Davos:
The global economic downturn is fast turning into a global unemployment crisis. That seems to preoccupy leaders gathered for the World Economic Forum at the Swiss mountain resort of Davos. NDTV Profit spoke to Commerce Minister Kamal Nath who's heading the Indian delegation. Here are excerpts:
NDTV: Can we expect any protection from the government over the worry of job cuts?
Kamal Nath: Adoption and adaption is the key word. Some sectors are taking a hit while some are untouched. We will see job losses in gem and jewel industry and textiles, but we have to face it.
NDTV: Is the government not playing any interventionist role?
Kamal Nath: The government cannot bail out any sector. If there is global depression, there is very little the government can do to set it right. But other sectors will compensate for the job losses.
NDTV: What is the immediate short-term relief to sectors hit?
Kamal Nath: The only way is to create a level playing field by refunding taxes and levies, streamlining transaction costs. I think the real answer is to adopt and adapt.
NDTV: Can we expect any protection from the government over the worry of job cuts?
Kamal Nath: Adoption and adaption is the key word. Some sectors are taking a hit while some are untouched. We will see job losses in gem and jewel industry and textiles, but we have to face it.
NDTV: Is the government not playing any interventionist role?
Kamal Nath: The government cannot bail out any sector. If there is global depression, there is very little the government can do to set it right. But other sectors will compensate for the job losses.
NDTV: What is the immediate short-term relief to sectors hit?
Kamal Nath: The only way is to create a level playing field by refunding taxes and levies, streamlining transaction costs. I think the real answer is to adopt and adapt.
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