacted, which contributes more than half of Parle’s revenue.
The slowdown in India’s economic growth has already resulted in job loss of lakhs of employees in the crucial automotive industry.
