Massive destruction of jobs in major sectors

Submitted by bk on Sat, 04/03/2017 - 18:53

Recent months have witnessed thousands of workers being thrown out of their jobs in a wide range of sectors, as a result of intense monopolistic competition leading to mergers among the biggest capitalist corporations.

The telecom sector is witnessing an unprecedented wave of mergers and acquisitions, which is expected to lead to massive destruction of jobs.

Idea Cellular and Vodafone are considering a merger to combat Reliance Jio, which has disrupted the market by offering all kinds of free services. Aircel and Reliance Communications (RCom) are reported to be engaged in merger negotiations. Russia's MTS has been merged into RCom. Norway's Telenor is considering merger with the RCom-Aircel combine or acquisition by Airtel.

Aircel announced on 15th February that it would soon be laying off 700 of its 8000 strong workforce in India. Other major telecom monopolies are expected to make similar announcements soon. According to a senior executive in the telecom industry, almost 100,000 workers, out of the total 300,000 employed by telecom companies in India, could lose their jobs in the process of concentration of capital in this sector.

Concentration of capital is taking place in ancillary operations as well, especially in telecom towers. In 2016, American Towers (ATC) bought Viom Networks and reduced the combined workforce by about a third. This was followed by the $1.6 billion takeover of RCom's towers by Brookfield. Larger companies such as Bharti Infratel and Indus Towers are also expected to see large scale retrenchments due to mergers.

The IT industry, considered one of the major job creators in recent times, is witnessing massive job destruction due to rapid technological change and intense inter-capitalist rivalry. Companies are laying off programmers at the lower level in order to prevent a fall in their rate of profit. Infosys, the second largest player in the Indian IT industry, has thrown out close to 9000 of its workforce over the past one year. About 2000 employees have been retrenched in every quarter of 2016.

Print news media is another sector where jobs are being destroyed. In early February, the ABP Media Group, which owns The Telegraph and Ananda Bazaar Patrika, laid off over 700 employees in one single swoop.

 All these facts show that capitalism, at its present highly monopolistic and parasitic stage, is more of a destroyer of jobs than a creator of jobs.

Tag:    Mar 1-15 2017    Struggle for Rights    Economy     2017   

PARTY DOCUMENTS

These Elections are a FarceInterview with Comrade Lal Singh, General Secretary of Communist Ghadar Party of India by Comrade Chandra Bhan, Editor of Mazdoor Ekta Lehar

(Click thumbnail to download PDF)

Click to Download PDFInterview with Comrade Lal Singh, General Secretary of Communist Ghadar Party of India

by Comrade Chandra Bhan, Editor of Mazdoor Ekta Lehar

(Click thumbnail to download PDF)

History of Ghadar PartyA Presentation of Communist Ghadar Party of India

100 years ago Ghadar Party was formed by Indians in the US.It was historic milestone in our anti-colonial struggle.

The goal of this party was to organise a revolution to liberate our motherland from British servitude and establish a free and independent India with equal rights for all. It believed this to be the necessary condition for our people to hold their heads high anywhere in the world.

(Click thumbnail to download PDF)

Call of the Central Committee of Communist Ghadar Party of India, 30th August, 2012

Working class representatives from all over the country are gathering on 4th September, at a time when a titanic struggle is going on in our country. The struggle is between the majority of toiling and exploited people and a minority of exploiters. It is between the majority whose labour expands wealth and the minority who enjoy the fruits of wealth creation on the basis of their private property and positions of power.

(Click thumbnail to download PDF)

Call to the Working ClassDefeat the program of privatisation and liberalisation!

Fight with the aim of establishing workers’ and peasants’ rule!

Call of the Central Committee, Communist Ghadar Party, 23 February, 2012

(Click thumbnail to download PDF)

Necessity for the working class to take political powerThe initiating speech, at the working class conference on the Way Forward held on 23-24 December 2011, was made by comrade Lal Singh, on behalf of the Central Committee of the Communist Ghadar Party of India. The document entitled the necessity for the working class to take political power has been edited based on the discussion in the conference and is being published according to the decision the Central Committee.

(Click thumbnail to download PDF)