Half a million jobs lost in India

[LahoreEstate]

Sunday, February 22, 2009
NEW DELHI: Half a million jobs were lost in India from September to December last year in the sectors of textiles, automobiles and information technology, the private Indo-Asian News Service reported on Friday quoting government official sources, according to Xinhua on Saturday.

A study by the Labor Ministry said total employment in the sectors of mines, metals, gems, jewelry, textiles, automobiles, transport and IT-outsourcing fell from 16.2 million in September to 15.7 million in December, due to the economic meltdown, said the report.

Labor Minister Oscar Fernandes said earlier that the average earnings of Indians also declined by 3.45 per cent during the same period of time. Indian left-wing parties and labor unions put the number of jobs lost since September last year at 2 million.

India’s External Affairs Minister Pranab Mukherjee, who also holds the portfolio of finance minister, said on Friday Indians have to share the pain of economic crisis, while promising to protect Indian jobs even through lowering salaries.

“Jobs must be protected even if it means some reduction in compensation,” said the minister.

Indian Prime Minister Manmohan Singh, who holds the portfolio of finance minister, is recovering after a heart surgery.

http://www.thenews.com.pk/daily_detail.asp?id=163854