New Delhi: As many as five lakh textile industry workers may lose their jobs in the next five months because of the slowdown in exports, said a senior officer on Friday.
"According to estimates of the textile ministry, there will be job losses of about five lakhs in the next five months," said Commerce Secretary G K Pillai at a function of the Federation of Indian Chambers of Commerce and Industry.
Pillai warned that growth rate of exports may come down to 10 per cent for the current fiscal "if the fall continues". Before the slowdown set in, exporters had grown by over 30 per cent in the first half of 2008-09.
"The target (of $200 billion) would come down," he said.
The Government is working on a scheme to revive textile exports by cutting interest rates and easier credits for exporting firms. The scheme would be sent to a committee chaired by Prime Minister Manmohan Singh next week.
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