Textile industry slips deep into recession

15 Jun '09

1 min read

A country experiences slowing down, or contracting during a prolonged period of recession. US, European Union and Japan are officially in recession, experiencing more than two successive quarters of negative growth. Pessimism permeates across all these regions carrying an uncertainty about the depth and duration of the current global recession.

India, also dragged in to the recessionary trends is having a GDP growth of over 7.5% during the first two quarters of 2008/09. Industry wide estimates after September depict a gloomy scenario. There are reports about declining outputs in automobile, steel, textile, petrochemicals, construction, real estate, finance, retail activity, and many other sectors.

Indian textile industry is deeply hurt by recession. Cotton textile sector registered a 10.6% drop in output in March 2009. The wool, silk and man-made fibre textiles category saw a dip of 8.2%, jute and other vegetable fibre textiles (except cotton) saw a dip of 1.9% and the textile products (including apparel) category registered a 1.7% drop during March 2009, according to the latest IIP data.

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