Excerpts from his speech –
Our export sector is totally besieged with various adverse factors and even the Economic Advisory council to the Prime minister in its Economic Outlook Report take cognizance of the industry specific problems of textile industry and noted that the dismal performance of textile industry was one of the three components within the manufacturing sector for the down fall of the GDP. The impact is unprecedented and by and large all units irrespective of their capacity have got affected and severity is more pronounced in SME sector.
We have been undergoing a severe financial crisis for the last three years due to problems emerged in USA, Volatility in foreign currencies, increase in yarn prices, increasing of Bank interest rates and transportation cost, increase in wages, closure of processing units in Tirupur area and the prime adverse factors are Recession in European Union coupled with slow recovery of US Economy.
The power cost has also got increased due to usage of captive power which is almost three times of the regular TNEB grid power cost. The effect of continuous chain reactions have crippled the Tirupur units, especially units in the SME sector and are totally running out of solutions to come out of the crisis and the Association is continuously taking full efforts to mitigate the problems arisen due to various internal as well as external factors.
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Tirupur Exporters Association (TEA)
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