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Export lobby groups anticipate job losses of 10 million by March-end, as the global recession crimps demand for Indian merchandise.
The Indian government has already announced two stimulus packages since December, which included a 4 percentage point cut in factory gate duties and 200 billion rupees of extra spending to prop up a slowing economy.
Data on Monday showed the economy is estimated to grow 7.1 per cent in the year to March, down from 9 per cent last year.
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In the present circumstances, mere allocation of stimulus packages may not be enough to boost economy and protect jobs in India. If enough care is not exercised there are ample chances that India might also suffer on account of recession like it is happening in US. Proactive strategic measures are to be implemented without fail immediately. Already job losses are taking place in IT and services. Even traditional industries like cotton, textiles etc. are affected. Govt. cannot be a mere spectator to this kind of scenerio. Atleast these industries will have to be extended all help. We may think about models like NTC for all suffering industries like IT and other enabled services by going for Govt investments directly. Even nationalizing certain industries might be warranted so as to avoid any eventualities that may happen to industries in India.