The prolonged slowdown threatens to spiral into a major crisis as many car makers are now contemplating pruning workforces to contain costs, Hindustan Times reported. Companies such as Maruti, Toyota, Tata and Mahindra have already benched temporary many workers.
“It is a very serious situation for the industry. The original equipment manufacturers have started adjusting temporary and casual workforce,” said Vishnu Mathur, director general, Society of Indian Automobile Manufacturers (SIAM). “In the manufacturing sector, not restricted to auto sector alone, companies by and large tend to keep more temporary and casual workers.”
Read the full report here