Bad days for textiles exports are over, says Maran
Press Trust of India / New Delhi Feb 11, 2010, 17:01 IST
Textiles Minister Dayanidhi Maran today said that the bad days for textiles exports are over and the positive trend would continue with the recovery gaining ground in the major European and other global markets.
"...We could read between the lines that the bad (recession) days for textiles exports are over. We are in the positive terrain," Maran told reporters after inaugurating handicrafts cluster exhibition here today.
The textiles exporters are now getting fresh orders from the US and European markets as inventories in the stores are almost over.
"We saw a growth of five per cent in December and seven per cent in January on a monthly basis after registering an average decline of 15 per cent during April-November 2009," the minister said.
The positive trend is expected to continue in the next fiscal, he added.
India's textile exports declined by nearly 2 per cent at $21.75 billion in 2008-09 compared to 2007-08, due to less demand from western markets.
The sector, employing about 35 million people, witnessed thousands of units closure and about seven lakh job losses in 2008-09, according to Confederation of Indian Textile Industry estimates.
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