27 March, 2015 AsiaNews.it Twitter AsiaNews.it Facebook            

Help AsiaNews | About us | P.I.M.E. | | RssNewsletter | Mobile





mediazioni e arbitrati, risoluzione alternativa delle controversie e servizi di mediazione e arbitrato
e-mail this to a friend printable version


» 03/03/2009
INDIA
Exports collapsing, at least 10 million jobs at risk
In recent months, the country has suffered the effects of the global economic crisis to a much greater extent than predicted. Now there are questions about the consequences for the farming industry, and for the 220 million people already under the poverty level.

New Delhi (AsiaNews/Agencies) - Contraction continues in India's exports, which in January fell by 15.9% compared to January of 2008. Experts are already speaking of the worst crisis in decades, while government initiatives are not showing concrete effects.

Exports in January totaled 12.3 billion dollars, compared to 14.7 billion one year ago. But what is especially worrying is the rapid deterioration in the figure, after the decline of 12.1 in December of 2008 and 9.9 in November of 2008. India mainly exports textile products, clothing, jewelry, and other manufactured products. A drop in orders from abroad will have serious effects on employment. The Federation of Indian Exporters Association expects a loss of at least 10 million jobs in the export sectors by March 31.

Imports have fallen by even more, down by 18.2% in January. Experts predict that exports will remain low for a number of months, as a result of lower foreign demand, especially from the United States and Europe.

The main concern is that government efforts to foster exports, including tax breaks and incentives for the hardest hit sectors, seem to be having no effect. New Delhi has announced robust investments to support production: in January, it announced investments to support production, employment, and infrastructure totaling 200 billion rupees (4 billion dollars) for 2009. But it has difficulty providing further subsidies, because it has to deal with a budget deficit estimated at 11.4% of gross domestic product.

The Indian economy grew by 5.3% in the third quarter of the fiscal year (from October to December), compared to 8.9% in the same period in 2007. It expanded by 7.6% in the quarter from July to September of 2008. It is the lowest rate in six years, after three consecutive years of growth above 9%. The result has disappointed expectations that the country might be more resistant to the global crisis because it has an economy aimed mainly at production for domestic demand.

Analysts observe that the real rate of growth is even lower, since the estimate is based on the previous year. In reality, in the past quarter the manufacturing sector saw a decline of 0.2%, and agricultural production dropped by 2.2%. About 60% of the 1.2 billion inhabitants live in villages of less than 5,000 people, with an economy that is primarily agricultural, and experts are still uncertain about the effects this crisis will have on them.

Also worrying is the effect on the many people living in poverty: in February, the World Food Program of the United Nations estimated that 220 million people in the country are still suffering from hunger, with 56% of Indian women anemic, and about half of the children underweight (in the photo: a Mumbai slum).


e-mail this to a friend printable version

See also
12/22/2008 JAPAN
Japanese exports tumble, trade deficit grows
03/11/2009 INDONESIA
Indonesia rediscovers microbusiness as solution to unemployment
by Mathias Hariyadi
03/10/2009 UNITED ARAB EMIRATES
Dubai: massive projects wind down, immigrants return home
11/25/2008 CHINA
World Bank: Chinese growth will fall to 1990 levels
01/07/2009 CHINA
Xinhua says there will be more unemployment and social revolts in 2009

Editor's choices
IRAN
Time for a deal with Tehran, a reliable partner against the Islamic State group
by Bernardo Cervellera A framework agreement on the Iranian nuclear issue has to be inked by 31 March. US Republicans, Israel and Saudi Arabia are fiercely opposed to it for ulterior motives. Hassan Rouhani wants Iran to come back into the international fold. Tehran is playing a mediating role in the Middle East. For Vatican nuncio, “there is no evidence that Iran is preparing a nuclear bomb.”
CHINA - VATICAN
BREAKING NEWS: Chinese police seize two priests in Mutanjiang
by Bernardo Cervellera
CHINA-VATICAN
Nothing to toast between China and the Vatican: Beijing wants complete control
by Bernardo CervelleraFor the Global Times (the People's Daily) China does not like the "Vietnamese model" of agreed episcopal ordinations. The Chinese Foreign Ministry’s embarrassment in front of the Holy See’s countless efforts. China wants the Vatican to accept all excommunicated bishops and to keep silent on those who are underground and imprisoned. The case of Msgr. Cosma Shi Enxiang. Without religious freedom, diplomatic relations are pointless. The work of mission and the unity of Catholics in China. A task for Xi Jinping: implement the anti-corruption campaign in the Ministry of Religious Affairs and the Patriotic Association, which have grown rich over the decades on the backs of Christians.

Dossier

by Giulio Aleni / (a cura di) Gianni Criveller
pp. 176
Copyright © 2003 AsiaNews C.F. 00889190153 All rights reserved. Content on this site is made available for personal, non-commercial use only. You may not reproduce, republish, sell or otherwise distribute the content or any modified or altered versions of it without the express written permission of the editor. Photos on AsiaNews.it are largely taken from the internet and thus considered to be in the public domain. Anyone contrary to their publication need only contact the editorial office which will immediately proceed to remove the photos.