though the largest layoffs were seen at Delhi-based construction major DLF, which slashed 1,100 jobs to end the fiscal with 2,600 people compared with 3,700 staff in the previous fiscal. The rest of the real estate industry – which employs about 50 million people – too is in wait and watch mode, hoping for a turnaround with the upcoming festive season. If that fails to materialise,10-30% of contract and permanent jobs could be at risk. "The next two to three months will be crucial," said Lalit Kumar Jain, who heads an an association of developers, pointing out that the sector has not seen many layoffs so far.
The stress in the services sector is apparent from the number of brokers shutting shop in the wake of low retail participation in the capital markets. The number of brokers fell below the 10,000 mark for the first time in four years in May this year, according to data from the Securities and Exchange Board of India. The number of sub-brokers has also been steadily reducing and in FY14 so far, 4,200 sub-brokers have shut shop.
According to industry estimates, job losses in the stockbroking industry in FY13 have been anywhere between 9,000 and 12,000. About 75,000-85,000 people were employed in the industry at the end of FY12. "The last three years have been extremely tough for the broking industry. Except for select replacement hiring, there isn't much of hiring happening in the industry at present," said Alok Churiwala, vice-chairman, BSE Brokers' Forum.
The education sector remains broadly untouched so far, although some stressed companies like Educomp have been letting go of staff with nearly 3,500 employees losing their jobs at the company in the last three months.
However, hiring activity in oil and gas, telecom and pharmaceuticals has seen the biggest dips in the range of 13-14% in August, according to the Naukri Jobspeak index. Hitesh Oberoi, MD and CEO, Info Edge, which promotes Naukri.com, points out that hiring is bound to come under pressure in an unstable macroeconomic environment. “In such a situation, most companies focus only on replacement hiring and this cautious