The persistent economic slowdown will force corporates to cut budgets by a staggering 40 per cent this year and the austerity is set to hit even customary bonuses, according to a survey by industry body Assocham. It encompasses sectors like pharmaceutical, consumer durables, electronics, gems & jewellery, automobiles, FMCG, manufacturing and infrastructure etc. "Due to steep fall in rupee, the budget on Diwali and other ensuing festivals like Dhanteras and Christmas may see a cut of 40 per cent this year," said Assocham Secretary General D S Rawat. Consequently, the sale of electronics goods, TVs, laptops, washing machines, kitchen appliances, handsets, mobile accessories, personal computer games are likely to be lukewarm this festive season.
For More information on this news visit : http://www.newsx.com/
Connect with us on Social platform at : http://www.facebook.com/newsxonline
Subscribe to our YouTube Channel : http://www.youtube.com/newsxlive
