With the time of high growing industries and companies only concentrated on their profit what will happen to our economy?
We can read the news that various companies and industries are firing up their employees. The Indian textile industry is going out of control, that is, it has been going in loss. An industry which has been giving employment to 10 crore people directly and indirectly and is facing heavy loss.
The Northern India Textile mills Association is facing such a crises that they have to slow down production and shut down some of their mills. The NIMTA showed their decline in export. The export of yarn fell by 34.6% to $696 million as compared to $1,063 million in the same period last year.
A leading food product company Parle products, the largest biscuit making company, is firing 10,000 of their workers because of slow economic growth. The company has to pay high taxes and offer fewer biscuits in each pack.
The lower income consumer in rural India which contributes more than half of the Parle’s revenue. Parle say consumers are very price sensitive and they are very conscious of how many biscuits they get in a particular price.
The year 2019, is the worst year for the auto industry India. Tata motors have shut their factory due to low sales of cars.
It has been reported that Maruti has fired their temporary employees. More than 2 lakhs employees have been fired by auto dealers in the last 180 days. It is been reported in July, that Maruti reported dropping of 36.3% sales and in the same hand TATA has also reported 38% of dropping in the sales.
Honda has the worst drop in the sale of automobiles and can be said the highest of them all that is 48% of dropping the sales. This means firing of employees in all the automobile companies because they are already running losses due to dropping of sales.
The government is talking about the increase in economy and on the other hand the people are on the verge of losing their jobs due to bad economic conditions.
If the people who are working in the company for a long time do not have job security then how can the new workforce get employment?
If the government is not able to maintain the economic they how will people get jobs.
Due to the dropping economic condition of India there has been a crises of money. People are not buying high priced luxury items (because of high GST) resulting in dropping of sales. This is causing the company losses in many ways and some have to stop their production of goods. Factories are not able to pay the workers. So they are fired and now the unemployed are also in a financial crisis.
Unemployment and money crisis appears to be the real face of the Indian economy for the ordinary working class citizen.
Ayush Kumar Dhan, SXC, 5th Sem, Patna