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Sluggish textile exports dampens economic growth

09
Apr '08
When asked about an alternative solution to this crisis, Mr Nair suggested, “Domestic market should be the key area of attention. Since the problems in exports are bound to stay for some more time, efforts should be made to make the best of the increasing domestic demand. The economic growth, demographic profile and improving life styles in the country are factors that will help improve domestic consumption in the coming years.”

Answering the question on the impact of reduced exports, Secretary General of CITI explained saying, “Lower exports would impact the growth of the entire textile value chain, including cotton farming segment having serious implications for employment generation. Industrial production itself is getting affected due to this crisis. While things may improve in a year or so, it is important to ensure that, until then, units are able to survive the present crisis.”

On the other hand Mr Devkishan Mangani, General Secretary of Federation of Surat Textile Traders Association strongly held that, “Apart from reducing cost of the textile industry, Government should improve infrastructure.”

According to Mr Mangani, rupee appreciation will lead the domestic market into high competition to the extent that to sustain existence, companies may even start importing new products.

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