NewsX: India Inc mulls slashing bonuses, dark shadow over festive season

The persistent economic slowdown will force corporates to cut budgets by a staggering 40 per cent this year and the austerity is set to hit even customary bonuses, according to a survey by industry body Assocham. It encompasses sectors like pharmaceutical, consumer durables, electronics, gems & jewellery, automobiles, FMCG, manufacturing and infrastructure etc. "Due to steep fall in rupee, the budget on Diwali and other ensuing festivals like Dhanteras and Christmas may see a cut of 40 per cent this year," said Assocham Secretary General D S Rawat. Consequently, the sale of electronics goods, TVs, laptops, washing machines, kitchen appliances, handsets, mobile accessories, personal computer games are likely to be lukewarm this festive season.

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