India’s largest biscuit maker, Parle Biscuit, is planning to lay off up to 10,000 workers due to slowdown.
The company which was reeling under the falling demand in the rural heartland, turned more vulnerable due to a slow economic growth. The dip in Parle's biscuit sales may force the company to curtail the production. Quoting Mayank Shah, category head at Parle, NDTV reported that the company may have to lay off 8,000-10,000 people.
Business analysts say that the state of Parle had been worsening since the implementation of goods and services tax (GST) in 2017 which charged a higher levy on biscuits costing as low as Rs. 5 a pack.
The higher taxes have forced Parle to cut the quantity of biscuits in each pack, which affected the poor-income consumers who are looking for more quantity for lesser price.