Economic Setback After NDA

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<b>Indian Exporters Cut 1 Million Jobs as Foreign Orders Decline </b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Jan. 29 (Bloomberg) -- Indian exporters have shed as many as 1 million jobs, more than 15 times a December estimate, amid the most protracted decline in overseas sales in a decade, the commerce ministry said.

“The job losses are very substantial and are likely to be of the order of 700,000 to 1 million, including temporary staff,” Commerce Secretary G.K. Pillai told Bloomberg News in an interview in New Delhi yesterday. Exports fell 1 percent in December and any recovery “is likely only by June,” he said.

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“Job losses are going to be substantial,” said Pillai, the top bureaucrat in India’s commerce ministry. “<b>Labor- intensive sectors like gems, jewelry, clothing, textiles and handicrafts are the worst hit.”</b>
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Gokaldas Exports Ltd., India’s largest exporter of clothes and controlled by Blackstone Group LP, plans to cut a “few thousands jobs in the next two months,” said Rajendra Hinduja, managing director of the company. The Bangalore-based company employs about 47,000 workers. <!--QuoteEnd--><!--QuoteEEnd-->