November 16, 2019
अहमदाबाद फ्लावर-शो के टिकट दोगुने हो जाएंगे
Due to sharp drop in sale of parle biscuits, company may layoffs of 8,000-10,000 people,on telephone interview Mayank Shah, category head at Parle, said that “The situation is so bad, that if the government doesn’t intervene immediately … we may be forced to eliminate number of jobs”
The higher taxes have forced Parle to offer fewer biscuits in each pack, hitting demand from lower-income consumers in rural India, which contributes more than half of Parle’s revenue and where two-thirds of Indians live. “Consumers here are extremely price-sensitive. They’re extremely conscious of how many biscuits they are getting for a particular price,” Shah said.
The slowdown in India’s economic growth, which has already led to thousands of job losses in its crucial automotive industry, was accelerating the drop in demand, Shah said.
Parle, which has an annual revenue of above $1.4 billion, held talks over the past year with the government’s GST council as well as former Finance Minister Arun Jaitley, asking them to review tax rates, Shah added.
Once known as Parle Gluco, the Mumbai-headquartered company’s flagship biscuit brand was renamed as Parle-G, and became a household name in India through the 1980s and 1990s. In 2003, Parle-G was considered the world’s largest selling biscuit brand.