Rupee rise mars textile-export

Mumbai, June 9 (UNI) The Rupee appreciation had put a severe strain on the textile exports of the country and simultaneously it has created a redundancy in employment, Prem Malik, chairman of Textile Export Promotion Council (TEXPROCIL) said today.

'' The Rupee appreciation has slowed down export, thereby severely affecting production, capacity utilization resulting in redundancy in employment,'' Malik said.

Calling for immediate intervention by the government, Mr Malik said that if this trend continues, textile exports from India will go down by 15-20 per cent in value terms and it will also slow down the employment generation with same margins in the current fiscal.

''The value of textile exports from the country from January to April this year had come down by 1.48 per cent and major impact could be seen after June if the situation continues,'' he added.

According to an estimate, for every one per cent of the rupee appreciation, 1.2 per cent of the profitability of the units was affected. During the last one year, rupee appreciated by more than 12 per cent on an average.

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