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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: 10 mln Indians to lose jobs by March says exporters' body: report AFP - Wednesday, January 7 NEW DELHI (AFP) - - At least 10 million Indians will lose their jobs by March as the economic slowdown in North America and Europe hits India's exports, a key exporters' association predicted Tuesday, according to a report. The gloomy forecast comes despite two economic stimulus packages unveiled by the Indian government, including one on Friday, to boost growth in Asia's third-largest economy. "There will be 10 million job losses by March," said A. Sakthivel, president of the Federation of Indian Export Organisations (FIEO), the Press Trust of India news agency reported. "I can safely say that negative growth trends will continue in December and in the next couple of months... I hope we will end the fiscal year (to March 31) with exports of about 175-180 billion dollars" said Sakthivel, lower than New Delhi's target of 200 billion dollars for 2008-2009. India's exports, which totalled almost 160 billion dollars last year, account for about 20 percent of gross domestic product and the sector employs 150 million people, according to FIEO. It cited recession in North America and Europe, which account for 37 percent of India's merchandise exports, as responsible for job losses in India. Sakthivel said he did not see any positive trends for the export sector before the last quarter of 2009 "though a complete U-turn may take a little longer." India has forecast growth of seven percent for the year to March 2009 but economists say it could be as low as 6.8 percent this year and 5.5 percent the following year. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Airlines fly into new year with wave of fare salesAP - 1 hour 28 minutes ago 10 mln Indians to lose jobs by March says exporters' body: reportAFP - Wednesday, January 7 Global PMI rises but world economy still very weakReuters - Wednesday, January 7 US STOCKS SNAPSHOT-Stocks erase gains; Exxon weighs on DowReuters - Wednesday, January 7 Related Articles: Business Airlines fly into new year with wave of fare salesAP - 1 hour 28 minutes ago Gazprom - Ukraine stealing 15 pct of Russian gasReuters - 1 hour 30 minutes ago Treasurys mixed after strong auctionAP - 1 hour 37 minutes ago US STOCKS-Gains trimmed after Fed Minutes releasedReuters - 1 hour 40 minutes ago Dollar pares gains versus euro on Fed minutesReuters - 1 hour 51 minutes ago Enlarge Photo 10 mln Indians to lose jobs by March says exporters' body: report Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Steve Jobs has "hormone imbalance," to stay on as Apple CEO Jett Travolta died of 'seizure': Bahamas officials Pink iguanas discovered on Galapagos Islands Milky Way spins faster, has more mass than thought: astronomers Deadly Israeli raids on schools take Gaza toll to 660 View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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