NEW DELHI: The government has finally decided to push forward a stimulus package for the export sector on fears that nearly 500,000 people could lose their jobs if the global situation does not improve.
Time seems to be running out for exporters as they continue to suffer due to the slowdown. The sector has been worst hit due to slowdown in demand, interest rates, and, now, bankrupt buyers.
The government is likely to announce the stimulus package within a week. The commerce minsitry estimates that if the sector is not supported, it might lose some five lakh jobs. It is estimated that 1.2 lakh people could lose jobs in the next quarter in sectors like textile, handicraft and gems and jewellery... According to estimates, 1% decline in exports could result in job loss of 50,000.
Industry representatives are demanding easier financing options, refund of state taxes, confessional post-shipment credit and duty draw backs. |
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