By November he had to shut down the mill, sack 1,100 workers and shrink his ambition and office space to match his earnings. [Sunil Jain] is only one of the thousands suffering from the worst multi-sector slowdown ever links of london charms. After recording a 25 per centplus annual growth rate from $63 billion in 2003-04 to $162 billion by 2007-08, exports declined by as much as 16 per cent in January after sharp falls from October. Let alone meet the $200 billion export target for 2007-08, India will be lucky to manage even last year’s tally of $162 billion with initial estimates for February indicating a decline of about 13 per cent, says Commerce Secretary G.K. Pillai links of london sale.
The condition is worse in the gems and jewellery industry, especially diamond units in Surat. Most of the 2,500-3,000 units haven’t opened or functioned normally since Diwali. Geetanjali Jewellers’ Chairman Mehul Choksi fears that the credit squeeze could result in bigger lay-offs. An estimated 35 per cent of 12 lakh diamond workers could be jobless, says Choksi links of london.
Automobile exports are no better, falling from 1,18,512 units in February 2008 to 1,10,252 units this year, according to the Society of Indian Automobile Manufacturers. While Tata Motors’ sales from exports declined by 68 per cent from February 2008, Mahindra and Mahindra could export just 300 units in February 2009 as against 1,295 units last year Links of London friendship.