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Indian exporters lay off 65,500 employees: Labour minister

Indian exporters lay off 65,500 employees: Labour minister
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First Published: Mon, Dec 15 2008. 04 39 PM IST
Updated: Mon, Dec 15 2008. 04 39 PM IST
New Delhi:Indian export companies, facing a slump in demand in the overseas markets, have laid off around 65,500 employees, a minister said on Monday.
A sample study of 121 firms for Aug-Oct 2008, conducted by the Department of Commerce revealed “loss in export orders to the tune of Rs1,792 crores (17.92 billion rupees) and loss of jobs of around 65,500,” Oscar Fernandes, Indian labour minister told Parliament.
The minister was answering a question on how employment was affected by slow industrial development, closure of industrial units and global economic recession.
In a statement, Fernandes said the government has initiated several fiscal measures to instill confidence in the economy and spur growth.
“These measures will prevent large scale job losses,” he said.
The survey included export firms from textiles, leather, engineering, gems and jewellery, handcraft, food and food processing, minerals and marine products sectors, he said.
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First Published: Mon, Dec 15 2008. 04 39 PM IST