No casual solution to job losses: Nath
Commerce and industry minister Kamal Nath has said the government is prepared to take steps to minimise job losses in export-oriented sectors but there can’t be “off-the-cuff” solutions.
By ET Bureau |
NEW DELHI: Commerce and industry minister Kamal Nath has said the government is prepared to take steps to minimise job losses in export-oriented sectors but there can���t be ���off-the-cuff��� solutions.
Speaking to the media at the CII Partnership Summit on Tuesday, the minister said the job-loss situation would be analysed in the meeting with various export groups and industry sectors on Wednesday.
���Job losses are a matter of concern. We are meeting exporters on Wednesday and will analyse the causes and then see what needs to be done,��� Mr Nath said.
According to estimates made by export body Federation of Indian Exporters Organisation (Fieo), up to 10 million jobs could be lost in the export sector by March-end if specific steps to bail out exporters is not taken. India���s exports has been registering a negative growth in the last three months of calendar year 2008, mainly due to credit squeeze and drying up of orders in the Western markets.
The minister pointed out it will have to be seen whether the job losses were happening due to reduced exports or for the contracting economy in India. ���We need to analyse all this and there can���t be any off-the-cuff solutions,��� he said. On whether exporters could expect more sops, the minister said the decision will be taken after the meeting .
Two stimulus packages, which included rate cuts by RBI and incentives for exporters and domestic producers, have already been announced by the government to help Indian industry cope with the effects of the global financial meltdown and demand squeeze.
On US president Barak Obama���s assuming office on Tuesday and its impact on Indo-US relations, he said, ���We believe the world���s oldest democracy and the world���s largest democracy have a great role to play together showing leadership to the world in the area of liberty, secularism and enterpreneurship, especially in these difficult economic times.���
Speaking to the media at the CII Partnership Summit on Tuesday, the minister said the job-loss situation would be analysed in the meeting with various export groups and industry sectors on Wednesday.
���Job losses are a matter of concern. We are meeting exporters on Wednesday and will analyse the causes and then see what needs to be done,��� Mr Nath said.
According to estimates made by export body Federation of Indian Exporters Organisation (Fieo), up to 10 million jobs could be lost in the export sector by March-end if specific steps to bail out exporters is not taken. India���s exports has been registering a negative growth in the last three months of calendar year 2008, mainly due to credit squeeze and drying up of orders in the Western markets.
The minister pointed out it will have to be seen whether the job losses were happening due to reduced exports or for the contracting economy in India. ���We need to analyse all this and there can���t be any off-the-cuff solutions,��� he said. On whether exporters could expect more sops, the minister said the decision will be taken after the meeting .
Two stimulus packages, which included rate cuts by RBI and incentives for exporters and domestic producers, have already been announced by the government to help Indian industry cope with the effects of the global financial meltdown and demand squeeze.
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On US president Barak Obama���s assuming office on Tuesday and its impact on Indo-US relations, he said, ���We believe the world���s oldest democracy and the world���s largest democracy have a great role to play together showing leadership to the world in the area of liberty, secularism and enterpreneurship, especially in these difficult economic times.���
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