Massive job losses are in the offing in the textile sector, says the Apparel Export Promotion Council (AEPC). "The high prices of cotton have pushed up the cost of the fabric and the end product. We are now in a situation where we are forced to reject repeat orders as we can't justify the high prices to our foreign buyers. In the coming weeks production would have to go down and it would result in unprecedented job cuts in the industry," said Mr. Rakesh Vaid, Chairman, AEPC. While he did not give an exact figure on the number of jobs that could be cut, Mr. Vaid said "lakhs of jobs" are likely to be lost as companies start reducing production in the coming weeks. "Right now the demand is growing in the international market. But we are losing out on the opportunity because fabric prices are rising at an unprecedented level.
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