International software and hardware companies operating in India will lay off more than 1,500,000 jobs in 2009. Sun Microsystems employs close to 1400 people in India. They are forced to reduce staff size by 40% due to lack of revenue from US and India.
"Our focus is now more on public sector units as there is hardly any cost cutting in the government sector. Earlier, PSUs contributed some 20-25% of our revenues and the rest came from the private sector. But, in 2009, we expect some 40-45% of our revenues to come from PSUs," said Mr Valluri.
According to sources, PSUs are actually slashing costs through reduction in expenditure in software and hardware.
India faces more than 1.5 million job losses in the first half of 2009.
Source : IndiaDaily
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]
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