M&M lays off 1,500 temporary workers, seeks govt stimulus for industry

Automobile sales in India witnessed its sharpest decline in nearly 19 years in July, dropping 18.71 per cent, rendering almost 15,000 workers jobless over the past two-three months as the sector reels

Indian auto major Mahindra & Mahindra has made a case for a fiscal stimulus package from the government for the automobile sector to tide over an unprecedented slump in sales and arrest job losses.

The company's Managing Director Pawan Goenka told reporters here that the auto maker has retrenched about 1,500 temporary workers since April 1 this year, adding that if the slowdown continues it will be forced to lay off more employees.

However, he emphasised that the concern on job losses will come more from automotive suppliers and dealers and not as much from original equipment manufacturers.

“I think