India services PMI slows down in October. Infosys lays off mid, senior level executives.
No Rescue: India’s service PMI declined for the second consecutive month in October at 49.2 on the back of muted demand.
This is the first back-to-back reduction since August 2017, following the implementation of GST regime.
Good to Know: Although the Nikkei/IHS Markit Services Purchasing Managers' Index rose to 49.2 last month from 48.7 in September, it remained below the 50-mark threshold separating contraction from growth on a monthly basis. ET Indicators
Infosys is laying off around 10% (c. 2,200 people) of the workforce in the mid and senior rung.
The IT giant has meanwhile clarified that as a high-performance organisation, involuntary attrition is integral to normal course of business and it should not be interpreted as any mass trimming across any level.
Only last week, global IT services company Cognizant said that it would be laying off 10,000-12,000 mid-to-senior employees from their current roles. It also said that it would reskill and redeploy about 5000 of those impacted by this move. ToI
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