CHENNAI: The Federation of Indian Export Organisations (FIEO) on Saturday urged Union Finance Minister P Chidambaram to immediately implement the export package Union Commerce and Industry Minister Kamal Nath unveiled on June 13.
Addressing reporters after the Management Committee Meeting, FIEO president Ganesh Kumar Gupta said: “We expect the Finance Minister to announce the package within the next fortnight. If immediate steps are not taken to offset the erosion of competitiveness of our exports, India will lose $12.5 billion of exports in the current fiscal. Besides, it will lead to a slowdown of exports, closure of units and loss of 8 million jobs across the country in various sectors.”
Citing a survey conducted by the FIEO, he said 15 per cent of the units would retrench 50 per cent of their workforce, 21 per cent of the units would lay off 30-50 per cent of their strength and 18 per cent would cut the strength by 10-30 per cent. Around 46 per cent of the respondents, he said, were restructuring and reducing manpower in line with their order requirements.
Addressing reporters after the Management Committee Meeting, FIEO president Ganesh Kumar Gupta said: “We expect the Finance Minister to announce the package within the next fortnight. If immediate steps are not taken to offset the erosion of competitiveness of our exports, India will lose $12.5 billion of exports in the current fiscal. Besides, it will lead to a slowdown of exports, closure of units and loss of 8 million jobs across the country in various sectors.”
Citing a survey conducted by the FIEO, he said 15 per cent of the units would retrench 50 per cent of their workforce, 21 per cent of the units would lay off 30-50 per cent of their strength and 18 per cent would cut the strength by 10-30 per cent. Around 46 per cent of the respondents, he said, were restructuring and reducing manpower in line with their order requirements.
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