The current financial fiscal (2008-09) is drawing to a close in March and fears articulated in the past by various trade experts and analysts connected with the textile and garment industry in India are turning true, what with exports and domestic sales from the sector falling, more so from October, last year, after the crisis unfolded.
Domestic textile and clothing sales touched US $30 billion in the last fiscal and shipments from the sector reached $21 billion, both when toted up, command a eye catching figure of $51 billion. But as sectoral analysts had predicted, the combined figures are set to fall by 2-3 percent in the current fiscal.
Exports are expected to dip by 3 percent, when compared to figures of the last fiscal, while domestic sales are expected, if at all they grow by nominal rates. But considering the recessionary trends due to weak consumer sentiments, the fall is not expected to be so high, other than not being able to notch growth rates.
Fibre2fashion News Desk - India
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