People say that recession does not have much impact In India. I think they just watch the Indian share market and conclude this based on the share prices etc etc.
But truth is very far away from this and reality is something else.
India seriously got hurt from this economic slowdown and the impact is not on big industry players but on domestic and interstate workers who lost their jobs due to cost cutting measures taken by those big players.
Due to cost cutting measures big players started throwing out people from their companies and based on such cost cutting measure they are still able to show their high profit margins.
Also Reserve Bank of India and Indian Govt just looked after those big players with decreasing rate of interest but overlooked those workers. Govt completely failed to ensure the jobs to those workers.
Let’s see how this recession impacted to domestic workers:
1. The textile sector which employs some 38 million workers faces the loss of half a million jobs by April 2009 as export orders fall.
2. Leather industry's estimated 3 lakh jobs is at stake.
3. Due to economic melt down, about 500,000 jobs are lost in Diamond industry.
4. More than 50,000 employees of the foundry units in Rajkot lost their jobs in recent time.
5. 2.5 lakh job cuts in IT and BPO industry
6. 10,000 ground crew lost their jobs in Aviation industry
7. Indian gems and jewellery industry have loss of around two lakh jobs during the last six months.
These are not just the Industries where millions of people lost but there are many more.
Now what Govt is doing for them. I would say nothing.
The following statement proves it that came from commerce and Industry minister.
"We need to analyze the job loss matter and there can't be any off the cuff solutions," said Commerce and Industry Minister Kamal Nath.
Govt announced huge pay hike for idle sitting (unproductive) Govt employees even during financial crisis but no job saving or packages for poor worker.
I think Govt need to reconsider this matter and must make some rules on big players so that jobs can be saved.
But truth is very far away from this and reality is something else.
India seriously got hurt from this economic slowdown and the impact is not on big industry players but on domestic and interstate workers who lost their jobs due to cost cutting measures taken by those big players.
Due to cost cutting measures big players started throwing out people from their companies and based on such cost cutting measure they are still able to show their high profit margins.
Also Reserve Bank of India and Indian Govt just looked after those big players with decreasing rate of interest but overlooked those workers. Govt completely failed to ensure the jobs to those workers.
Let’s see how this recession impacted to domestic workers:
1. The textile sector which employs some 38 million workers faces the loss of half a million jobs by April 2009 as export orders fall.
2. Leather industry's estimated 3 lakh jobs is at stake.
3. Due to economic melt down, about 500,000 jobs are lost in Diamond industry.
4. More than 50,000 employees of the foundry units in Rajkot lost their jobs in recent time.
5. 2.5 lakh job cuts in IT and BPO industry
6. 10,000 ground crew lost their jobs in Aviation industry
7. Indian gems and jewellery industry have loss of around two lakh jobs during the last six months.
These are not just the Industries where millions of people lost but there are many more.
Now what Govt is doing for them. I would say nothing.
The following statement proves it that came from commerce and Industry minister.
"We need to analyze the job loss matter and there can't be any off the cuff solutions," said Commerce and Industry Minister Kamal Nath.
Govt announced huge pay hike for idle sitting (unproductive) Govt employees even during financial crisis but no job saving or packages for poor worker.
I think Govt need to reconsider this matter and must make some rules on big players so that jobs can be saved.
