MUMBAI: The slowdown in global economic growth has begun to hamper Indian exports of synthetic and rayon textiles, a top industry official said here.
“After witnessing an average growth rate of 38 per cent in the current year upto July 08, the growth rate started declining from then onwards. Going by the trend, there is a strong possibility of synthetic textiles exports falling short of the target fix ed by the Government for the year 2008-09 by about 15 per cent,” Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) Chairman Mr Ganesh Kumar Gupta said here.
“We believed the global financial turmoil would not affect India significantly. However, the global financial turmoil has begun to hamper India's exports as is evident from the figures released recently which indicate a sharp decline in overall exports. Exports of synthetic textiles also could not remain immune to this slowdown,” Mr Gupta said.
Global slowdown hits Indian exports and towards this end, the Customs Department and the regional office of DGFT, Mumbai, play a significant role, he said. The Customs Department has, over the years, simplified procedures for exporters. The office of the zonal DGFT, Mumbai, has also introduced various facilities to simplify procedures
Source : Business Line