6 lakh Indians lost jobs in four months
New Delhi: More than 6,00,000 Indians, many employed in the gems and jewellery sector, lost jobs in just four months from October 2008 as the impact of the global economic crisis hit the country's shores.
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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