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India’s Job Losses Could Reach 10 Million by March

01/07/2009
The recession in North American and European markets is being blamed for the expectation that at least 10 million workers in India will lose their jobs by March of this year. Agence France-Presse reports that the Federation of Indian Export Organizations (FIEO) has issued the forecast in spite of two economic stimulus packages from the Indian government. The group says that exports for the fiscal year ending March 31 are expected to be around US$175 billion to US$185 billion, lower than the nation's target of US$200 billion. Exports in India account for approximately 20 percent of the nation's gross domestic product, according to the FIEO, with that sector employing 150 million people. India is Asia's third-largest economy, behind China and Japan.

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