Auto Slowdown Hits Lakhs Of Jobs, Industry Pins Hope On Diwali Season | Read
The slowdown in auto sector has rendered an estimated 3.5 lakh people jobless due to spiralling layoffs in the automobile industry. In Chennai's Ambattur Industrial Estate the slowdown has crippled John Peter who makes valve components. Over the last five months, his 8 lakh monthly turnover has dropped by 90 per cent, to just one lakh. With Rs. 40 lakh private bank loan he has defaulted in repaying his monthly instalment of around Rs. 1 lakh. He has laid off three of his 13 workers. He has reduced the three hour shift to one.
