64% private sector employees unaffected by job cuts, survey finds

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A survey conducted by consumer data intelligence company Axis My India on the India Consumer Sentiment Index has shed light on optimistic consumer perceptions around the economy, employment, and technology adoption.

The survey was conducted on a sample size of 9,657 people across 33 states and union territories, of which 68 percent belonged to rural India and 32 percent to urban counterparts.

A significant proportion of participants reported being unaffected by job cuts or layoffs which contrasts with some of the global economies. The survey findings revealed that 17 percent of the respondents were affected to a great extent by the recent layoffs and job cuts in the private sector, while another 19 percent said they were affected to some extent. However, the majority of respondents, comprising 64 percent of the sample size, said that they have not been affected by the job cuts or layoffs.

A notable majority (31 percent) has also expressed confidence that India will not face an economic recession in 2023, indicating stability for the country's economy. The survey highlighted positive sentiment towards AI-related tools too, with respondents acknowledging their ability to reduce workload and save time.

“These insights signify the growing acceptance and recognition of technology's potential to enhance productivity and efficiency in the workplace. Overall, the survey reflects a prevailing sense of optimism among consumers, with positive sentiments regarding the economy, job stability, and the increasing adoption of AI technologies,” the Axis My India survey report concluded.

As per the report, the June net CSI score, calculated by percentage increase minus percentage decrease in sentiment, is at +9, which has remained the same as compared to last month.

Commenting on the CSI report findings, Pradeep Gupta, Chairman & MD, Axis My India, said: “The survey underlines positive sentiment among consumers regarding the future of technology, the economy, and the job market. Our findings showcase a slow but growing acceptance and utilisation of AI-related tools, offering opportunities to streamline workflows and boost productivity.”