Commerce and Industry Minister Nirmala Sitharaman has said corporate downsizing and retrenchment in the country's e-commerce industry were not unique phenomena happening in India but were occurring globally. The minister's comments came a day after major layoffs were announced by e-commerce major Snapdeal. "This is not peculiar to India," the minister told reporters on Thursday evening adding that the sector is in a state of flux.
On Wednesday, e-commerce major Snapdeal reported that its founders have agreed to take a 100 per cent pay cut, even as the firm initiated a process to rationalise a part of its workforce to make the company profitable in two years.
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Commerce and Industry Minister Nirmala Sitharaman has said corporate downsizing and retrenchment in the country's e-commerce industry were not unique phenomena happening in India but were occurring globally. The minister's comments came a day after major layoffs were announced by e-commerce major Snapdeal. "This is not peculiar to India," the minister told reporters on Thursday evening adding that the sector is in a state of flux.
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