It's not only the developed world that is seeing huge job losses on account of the ongoing economic slowdown. Back home, Maharashtra has reported around 150,000 job losses over the last few months.

Addressing a press conference on Tuesday, state Labour Minister Nawab Malik said 150,000 fewer jobs were available in the unorganised sector in the state this year compared with the previous year. The worst-hit sectors, he said, were automobile ancillary, engineering and construction.

Though no large-scale job cuts have been reported from the formal sector, statistics with the Labour Department show that 150,000 less people are registered as workers with labour contractors.

Replying to a query, Malik said despite the slowdown, no major industry had sought the department's permission for layoffs or lock-outs. "In fact, our statistics show that 6,000 people lost jobs in the formal sector in 2008 due to retrenchment, lockouts and other reasons. This is 1,000 less than in 2007."

Malik said the department had moved a proposal to Chief Minister Ashok Chavan for the appointment of a committee -- which would include the chief minister and representatives of industry associations and unions -- to ensure that there were minimum jobs losses in the state.

For example, the state security guard corporation had started recruiting 10,000 guards for private industry as well as various government and semi-government establishments, he said. In fact, according to our estimates, there would be demand for 50,000 guards over the next six months to one year, he added.

All those who are registered with the corporation and meet the eligibility criteria of education and physical fitness can get themselves recruited as security guards, he said.