Demand erosion in major markets would not just hit the $62billion (￥ 2.75lakh crore) indian textile industry but is likely to make india less competitive in a recession prone global market, as it happened in2008. three years ago, when the recession hit the global textile industry, china increased its drawback from 12%-17% and pakistan introduced an r&d rebate of 7.5% even as bangladesh enjoyed zero-import duty in "the european union countries and was attracting large investments from china and south korea.
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