New Delhi: Nearly 500,000 Indians have lost jobs due to the current economic slowdown, said a labour ministry study released on Wednesday. The report comes close on the heels of a directive by the parliamentary standing committee on labour to the ministry to find out the impact of the slowdown on the country’s labour force.
The study, carried out between October and December, covered workforce from the gems and jewellery, metal and mining, and business process outsourcing sectors, besides textiles, India’s largest employer after agriculture.
Slowdown Impact: Parliament member S. Sudhakar Reddy. PIB
Sudhakar Reddy, member of Parliament in the Lok Sabha and chairperson of the standing committee, said: “We haven’t seen the report yet, but we are looking at it and we will do the needful based on it.”
The survey also says the impact of the slowdown on employment could be much higher, with exports showing declining trends in recent quarters.
Unemployment in India has grown from 7.47 million in 1993-94 to 10.84 million in 2004-2005, according to the National Sample Survey Organization, at a time when the number of the employed has risen from 374 million to 459 million.