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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: India faces 500,000 textile job losses in five months: govt AFP - Saturday, November 22 NEW DELHI (AFP) - - The Indian textile industry, the country's second-largest foreign exchange earner, will lose half a million jobs by April 2009 due to the global financial crisis, a government official warned Friday. The sector is estimated to employ around 38 million workers and accounts for about eight percent of the gross domestic product of Asia's third-largest economy. "According to the estimates of the textile ministry, there will be job losses of about 500,000 in the next five months," Commerce Secretary G.K. Pillai told reporters in New Delhi. Pillai said the sector was facing a severe crunch because of deepening problems in the world economy, but stressed that New Delhi was cobbling together a package for the "distressed export sector". "The package, which may include a cut in interest rates and increased credit for exporting firms, will go to a committee chaired by Prime Minister Manmohan Singh next week," he said. The textile sector accounts for 20 percent of India's industrial production and more than 30 percent of the country's export earnings, according to government figures. Pillai said the overall export growth rate was likely to slide to 10 percent in the financial year ending March 31, 2009. "The target of 200 billion dollars will come down," he said on the sidelines of an economic workshop. Indian exports grew by over 30 percent in the first half of the financial year but demand has slumped amid the global slowdown. The Federation of Chambers of Commerce and Industries in a recent study said the sector's growth slipped from eight percent in 2005 to 0.8 percent during April-August this year and warned of massive layoffs in the coming months. The Confederation of Indian Industries (CII) trade lobby also said India's garment exports too dipped by up to 35 percent during July-September in the current financial year. The United States and the European Union account for 65 percent of India's total garments exports. "In the previous financial year, garment exports were nine billion dollars, but this year they will be around 7.5 billion dollars on account of a slump in demand from the US and EU countries," CII Secretary General D. K. Nair said. Finance Minister P. Chidambaram, meanwhile, urged Indian firms to cut prices to ensure job losses are minimised. "The surest way to ensure that you produce and grow is to cut prices but if someone wants to shut down his factory for three days a week then that is a short-sighted approach," Chidambaram said. "Industry must reward its loyal workers ...avoid retrenchments and layoffs," he told the NDTV news channel after the government warning about textiles. The federal government this week promised help for the textile sector, which is seeking subsidies and lower interest bank loans to ride out the crisis. 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 World economic situation 'grim,' says China's HuAFP - Saturday, November 22 Bush bows out, China assertive at APEC summitAFP - Saturday, November 22 Job slashing heightens global recession fearsAFP - Saturday, November 22 European stocks drop as Dow erases early gainsAP - Saturday, November 22 Related Articles: Business Venezuelan oil falls to lowest price in 22 monthsAP - 37 minutes ago Wal-Mart names Duke to succeed Scott as CEOAP - 43 minutes ago Pressure on Citigroup builds, shares fall below $4AP - 54 minutes ago Wall St Week Ahead-Stocks eye Citigroup, Geithner's next movesReuters - 58 minutes ago Dow ends up nearly 500 on Geithner treasury reportAP - 54 minutes ago Enlarge Photo India faces 500,000 textile job losses in five months: govt Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Wall Street plunges again as panic spreads Oil prices slump under $50 per barrel World stocks dive as panic spreads Is superfood omega-3 keeping its promise? New strain of deadly Ebola virus discovered View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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