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| Indian textile and apparel industry registered growth after months of decline |
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India's US$10-billion textile and apparel industry (as estimated by the Apparel Export Promotion Council (AEPC) of India) registered a growth in August 2009 after nine months of decline.
Indian textile and apparel industry were tied to traditional markets like the US and Europe, where 70% of the textile and apparel products are exported. However, they began to enter the China market more recently, according to Rakesh Vaid, AEPC's Chairman.
"We have been entering new markets over the last two years." He continued: "After nine months of consecutive losses and slowdown (since December 2008), the industry logged growth in August (2009). Exports to Europe have gathered pace, retail chains there are buffering up inventories for spring-summer (2010). I am just back from Europe. I expect the market to pick up early next year (2010)."
Exports to the US rose 1.39% in August 2009 over that in July, however, when compared to that in the corresponding month in the previous year, exports to America still dropped 6.09%. With reference to figures of AEPC, apparel exports fell 15.4% in the first quarter this fiscal year (i.e. April-June 2009), prompting the Indian government to announce a subsidy of Rs 2,546 crore (US$535 million) for the crisis-hit sector.
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