India:Job losses grip Indian textile industry in 2011

A new Post "India:Job losses grip Indian textile industry in 2011" was written on the January 6, 2012 at 4:16 pm on "Textile Global - Textile and Fashion News".

Indian textile industry had to grapple with several challenges in
2011, including weak demand in both domestic and export markets, and
high price of raw materials resulting in an increased cost of
production. This led to job loss for an estimated 120,000 workers
during the year, out of the nearly 35 million workforce employed by
the textile industry in India.

Speaking to fibre2fashion, Mr. DK Nair, Secretary General of the
Confederation of Indian Textile Industry (CITI), said, “Textiles
and clothing is the most labour intensive industry in our
manufacturing segment. With exports declining or stagnating and
domestic demand declining, there has been significant loss of jobs.
However, the exact figure can be quantified only through a detailed
survey.”

Analysing the reasons for job losses, he says, “All the segments
in the textile value chain suffered during 2011. The roller coaster
effect of raw material prices in international and domestic markets
from October 2010 onwards and some Government decisions, especially
with reference to cotton yarn exports, were the major factors. A
decline in domestic demand and prices added to these woes.”

The CITI [1] Secretary General foresees an improvement in job
situation in the current year and says, “The entire textile value
chain is currently on a come back trail, though the process is very
slow at present. The recovery will hopefully pick up some speed from
April 2012 onwards, when demand in global and domestic markets is
expected to improve.”

“People have been postponing purchases of consumer goods because
of the economic slowdown and uncertainties. But in the case of textile
products, this cannot be done indefinitely since they are a basic need
of the masses. With improvement in the industry, job opportunities
would also grow,” he concludes.

The rest is here:
India:Job losses grip Indian textile industry in 2011

Links:
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[1] http://trackurl.fibre2fashion.com/advt_banner/track.f2f?rurl=http://www.citiindia.com/&sec=Fibre2Fashion News&uinfo=[companyname]

http://www.textileglobal.com/2012/01/indiajob-losses-grip-indian-textile-industry-in-2011.html

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