New Delhi: Textile Industry, largest employment provider after agriculture sector, is finally out of economic recession, declares Mr. Dayanidhi Maran, Textile Minister, who had been dragging all around the world for searching new and improved markets for Indian garment and clothing throughout the downturn.
Signs of revival can be seen in the Textile Industry of India symbolizing it to be the very first sector to rebound in the country, said Maran, who quoted this in a CII release at roundtable conference in Mumbai on 16th February 2010. Recession can be seen as complete over since order book of the garment manufacturers are full up till June, he added.
Textile sector of India, that provides majority of contribution to the earnings by exports, showed growth of 5% during December which was 7% during January as against a negative rate of growth that was 15% from April till November 2009. Exports of Textile had shrunk up to 2% to approx $21.75 billion during 2008-09 due to the low ranging demands from the western markets as an effect of the economic downturn.
Since orders were dried up, units in thousand were shut and there was a loss of around 7lakhs during 2008-09, as per the estimate by CII. Around 35 million people are employed by this sector. Maran had been laying stress for the development of bigger markets other than US as an effective alternative for leading business delegations to other countries.
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