Indian export sector may lose 2m jobs

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NEW DELHI, Dec 5 (Xinhua): Indian government said as many as 2 million people may become jobless in the export sector which has been hit hard due to rupee appreciation against US dollar in the last one year, local newspaper The Financial Express reported today.
Indian Commerce Minister Kamal Nath yesterday said 2 million people may face unemployment if remedial measures were not taken.
"We are talking to the finance ministry and may announce some steps soon," he said.
On reasons for rupee appreciation, the minister said increase in flow of US dollar and global decline in the value of the US currency were the main reasons.
Between October 2006 and October 2007, Indian rupee has appreciated by 15 per cent against the US dollar, affecting many sectors, especially those which are employment generating, Nath said.
While there is has been overall growth in exports, the rate of growth has declined. However, in certain sector like textiles, leather, marine products and handicraft, there is a net decline in exports which has led to job losses, he said.
"It is estimated that unless remedial measures are taken, the total job losses could be as high as 2 million," Nath said.