Home / Knowledge / News / Textiles / 2007, a tumultuous year for textile industry – a review
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.”

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search