Textile exports to the major European and other global markets has acquired a progressive trend and it will witness further recovery, as the worst period for textile exports is over, said the Textile Minister Mr. Dayanidhi Maran, while addressing media on the sidelines of the inaugural function of handicrafts cluster exhibition.
The textile exporters are receiving new orders from US and European buyers as the stores are almost running out of stock.
Following an average drop of 15 percent during April-November 2009, textile exports witnessed a five percent growth in the month of December and of seven percent in January, informed the Minister.
He expected that the increasing trend of exports will continue in the next fiscal. In fiscal 2008-09, these exports plummeted by around 2 percent to $21.75 billion compared to that of fiscal 2007-08 owing to less demand from western markets.
Confederation of Indian Textile Industry estimates showed that thousands of units in the industry, which employs about 35 million people, downed their shutters leaving 700,000 workers without jobs in 2008-09.
Fibre2fashion News Desk - India