The Indian economy witnesses job loss of more than 6,00,000 Indians, many of whom employed in the gems and jewellery sector, in just four months from October 2008 due to the impact of the global financial meltdown. While about 5,00,000 people lost their jobs in the October- December 2008 period and more than 1,00,000 in January this year, the Economic Survey said.
The crisis takes a massive shape in September following the bankruptcy of American financial services major Lehman Brothers. Since then, millions of jobs have been shed worldwide, as companies resorted to huge layoffs as part of their cost cutting measures. The report said that during the three months from October to December 2008, there was a fall in employment of about half a million workers.
The sectors, which were the most hit by the financial turmoil are gems and jewellery, transport and automobiles. The most affected sectors were gems and jewellery, transport and automobiles where employment has dipped by 8.58 per cent, 4.03 per cent and 2.42 per cent, respectively during October to December 2008, it said.
The crisis takes a massive shape in September following the bankruptcy of American financial services major Lehman Brothers. Since then, millions of jobs have been shed worldwide, as companies resorted to huge layoffs as part of their cost cutting measures. The report said that during the three months from October to December 2008, there was a fall in employment of about half a million workers.
The sectors, which were the most hit by the financial turmoil are gems and jewellery, transport and automobiles. The most affected sectors were gems and jewellery, transport and automobiles where employment has dipped by 8.58 per cent, 4.03 per cent and 2.42 per cent, respectively during October to December 2008, it said.
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