11,000 people loose job due to rupee appreciation in India
I came across an interesting article about the effects of rupee appreciation, link here. I have also summarized the key points from the article and the survey from TI.
- Even if exports grow 20% this year, the appreciation of the currency is expected to result in a Rs 53,000 crore or $13 billion loss.
- After Information Technology, rupee appreciation will have the biggest impact on the exporters (exporters of meat, spices and textiles exporters followed by leather and gems & jewellery)
- Construction sector is expected to have a moderate impact
- Rupee appreciation has caused 11,000 people employed in textiles and garment industry jobless during March-June 2007.
- The survey also reports that there is a considerable loss of business across sectors that depend more on imports for their raw materials.
The above are all from the survey. However I have heard from my friends who work in Wiprow that they have asked their employees to work 6 days a week. I believe that’s going to be the norm of the industry if the rupee keeps appreciating.
wheretosettle.com » Blog Archive » People loose job due to rupee appreciation in India said,
July 26, 2007 @ 4:17 pm
[…] article about people losing jobs in India due to rupee appreciation. Here is the link to the source of the article. The article talks about people in industries like textile and leather are losing jobs. However I […]
Jay said,
July 27, 2007 @ 3:20 am
This is true, i have read lot on aricle on how CEO’s are worrying on companies performance. Many indian companies put their reserve in US dollars and that money is melting.
ITguy said,
August 10, 2007 @ 10:07 am
IBM has also fired 250 IT professionals yesterday. Im scared as well now.
Quarkian said,
August 10, 2007 @ 10:08 am
Quark has fired 150 engineer yesterday. I am looking for a job now.
10th aug has been a D-Day for me. Quark is a bull shit compoany
Lay offs in India, IBM India lays off 250 IT professionals said,
August 11, 2007 @ 2:15 am
[…] earlier blog post titled ‘11,000 people loose job due to rupee appreciation in India’, link here, that IBM India lays off 250 professionals yesterday. This comment is from one of the IBM India […]
Mark said,
October 14, 2007 @ 12:05 am
I saw a recent video on the rising rupee located at this website http://www.theindiastreet.com/2007/10/video-rising-rupee-trick.html