Reliance Layoffs: 42,000 Jobs Cut Raise Alarms, Anupam Mittal Reacts

Reliance Industries Ltd. (RIL)one of India’s largest and most influential groups, has ceased operations 42,000 employees—equivalent to 11% of its total workforce—during the 2023–24 fiscal year. This massive downsizing has not only caught the attention of entrepreneurs but has also raised concerns among industry leaders such as Anupam Mittal, founder of Shaadi.com. Mittal expressed his dismay on social media, asking why so many job cuts have not received the attention they deserve in the economic and political circles.

The decision by RIL, under the leadership of Mukesh Ambani, is reportedly part of a broader strategy to improve cost efficiency, particularly within its retail division. The company’s total headcount has come down from 3.89 lakh in 2022-2023 to 3.47 lakh in 2023-24, marking a major contraction. In addition, new hires saw a sharp decline, with a reduction of more than one-third, according to the company’s annual report.

Broader Implications of RIL Decision

While some may consider the move a routine business decision aimed at streamlining operations and improving profitability, the implications extend beyond the walls of Reliance Industries. Anupam Mittal’s concern is rooted in a larger issue – what happens to India’s employment situation when even the biggest and most powerful companies start cutting jobs?

India, with its rapidly growing population, needs to create between 8 to 10 million new jobs every year to keep up with demand. The fact that a conglomerate like RIL, often seen as a bellwether for the Indian economy, is shrinking raises questions about the health of the job market. If a company with such vast resources and diverse business interests finds it necessary to cut its workforce at such a large rate, what does this mean for small and startup companies?

The Silence Around the Rate: A Cause for Concern?

Mittal’s observation about the lack of public discourse about this monumental task is also noteworthy. At a time when every business decision is scrutinized, the silence surrounding RIL’s job cuts is surprising. Is it because the company is too big to fail, or is there a deep reluctance to face the challenges facing the Indian job market?

This silence can be dangerous. If the massive job cuts at one of the nation’s largest employers are uninteresting or understated, this provides a relatable example. It may suggest that current economic policies are not being questioned enough or that there is a lack of urgency to deal with the structural issues that could lead to such large job cuts.

The Need for an Effective Career Strategy

Mittal’s call for a “bold policy that works” is a timely reminder that India cannot afford to ignore its employment problems. Government and industry leaders must work together to create policies that not only protect existing jobs but also foster an environment in which new job opportunities can flourish.

Reliance’s decision to cut jobs may be driven by immediate business needs, but it should also serve as a cautionary tale for broader economic conditions. The focus should not only be on how to make companies more efficient, but also on how to ensure that such efficiency does not come at the cost of livelihoods for thousands of people. .

The job cuts at Reliance Industries are not just a business strategy — they are a reflection of the current state of the Indian economy and its job market. As one of the country’s largest employers makes significant cuts to its workforce, it raises important questions about the future of work in India. It is a moment for reflection, but more importantly, it is a moment for action. The silence surrounding this issue must be broken, and it is time to create a strong policy that can address the employment crisis, ensuring that India’s growth story is inclusive.