The list of sectors afflicted by recession blues seems to be getting longer with Bollywood being the latest entry to it.
Leading film-making company,Yash Raj Films (YRF),is understood to have laid-off 20 of its employees recently as a part of its cost-cutting initiatives.
“The company recently asked 20 employees to leave,saying that it was not in a position to retain them any longer,” an affected YRF employee said in Mumbai.
These employees had been working with the company for the past five years,the employee said adding,amongst those asked to leave include Executive Producers.
When contacted,the company declined to comment. YRF,spearheaded by ace film-maker Yash Chopra,is one of the leading film-producing companies in the country.
One of the signs of a slowdown in Bollywood was clearly manifest in the low-key promotions of several recent releases including ‘Ghajini’ and ‘Chandni Chowk to China’.
A few film-makers have already slowed down on new projects while others have resorted to cost-cutting measures including renegotiating contracts.