<p>The beleaguered export sector that has been hit hard by the COVID-19 pandemic is staring at about 15 million (1.5 crore) job losses if the Centre does not provide immediate assistance of about Rs 80,000 crore.</p>.<p>The worst-hit in the crisis are apparel exporters, who fear 3 million (30 lakh) layoffs from the 5 million that they employ.</p>.<p> Exporters in the gems and jewellery sector, whose sales have plummeted by over 80% in the past fortnight, are the next and are facing about 1.5 million job losses.</p>.<p><strong><a href="https://www.deccanherald.com/national/coronavirus-news-live-updates-lockdown-in-focus-as-indias-tally-goes-past-5800-global-toll-crosses-85000-817763.html" target="_blank">For latest updates and live news on coronavirus, click here</a></strong></p>.<p>Textile, handicrafts and leather are also gasping for breath, said Federation of Indian Export Organisations (FIEO) chief S Saraf. He added that at least 50% of their overseas orders have been cancelled in the past 20 days.</p>.<p>“We are left with fewer orders and if factories are not allowed to work with a minimum workforce to execute them timely, many of them will suffer irreparable losses, that will bring them to the brink of closure as they are saddled with a fixed cost, which in any case has to be absorbed by them. With cancellation of over 50% 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,” Saraf said.</p>.<p> “The apparel export sector is completely wiped out,” he said. </p>.<p>FIEO has also written to Prime Minister Narendra Modi, asking among other things, for a calibrated opening of the industries with at least half the workforce in order to maintain social distancing. “Allow exports related manufacturing immediately with minimum workforce adhering to safety, sanitisation and social distancing norms,” it said in the letter.</p>.<p> Additionally, FIEO has asked for Covid interest-free working capital term loan to exporters to cover the cost of wages, rent and utilities.</p>.<p> It also sought extension of pre and post-shipment credit by 90-180 days on their maturity. The FIEO president said that the huge support given by various economies will put Indian exports in further difficulties.</p>.<p>He said neighbouring Bangladesh has given over $8 billion stimulus package to fight the pandemic and kick-start the economy.</p>
<p>The beleaguered export sector that has been hit hard by the COVID-19 pandemic is staring at about 15 million (1.5 crore) job losses if the Centre does not provide immediate assistance of about Rs 80,000 crore.</p>.<p>The worst-hit in the crisis are apparel exporters, who fear 3 million (30 lakh) layoffs from the 5 million that they employ.</p>.<p> Exporters in the gems and jewellery sector, whose sales have plummeted by over 80% in the past fortnight, are the next and are facing about 1.5 million job losses.</p>.<p><strong><a href="https://www.deccanherald.com/national/coronavirus-news-live-updates-lockdown-in-focus-as-indias-tally-goes-past-5800-global-toll-crosses-85000-817763.html" target="_blank">For latest updates and live news on coronavirus, click here</a></strong></p>.<p>Textile, handicrafts and leather are also gasping for breath, said Federation of Indian Export Organisations (FIEO) chief S Saraf. He added that at least 50% of their overseas orders have been cancelled in the past 20 days.</p>.<p>“We are left with fewer orders and if factories are not allowed to work with a minimum workforce to execute them timely, many of them will suffer irreparable losses, that will bring them to the brink of closure as they are saddled with a fixed cost, which in any case has to be absorbed by them. With cancellation of over 50% 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,” Saraf said.</p>.<p> “The apparel export sector is completely wiped out,” he said. </p>.<p>FIEO has also written to Prime Minister Narendra Modi, asking among other things, for a calibrated opening of the industries with at least half the workforce in order to maintain social distancing. “Allow exports related manufacturing immediately with minimum workforce adhering to safety, sanitisation and social distancing norms,” it said in the letter.</p>.<p> Additionally, FIEO has asked for Covid interest-free working capital term loan to exporters to cover the cost of wages, rent and utilities.</p>.<p> It also sought extension of pre and post-shipment credit by 90-180 days on their maturity. The FIEO president said that the huge support given by various economies will put Indian exports in further difficulties.</p>.<p>He said neighbouring Bangladesh has given over $8 billion stimulus package to fight the pandemic and kick-start the economy.</p>
