Reliance Industries Ltd (RIL) has cut 42,000 jobs in FY 2023-24, reducing its workforce by 11% to 3.47 lakh. This major reduction, primarily in its retail division, is part of RIL's strategy to enhance cost efficiency.
Retail staff dropped from 2.45 lakh to 2.07 lakh, and store expansion slowed significantly. Despite these cuts, RIL's employee expenses rose by 3%. The job cuts have sparked concerns about broader economic challenges, particularly in sectors like retail that rely on consumer spending and economic stability.