Interviews
2007, a tumultuous year for textile industry – a review
13 Jun '08
5 min read
Lastly Mr Sakthivel expectantly said, “The outlook for garment export industry in 2008 will be comparatively good and we anticipate there will be a growth of 20 percent in the year 2008-09. The main reason for the growth of garment export is, our main competitor China is loosing its competitiveness because of appreciation of Chinese currency against dollar; increase in input costs including power cost, reduction of Value Added Tax given to exporters and rise in labour costs. By this, the level playing field in the global market will be restored. The right measures taken by the exporters to enhance their competitiveness would also certainly help them to bounce back and sustain in the global market.”
Another company which responded to these queries is Visma International. The company has carved a niche for itself in the field of home furnishing sector.
Expressing his views on export condition in 2007, Mr Prashant Sankaran, VP-Business Development, said, “It was certainly a year of turbulence for the garment industry. The US Dollar and Indian Rupee volatility, being one of the major reasons. The consolidation and expansion of the larger players in the industry has affected the small to medium businesses in terms of availability of labour and facilities.”
Discussing his outlook regarding the depreciating rupee, Mr Shankaran opined, “Currently, we are seeing an upsurge of Dollar due to abnormal hike in oil prices and simultaneous increase in Indian imports of the same. This may not be a long term phenomenon. The reasons for rupee appreciation can be attributed to high inflow of investment into the country, giving a robust boost to the domestic economy. However, confidence of investors has taken temporary plunge due to inflationary trend in the economy, which has reduced this flow of funds and this combined, with the country's import bill the Rupee has seen some devaluation. However, this is widely seen as a temporary phase and soon the Rupee will appreciate back to recent levels.”
Another company which responded to these queries is Visma International. The company has carved a niche for itself in the field of home furnishing sector.
Expressing his views on export condition in 2007, Mr Prashant Sankaran, VP-Business Development, said, “It was certainly a year of turbulence for the garment industry. The US Dollar and Indian Rupee volatility, being one of the major reasons. The consolidation and expansion of the larger players in the industry has affected the small to medium businesses in terms of availability of labour and facilities.”
Discussing his outlook regarding the depreciating rupee, Mr Shankaran opined, “Currently, we are seeing an upsurge of Dollar due to abnormal hike in oil prices and simultaneous increase in Indian imports of the same. This may not be a long term phenomenon. The reasons for rupee appreciation can be attributed to high inflow of investment into the country, giving a robust boost to the domestic economy. However, confidence of investors has taken temporary plunge due to inflationary trend in the economy, which has reduced this flow of funds and this combined, with the country's import bill the Rupee has seen some devaluation. However, this is widely seen as a temporary phase and soon the Rupee will appreciate back to recent levels.”
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