The persistent economic slowdown will force corporates to cut budgets by a staggering 40% this year and the austerity is set to hit even customary bonuses. This is what industry body Assocham has found out according to a survey.

The free-fall of Rupee in recent months coupled with prolonged slowdown, spiraling inflation and high interest rates has forced India Inc to curtail its usually 'extravagant' budget for gifts and bonuses this festival season.

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