India headed for an export sector depression – the failed policies of PM Manmohan Singh root cause for 2 million job loss in India
Satish Mathur
Dec. 4, 2007

When you build an industry and boom in a country based on unrealistic assumptions and greed, this is exactly what happens. Indian export sector boomed because Indian currency was artificially lower compared to India internal economic strength and growth. Things have finally turned and Indian Rupee is getting revalued substantially. This has caused a massive problem in India’s employment and growth.

More than 2 million people will become jobless in the export sector which has been hit hard due to rupee appreciation vis-a-vis dollar in the last one year. This is just the tip of the iceberg. India is headed for an economic avalanche. The Rupee will have to appreciate to RS. 20 to a dollar eventually. That will create massive 30 million unemployment in India. These are well-paid jobs in the outsourcing and call centers that will evaporate as India Inc. sinks into depression.

Who can be blamed? The Government led by Dr. Manmohan Singh has made major mistakes. You cannot create an economic boom based on just exports and dumping services and goods on western economies. That kind of joke can continue for a while but eventually like the house of cards, it will sink into a massive economic avalanche. That is exactly what is happening.

As the world economies including that in US get depressed, India and China will go into gar greater and deeper depression. The reason is simple; the prosperity in China and India is based on American and European inflow of dollars from Foreign Direct Investments and dumping of goods and services to the western nations.

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