INDIAN TEXTILE SECTOR IN FINANCIAL CRISIS
October 1st, 2010
BY RAGHAVENDRA VERMA
THE USD 62 billion Indian textile industry is facing a severe financial crisis as 122 companies, including major players such as Vardhman, reported net losses for the April-June quarter of 2011. According to the Confederation of Indian Textile Industries (CITI) previously high cotton prices (that have now fallen) chewed up large amounts of cash, with major input purchases being made in December 2010. Sluggish demand for Indian apparel exports from the USA and Europe has also hit income, with some companies actually halting production. The ...
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