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Textile sector unlikely to reach set goals

15
Sep '08
The textile and garment exporters of India are worried as they are unable to meet the set target for the second consecutive year. Experts estimate that the difference between the target desired and achieved for the year 2008-09 can be around 21 percent.

Industry insiders opine that increased price of cotton, slowdown in US economy and rupee depreciation are some of the main reasons for being not able to achieve the targets. Sources from Cotton Textiles Export Promotion Council (TEXPROCIL) informed Fibre2fashion that, cotton prices have increased more than 35 percent during the last one year, the price increase in domestic market is basically because of uncontrolled export of this important raw material.

The government had estimated textile exports of US $31.17 billion this year, which the industry is finding difficult to achieve. It is a matter of great concern not only for the entrepreneurs but also for the Government as textile sector is among the major foreign currency earners for the country.

However, the textile and apparel exports had witnessed a rise in demand in the month of April, according to the available statistics. The nation earned nearly $2.3 billion, showcasing a significant hike of 36 percent when compared to same time of last year.

The ever rising cost of cotton, other raw materials and rise in minimum support price has risen the cost of production that will shrink the profit margins and would affect the exports as well. The companies are also facing tough competition from the global players, creating worries among related industries also.

Looking at the current scenario, it is anticipated that, the target set by Government for the textile sector to touch $55 billion by 2012, will also be difficult.

The authorities had assumed that by 2012 the industry will be worth almost $110 billion, out of which the size of domestic market will be approximately $60 billion.

Fibre2fashion News Desk - India


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