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Old October 22nd, 2008, 04:29 PM
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Exclamation Meltdown fallout: India to see unemployment zoom

Meltdown fallout: India to see unemployment zoom

This is worrisome for India and the growing economy.

Quote:
Meltdown fallout: India to see unemployment zoom
23 Oct 2008, 0205 hrs IST, Pradeep Thakur, TNN

NEW DELHI: Fears of the global economic slowdown hitting employment have deepened as government has reported a deceleration in labour intensive segments in recent data, a trend that might become more pronounced in the next weeks and months.

In response to a question in Parliament, minister of state for commerce and industry Jairam Ramesh has said that there has been deceleration in exports of labour intensive products, particularly textiles, leather, marine products, carpets, sports goods and handicrafts during 2007-08 as compared to the previous year.

The situation is unlikely to get better in the current year with other segments too tottering. RBI data, up to March 2007, indicate there are more than 1.14 lakh sick micro and small enterprises. And from 2006 up to August 2008, nearly 280 units have closed down rendering at least 12,000 people jobless.

The growth in domestic industry is reported to be poor with a negative central excise collection of minus 3.8% recorded for the quarter ending September. The lower excise collection came soon after results of the Index of Industrial Production (IIP) pointed a 10-year low in growth of industrial output based on the results for August.

The industrial growth, measured in terms of IIP, came down from 11.6% in 2006-07 to 8.3% in 2007-08 which led to a slower growth in the capital goods sector that makes equipment consumed by other sectors.

Both the intermediate and consumer goods sector witnessed massive downfall. While the intermediate goods came down to 8.9% in 2007-08 from 12% the previous year, consumer goods fell a steep 6.1% from 10.1%.

Another major employment generating sector, the information technology and BPO industry, has reported slower growth with many banking and financial companies in US and European countries going bust or reporting massive financial crunch.

Admitting a downturn in the IT and BPO industry, minister of state for communications and IT Jyotiraditya Scindia had informed Parliament on Monday that the growth rate for 2008-09 had been moderated to 21-24% as compared to an average growth rate of 30%-plus recorded over the last few years.

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Old October 22nd, 2008, 05:23 PM
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Re: Meltdown fallout: India to see unemployment zoom

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Originally Posted by echarcha View Post
Meltdown fallout: India to see unemployment zoom

This is worrisome for India and the growing economy.
Deja vu....only thing missing is imposed Emergency....Sonia will soon do that on one pretext or another
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Old October 23rd, 2008, 10:10 AM
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Red face Re: Meltdown fallout: India to see unemployment zoom

The effects are already visible. Check this out.

Quote:
Economic downturn affects corporate Diwali gift-buying trend


New Delhi: The hands of slowdown have gradually reached the Diwali market too as companies refrain from heavy expenses on gifts for the festival. "We are seeing companies drastically reduce their budget for corporate gifts by around 30 percent and they are going very slow with purchasing gifts for Diwali this year. Infact it's a 10-year low," says Divyendu Shekhar, Principal and Partner, Retail Analytics.

There might be different assumptions on the issue but everyone is unanimous about the slowdown in the gift-buying trend. According to the Chairman of Technopark Advisors, Arvind Singhal, the trend of gifting in the corporate world has slowed by around 25 to 30 percent. As reported in Financial Chronicle, initially, spending on gifts especially on Diwali was considered to be a part of the HR practices to maintain cordial relationships with clients, employees and to mingle well with the Indian culture. However, the global economic crisis is taking its toll on this practice too. "We are definitely not insulated from the American meltdown. This is no time to celebrate," says a Delhi based corporate lawyer.

The worst hit by the downturn in the trend are the alcohol brands which were the most preferred gift items, which saw sale of around 100000 units only in Delhi last year. But under current situation the sale has reduced to only 2000 units in 2008, like Italy based brand Da Milano, saw a decline by 10 to 15 percent in the corporate purchasing.

However, the companies have denied the existence of any such trend within the organization. While some refused to comment like Gagan Banga, Indiabulls said, "This is not an appropriate topic to be discussed." Others like Kishore Biyani, Managing Director of Pantaloon Retail and Rajiv Jain of Wal-Mart India's CEO denied the results of the survey saying that the organizations never had any such trends.


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