Tapering growth forces companies to lay off staff, job market is likely to get much worse

While fresh hiring has already taken a hit, thanks to the slowing economy, India Inc has for the first time acknowledged that large-scale layoffs are already underway and the job market is likely to get much worse if growth isn't revived fast.

"Layoffs of contractual staff have already started and this could soon move to permanent employees," Ficci president Naina Lal Kidwai has said, warning the government of "a grim employment scenario" unless growth is revived urgently.