By IANS,
New Delhi : Nearly 10 million workers across management levels in the export sector may lose their jobs by March this year due to the global economic slowdown, a top official of an Indian exporters’ body said here Tuesday.
“Owing to recession and high interest rates, 10 million jobs could be lost in the export sector in India between January and March 2009,” said A. Sakthivel, president of the Federation of Indian Export Organisations (FIEO).
“Already a million jobs have been lost and there are more to follow,” he told reporters.
A lot of developed economies, including the US, are in recession, driving down consumer demand across the world.
“Fresh orders are drying up due to lower demand. Buyers are cancelling the earlier orders or rescheduling the shipment,” added Sakthivel.
China’s price competitiveness seems to be biting into Indian exporters’ pie as a lot of foreign buyers are looking at cheaper options.
“Buyers are also asking to reduce prices even for already executed contracts and are asking us to match China prices,” he added.