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About 5,00,000 people lost their jobs in the October-December 2008 period, while over 1,00,000 were shed in January this year, the Economic Survey said.
In September, the crisis turned severe following the bankruptcy of American financial services major Lehman Brothers. Since then, millions of jobs have been shed worldwide, as companies resorted to massive layoffs as part of their cost cutting measures.
Attributing to a survey conducted by the Ministry of Labour and Employment, the report said that during the three months from October to December 2008, there was a decline in employment of about half a million workers.
Among the sectors, the most hit by the financial turmoil are gems and jewellery, transport and automobiles.
"The most affected sectors were gems and jewellery, transport and automobiles where employment has declined by 8.58 per cent, 4.03 per cent and 2.42 per cent, respectively during the period (October to December 2008)," it said.
Another "thin sample survey" by the Ministry of Labour and Employment indicated that in January about 1,00,000 jobs were lost.
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The Government has failed to capture data from the private sector and the IT companies,these companies have retrenched jobs slowly without any news of it heard. If that is added it will cross 1 million job losses since Oct 08. There is no law in our country to protect the labour class from pink slips..unlike in countries like UK..Government must think strongly about this.
We had always boasted of cheap labor. God has given 2 hands with belly. Labor intensive industry. Our Government had been harping all these years on these slogans. We are the suppliers of cheapest labor to do the cheapest job in world, toilet cleaning, taxi driving, floor sweepers etc. Market acts according to demand and supply principle. Why we get paid less than an American/British or Australian, because we are more than the demand. High time our Government and people must understand it is not quantity but quality that matters. Population is the biggest minus factor for us. I had an opportunity of being part of an Indian delegation to Japan, where our leader tried to hard sell cheap labor – the Japanese quipped why then their products were still cheaper and better– the answer was volumes and quality because of automisation. Industry needs buyers, buyers need quality – they least care if it has been produced with hand or machine – correct?
During his election campign Mr.PM said he will Put the economy on tracks within 100 days if he comes back to power. Where did he go ? I have not heard anything from him very positively.
What have the economist-planners staying put at Planning Commission got to say over this ? A few days ago, we heard from the Planning Commission that during the period mentioned above, India's GDP had been pegged at 6.5 and that the crisis had not affected GDP. The prediction for this year too from the Planning commission is between 6.5 to 7. Does this mean that the same rate of joblessness would continue spiralling downwards ? Or does this mean that joblessness has nothing to do with GDP ? Ordinary people should now include decisions emanating from Planning Commission of India as disasters and update their disaster-management systems !!