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Need to reenergize our strategies to meet domestic demand – TEXPROCIL
30
Sep '10
Shri V S Velayutham, Chairman of TEXPROCIL (The Cotton Textiles Export Promotion Council) addresses its 56th annual general meeting held on 29th September 2010.

The 56th Annual Report and Audited Accounts along with the Auditor's Report for the year ended 31st March 2010, bringing out the financial statement and major activities undertaken by the Council during the year under review.

Growth Prospects
The year 2009-10 was a challenging year for the Indian textile industry in many ways. Even as the Indian economy recovered rapidly from the slowdown caused by the global financial crisis, inflationary trends and volatility in commodity prices led to strong demand side pressures.

At the same time steps taken to deal with the situation saw supply side restrictions being imposed leading to a constant search for the right balances Our young and dynamic Minister of Textiles, Hon'ble Thiru Dayanidhi Maran, spared no effort to find effective solutions to the growing imbalance between demand and supply considerations and formulate policies to achieve inclusive growth and participatory development.

In the fiscal year gone by, the Indian economy grew by 7.4%. The momentum was particularly pronounced in the fourth quarter of 2009/10 with growth at 8.6%, as compared with 6.5% in the previous quarter. The buoyancy in the Economy continues through the first and second quarters of the current fiscal with the manufacturing sector recording good growth.

Global Prospects
The global economic recovery has been evolving better than expected in the last six months, but the recovery is still subject to significant downsizing risks. In many parts of the world the strength of the rebound is however moderate.

Hence it is becoming more and more difficult to visualize strong economic growth in the advanced economies in 2010 and to a large extent in 2011. The implications of this, for India's strategy to return to a 9 per cent growth trajectory, are that public policy must promote business confidence and facilitate increased investment. In this context, trade also has an important role to play in stimulating economic recovery, as it offers a sustainable, non-debt creating source of growth and development.

Trade & External Sector
According to the DGCI&S report, merchandise exports from India reached $176.6 Bn in 2009/10 which was 4.7 per cent less than 2008/09. The value of merchandise imports in 2009/10 was also lower at 8.2 per cent at US $ 278.7 billion in dollar terms and 4 per cent lower in rupee terms.

Reflecting the improving global conditions, India's merchandise exports also recovered from October 2009, after a phase of twelve consecutive months of decline. Imports have also shown a strong turnaround since December 2009, driven by the stronger recovery in growth.

TEXPROCIL (The Cotton Textiles Export Promotion Council)

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