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Textile & clothing export sector exuberant about 2009
24
Jun '09
Along with the optimism displayed by the footwear export sector, the textiles and clothing sector is also exhibiting confidence of achieving a growth rate by end of 2009, despite the slowdown in key global markets.

This exuberance was displayed by experts from the textile and garment sector, who said that exports from the sector could touch US 11.6 billion, up 3 percent from that achieved in 2008 and close 2009 with a positive growth.

The only stumbling block according to these industry experts was the dearth in credit facilities as banks had stopped lending to the textiles and apparel sector, which could hamper growth of the industry.

The industry which provides direct and indirect employment to around three million people will need around $ 500 million in investment to meet the growing demand from overseas markets over the next five years.

The textile and apparel producers who are facing contraction in overseas markets also have to face the menace of unchecked smuggling of textile products in to the domestic markets, which is increasing the depression in the sector.

Fibre2fashion News Desk - India

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