Recession arrives in Goa

Recession, the dreaded word which has left the business community all over the world in the cold for close to two years now, has begun to show its might in the industrial sector of tourism-happy Goa, with over 5000 people losing their jobs to the global meltdown which has adversely affected the state. The industries hard hit in Goa include mining, export, fishing, cashew trade and tourism.

While over 5000 workers have lost their jobs from various industries, many other workers are believed to have lost their jobs in the non-farming and other such sectors which mostly included people on a temporary contractual basis and seasonally employed individuals.

Goan industrialists have therefore put off many of their ambitious projects due to the recession which have hit employees who may have ben laid off due to lack of work.However some industries have taken the recessionary effect in their stride and have not yet laid off any workers despite feeling the pinch of the recession. Zuari Industries Limited is one such giant industry in Goa which has been outstanding towards its employees in such turbulent times.

However with the recessionary mood prevailing in industries, the relations between the industries management and the workers have been under strain and many tensions exist in the work environment.

Goa's excise revenue has also witnessed a dip with many pharmaceutical companies shifting their manufacturing units to other parts of the country where they can enjoy tax holidays and industrial benefits thereby recording a sharp fall in the collection of the excise department as compared to the previous years.