THE festive season is here, but textile firms across India are an unhappy lot. Declining export orders, high cotton costs and low demand on the domestic front have all adversely affected the industry, once considered a leader in textile exports to the US. The repercussions of possible double dip recession in the US and the deteriorating debt situation in Europe has culminated into decline in demand from these regions, which currently account for more than 35 per cent of India's global exports. And it has begun affecting the domestic players as well. According to data released by the US Department of Commerce, Office of Textiles and Apparel (OTEXA), India is lagging behind Bangladesh, China and Vietnam.
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