Economic Slowdown: Millions in India's Textile and Garment Sector Fear Massive Layoff

'...The Northern India Textile Mills Association (NITMA) – an association of textile mills located in Northern India – estimates 50 lakh job cuts owing to the economic slowdown in India. Several reports indicate that at least three lakh people have already lost their jobs in the automobile sector following a decline in the demand for cars across India. Tata Motors, Hero MotoCorp and TVS Group companies Sundaram-Clayton Limited and Lucas TVS have already halted their production... A glimpse at the advertisements issued by NITMA makes it clear where the crisis lies. The association claimed that the cotton and blends spinning industry is witnessing the biggest crisis in the past nine years. During April-June period of the present fiscal year, export of cotton yarn fell by 34.6% to $696 million as compared to $1,063 million in the same period last year...'