Could be. I check that sort of news less these days - jaded.
But it sort of reinforces my point that companies do layoffs. Sure, some Indian companies have started doing it too, whatever the pros and cons may be.
Founders and CEOs in the US like the ability to hire and fire, and the idea of employment at will. Some employees, less so.
India has historically been a country where paternalistic management practices were common, and firing was seen as something to be avoided as far as possible, considered as a big deal, the news and impact of it to be minimized or played down (I know this last point is so to some extent in the US too), and as a huge social stigma (for the person being fired or laid off). That has been changing some recently, due to Western influences. There can be both pros and cons to the matter. Don't have a final viewpoint on it.
Edited to change "been a company" to "been a country".
Edit: Quoting myself:
>India has historically been a country where paternalistic management practices were common, and firing was seen as something to be avoided as far as possible
This is also the case in government service - as in, in India, for long, and maybe even nowadays, it was almost impossible to fire a government employee, whatever the reason. Job security (along with poverty) was a huge reason why, in earlier years, many, or even the majority of people preferred government jobs - because even though the pay, environment, perks were all mostly shitty - though getting cheap owned or rented housing was seen as a good perk by many - again, a house was seen as a major asset to strive for - you could not be easily fired from your job. In a country with devastating annual floods / droughts (both still the case) / somewhat frequent famines, poverty, etc., those were factors to be considered. I remember even a classmate of mine (this was many years later than the start of the period I am talking about - the start was at Indian Independence or even years before), exulting to a few of us friends that "I 'got' DOTE!" (where DOTE == Department Of Technical Education", meaning that he got a "seat" in a government engineering college, meaning that if he did his stuff even just adequately, a secure lifelong government job was guaranteed - as witnessed by his answer when someone asked him why he went for it - his answer in one word was - "security" (of livelihood, of course, not computer security).