India Inc To Slash Festive Budgets, Give Out Lower Bonuses: Assocham Survey

Monday, 09 September 2013, 23:07 IST
24
31
55
10
Print Email


New Delhi: The persistent economic slowdown will force corporates to cut budgets by a staggering 40 percent this year and the austerity is set to hit even customary bonuses, according to a survey by industry body Assocham.



"Due to steep fall in rupee, the budget on Diwali and other ensuing festivals like Dhanteras and Christmas may see a cut of 40 percent this year," said Assocham Secretary General D S Rawat.



The tough business environment marked by high inflation, drop in corporate earnings and decline in new business orders is taking a toll on this festive season, he added.



The sharp cut in budget is on account of a severe slowdown which has put pressure on earnings, coupled with spiraling inflation and confounded by a sharp depreciation of rupee, according to the survey.



Read More:



Government to Hike DA By 10 Percent; To Benefit 80 Lakh Employees & Pensioners



Job Slump and Loan Repayment Woes Taking a Toll on Recent Grads


Source: PTI
SPOTLIGHT
ISRO unveils 'Young Scientist'
State-run Indian Space Research Organisation (ISRO) on Monday announced the launch of its Young ..
Presidency University to offer
Presidency University is coming up with a specialised course in cyber security at its new campus, ..
IISc database on peninsular Indian
The Indian Institute of Science (IISc) on Sunday announced its database of flora in peninsular..
Inland, coastal maritime technolog
The Ministry of Shipping, under its flagship Sagarmala Programme, is setting up a state-of-the-art..