Ludhiana, Mar 21 (ANI): The ongoing global financial crisis has taken its toll on export industries of Ludhiana as they face slump due to fall in demand.
From hosiery industry to engineering to cycle industry, the economic slowdown has cast a dark shadow over these industries with many employees having been handed over the pink slip.
Confirming the reports of slowdown, industry experts said that the worse is yet to come.
"Due to the recession and shortfall of the target, in almost every industry from hosiery, engineering, cycle industry, around two and half lakh people have lost their jobs. This process of recession would continue for sometime and things doesn't seem to be improving soon because we are not receiving enough orders both from international and domestic market," said R S Lakra, President, hosiery industry.
Similarly, the engineering industry is also dwindling due to slump in demand, both overseas and domestic and experts feel that the relief package announced by the Government is not enough.
"There is not even a one per cent chance that it will help improve the present situation. The Government is more concerned with the availability of funds, but the problem is that we are not receiving the expected orders," said S C Ralhan, Regional Chairman, Engineering Export Promotion Council (EEPC).
Meanwhile, workers employed in various industries now fear for their livelihood.
"Due to the ongoing recession, many of our friends have lost their jobs. Due to lack of work in the factories, they are not ready to take us and it's becoming very difficult to sustain now," said Bahadur Singh Rawat, a factory worker.
Similarly, buyers too seem to be adopting a wait and watch policy expecting still better offers. By Karan Kapoor (ANI)