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India faces huge job loss, 20 lakh people at risk
Published on Tue, Dec 04, 2007 at 18:48, Updated on Thu, Jan 31, 2008 at 12:04 in India section
Tags: Union Budget 2008, Jobs , New Delhi
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New Delhi: The government on Tuesday said as many as 20 lakh people may become jobless in the export sector which has been hit hard due to rupee appreciation vis-a-vis dollar in the last one year.
Replying to a question in Lok Sabha, Commerce Minister Kamal Nath said 20 lakh people may face unemployment if remedial measures were not taken.
He also announced the government was considering fresh sops for the export sector and a proposal to this regard may be placed before the Cabinet soon.
"We are talking to the Finance Ministry and may announce some steps soon," he said.
On reasons for rupee appreciation, the minister said increase in flow of dollar and global decline in the value of the US currency were the main reasons.
Between October 2006 and October 2007, the rupee appreciated by 15 per cent against the US dollar, affecting many sectors, especially those which are employment generating, Nath said.
While there is has been overall growth in exports, the rate of growth has declined. However, in certain sector like textiles, leather, marine products and handicraft, there is a net decline in exports which has led to job losses, he said.
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