Bengaluru: Parle Products, India’s largest biscuit company, is looking to lay off nearly 10,000 workers in the midst of a nation-wide consumption slowdown, according to a report published in the Economic Times.
India’s economic slowdown has resulted in a massive decrease in demand for everything ranging from automobiles to retail products. As a result, manufacturers have resorted to curtailing production and cutting jobs, at least until the Indian government provides a stimulus package to get the economy back on track.
Speaking to Economic Times, Parle Products Category Head Mayank Shah said, “We have sought a reduction in the goods and services tax… but if the government doesn’t provide that stimulus, then we have no choice but to let go of 8,000-10,000 people.”
Parle Products manufactures some of India’s most popular biscuit brands such as Parle G and Marie Gold.
However, it is not the only FMCG company to bear the brunt of the economic slowdown.
Earlier this month, biscuit manufacturer Britannia Industries MD Varun Berry said that consumers were hesitating to purchase products worth a mere Rs 5.
“Obviously, there is some serious issue in the economy,” he added.
