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India loses six lakh jobs in four months
By
SiliconIndia,Thursday, 02 July 2009, 20:37 Hrs
Bangalore: More than six lakh Indians have lost their jobs in the duration of just four months after the economic crisis has hit Indian shores in the month of Oct'08.
According to the Economic survey, about five lakh people lost their jobs in the October-December 2008 period, while over one lakh 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.
According to the survey conducted by the Ministry of Labour and Employment, 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 percent, 4.03 percent and 2.42 percent, respectively during the period (October to December 2008)," report said.
However, the survey conducted by the Labour Bureau for the January-March period showed improvement in the employment scenario in selected sectors. The Labour Bureau survey, which covered 3,192 units, indicated improvement in the selected sectors with employment rising by a "quarter million".
"Sectors registering increased employment were gems and jewellery (3.08 percent), textiles (0.96 percent), IT-BPO (0.82 percent), handloom-powerloom (0.56 percent) and automobile (0.10 percent)," the Survey said quoting the Labour Bureau.
In the Eleventh Five Year Plan (2007-12), about 58 million employment opportunities are projected to be created and the unemployment rate is anticipated to fall below five per cent.
According to the Economic survey, about five lakh people lost their jobs in the October-December 2008 period, while over one lakh 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.
According to the survey conducted by the Ministry of Labour and Employment, 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 percent, 4.03 percent and 2.42 percent, respectively during the period (October to December 2008)," report said.
However, the survey conducted by the Labour Bureau for the January-March period showed improvement in the employment scenario in selected sectors. The Labour Bureau survey, which covered 3,192 units, indicated improvement in the selected sectors with employment rising by a "quarter million".
"Sectors registering increased employment were gems and jewellery (3.08 percent), textiles (0.96 percent), IT-BPO (0.82 percent), handloom-powerloom (0.56 percent) and automobile (0.10 percent)," the Survey said quoting the Labour Bureau.
In the Eleventh Five Year Plan (2007-12), about 58 million employment opportunities are projected to be created and the unemployment rate is anticipated to fall below five per cent.
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Reader's comments (39)
1: Now is the time the government has to stream
line its process other wise the fakes will
continue to cause more damage than the the
originals
Posted by: ranjit - 08 Jul, 2009
2: Nobody can go back and start a new beginning
but anyone can start today and make a new
ending.
Posted by: pankaj - 06 Jul, 2009
3: Economic fall down is compualssory,because of
this a person also learn the lives of
unfavoureale condition.and he is also getting
the daireing, enthunaism and other features
,these are also helpful in the life.if he
willnot know about this then wheneveer such
types situtaion are comes then how it will
survive.\\\"nothing is wrong in the world its
only our felling how are you see this in
positive way or negative way\\\"
Posted by: Vimal mishra - 05 Jul, 2009
4:Ask someone who has lost job, someone who was
earning according to his requirments and
liablities. Today how to survive.
Shailendra replied to: Vimal mishra
post - 13 Jul, 2009
post - 13 Jul, 2009
5:Mishraji, why dont you get an inglis
ispeeking guide for yourself. Do you realise
that your English sucks. That tells me that
you are no where related, even remotely, to
the IT industry and hence your indifferent
attitude towards the prevailing scenario in
the market.
Norman replied to: Vimal mishra
post - 12 Jul, 2009
post - 12 Jul, 2009
6: Excellent story Ravi, but the actual reality
will be experienced by you and your country
men when the recession roller coaster hits
India in the coming months. Then we will
probably meet someplace and listen to some
more of your good stories.
Posted by: princess - 05 Jul, 2009
7: This is just the trailor. The main movie of
recession is just about to begin. The first
effect has been seen/felt recently, which is
the jump in petrol /diesel prices.Many such
price escalations will take place in the near
future. The Indian economy has been ill
prepared for the worst to come.I am not being
pessimistic, but the writing is clear on the
walls.In the days to come we will be faced
with near tragical situations.In India there
is no system in place to tackle such
adversities. We have to wake up from our
euphoria before it is too late.
Posted by: princess - 05 Jul, 2009
8:you said wrightly
kkm replied to: princess
post - 05 Jul, 2009
post - 05 Jul, 2009
9: we must be proud being an INDIAN
Posted by: pandu - 04 Jul, 2009
10: As far as the global economy is concerned,
our country is still in a strong position.
"We have to be proud for That"
Posted by: THIYAGARJAN - 04 Jul, 2009
11: please try 2reply in english
Posted by: Arun - 04 Jul, 2009
12: Well, another way of looking at recession is
that , yes, it is there, but you don't have
to be a part of it
Posted by: sanjay doshi - 03 Jul, 2009
13:Some times its so happen that thought you
don't want to be a part of that but still
unknowingly you would become the part of this
thing,it is not in your hand.......some times
Happy replied to: sanjay doshi
post - 04 Jul, 2009
post - 04 Jul, 2009
14: Am not surprised. In the auto sector in India
till date 15 lac jobs have been lost. Are
expecting great releif for this sector in the
budget.
Posted by: sanjay doshi - 03 Jul, 2009
15: IT IS UP TO US THAT AS A HUMAN BEING WE WANT
TO HAVE MATERIALISTIC COMFORT OR PEACE OF
MIND BECAUSE KITNA BHI HARD WORK KAR LO U
WILL NOT ACHIEVE SUCESS UNTIL IT IS WRITTEN
IN OUR DESTINY.
Posted by: HARSH V MEHTA - 03 Jul, 2009
16:If u work in the right direction, you will
achieve what you desire. We should work smart
using our brain more. Accepting that there is
a problem world wide,one should think of
tackling it personally.Each of us think of
solution,the problem becomes smaller. Indians
are great survivors when they are outside the
country. They use less of brains
(useless)when inside the country.
George replied to: HARSH V MEHTA
post - 05 Jul, 2009
post - 05 Jul, 2009
17: I have been transferred to NZ in oct. I have
used my brains when I was inside India thats
y i have been transferred. Here I do the work
of three. And do all the work which is
irrelevant of my domain. Ofcourse i work in
my profession. That is the smartness rather
grieveing on the sitution which is already
bad. And restrict oneself from doing work. So
Dont say that 'Indians use less of brains
when inside the country'
Arun Sayani replied to: George
post - 05 Jul, 2009
post - 05 Jul, 2009
18: You did not work smart, you worked HARD. And
thats all that Indians are good at.Not just
now, for centuries Indians have just been
laborious. One cant even fathom the number of
IT professionals who just keep rotting and
farting in their office couches for hours
together giving productive output worth half
the time spent. And hey, btw, you yourself
endorse the fact, by being proud of doing the
job of three. If you were smart, you'd have
been the manager of those three. Think about
it.
Norman Kings replied to: Arun Sayani
post - 12 Jul, 2009
post - 12 Jul, 2009
19: what is their to loose, Its all American's
JOB and Some from Eureope. They had plenty
and shared with world in particular green
jobs. No they don't have and you don't
have. Why Indian companies are not inventing?
doing just Bodyshoping.
Posted by: 2kv74x - 03 Jul, 2009
20: Sub:TECHNOLOGY MANAGEMENT-VC-Get organised or
perish
Wisdom to practice- Inventions-Venture Enterprise
If Wisely organised, through support infrastructure, the route becomes clear for Inventor"s tie-up.
Intellectual advancement sans barriers help the society.
Vidyardhi Nanduri
Cosmology Research promotes inventions
Wisdom to practice- Inventions-Venture Enterprise
If Wisely organised, through support infrastructure, the route becomes clear for Inventor"s tie-up.
Intellectual advancement sans barriers help the society.
Vidyardhi Nanduri
Cosmology Research promotes inventions
Posted by: vidyardhi nanduri - 03 Jul, 2009
21: Everyone said appropriate answers for the
term RECESSION. But we should also consider
about the persons who lost their jobs without
their willingness. They came to realize that
they may be enjoyed very well when they are
the part of GOVT. sector companies. Getting
HIT from the hand full of golden ring is like
elixir of respectfulness
Posted by: Omprakash - 03 Jul, 2009
22:RECESSION is in every country, but has been
happening partially. Now the RECESSION
spreading all the world. Thats why everybody
taking and thinking about RECESSION.
This situation is "A LESSION" to everybody.
if develop their Countries with traditional business, never get this CRISIS. But not doing like that. Most of the countries are depending on other countries to make business and get more profits in their countries. at the same time they r not thinking & developing their manucture products and market by available resources... means neglecting. This is one of the observing matter.
If you take the Indian Government, which most of the concentration kept on "SOFTWARE COMPANIES" to get more money in short time without taking any risk and doing hardwork. but they could not able to find that this Financial) Crisis will happen in future. during the time partially neglected Traditional Business in the country.
My idea is every country has to develop with their natural and available resources.IF do so we'll not affect by Financial Crisis.
This situation must observe everybody. Thank you
This situation is "A LESSION" to everybody.
if develop their Countries with traditional business, never get this CRISIS. But not doing like that. Most of the countries are depending on other countries to make business and get more profits in their countries. at the same time they r not thinking & developing their manucture products and market by available resources... means neglecting. This is one of the observing matter.
If you take the Indian Government, which most of the concentration kept on "SOFTWARE COMPANIES" to get more money in short time without taking any risk and doing hardwork. but they could not able to find that this Financial) Crisis will happen in future. during the time partially neglected Traditional Business in the country.
My idea is every country has to develop with their natural and available resources.IF do so we'll not affect by Financial Crisis.
This situation must observe everybody. Thank you
Kumar Bvs replied to: Omprakash
post - 04 Jul, 2009
post - 04 Jul, 2009
23:Well said Shakespeare! Now will you please
explain what you wanted to say?
Byron replied to: Omprakash
post - 03 Jul, 2009
post - 03 Jul, 2009
24: And Moreover , want to use this opprtunity to
cut down all their expenses at the cost
employees salary and other benefits.
We are wantedly pushed to fear our own shadows.
We are wantedly pushed to fear our own shadows.
Posted by: sunder - 03 Jul, 2009
25: What is Recession?
This story is about a man who once upon a time was selling Hotdogs by the roadside. He was illiterate, so he never read newspapers. He was hard of hearing, so he never listened to the radio. His eyes were weak, so he never watched television. But enthusiastically, he sold lots of hotdogs.
He was smart enough to offer some attractive schemes to increase his sales. His sales and profit went up. He ordered more a more raw material and buns and sold more. He recruited more supporting staff to serve more customers. He started offering home deliveries. Eventually he got himself a bigger and better stove. As his business was growing, the son, who had recently graduated from college, joined his father.
Then something strange happened.
The son asked, "Dad, aren't you aware of the great recession that is coming our way?" The father replied, "No, but tell me about it." The son said, "The international situation is terrible. The domestic situation is even worse. We should be prepared for the coming bad times."
The man thought that since his son had been to college, read the papers, listened to the radio and watched TV. He ought to know and his advice should not be taken lightly. So the next day onwards, the father cut down the his raw material order and buns, took down the colorful signboard, removed all the special schemes he was offering to the customers and was no longer as enthusiastic. He reduced his staff strength by giving layoffs. Very soon, fewer and fewer people bothered to stop at his Hotdog stand. And his sales started coming down rapidly and so did the profit.
The father said to his son, "Son, you were right". "We are in the middle of a recession and crisis. I am glad you warned me ahead of time."
Moral of the Story: It's all in your MIND! And we actually FUEL this recession much more than we think.
This story is about a man who once upon a time was selling Hotdogs by the roadside. He was illiterate, so he never read newspapers. He was hard of hearing, so he never listened to the radio. His eyes were weak, so he never watched television. But enthusiastically, he sold lots of hotdogs.
He was smart enough to offer some attractive schemes to increase his sales. His sales and profit went up. He ordered more a more raw material and buns and sold more. He recruited more supporting staff to serve more customers. He started offering home deliveries. Eventually he got himself a bigger and better stove. As his business was growing, the son, who had recently graduated from college, joined his father.
Then something strange happened.
The son asked, "Dad, aren't you aware of the great recession that is coming our way?" The father replied, "No, but tell me about it." The son said, "The international situation is terrible. The domestic situation is even worse. We should be prepared for the coming bad times."
The man thought that since his son had been to college, read the papers, listened to the radio and watched TV. He ought to know and his advice should not be taken lightly. So the next day onwards, the father cut down the his raw material order and buns, took down the colorful signboard, removed all the special schemes he was offering to the customers and was no longer as enthusiastic. He reduced his staff strength by giving layoffs. Very soon, fewer and fewer people bothered to stop at his Hotdog stand. And his sales started coming down rapidly and so did the profit.
The father said to his son, "Son, you were right". "We are in the middle of a recession and crisis. I am glad you warned me ahead of time."
Moral of the Story: It's all in your MIND! And we actually FUEL this recession much more than we think.
Posted by: Ravi Kumar - 03 Jul, 2009
26:Good explanation of human mind Ravi!!! India
managed 6.7 % GDP Growth in financial year
2008-2009, where as it was 8.2 % in financial
year 2007-2008. it is a minimum decline in
the growth rate as compare to other
developing country and developed country,
most of which are tends to 0% rate for
example Japan with 1.5% in the same year.
India is not that much suffering as other
countries. This term “recessionâ€
has given only a point in the mind of
corporate & industrialist to fire the people.
Now it’s become easier for them to do
downsizing and cost cutting in their
organization .I have sympathy with those
people who have lost their jobs due to this
slowdown.
sandeep kumar replied to: Ravi Kumar
post - 03 Jul, 2009
post - 03 Jul, 2009
27:Very well said Ravi. Now suddenly I see
everyone (including meida which never talked
about it 2 years ago) has become an expert on
global economics and commenting how severe is
the recession and how long it will continue
etc. etc. On the other hand corporate are
taking the advantage of recession in burying
the past mistakes and generally downsizing to
improve profitability in short term.
Amulya Gurtu replied to: Ravi Kumar
post - 03 Jul, 2009
post - 03 Jul, 2009
28:I completely agree with you. Its all in the
mind.. and to tell the fact Corporates are
taking advantage of this current situation
and exploiting the employees to the core.
Anthony replied to: Ravi Kumar
post - 03 Jul, 2009
post - 03 Jul, 2009
29:saale chutia, seedha-seedha matlab hai,
recession means gayism. aapas me ek doosre ki
gaan marna hi to recession hai. jab choot
chodne ko na mile to use recession bolte hai.
chudakkad replied to: Ravi Kumar
post - 03 Jul, 2009
post - 03 Jul, 2009
30:Well said Ravi...It s all in our minds..one
should better use brains rather than
superstitiously going on with the flow..
drishti replied to: Ravi Kumar
post - 03 Jul, 2009
post - 03 Jul, 2009
31: This is not a healthy sign.Indians have to
develop the habit to think about business in
India and develop the country from this
sevear situation.
Posted by: Ashish - 03 Jul, 2009
32: Too much dependency on U.S. & Europe has
cost their jobs. Most of them could have been
in MNC Companies. Hence they should
concentrate on India specific jobs.
Posted by: sheshadri - 03 Jul, 2009
33: India will loose 6 lakh jobs or Lost 6 lakh
jobs?
Posted by: Raju - 03 Jul, 2009
34:Already lost from OCT-08 to till date
Praveen replied to: Raju
post - 03 Jul, 2009
post - 03 Jul, 2009
35: Well quoted Pankaj
In addition to the vagaries of so called corporate life, policies get amended as per the market scenario and employees has to bear the brunt of them.These policies are molded in such a manner so as to make the employees put their papers.Exploitation is in the air.It is not only in Insurance or Banking sector ,it is omnipresent.
Gone are the days of ethics and fair play.All is well in today\'s name game of the tabooed \"recession\".
Loyalty to an organization counts nothing-either you survive or quit.No or Low Pay Hikes with full expectation of work from the employee. Appraisals demanding more commitment accompanying no-motivation in the work environment.
Above mentioned is the naked truth faced in corporate world which We Indians( who have the born-habit of adjustment) always try to neglect and keep ourselves happy in our own built world.
Yes I do agree that India is progressing and must progress.Impact of global economic slump will be there on us but for private companies(consider the corporate world) it should not be the era of exploitation of its employees. It is the right time to retain your employees-not the time to test them. These words might sound a bit impratical or emotional from business point of view but yes a country progress only by people vis-a-vis a company progresses only by its employees.
Jai Hind.
In addition to the vagaries of so called corporate life, policies get amended as per the market scenario and employees has to bear the brunt of them.These policies are molded in such a manner so as to make the employees put their papers.Exploitation is in the air.It is not only in Insurance or Banking sector ,it is omnipresent.
Gone are the days of ethics and fair play.All is well in today\'s name game of the tabooed \"recession\".
Loyalty to an organization counts nothing-either you survive or quit.No or Low Pay Hikes with full expectation of work from the employee. Appraisals demanding more commitment accompanying no-motivation in the work environment.
Above mentioned is the naked truth faced in corporate world which We Indians( who have the born-habit of adjustment) always try to neglect and keep ourselves happy in our own built world.
Yes I do agree that India is progressing and must progress.Impact of global economic slump will be there on us but for private companies(consider the corporate world) it should not be the era of exploitation of its employees. It is the right time to retain your employees-not the time to test them. These words might sound a bit impratical or emotional from business point of view but yes a country progress only by people vis-a-vis a company progresses only by its employees.
Jai Hind.
Posted by: Vyom - 02 Jul, 2009
36:You Have written only truth...
pankaj replied to: Vyom
post - 05 Jul, 2009
post - 05 Jul, 2009
37: All of us boast of our country that we r
growing at very fast rate, particularly about
private companies.No doubt our private
players are growing at very fast pace but at
the cost of human values,ethics,cultural
respect.Nowadays companies are exploiting
their staff,particularly financial sector(
Insurance,Banking etc)There is no time for
working hrs,lunch breaks,weekly holidays,sick
leaves etc.There s no quality of life in
private sector.They are paying hansome
salary but taking blood from us.This is not
growth,giving stress,insulting
juniors,exploiting women staff,have become
modern cultures of corporate world.We need to
rethink on this development.
Posted by: pankaj - 02 Jul, 2009
38:I agree with u 100%
Dhruv replied to: pankaj
post - 03 Jul, 2009
post - 03 Jul, 2009
39: Though, India seemed to be in a better
position than the Western countries during
the economic crisis, the reality is that even
here people had to lose their jobs.
Posted by: Deep - 02 Jul, 2009
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