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

The slashing of budgets means employees working for corporates are either unlikely to get the customary bonuses this Diwali or may have to settle for a much lesser amount, the survey found.

The survey exercise covers 2,500 small, medium and large companies located in Ahmedabad, Bangalore, Chennai, Delhi-NCR, Hyderabad, Jaipur, Kolkata, Lucknow, Mumbai and Pune.

It encompasses sectors like pharmaceutical, consumer durables, electronics, gems & jewellery, automobiles, FMCG, manufacturing and infrastructure etc.

The cut in corporate budgets and curtailing of bonuses would have wider ramifications, dampening the already subdued business environment further.

Companies worst affected by the slowdown are in sectors like consumer durables, gems & jewellery, FMCG, electronics, automobile and real estate, the survey found.

Consequently, the sale of electronics goods, TVs, laptops, washing machines, kitchen appliances, handsets, mobile accessories, personal computer games are likely to be lukewarm this festive season.

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