Home / Knowledge / News / Textiles / No signs of recovery in textile sector - ASSOCHAM
No signs of recovery in textile sector - ASSOCHAM
10
Aug '09
The textile sector of India, the second largest employment provider in the country, after agriculture, is still fighting with the economic downturn, though the overall economy is indicating signs of early recovery, informed an ASSOCHAM report.

This sector employs about 91 million people and as per the report by the Associated Chambers of Commerce and Industry (ASSOCHAM), the textile industry is still witnessing plunge in exports and massive layoffs.

In the last few months, about one million employees had been laid-off from the industry due to fall in orders from the recession-hit markets like Europe and the US, said ASSOCHAM President, Mr. Sajjan Jindal.

Textile industry's share in country's total export earning is 13 percent and in the gross domestic product (GDP) it is 4 percent. These exports decreased by 1.71 percent to US $21.75 billion in 2008-09, compared to $22.13 billion in the previous fiscal year.

Handicrafts were one of the maximum hit segments that fell down to $1.79 billion in 2008-09 from $3.48 million in 2007-08, down 48.35 percent. During last fiscal, the textile industry attracted an investment of Rs. 49,613 crore ($10.4 billion), about half than that of Rs. 90,369 crore in 2006-07.

There should be an increase in the funds under the Technology Up-gradation Funds Scheme (TUFS) from Rs. 3,140 crore to Rs. 4,500 crore for the textile industries, said the report.

These funds can be used to clear subsidy payments backlog and to improve technology up-gradation of units, added Assocham.
The industry report revealed that the sector is still facing power shortages and high power cost. For the new investments made in the textile industry, the government should provide electricity at lower costs, stated Assocham.

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Global growth to pick up in 2017 and 2018: IMF

The pickup in global growth anticipated in the April World Economic...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Mohammad Hassan
Biax Fiberfilm

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Igor Chapurin
Chapurin

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

Karan Arora
Karan Arora

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

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


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



X