: Export sector may lose over 15 mn jobs: FIEO #FinanceIndia #StockMarketNEWS Export sector may lose over 15 mn jobs: FIEO New Delhi, Apr 11 (KNN) The Federation of Indian Export Organisations (FIEO)

@StockMarketNEWS Wed 15 Apr, 2020

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Export sector may lose over 15 mn jobs: FIEO #FinanceIndia #StockMarketNEWS
Export sector may lose over 15 mn jobs: FIEO New Delhi, Apr 11 (KNN) The Federation of Indian Export Organisations (FIEO) has that above 15 million jobs might get lost in India’s export sector with half the orders getting cancelled and rising Non-Performing Assets (NPAs) in exporting units.

With cancellation of over 50 per cent of orders and gloomy forecast for the future, we expect 15 million job losses in exports and rising NPAs amongst exporting units, hitting the economy very badly, said Sharad Kumar Saraf, president, FIEO.

We are left with very less orders and if factories are not allowed to work with a minimum work force to execute them timely, many of them will suffer irreparable losses and bringing them to the brink of closure as they are saddled with fixed cost, which in any case has to be absorbed by them, Saraf added.

Saraf urged the Government to immediately announce a relief package for exports as any further delay would be catastrophic and suggested some measures for the same such as : Allow exports related manufacturing immediately with minimum work force adhering to safety, sanitization and social distancing norms; Covid Interest free Working Capital Term Loan to Exporters to cover the cost of wages, rental and utilities; EPF and ESIC waiver for 3 months from March to May, 2020; Extension of Pre and Post shipment credit by 90-180 days on their maturity, Roll over of forward cover without interest and penalty, automatic enhancement of limit by 25 per cent to address liquidity challenges and extension of Interest Equalisation Benefits.

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