Govt offers help to India Inc to contain job loss

With the employment situation getting worse in the backdrop of global economic meltdown, the government has said it is ready to take "any measures" to help Indian industries prevent further loss of jobs.

With the employment situation getting worse in the backdrop of global economic meltdown, the government has said it is ready to take "any measures" to help Indian industries prevent further loss of jobs.

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"Export market is affected to some extent as the purchasing power of industries has dropped. But we are working with them to ensure that production lines are kept running so that more jobs are not lost," Union Minister for Labour and Employment Oscar Fernandes told PTI on the sidelines of a function here.

Fernandes's comment came after he was asked about the steps the government is contemplating to take following one of its own report that around half a million people lost their jobs between October and December 2008.

"We are ready to offer any help, be it in the form of tax relief, providing credit support or anything else to help industries support jobs of people. To tide over the crisis industry should also take fresh initiatives to explore demands in newer markets," Fernandes added.

Asked if more stimulus packages could be expected, the minister expressed optimism over certain measures that the government has already taken to contain the crisis.