|
The total volume of garment exports of India in the financial year 2008-09 stood at $10.13 billion recording an average growth rate of 4.6 per cent over the previous fiscal despite slowdown in demand in the US and European economies, reeling under recession.
In 2007-08, apparel exports were $9.68 billion. Apparel Export Promotion Council (AEPC) said that the business confidence would continue to remain low key during the first quarter of the current fiscal.
The council had set a target of $11.6 billion for the fiscal year 2008-09. AEPC chairman Rakesh Vaid said in a statement, "We are happy that garment exports have crossed $10 billion-mark for the first time."
He, however, expressed concern over consistent deceleration in growth rate over the past two years.
During the first four months of 2008-09, the exports stood at $3.5 billion against $3 billion in 2007-08.
The exports witnessed downfall since August as the retail orders began to feel the impact of global economic recession.
The downslide ended in December and January 2008-09, as exporters' realisations improved on depreciating rupee against the US dollar. Apparel exporters resorted to the policy of lowering prices in order to bag more orders giving competition to countries like China, Bangladesh and Vietnam.
Estimates suggest that the industry employs 7 million people, including 3.9 million in export sector. Business Standard
April 29, 2009
|
