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Reliance Industries Limited’s workforce fell by more than 42,000 employees, or 11%, in the financial year that ended in March 2024, according to an August 2024 report by TechCrunch. That is a reported net headcount decline—not evidence that the company announced 42,000 involuntary layoffs.
What the 42,000 figure means
The figure refers to Reliance’s year-over-year workforce comparison for FY2023-24, which ended in March 2024. TechCrunch reported that the group had more than 42,000 fewer employees at the year-end, a decline of 11%, citing the company’s annual report.
A net headcount change is not the same as a count of people dismissed. It reflects the difference between the workforce at two points in time; it does not, on its own, identify why each person left or whether a departure was voluntary. The available reporting does not establish that the entire decline consisted of involuntary layoffs.
Voluntary separations and hiring happened in the same year
TechCrunch also reported that more than 143,000 employees opted for “voluntary separations” during FY2023-24. That is a separate reported figure from the net workforce decline, and should not be recast as a layoff total.
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Reliance hired about 171,000 people during the year, compared with roughly 263,000 in FY2022-23, according to the same report. Hiring therefore continued even as the year-end headcount fell. The figures describe different workforce flows; they are not a complete account of every hire, departure, or change in employee classification.
Reliance Retail accounted for a large part of the reported decline
Reliance Retail had about 207,000 employees at the end of FY2023-24, down from about 246,000 a year earlier, TechCrunch reported. That is roughly 39,000 fewer employees. The report described Retail as the largest personnel base among Reliance’s business verticals.
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TechCrunch reproduced the company’s explanation from its annual report: “The retail industry typically has a high employee turnover rate, especially in store operations.” This is Reliance’s stated context for turnover in retail; it does not establish the reason for every departure or account for the group’s entire decline. The available figures do not provide a complete segment-by-segment breakdown of the 42,000-plus net change.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Later disclosures put the reduction in perspective
The FY2023-24 decline is a historical report, not a description of Reliance’s current workforce trend. In its FY2024-25 reporting, Reliance said it made more than 1.9 lakh hires and had group headcount above 4 lakh. Its FY2025-26 report showcase listed a workforce of 4,19,911.
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Those later company disclosures show a workforce level above 4 lakh after the reported FY2023-24 decline. They do not, by themselves, explain every change between years or establish a cause for the earlier reduction.
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