New Delhi: Reliance Industries Ltd. (RIL) has announced a significant reduction in its workforce, slashing 42,000 jobs, or approximately 11% of its total employee base, for the fiscal year 2023–24. This reduction, as reported by The Economic Times, marks a notable decrease from the previous year and highlights the companys focus on improving cost efficiency, particularly in its retail division.Impact on employee numbersAccording to the report, RILs total workforce has fallen to 347,000 from 389,000 in the previous fiscal year. Additionally, new hiring figures have dropped by 170,000, representing a cut of over one-third. This downsizing aligns with the companys strategy to streamline operations and enhance efficiency, especially as new business lines have become more stable and are supported by digital initiatives.Reactions and concernsAnupam Mittal, the founder of Shaadi.com, expressed his concern over the lack of public and political attention to the job cuts. Mittal took to social media, questioning why the significant reduction had not stirred more debate, stating, “42k Why is this quiet news Should be raising serious alarm bells across the economic & political circles.”In response to Mittals concerns, some users pointed out that the job cuts primarily affected part-time or contract employees in the retail sector and that RIL had increased hiring in other areas. One user remarked, “They added 1.7 lakh in other areas. Maybe they are bringing in changes. Why does it need political attention though Its their business decision.” Mittal countered, emphasizing that if major companies are reducing their workforce, it exacerbates the already challenging job situation in the country. “We already need 8-10 million new jobs a year,” he noted, advocating for a comprehensive plan to address the job crisis.
