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Global recession haunts textile industry

08
Nov '08
Dr P R Roy, President, TAI
Market analysts are concerned over the slump indicated in the production of the textile industry, this year.

Although the index of industrial production IIP had soared by 8.1 percent, in the last fiscal, big players in the textile sector has reported poor growth figures. Wool, silk and manmade fibre textile production grew mere 4.2 percent, cotton textiles by 4.1 percent and textile products including garments just 3.3 percent.

According to the data provided by the Ministry of Textile, last year, spun yarn output mounted by 4 percent and cloth production by 3.9 percent. In the current fiscal, the growth is expected to plunge further.

Dr P R Roy, President, The Textile Association of India (TAI), while discussing the reasons for slump in Industrial production, told Fibre2fashion, “Slowdown in global economy is definitely affecting our textile industry. But, there is a lot of pessimism in the market regarding global recession, which instigates negative thinking among people. So without plotting their own position, the manufacturers have started cost cutting. This can be one of the many reasons for plunging industrial production.”

Global economic turbulence has hit the textile industry across the world very badly. Whether Indian garment industry will meet export target this year, answering this, Dr Roy, stated, “As far as export target is concerned, it seems the industry will face much difficulty in completing their export targets. However, the positive part is, India will remain as strong wicket this year. We are expecting that our country will retain its position by next year.”

Speaking about the future of the textile market, the TAI President, opines, “Our textile exports will begin recovering in few months. Although, export target for 2010 are very high, and we may not achieve it, in my opinion, leaving behind all the speculation, we should put in best of our efforts.”

Fibre2fashion News Desk - India


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