Amid calls to boycott Chinese goods in Asia’s third-largest economy, Chinese telecom company Huawei Technologies Co has cut its India revenue target for 2020 by up to 50% and is laying off more than half of its staff in the country.
According to media reports, Huawei is now targeting $350-$500 million in revenue for 2020, compared with roughly $700-800 million it was aiming earlier.
The company is reportedly cutting 60-70% of its Indian staff, excluding those in research and development and the global service centre.
This comes amid a rise in anti-China sentiment in India following the killing of 20 Indian soldiers by Chinese forces in a Himalayan border dispute last month.
Meanwhile, India has also told two state-run telecoms firms to use locally-made rather than Chinese telecom equipment to upgrade their mobile networks to 4G.
It may be mentioned that, Huawei did not immediately respond to a request for comment on the report.