10 Million People Losses Job In The Export Sector - Jan 7, 2009

Less buyers for Indian goods in the international market which is struggling the worst crisis since 1929, will led job losses for ten million people in the export sector by March this year. There will be 10 million job losses by March, A Sakthivel, Federation of Indian Export Organisations (FIEO) President said in New Delhi on Jan 6.

Indian exports, which account for just about 20 per cent of the country''s Gross Domestic Product, employing 150 million people, are a highly labour-intensive activity. The country''s exports, which reported a healthy 30.9 per cent growth rate in the first half of fiscal, contracted by 12.1 per cent in October, for the first time in the last five years. The negative trend continued in November, when exports dropped to $11.5 billion from $12.7 billion. The data for December are yet to be released. FIEO yesterday said there was no serious consideration for exporters in the measures announced by the government last week. The target for the current fiscal is $200 billion while exports totaled about $160 billion in 2007-08. Europe and North America are suffering with recession and slowdown, which account for 37 per cent of India''s merchandise exports.