Business | Economy
Indian exporters cut 65,500 jobs as demand falters on downturn
Indian exporters have cut about 65,500 jobs as recession in the US and Europe, the nation's biggest markets, damped overseas demand for products.
- Bloomberg
- Published: 13:30 December 16, 2008
New Delhi: Indian exporters have cut about 65,500 jobs as recession in the US and Europe, the nation's biggest markets, damped overseas demand for products.
A sample survey conducted by the department of commerce between August and October for 121 export-oriented companies revealed the loss of jobs, both direct and indirect, Trade Minister Kamal Nath said in a written reply to a question in the lower house of parliament in New Delhi on Tuesday.
India's exports fell in October for the first time in seven years, with flagging exports and waning domestic demand forcing companies in India to cut production.
"The prevailing global financial crisis and economic slowdown have started showing impact on the country's trade and industry," Nath said.
India's industrial output declined in October for the first time in more than 15 years, adding to evidence the $1.2 trillion economy is headed for a deeper slowdown than earlier expected.
Industrial output, which accounts for a quarter of the economy, fell 0.4 per cent in October for the first time since April 1993.
The government is working on the second installment of a fiscal stimulus plan that will focus on industries that generate employment and exports, Nath said last week.
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