The persistent economic slowdown will force corporates to cut budgets by a staggering 40 per cent this year and the austerity is set to hit even customary bonuses, according to a survey by industry body Assocham."Due to steep fall in rupee, the budget on Diwali and other ensuing festivals like Dhanteras and Christmas may see a cut of 40 per cent this year," said Assocham Secretary General D S Rawat.

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