Textile industry affected due to rupee appreciation: CMAI

Mumbai, Jan 4 (UNI) Clothing Manufacturers' Association of India (CMAI) president Rahul Mehta today said the appreciation of rupee and the devaluation of dollar was adversely affecting the garment and textile trade, that could come down by 10 to 15 per cent.

Talking to UNI, Mr Mehta said the overall textile exports from India were of about 17 billion US dollars out of which garment's share was about USD 8 billion.

With countries like China, Bangladesh and Vietnam giving stiff competition to India, he said it was essential for the Centre to lower the bank interest rates and amend the labour laws for the survival of the textile industry.

Mr Mehta said in the federal structure of the country, the industry had to pay the taxes to the Centre, state and even the local bodies. While the taxes paid to the Centre get reimbursed by the duties, there was no such scheme for the states and local bodies, he said.

The government should take some immediate steps for the survival of the industry, which is the major employment provider to many illiterate men and women in the country, he added.

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