A global synchronized industrial slowdown has hit the Indian automobile and technology sectors somewhat hard, resulting in over a million job cuts in the last several years, reported The Economic Times.
India is in a cyclical downturn with no signs of abating.
About 35 million jobs could be affected if the downturn gains momentum in 2H19. India's technology sector has also been experiencing financial hardships related to the slowdown.
Industry executives and retailers told The Times that India had 400,000 handset retailing outlets, many of which were smaller family-owned stores.
With the Indian economy slowing, growth rates plunging across all major industries, a credit crunch that could start making trouble in the industrial sector, India is headed for a prolonged downturn that could be extended well into 2020.
Rising protectionism from President Trump's trade war and a hostile global environment could have already started to compound India's economic troubles.
Export growth for India hit a 41-month low in June after slowing was seen in automobiles, petroleum oil, gems and jewelry, and engineering goods.
https://www.zerohedge.com/news/2019-07-31/million-job-cuts-india-point-economic-turmoil
India is in a cyclical downturn with no signs of abating.
About 35 million jobs could be affected if the downturn gains momentum in 2H19. India's technology sector has also been experiencing financial hardships related to the slowdown.
Industry executives and retailers told The Times that India had 400,000 handset retailing outlets, many of which were smaller family-owned stores.
With the Indian economy slowing, growth rates plunging across all major industries, a credit crunch that could start making trouble in the industrial sector, India is headed for a prolonged downturn that could be extended well into 2020.
Rising protectionism from President Trump's trade war and a hostile global environment could have already started to compound India's economic troubles.
Export growth for India hit a 41-month low in June after slowing was seen in automobiles, petroleum oil, gems and jewelry, and engineering goods.
https://www.zerohedge.com/news/2019-07-31/million-job-cuts-india-point-economic-turmoil
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