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 27th Jun 2017

Govt defers tax deduction at source provision under GST

E-commerce players in India will not be required to deduct tax on...

Apparel/Garments | On 27th Jun 2017

Future Group aims Rs 12,000 crore in fashion business

Future Group, which runs retail stores across India under various...

Textiles | On 27th Jun 2017

AEPC & NSDL to help exporters with GST compliances

Apparel Export Promotion Council (AEPC) and National Securities...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sonam & Paras Modi
SVA

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search