DHL has said it’s slashing 300 jobs at its Indian operations as part of the government’s efforts to boost manufacturing.
The company, which is headquartered in Bangalore, India, announced the cuts in a statement to the Financial Times on Tuesday.
The cuts will be effective at the end of March and the total workforce will be reduced by 2,400 positions, the company said.
The announcement came days after the government unveiled a $1.2 billion investment package for India’s manufacturing sector, including incentives for new plants.
The government is also targeting $2 billion in investments in 2018, according to a government official.
The new stimulus package also includes incentives for India to expand manufacturing, which it did in 2016, and to diversify its economy by bringing in foreign direct investment, the official said.
India is expected to overtake China as the world’s second-largest manufacturing market in 2019, according the United Nations.