India is most likely to lose over 15 million jobs if a special economic package is not announced soon. This massive loss of jobs may occur as more than 50 percent of export orders are currently getting cancelled, the Federation of Indian Export Organisations (FIEO) has told the government.
“We are left with very less orders and if factories are not allowed to work with a minimum work force to execute them timely, many of them will suffer irreparable losses and bringing them to the brink of closure as they are saddled with fixed cost, which in any case has to be absorbed by them,” said Sharad Kumar Saraf, President, FIEO. Rising instances of non performing assets among exporting units is also expected, Saraf stressed.
Global trade is likely to drop by 13-32 percent in 2020 as the coronavirus disease (Covid-19) pandemic has disrupted the economic activity and life around the world, the World Trade Organisation (WTO) said on Wednesday.