Are you a textile employee ? Is your job safe ?

>> Saturday, November 8, 2008

"Many textile employees from all over India are in a pickle after the textile industry, which has warned the government of 5-6 lakh lay-offs due to the global downturn ."
The main reasons are -
Higher Interest rate.
Global economic crisis.
ET writes "
The Northern India Textile Mills Association (NITMA) said that none of its representatives was invited to the meeting convened by Prime Minister Manmohan Singh on November 3 to discuss the state of the economy."
The industry, directly and indirectly, employs about 35 million people.
Garment exporters have reported a 30-35 per cent drop in volume in the July-September quarter.
The Confederation of Indian Textile Industry (CITI) has estimated 6-7 lakh people are facing job threats because of a slump in export demand.
More readings in Economic Times.

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