The recession-ridden textile industry is up in arms against the Central Budget for 2008-09 that has provided practically nothing by way of relief for its revival. The industry, hit hard by the loss of vital overseas markets as a result of almost 15 per cent appreciation of the rupee against the dollar, stiffer competition from India's Asian rivals, high excise and customs duties on fibres and capital goods, as well as burdensome loans from banks and financial institutions, is in dire need of sops for its very survival. In the deteriorating situation, the industry is losing its traditional strength both in the domestic and overseas markets. Latest statistics reveal that textile exports from India have declined by a whopping 22 per cent in the first half of the current year ended October 2007, intensifying the downtrend evident since last one year. The important markets lost are the US, the UK and Italy, and the ultimate beneficiaries in the competition are China, Pakistan, Cambodia and Bangladesh whose currencies have remained unchanged or have undergone minor changes. With the loss of its competitive edge, the Indian textile export target of $25.1 billion set for 2007-08 is well beyond reach.
展开▼
