Indian exporters expect 10m job cuts

Indian exporters expect to cut about 10 million jobs by March as the global recession prompts overseas buyers to cancel orders.

"The year 2009 is going to be the worst year in history," A Sakthivel, president of the Federation of Indian Export Organisations, told reporters in New Delhi. "Exporters don't have orders beyond January and if the present trend continues, there will be approximately 10 million job losses." Indian exporters presently employ about 150 million people.

India's exports fell for a second month in November and industrial output contracted for the first time in 15 years in the previous month. That is weakening an economy expected by policy makers to grow at the slowest pace in six years in the 12 months to March.