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Sluggish textile exports dampens economic growth

09
Apr '08
Appreciation of rupee and the resulting decline in exports is nearly paralyzing the Indian textile industry and a continuing of this trend is likely to render about 350,000 workers jobless.

Infact the figures are likely to escalate further if job losses in allied industries like dyeing and printing, chemicals, packaging, handlooms and processing units are taken into consideration.

In comparison, textile and clothing exports which valued at Rs7, 600 crore in 2006-07 is also likely to slip by 10 percent in 2007-08 on grounds of firming rupee and slowdown in US economy.

In an exclusive interview with Fibre2fashion, Dr D K Nair, Secretary General of Confederation of Indian Textile Industry (CITI) stated, “The textile and clothing industry of India needs to realize the fact that there is a huge crisis existing in the textile world at large. Even China is witnessing a negative growth in its exports, as per US figures released officially for January 2008. Although, rupee appreciation is one of the primary reasons for decline in our exports, it is not the only one. A demand recession in major markets like USA has also affected our growth rate.”

Mr Nair also added saying, “Rupee has stabilized at Rs40 a dollar for a couple of weeks now. There is some hope that the rupee appreciation problem may easeat least marginally in the coming months. Besides, there is also a hope that demand in western countries will improve gradually. Thus, our exports can legitimately be expected to bounce back within a period of less than one year. This is why we have been requesting the government for providing some temporary measures to help the industry tide over the present crisis.”


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