India's textiles sector alone could lose around 5 lakh jobs over the next five months if urgent steps are not immediately initiated, union commerce secretary G K Pillai said.

Speaking to journalists on the impact of the global downturn on the Indian export sector on the sidelines of a function, Pillai said the centre was working on a relief package to help exporters tide over the crisis. He said a survey was under way to assess the extent of job losses in the industry. He added that a sample survey containing data on about 800 industries would be released next week.
 
The gorvernment is working out a package that would help the sector face the severe crunch and avoid further job losses, he said. He added that  the package, will likely include a cut in interest rates and increased credit for exporters.
 
Pillai said the impact of the global meltdown had become apparent in the Indian industry in September and October, adding that it would continue to be felt, at the least, over the next 6 months.
 
Exports in October this year had touched $12.8 billion as against $14.6 billion last year over the same period marking a decline of 12.32 per cent.
 
Pillai warned that if the current trend continues, the growth rate of exports may come down to 10 per cent for the current fiscal.

Exports had grown by over 30 per cent in the first half of 2008-09. The export target of $ 200 billion for 2008-09 is due for review by end-December, he added.
 
The Indian textile sector employs 38 million people. It is the second largest foreign exchange earner and accounts for 8 per cent of GDP.