Enterprises across India have been battling pressures brought on by cancelled orders and a steep drop in monthly billings. The story is being played out across India.
'We can’t do anything to improve our market,' says N. Krishna Samaraj, the founder and managing director of Magna Electro Castings, a medium-size foundry that makes valves for locomotives and oilfield and mining equipment. 'But whatever we can do that is under our control to reduce costs and improve efficiency and productivity, we are doing on a war footing.'
New Delhi estimates that half a million jobs have been lost in recent months. Pranab Mukerjee, the finance minister, has warned of further difficulties, suggesting more workers will be asked to take reduced pay to avoid job cuts.