Hyderabad: Risk of rise of unemployment is high these days. Employees belonging to automobile, business sector and real estate are worried about their jobs and authorities have no positive reply to allay their apprehensions. Managements of private companies in Telangana are worried about the economic crisis to be created in the near future hence they are busy cutting staff to cope up with revenue decline.
Following unexpected scrapping of 500 and 11000 currency by the government of India has created economic crisis in the country which has crippled business activities in the country in twin cities and their outskirts. Companies are preparing to lay off their workers. IT sector which is already on decline and was busy planning reduction of staff has further affected with the demonetisation. It is said that companies who were already planning reduction of employees are exploiting the crisis created by demonetisation. According to an estimate more than 20000 workers may lose their jobs in twin cities alone.