JOB LAYOFFs INDIA: Leather Industry-100000, Jewellery 100000 Textile- 500000

The Leather industry in India has already laid off somewhere between 75000 and 100,000 jobs. It has also cut down its export target from $4 billion to $3.5 billion - or by about 12.5%.

Business Standard:

Speaking to reporters in Chennai today Habib Hussain, chairman, Council for Leather Exports said that though first six months of the current financial year was good for the industry, with a growth rate of 20 per cent growth in exports, it had gone down to 14 per cent in the past three months. Exports stood at $2 billion at the end of December 2008, against the $3.5 billion at the corresponding period of the previous year.

The Job Layoffs announced by big companies are well noticed. However, what goes unnoticed is the job cuts by small and medium enterprises (frequently called as SME's). Each of these small businesses is too small to deserve any particular attention in news. But collectively their contribution is quite significant for the whole picture. I have already written about 10000 job layoffs by Gems and Jewellery Industry and a whopping 500000 job layoffs by Textile Industry.