Indian losses 20 lakh jobs due to rupee appreciation

The government on Tuesday said as many as 20 lakh people may become jobless in the export sector which has been hit hard due to rupee appreciation vis-a-vis dollar in the last one year.
Replying to a question in Lok Sabha, Commerce Minister Kamal Nath said 20 lakh people may face unemployment if remedial measures were not taken.

He also announced the government was considering fresh sops for the export sector and a proposal to this regard may be placed before the Cabinet soon.

"We are talking to the Finance Ministry and may announce some steps soon," he said.
On reasons for rupee appreciation, the minister said increase in flow of dollar and global decline in the value of the US currency were the main reasons.

Between October 2006 and October 2007, the rupee appreciated by 15 per cent against the US dollar, affecting many sectors, especially those which are employment generating, Nath said.

Courtesy:ibnlive.com
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