The impact of the global economic meltdown would be less severe in India and other south Asian countries since they are less exposed to the US economy and the financial market, a top ILO official has said.
Director of ILO's Department of Economics and Labour market analysis, Duncan Campbell has also said that India should focus on imparting education to continue its growth in future.
"The effect of the economic downturn in India and south Asian countries would be less severe as they are less exposed to the US economy and the financial market," Campbell told PTI.
The official said, "Progress could be halted if suitable education is not imparted now. In fact in India, only education can ensure equal distribution, access to economic opportunities and brisk growth path for everyone." The ILO in its recent report on Global Employment Trend had predicted a global job loss to the tune of 1.5 million in 2009 as a direct impact of the global financial meltdown.
Lauding India's rural employment guarantee scheme, he said that the NREGA programme was helping in reducing poverty in the rural areas.
Stating that the level of social security in India is still "weak", the official said that more than 75 per cent of India's working population earns less than two dollars per day.