Appreciating Yuan will help Indian exports – Mr Jiwarajka, Alok
Mr Dilip Jiwarajka, MD, Alok Industries
The appreciating Chinese Yuan will make the Indian textile and garment more competitive and help in increasing exports from the country said, Mr Dilip Jiwarajka, while speaking to reporters on a visit to the plant of Alok Industries in Gujarat.
He said, “The strengthening of the Chinese currency and depreciation of the India rupee against the US dollar will help boost exports from the sector, since Indian exporters will find it easy to compete against the Chinese industry”.
He added by saying that, “garment exporters who were previously sourcing fabrics from China are now turning towards India since it is lucrative to them due to the price competitiveness”. India rupee has depreciated by 20 percent while the Yuan has appreciated by 7-8 percent.
The total output of the textile & clothing industry in India is US $61 billion out of which $23 billion is exports and the rest domestic consumption. Out of exports from the sector, clothing shipments touched $10 billion, home textiles $2.3 billion and others products $10.7 billion.
Fibre2fashion News Desk - India
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