Maruti Suzuki cuts temporary jobs as sales plunge

Agencies
August 3, 2019

New Delhi, Aug 3: India’s biggest automaker, Maruti Suzuki India Ltd, said it had cut the number of its temporary workers to cope with a slowdown in auto sales, adding to the jobless problem in Asia’s third largest economy.

The vehicle industry, accounting for nearly half of India’s manufacturing output, is facing one of its worst slowdowns in nearly a decade, with vehicle sales falling rapidly. There is little sign of a swift revival.

Maruti Suzuki said in an email sent to Reuters it employed 18,845 temporary workers on average in the six months ended June 30, down 6 per cent or 1,181 from the same period last year. The company also said job cuts had accelerated since April.

Two sources familiar with the matter said the company would freeze hiring new employees until the downturn reversed.

It is the first time the reduction has been reported. The listed firm is not required to disclose any reduction in its temporary workforce.

India’s jobless rate rose to 7.51 per cent in July 2019 from 5.66 per cent a year earlier, according to private data group CMIE. Those figures do not include many people on the margins of society who are day labourers and are often unemployed or underemployed.

Economists say government jobless figures are out of date and lack credibility.

Maruti Suzuki, majority-owned by Japan’s Suzuki Motor Corp, said it had not reduced its 15,892-strong more permanent workforce. It declined to say whether further reductions were planned or comment on the hiring freeze.

The automaker previously said it had cut production by 10.3 per cent in the first six months of the year.

Maruti Suzuki, which produces every second passenger vehicle sold in India, reported a 33.5% decline in sales in July to 109,265 vehicles compared with July 2018.

Chairman R C Bhargava told Reuters the workforce was being reduced to reflect the slowdown in business, adding that this was one reason carmakers liked to have some temporary workers, although he did not give details about the job losses.

“One of the consequences of a slowdown is that the marginal players and weaker players find it difficult to survive. When do consolidations happen in business? Only when times are difficult,” he added.

Two temporary workers outside the Manesar plant in the northern Indian state of Haryana, who did not want to be named, said the number of days with three shifts had been reduce. They said some assembly lines at the plant were not operating.
Kuldeep Janghu, general secretary of the Maruti Udyog workers union, said the average wage of temporary workers were about USD 250 a month at the company’s Manesar and Gurugram plants.

The two plants have combined capacity to produce more than 1.5 million vehicles a year.

The company rolled out its popular Maruti 800 model from the Gurugram plant in 1983.

The auto sales downturn has put jobs across the industry at risk. The Automotive Component Manufacturers Association of India (ACMA) said parts makers could slash a fifth of their 5 million workforce if the slump continued.

Comments

Poor India
 - 
Sunday, 4 Aug 2019

Good going india

 

This is the lesson for our saffron brother who Vote based on religion..

 

when you have empty pocket you will learn the best lesson of your life.

 

you given power to marons and they make money and live happly with there family

 

what about you in 2020

 

you lost everything!!!

 

muslim dont worry we have money fro GULF....

 

haha

hahaha

hahha this is our laughfing time!!!!

 

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News Network
July 10,2020

London, Jul 10: India's Reliance will load its first cargo of Venezuelan crude in three months this week in exchange for diesel under a swap deal the parties say is permitted under the US sanctions regime on the Latin American country, according to a Reliance source and a shipping document from state oil firm PDVSA.

Washington has exempted some Venezuelan oil trade from sanctions when transactions are in exchange for fuel and food or to repay debts rather than for cash. But that trade slowed as the US tightened restrictions and refiners, shippers and insurers have been steering clear of Venezuela to avoid any risk they may fall foul of sanctions.

Washington aims to deprive Venezuelan socialist President Nicolas Maduro of his main source of revenue with the sanctions, which have driven Venezuelan oil exports to their lowest level since the 1940s.

Reliance gave the US State Department and the Office of Foreign Assets Control (OFAC) notice of the diesel swap and received word back that the policies that allowed the transaction were still in place, the Reliance source told Reuters.

Reliance has previously said that its supplies of fuel to PDVSA in exchange for crude were permitted under sanctions.

An oil tanker named Commodore would load the cargo of crude in Venezuela and ship it to India, the tanker's manager NGM Energy said.

"All details of the transaction and transportation were shared with US authorities, who confirmed that the U.S. policy authorizing such transactions remained in place," NGM Energy said in a statement to Reuters.

"The shipment is made in connection with the humanitarian exchange of oil for diesel fuel."

The Commodore is loading a 1.9-million barrel cargo of crude for Reliance at Venezuela's main oil port of Jose, according to an internal PDVSA cargo schedule seen by Reuters.

The Liberian-flagged Commodore was at the Jose Terminal on Thursday, ship tracking data on Refinitiv Eikon showed.

The US State Department, Treasury's enforcement arm OFAC, and PDVSA did not immediately respond to a request for comment.

Reliance has a swap deal to provide diesel to Venezuela in exchange for fuel but has not received a cargo of crude since April. Sources at Indian refiners told Reuters earlier this year they planned to wind down their purchases of Venezuelan oil to avoid any problems with supply due to sanctions.

Other long-time customers of PDVSA, including Italy's Eni and Spain's Repsol, have continued taking cargoes of Venezuelan crude this year under permission granted by the US Treasury Department to exchange the oil for diesel supply as part of debt repayment deals, according to sources from the companies.

NGM Energy also manages the Voyager I tanker, which the United States removed from its list of sanctioned vessels last week after NGM and the ship's owner Sanibel Shiptrade said they would increase measures to ensure vessels complied with international sanctions.

"Last month, NGM Energy SA adopted a firm policy of not allowing vessels under its commercial management to trade to Venezuela, or to carry Venezuelan petroleum cargoes, absent US government authorization," NGM said.

"NGM continues to stand by that pledge."

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News Network
June 11,2020

New Delhi, Jun 11: Union Minister Kiren Rijiju on Thursday said the religious and constitutional rights of minorities are absolutely safe in India and it does not need any certificate from anyone as communal harmony and tolerance are in the DNA of the country and its majority community.

Comments of Rijiju, a Buddhist, came after a top Trump administration official has said that the US is very concerned about what is happening in India in terms of religious freedom.

"India doesn't need certificate on communal harmony and tolerance which is in the DNA of India and the majority community in India," Rijiju, who holds the charge of the Union minister of state for minority affairs besides being the union sports minister, said in a statement.

Rijiju said the social, religious and constitutional rights of minorities are absolutely safe in the country.

"A few politically intolerant people are trying to create an atmosphere of fear and intolerance. As a member of the minority community, I feel India is the best country in the world for the minorities," he said.

Samuel Brownback, the US Ambassador-at-Large for International Religious Freedom, said on Wednesday that India has been a country area that spawned four major religions itself.

"We do remain very concerned about what's taking place in India. It's historically just been a very tolerant, respectful country of religions, of all religions," he said.

The trendlines have been troubling in India because it is such a religious subcontinent and seeing a lot more communal violence, Brownback said.

His comments came after the release of the '2019 International Religious Freedom Report'.

Mandated by the US Congress, the report documenting major instances of the violation of religious freedom across the world was released by Secretary of State Mike Pompeo at the State Department.

India has previously rejected the US religious freedom report, saying it sees no locus standi for a foreign government to pronounce on the state of its citizens' constitutionally protected rights.

"India is proud of its secular credentials, its status as the largest democracy and a pluralistic society with a longstanding commitment to tolerance and inclusion", the government had said earlier.

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News Network
February 26,2020

Mumbai, Feb 26: Observing that the violence in Delhi is akin to a "horror film" depicting the grim reality of the 1984 anti-Sikh riots, the Shiv Sena on Wednesday said the "bloodbath" has brought disrepute to the national capital like never before while US President Donald Trump was in India with the "message of love".

The editorial in party mouthpiece 'Saamana' lamented that Trump was welcomed in Delhi while there was bloodbath on the streets.

It further said that the violence could potentially spread the message that the Central government has failed to maintain the law and order situation in Delhi.

"Violence has erupted in Delhi. People are on the streets equipped with canes, swords, revolvers, blood is being spilled on the roads. Some horror film-like situation is being witnessed in Delhi, which depicts the grim reality of the 1984 riots," the Sena said.

It further said the BJP was still blaming the Congress for the deaths of hundreds of Sikhs in the violence that was erupted after assassination of then Prime Minister Indira Gandhi.

It needs to be unravelled who is responsible for the current riots in Delhi, the Sena said while referring to the "language of threats and warning used by some BJP leaders".

"The national capital was burning at a time when Prime Minister Narendra Modi and visiting US President Trump were holding talks.

"It does not augur well that Trump was welcomed in Delhi with the horror film of violence, bloodbath on the streets, screams of people, and tear gases. Trump saheb came to Delhi with a message of love, but what unfolded before him? 'Namaste' in Ahmedabad and violence in Delhi. Never before Delhi was defamed like this," the editorial said.

Trump had begun his February 24-25 India visit from Ahmedabad in Gujarat.

Seventeen people have died so far and over hundred were injured in the violence that has gripped several parts of north east Delhi over the Citizenship Amendment Act (CAA) since Sunday.

Attacking the Central government over reports that the violence was timed with Trump's visit, Sena said, "the Union Home Ministry has alleged that a conspiracy was hatched to defame India internationally by triggering the violence during Trump's visit to the national capital.

"The Home Ministry not knowing about the conspiracy behind the violence over the CAA is detrimental to national security. There is no problem in controlling the riots with the same courage with which Article 370 and 35A were scrapped," the editorial said.

It further said the anti-CAA protest at Shaheen Bagh in Delhi was yet to be called off yet despite the Supreme Court appointing mediators.

"It is being said that the violence sparked off after some BJP leaders talked the language of threats and warning. So, did someone want the peaceful agitation (at Shaheen Bagh) to acquire the present form of riots? (They) could have waited for at least Trump to leave the country," the Sena said.

The Uddhav Thackeray-led party also questioned the timing of the riots, which are occurring days after the results of the Delhi assembly polls.

"It is mysterious that the violence broke out days after the BJP lost the Delhi assembly elections. The BJP lost and now this is the condition of Delhi," the Sena said.

The Uddhav Thackeray-led party, a former ally of the BJP, now shares power in Maharashtra with the NCP and the Congress.

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