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2007, a tumultuous year for textile industry – a review
13
Jun '08
Although in broader context, rupee appreciation last year, had been a sign of stronger Indian economy, on the flip side, it had some negative impact as well.

The year 2007 had been quite ruthless for textile industry, one of the highest foreign exchange earners for the country. The exporters had to struggle hard in order to avoid the brunt of rupee appreciation.

Even the garment or home textile sector also could not remain untouched from the undesirable effects of over 9 percent rise of rupee against Dollar.

Fibre2fashion captured reviews of different association and companies regarding export condition last year.

Discussing about the troubles faced by the exporters, last year, Mr A Sakthivel, President, Tirupur Exporters Association says, “In the year 2007, the unprecedented appreciation of rupee against dollar had jolted the exporters and in Tirupur, the knitwear garment exports have declined by 10 percent. For the first time in the history of Tirupur garment exports, many units have under utilized their capacity and there were job losses to the tune of 10,000 people. We feel the real pinch has spilled over to the year 2008 also, since in 2007 most of the orders executed were already committed in year 2006.

“The rise in interest rates also played a negative role in the growth of exports. The impact of declined exports had compelled the garment exporters to reorient their strategies in expansion of their units' capacity and modernization of machinery. Moreover, there was no off take under TUF Scheme. It is to be noted that SME exporters were not well aware of the Financial Instruments available to hedge their currency risks. So, by and large, I can say, 2007 was a tumultuous year for the garment industry.”

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