Facing slowdown, and inventory glut, Maruti cuts 3,000 contract jobs

Maruti Suzuki India Ltd Chairman R C Bhargava said on Tuesday the company had not renewed the contracts of 3,000 temporary employees, as the automaker battled rising inventory amid a slowdown in demand.

  Safety norms and higher taxes have "added substantially" to the cost of cars, affecting their affordability, Bhargava told shareholders at the company's annual general meeting. With India's auto sales declining for the ninth straight month in July, more automotive manufacturers are laying off workers and temporarily.....

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