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Endemic job losses likely to increase by April '09
16 Feb '09
1 min read
Indian textile industry being the second largest, next to agriculture is badly hit by recession. Industry analysts predict that by the end of April 2009, another half million direct workers from the textile, garment, and handicraft sectors will lose their jobs.
Also considering the people who are indirectly associated with the textile industries, total job losses are anticipated to mount upto 6 million.
With 60% of the total garments manufactured in India being exported to countries like US, EU, and Japan, economic slowdown which has gripped US and EU has its impact on India also. As the economic crisis in these countries dries the apparels sales in US, export orders from countries like began to decline.
To protect themselves from the biting depression, apparel manufacturers go for retrenchments and lay-offs resulting in a considerable amount of job losses so far and likely to increase in the coming months.
Majority of the layoffs are targeted towards the daily wagers, making 2009 a gloomy year for apparel manufacturers. This unprecedented crisis has devoured the income of many families and leaves the others in a state of constant fear.
Click here to view the complete article.
Also considering the people who are indirectly associated with the textile industries, total job losses are anticipated to mount upto 6 million.
With 60% of the total garments manufactured in India being exported to countries like US, EU, and Japan, economic slowdown which has gripped US and EU has its impact on India also. As the economic crisis in these countries dries the apparels sales in US, export orders from countries like began to decline.
To protect themselves from the biting depression, apparel manufacturers go for retrenchments and lay-offs resulting in a considerable amount of job losses so far and likely to increase in the coming months.
Majority of the layoffs are targeted towards the daily wagers, making 2009 a gloomy year for apparel manufacturers. This unprecedented crisis has devoured the income of many families and leaves the others in a state of constant fear.
Click here to view the complete article.
Fibre2fashion News Desk - India
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