We have highlighted on 6th Sep that India’s export is declined by 15 % in financial year 2015-16 YoY basis.
It looks ASSOCHAM, The Associated chambers of commerce and Industry in India has taken a note of it. Assocham has confirmed that sharp decline in export resulted in job losses. As per Assocham in second quarter of 2015-16 70,000 workers were retrenched. Livelihood opportunities in this sector has been shrank.
In financial year 2015-15 India exported worth US$ 262290 Millions comparing to financial year 2014-15 when India exported goods US$ 310338 Millions. India’s export shrank to almost every countries we traded.
Wake up Mr, Arun Jaitly, http://indianretailsector.com/news/mr-arun-jaitley-indias-export-is-shrinking-wake-up-call/
This is high time for our finance minister to concentrate on priorities. So called land grab by Mr. Robert Vadhera can wait for action, but focus should be to stop free fall of economy. Mr. Arun Jaitly, it is not less than a surprise how you manage to show that GDP is still growing at staggering pace.
Job cut in export sector is big concern, as export oriented units are dependent on contractual workers. Assocham Secretary General D S Rawat said that Indian economy has to look internally at the domestic economy to restart the Indian growth story. That is only possible if there is extra demand generation within the economy. Employment generation is the most important factor to generate such extra demand. More employment means extra purchasing power in the hands of the people, and subsequently more demand generated for all kinds of commodities and services.
Negative impact of export shrink was highest on Textile industry, Gems, Jewellery and Apparels. Perhaps Make in India is a solution, but for long term.