Are Companies Blaming AI To Hide Job Cuts? | Govindraj Ethiraj | The Core Report

Описание: On Episode 720 of The Core Report, financial journalist Govindraj Ethiraj talks to Atul Chaturvedi, Special Advisor, SEA & Chairman at the Asian Palm Oil Alliance (APOA) as well as Amit Pabari, Managing Director at CR Forex Pvt. Ltd.
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SHOW NOTES
(00:00) Stories of the Day
(01:00) AI job cuts or AI washing
(03:21) Markets seek direction
(04:52) India’s problem-of-plenty in this crop
(5:47) Why did Indigo report such a sharp loss on account of forex?
(11:20) Soybean is a key bugbear in the India-US BTA discussions. Where do things stand now?
(18:39) Why there could be massive air traffic delays in the US in the coming days.
(20:46) Guess where Google is planning to set up a data centre…
(22:04) Eye on Retail

Markets Seek Direction:

Indian IT companies continue to shrink as headcounts fall each quarter. While AI seems to be the cause, experts warn of AI Washing — when companies blame job cuts on AI to mask business weakness.

In the US, Klarna cut 40% of staff and Salesforce laid off 4,000 citing AI gains. Yet Wharton’s Peter Capelli says there’s little proof AI truly replaces jobs at that scale. Deploying AI is slow, complex, and costly — far from the quick solution it’s made out to be.

US job cuts hit a 20-year October high of 153,000, led by tech and warehousing. This could spill into India as many US firms with large local operations downsize.

Back home, markets stayed weak. The Sensex closed 148 points lower at 83,311, and the Nifty 50 fell 87 to 25,509. Mid and small caps also declined. Gold crossed $4,000 per ounce, lifted by a weaker dollar and hopes of a Federal Reserve rate cut. The US Supreme Court raised doubts over Trump-era tariffs, adding new trade uncertainty.

Rice Prices Fall:

A bumper Indian harvest pushed rice prices to a 10-year low, easing consumer costs but hurting farmers in India and Thailand. Importers now hold 3–5 months of inventory. Global rice output could hit a record 556 million tonnes in 2025–26, says the UN FAO.

Decoding Forex Losses:

Indigo Airlines reported a ₹2,600 crore quarterly loss, driven by forex costs. Amit Pabari, MD of CR Forex, says it’s an accounting loss from rupee depreciation, not a cash loss. He adds the RBI is managing liquidity via dollar sales and bond purchases to keep markets stable.

The Problem with Soya:

Trade talks between India and the US remain stuck over genetically modified soybean imports. Atul Chaturvedi, Chairman of the Asian Palm Oil Alliance, says the US wants India to open its agri market, but local farmers face low prices, oversupply, and weak demand — making it politically sensitive.

US Traffic Disruptions:

A US government shutdown is causing major flight delays as the FAA cuts operations by 10% due to staffing shortages, affecting 40 airports and thousands of flights.

Island Data Centres:

Google plans a large AI data centre on Christmas Island, near Indonesia, turning the remote outpost into a new digital hub connecting Asia, Australia, and Africa.

Eye on Retail:

India’s gig economy is transforming work. A. Balasubramanian of TeamLease and Dr. Arpita Mukherjee of ICRIER say gig jobs offer flexibility and income but lack social protection. The new workforce is redefining how India works and earns.

Companies say AI is cutting jobs, but is it the real reason behind mass layoffs and market shifts? From Indian IT and US tech cuts to AI washing, forex losses & changing global trade, the truth is more complex. Stay ahead of business trends, market moves & tech insights with The Core Report. Subscribe for deep analysis that connects AI, jobs, markets & money.

#AIjobs #BusinessNews #IndianEconomy #StockMarket #TheCoreReport #TheCore

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