02-December-2024
Corporate News
 
India's falling wages hit economy as consumers cut back on everything
29-Nov-2024

Indian wages contracted last quarter for the first time since the pandemic, curbing the economy’s breakneck speed as consumers cut spending and corporate profits slump. Inflation-adjusted employment costs for listed non-financial companies — a proxy for real urban wages — declined 0.5 per cent in July to September from a year ago, according to data from Elara Securities Inc. Figures from others, like Motilal Oswal Financial Services Ltd, also show a steady slowdown in wage growth, alongside a spike in inflation — pointing to financial stress for India’s urban middle class despite optimistic data showing the economy grew more than 8 per cent last fiscal year.

News Source:- https://www.business-standard.com/economy/news/india-s-falling-wages-hit-economy-as-consumers-cut-back-on-everything-124112900061_1.html