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Rupee appreciation tests textile & clothing exporters
04
Jun '09
Indian textile industry is under the pressure of troubled times. With the rupee appreciation against the US dollar, more small and medium size firms are going in for lay offs, and shut downs.

Industry analysts state that every week, a unit in Bangalore or Tirupur is closing down. Mr Premal Udani, chairman of the Clothing Manufacturers Association of India, estimates that 500,000 to 600,000 jobs are at stake.

Apparel and textile exports constitute to 30% of the India's export earnings. Decline in the dollar value has affected the volume of exports and the sales figures of the textile exporters.

Due to the economic crisis, US retailers who want more for less money are demanding hefty discounts, which are squeezing Indian exporters.

Before the onset of the recessionary trends, India was on a high growth trajectory, ranking amongst the top five apparel exporters.

Now, the country is no where in the growth graph and the bitter fact is that it is selling products at a price; lower than it was five years ago. India is currently unable to compete with its counterparts in other countries.

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Fibre2fashion News Desk - India

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