Union Commerce Secretary G. K. Pillai on Friday said the textiles sector alone could lose five-lakh jobs in the next five months due to steep decline in exports. Stating that global economic slowdown had impacted the Indian export sector, Mr. Pillai said the Centre was working on a relief package for exporters.
Taking to journalists on the sidelines of a function here, Mr. Pillai said a survey had begun to assess how many jobs would be lost in the industry due to current crisis. A sample survey would be released by next week, containing data of about 800 companies.
Mr. Pillai also informed that a high-power committee, set up to examine the impact of global financial crisis on the Indian economy, will submit its recommendations by the end of next week, which would be followed by a relief package. A high-power committee, headed by Prime Minister Manmohan Singh with Finance Minister, Commerce and Industry Minister and Planning Commission Deputy Chairman its members, has been set up to handle the impact of global crisis on India and recommend various measures to bailout the industry, especially exporters that had been hit by the slowdown in Western markets.
Mr. Pillai said the impact of the global meltdown had been seen on the Indian economy in late September and October, adding that it would feel the impact of this financial crisis for at least next six months.
Exports in October this year stood at $12.8 billion against $14.6 billion in the corresponding period a year ago, a decline of 12.32 per cent.
By the end of December, the Government will review its export target of $200 billion for 2008-09, he added.