Manufacturers in Surat are reportedly extending their summer vacations as the recession hits and consumers in the US and Europe boycott Russian goods.
Slow demand is forcing many units to lay off staff, reduce working hours or insist on longer vacations to avoid overproduction.
There are also concerns that the G7 and EU countries – which have not so far sanctioned Russian goods – may soon decide to do so.
Hitesh Patel, managing director of Dharmanandan Diamonds, told Hindustan Times: “Many companies have decided to go on an extended vacation.
“Our company has also decided to go on a vacation from May 10 till about May 20, which we do every year. We may extend it by a few days.”
Bhavesh Tank, vice-president of the Diamond Workers’ Union Gujarat (DWUG), claimed there had been 10,000 layoffs in Surat over the last two months.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
