Friday, 24 March, 2023

India Inc cut salaries in Q1, will prove troublesome to economic recovery

<p>A host of Indian formal sector companies resorted to wage cuts in Q1, to protect their profits in the pandemic. The &quot;weak&quot; wage growth will prove to be a hindrance in economic recovery by affecting household consumption, said a report by India Ratings and Research. The report was based on a study of the standalone financials of 2036 corporations. Half of those 2036 companies have reported negative growth in Q1FY22 compared to Q1FY21.</p>