India’s apparel sales plummet in FY12.

Impacted by poor exports, India’s ready-to-wear market grew by a meagre five percent during last fiscal to be a Rs. 1,100 billion market, compared to 15 percent year-on-year growth achieved during 2010-11.
 
Last fiscal, India exported apparels worth around Rs. 700 billion, according to the Clothing Manufacturers Association of India (CMAI).
 
The deceleration in growth is because the EU and the US, which account for about 70 percent of India’s organized garment exports, are facing financial crisis, said CMAI President Mr. Rahul Mehta.
 
Liberal imports from Bangladesh and other countries are also impacting the growth of India’s domestic apparel industry, he added.
 
However, he expressed hope that despite adversities, factors like depreciation in value of rupee, and extension of the interest subvention and focus-product schemes for one more year would boost exports.
 
He further said that eyeing revival of the growth trend, CMAI will be organizing the 55th National Garment Fair in Mumbai from July 9.
 
The fair being organized on an area of 350,000 sq ft, would be the largest-ever apparel trade fair of India’s domestic industry, which is expected to attract a record 400 exhibitors, featuring 450 brands.
 
While India’s apparel market is estimated to be worth Rs. 1,100 billion, its un-stitched apparel market is estimated to be worth Rs. 400 billion.

Source : fibre2fashion.com