Downturn’s Brunt: Indian Textile and Apparel Industry

 

Preeti Sodhi* and Pratibha Thapa

Govt. Home Science College, Chandigarh

  *Corresponding Author E-mail: preetisodhi22@gmail.com

 

 

ABSTRACT:

The textile industry dwells in an exclusive position in our country. One of the most primitive to come into existence in India, it accounts for 14% of the total Industrial production, contributes to nearly 20% of the total exports. Being the largest foreign exchange earner, accounting for more than 5 per cent of GDP and providing direct employment to 38 million people, primarily the weaker sections, it is the second most important sector only after agriculture. The cutback seen currently is contemplated by economic analysts as 'a tip of the ice berg'. Mass of the layoffs is targeted towards daily labours that make almost 25-35% of a company’s work force, and 35 million out of the total workers in the Indian Textile Industry. Staffs at the junior, and entry levels are seeing the most terrible face of the render down. The present apparel and textile market of India needs to brace itself in this time of economic downturn. In fact t his is the time for the industrialists to think afresh, to have an idea, to have a head start and to exploit our potential. India has a strong raw material base and rich cheap labour however we have countries like China, Bangladesh, Pakistan, Turkey and Sri Lanka as our contenders. They have a periphery over us in terms of technology, lead times, volumes, quality and cheaper FOB. There is need to scrutinize the present situation and take stock of what is required to be done to keep the industry moving at good pace in these hard times. We need government programs to help curtail operational costs, improve our tariffs and duties on technology import, subsidies and money refunds, etc. Indian apparel and textile companies need to do more than increase their capacity to provide value added goods and services.  Importance must be laid on the manufacture of technical textile materials and organic fabrics, home textiles, kitchen linen to name a few strategic options to stay ahead: to satisfy the customer base which always wants something new on his plate and that too speedily. The present paper take an inside tour in Global Textile Industry with special reference to India. It explores the recession and its impact on Indian Textile Industry. Vivid Endeavour has been made by the authors to jot down few relief measures framed by Govt. and recommendations as to overcome hurdles.

 

KEYWORDS: Indian Textile Industry, Recession, Impact of Recession, Relief Measures, Recommendations

 

 

INTRODUCTION:

The biggest industry of modern India is the textile industry.  It grabs industrial production over 20 percent and is strongly connected with the agricultural and rural economy.  It is the single largest employer in the industrial sector employing about 38 million people.  If employments in allied sectors like ginning, agriculture, pressing, cotton trade, jute, etc. are added then the total employment is estimated at 93 million.  The net foreign exchange earnings in this sector are one of the highest and, together with carpet and handicrafts, account for over 37 percent of total export earnings at over US $ 10 billion. Textiles, alone, account for about 25 percent of India’s total earnings.

 

India’s textile industry since its beginning continues to be predominantly cotton based with about 65 percent of fabric consumption in the country being accounted for by cotton.

The industry is highly localized in Ahmadabad and Bombay in the western part of the country though other centres exist including Kanpur, Calcutta, Indore, Coimbatore, and Sholapur. The structure of the textile industry is extremely complex with the modern, sophisticated and highly mechanized mill sector on the one hand and the hand spinning and hand weaving (handloom) sector on the other.  Between the two falls the small-scale power loom sector.  The latter two are together known as the decentralized sector.  Over the years, the government has granted a whole range of concessions to the non-mill sector as a result of which the share of the decentralized sector has increased considerably in the total production.  Of the two sub-sectors of the decentralized sector, the power loom sector has shown the faster rate of growth.  In the production of fabrics the decentralized sector accounts for roughly 94 percent while the mill sector has a share of only 6 percent. Indian Apparel and Textile Industry is the largest producer of jute,2ndlargest  producer of silk,2nd  largest producer of cellulosic fibre/yarn,2nd  largest producer of cotton yarn,2nd largest producer of raw cotton and 4th largest producer of synthetic fibre/yarn ( Vikram,2003).

 

MATERIAL AND METHODS:

For the purpose of in depth study the contents have been taken from relevant books and articles from Journals. The approach followed in this paper is purely based on secondary data. The materials used have at times been drawn from the website and extreme case has been taken to be objective in approach.

 

RESULTS AND DISCUSSION:

Overview of Global Textile Market:

Following are the few salient features of global Textile and Apparel Industry:

·        The size of global apparel and textile industry is US $ 360 bn and was expected to grow to about US $ 600 bn by the year 2010 post the MFA.

·        The Indian textile and apparel market is worth $ 52.5 billion (Rs. 2,60,505 crore).

·        Out of this, the domestic market is $ 32 billion (Rs. 1, 58,720 crore) and exports $ 20.5 billion (Rs. 1, 01,679 crore).

·        The market is expected to grow from $ 52.5 billion (Rs. 2, 60,505 crore) in 2007 to $ 83 billion (Rs. 4, 11,679 crore) in 2012.

·        The manpower requirement would be about 6.5 million people by 2012with an estimated investment of Rs. 1, 25,500 crore.( Corporate Catalyst India, (2009))


US market:

US imports of textiles and clothing fell for the first time in seven years in 2008 - by 5.2% to 50.4 billion square metres after growing by an average of 8.4% per annum between 2001 and 2007. Within the 2008 total, imports of apparel fell by 2.7%, imports of made-up textiles by 5.4%, fabric imports by 9.3% and yarn imports by 11.1%. Of these four categories, apparel continued to account for the highest share of total imports. Furthermore, at 45.1%, this share was up from 43.9% a year earlier. By contrast, the share of made-up textiles fell for the first time in 11 years although, at 33.6%, it was still double the share held by these items in 1997. Meanwhile, the share of fabric imports fell for the sixth consecutive year and that of yarn imports for the fourth consecutive year. In terms of fibre type, cotton dominated US apparel imports in 2008 with a share of 60.4%. But man-made fibres dominated imports of textile and apparel products as a whole with a 54.6% share. US import prices rise for a third successive year in 2008, following several years of decline. The rise in 2008 was led by China. By contrast, there were falls in the average prices of imports from Vietnam and India -- the USA's second and third largest suppliers of textiles and apparel respectively. China strengthened its lead as the USA's biggest supplier in 2008, in both value and volume terms. However, growth in imports from China slowed to just 1.1% in value terms -- and in volume terms imports from China actually fell by 3.6%. Despite these developments, China's share of the US import market grew slightly in 2008 - from 33.5% to 35.1% in value terms and from 40.3% to 40.9% in volume. The fastest growing supplier, however, was Vietnam, and the country became the USA's second largest supplier in terms of value. In South Asia, US imports from India and Pakistan fell in value terms, although imports from Bangladesh increased by 11.1%. Imports from Mexico fell in both value and volume in 2008.


Bangladesh:
Bangladesh announced a 1.14 trillion taka ($ 16.5 billion) budget for the 2009/10 fiscal year aimed at shielding the economy from the global economic crisis. Gross Domestic Product was expected to grow about 6 per cent in the year to June 2010, after 5.9 per cent growth in the year to June 2009. Inflation was fore cast to ease to around 6% to 7% in the year 2008 - 09. Global recession impacted in Bangladesh economy on three fronts: Exports, Imports and Remittances. Finance minister of Bangladesh said Except for readymade garment and the domestic textile sector, exports for all other commodities have declined compared to previous year. The budget, which assumes revenues of 795 billion taka, allocates 21 billion taka to finance public private partnerships, and 36 billion taka in subsides to agriculture, which contributes 21% of GDP.

 

Pakistan:
Pakistan government plans to spend Rs 40 billion in fiscal year 2009 - 10 for value added textile sector. The export refinance has been increased from last year Rs 140 billion to Rs 250 billion in the budget 2009 - 10. The SMEs would have access to credit through Rs 10 billion credit guarantee fund while the new entrepreneurs would get venture capital without collateral from a separate Rs 10 billion funds established for this purpose. Government has allocated a substantial amount of Rs 60 billion in the federal budget to assist the industries involved in value addition, SMEs and revival of industrial activity in the country.

 

Indian textile industry:

The Indian Textile Industry besides providing one of the basic necessities of life also plays by contributing to industrial output. It acts as the key growth engine of the country in respect of    job opportunities, foreign exchange and earnings. Indian textile industry is currently ‘AAN-DATTA’.

 

Textiles exports grow from US$ 14 billion in 2004 - 05 to US$ 17.52 billion in 2005 - 06 at an average of nearly 25%. These were US$ 19.14 billion in 2006 - 07, registering an increase of 9.3%. Textiles exports during 2007 - 08 were US$ 21.46 billion, registering a growth of 12.10%. Textiles exports in 2008 - 09 will be 20% more than what were achieved in 2007 - 08. It has been recently reported that textile exports in 2009 - 10 period will be equal or could be even lower than the one achieved in 2008 - 09.

 

 

The Textile and Apparel Supply Chain                        Source: Dand B RESEARCH

 

 

As per government data, India's total textile exports for the fiscal year ended March 2008 stood at $ 22 billion. The rupee fell about 4 per cent since the beginning of 2009, bringing some cheer to exporters battling a global downturn

 

Cotton textile industry:

Cotton production reached 244 lakh bales (170 kg each) in the cotton season (October-September) of 2005 - 06, 270 lakh bales in the cotton season of 2006 - 07, and was 315 lakh bales, a record, in the cotton season of 2007 - 08. The productivity jumped from 399 kg/hectare in the cotton season of 2003 - 04 to 560 kg/hectare in the cotton season of 2007 - 08. 58 lakh bales of cotton were exported in 2006 - 07 against 47 lakh bales in 2005 - 06, and 0.84 lakh bales in 2002 - 03. In 2007 - 08, exports were 100 lakh bales. Cotton imports have declined from around 17 lakh bales in 2002 - 03 to 5 lakh bales in 2006 - 07. Imports are expected to be around 6.50 lakh bales in 2007 - 08. Since 2005 - 06, the country has become a net exporter of cotton. The cotton industry is expected to produce 29 million bales in the year ending September 2009 in an area of 9.73 million hectares. The output is seen lower by 10 per cent compared to last year. The Indian textiles industry, particularly the spinning sector, has been in a rapid modernisation and expansion mode in recent years, adding 2 to 2.5 million spindles every year.


India tops in world organic cotton:

The country’s organic cotton output increased 292 per cent during 2007 - 08 to 73,702 tonnes compared with the previous year. But this is what the Organic Exchange’s Organic Cotton Farm and Fibre Report 2008 had to say: “While this (production details) is partially the result of more accurate data, the increase is also a result of unavailability of fertilizers, prohibitive cost of synthetic pesticides and general disenchantment with genetically modified cotton production.”However, it says India is undeniably the world leader in this field and showing signs of continued increase in production. And, in turn, it has pushed global organic production by 152 per cent to 1.46 lakh tonnes. This means India contributes exactly half of the world’s organic cotton output.


Weaving Sector:

The textile industry has been very badly affected by the global slowdown of 2008, with the handloom and powerloom production declining 3.8% and 3.2% respectively. During 2007 - 08, the total production of fabric was 57 billion sq mtrs, compared to 53 billion sq mtrs in 2006 - 07 and 50 billion sq mtrs in 2005 - 06. During 2006 - 07, the per capita availability of cloth was 39.60 sq mtrs, compared to 36.10 sq mtrs in 2005 - 06 and 33.10 sq mtrs in 2004 - 05.The textiles sector has witnessed a spurt in investment during the last four years, increasing from Rs 7,941 crore in 2004 - 05 to Rs 16,194 crore in 2005 - 06, to Rs 61,063 crore in 2006 - 07, and to Rs 19,308 crore in 2007 - 08. The investment between 2004 - 08 was Rs 1, 04,506 crore and it is expected that investments will touch Rs 1, 50,600 crore by 2012. This enhanced investment will generate 17.37 million jobs (comprising 12.02 million direct and 5.35 million indirect jobs) by 2012. According to the provisional data available, production in the handloom sector in 2008 - 09 stood at 6,677 million square metres, as compared to 6,947 million square metres the year before. But, the production in mills increased a marginal 0.8% from 1,781 million square metres to 1,796 million square metres. Also, the hosiery sector witnessed an increase of 2.3% in its annual production.( Ganesh,S.( 2003), Economic and Political Weekly, January 2002)

 

Recession:

To start with the voyage first of all we should know what recession is? Recession is the result of reduction in the demand of products in the global market. Recession can also be associated with falling prices known as deflation due to lack of demand of products.

 

Brunt of Recession:

While diving into this pool of information regarding following reasons came out to be the popular ones.

I - Slowdown in growth

 

Graph 1: Growth Rate of Indian Textile Industry

 

Table 1: Growth Rate of Indian Textile Industry

Year

Growth rate (%)

2005-06

8.1

2006-07

10.9

2007-08

5.5

2008-09 (April-Aug)

0.8

2009-2010 (Aug-April)

5.8

Source: CMIE

 

The above stated Table 1 and Graph 1 clearly shows the growth rate of our largest industry. There is an opulent increase during the year 2006-07.Whereas there is a visible decline in the year2008-09.the year of recession i.e. virus of the industrial sector all over the globe and this virus did contaminated our own textile and apparel sector in vigourous way. But with hard work and impeccable business strategies this virus was deleted in the year 2010.The authors were intense to know the virus i.e. recession and its fatal impact on textile and apparel industry.( Images Business of Fashion, November ’08)

 

There is segment-wise slowdown which is evident in all four segments of textile industry .for the year 2005-06, the growth rate of cotton textiles sector was 8.5% which touched 14.8% in 2006-07.the growth rate then started declining and reached 4.1% in 2007-08.in April-August 2008-09 the segment witnessed hardly any growth (0.2%).the growth rate of wool, silk and man-made textiles sector was nil in 2005-06.it reached 7.8% in the following year but declined to 4.35 in 2007-08.the growth rate then became negative (-1.2%) in the first five months of the current year (April-August 2008-09).the jute textiles segment grew at a rate of 0.5% in the year 2005-06.the growth declined substantially in the next year 2006-07 and became negative (-15.8%).in 2007-08 the sector achieved the growth rate of 33%.however,it again started declining (-7.4%) in april-august,2008-09.Textile products had grown at the rate of 16.4% in the year 2005-06 and then their growth rate started declining .The growth fell to 11.5% in the year 2006-07 and fell further in 2007-08 to 3%.it picked up slightly (5.8%) in the first five months of 2008-09.textile products had picked up at the rate of 5.8% in the year 2009-10 (August-March 10).( Apparel Views, November ’08)

 

II- Slowdown in exports:

As per the survey done by Okhla cluster shows 84% units register fall in export orders and employment. The survey did during the month of November 2008 within the 50 units. The findings are as follows

A. 9084 workers employed

B. 1258 job loss

C. 13.84% extent of layoff

D. 4593582 pcs. Order booked in Nov'07 to Jan'08

E. 3464812 pcs. Order booked in Nov'08 to Jan'08

F. 25% reduction in order booked during the same period

 

Some exporting companies are reducing working hours, implementing 5 days a week instead of 6 days which resulted in reduced income levels of workers. Tirupur Exporters Association (the initiator of Knitwear technology Mission) too found out that the slowdown may lead to a decline of 30% in orders resulting in job losses.( D Gopalakrishnan, S Anandhakumar, K Santhoshkumar, U Divya:  Global economic challenge and its impact on Indian textiles, Available from: URL: http://www.indiantextile journal.com/articles/FAdetails.asp?id=2680)

 

Table 2: Value of India’s Textile Exports

Year

Exports ($ billions)

2005-06

16.4

2006-07

17.4

2007-08

19

2008-09

11

Source: CMIE

 

Graph 2: Value of India’s Textile Exports

 

Table 2 and Graph 2 show the value of Indian textile exports. There is a noticeable turn down in the export value in the time of recession i.e. 2008-09.If we see before that the boat of textile exports was sailing smoothly rather efficiently and at increasing mood from near to 17 (16.4) and near to 18 (17.4) in the year 2005-06 and 2006-07 respectively. Our desi textile exports capsule had a jump to 19 in the year 2007-08 which was ruined by the coming year of 2008-09, yes here comes the recession which affected the export value very shoddily.

 

Table 3: Growth Rate of Indian Textile Exports

Year

Growth (%)

2005-06

21

2006-07

5.9

2007-08

10

2008-09

5

Source: CMIE

 

Graph 3: Growth Rate of Indian Textile Exports

 

The growth rate of Indian textile exports can be seen through Table 3 and Graph 3 which witnesses the smooth and easy driving done by export section of India in textiles. It clearly depicts the recession’s impact which melted the frequency from 21 to 10 and then finally to its half i.e. 5. (Statistical data, Available from: URL: http://www.cmie.com/)

 

Table 4: Share of Textile Sector in Total Exports in India

Year

Textiles (%)

Garments (%)

Total

2005-06

7.6

8.4

16.0

2006-07

6.7

7.0

13.7

2007-08

6.0

6.0

12.0

2008-09(April-May)

5.4

5.3

10.7

Source: CMIE

 

Graph 4: Share of Textile Sector in Total Exports in India

 

From the Table 4 and Graph 4 depicts the share of total exports of textiles in India. It’s evident from the stated data that there is a declined road shown to exports shares in textile sector in the year 2008-09 in the months of April-May.

 

III- Declining Profitability:

Table 5: Declining Profitability

Quarters

June 07

September 07

December 07

March 08

June 08

PAT (Profit After Tax) Growth (%)

-45.2

-27.8

-37.7

-87.8

-99.2

Source: Textile Ministry

 

Table 5 describes the position of profit. The catalyst named recession act as ruining element for waning the profit and its status in the year 2008 in the month of June. (Textile Ministry Report 2010-2011, Available from: URL: http://texmin.nic.in/annualrep/arep.htm)

 

Table 6: Declining Employment

Year

Textile Employment (million)

2007-08

35

2011-12 (Projected)

45

Source: Textile Ministry

 

The virus of recession infected the area of employment as well (Table 6). Employment-Nearly 5, 00,000 people have already lost jobs due to falling sales and Global Economic Recession. Another lot of 5, 00,000 will lose work by March 09 as per the survey in select clusters. In the next 2 months, the job losses will total of up to 1.5 million. After the last year's global recession, the Indian job market is on recovery path, finds the latest quarterly Labour Bureau Survey conducted to assess the impact of economic downturn on the employment scenario in India. Where the country had lost five lakh jobs between October and December 2008, it has recorded an increase of 2.5 lakh jobs in several crucial sectors between January and March this year. The surprise gainer in the latest quarter has been the gems and jewelry sector that had witnessed a severe job crash of 10.28 per cent between October and December last. It has bounced back now, registering an increase of 3.08 per cent in employment between January and March. Other gainers are textiles (0.96 per cent rise in jobs), IT and BPO sector (0.83 per cent rise), handloom/power loom sector with 0.28 per cent job rise and automobiles at 0.10 per cent increase. The findings show that there was 0.30 per cent increase in the employment of direct workers over the past year - between April 2008 and March 2009. The sectors studied include textile, leather, metals, automobiles, gems, jewelry, transport, IT/BPO, handloom and power looms. (Textile Ministry Report 2010-2011 , Available from: URL: http://texmin.nic.in/annualrep/arep.htm)

 

IV-Slowdown in Investment:

Table 7: Industrial Entrepreneur Memorandum (IEM) filed in different years in Textile Sector

Year

IEMs Field (No.)

Investment (Amount) Rs. Cr.

2005-06

927

26039

2006-07

952

25689

2007-08

404

20221

2007-08 (April-July)

174

9477

2008-09(April-July)

108

3000

Source: Textile Ministry

 

Table 8: Applications filed in different years

Year

Applications

 

Number

Total cost of projects

2005-06

1086

16194

2006-07

12336

61063

2007-08

1558

19308

Source: Textile Ministry

 

Table 7 and 8 give a picture of slowdown in investment. The investment flows into the textile sector could be assessed on the basis of the few schemes and policies catered by govt. like Technology Up-gradation Funds Scheme (TUFS),Capital Subsidy for Power loom Units, Technology Mission on Cotton (TMC),Industrial Entrepreneurship Memorandum (IEM) and Letter of Intent (LOI),Direct Industrial License (DIL),Apparel Parks, Textile Centre Infrastructure Development Scheme (TCDIS) and Scheme for Integrated Textile Parks (SITP) and Foreign Direct Investment (FDI). (Statistical data, Available from: URL: http://www.cmie.com/)

 

Relief measures for global economic slowdown:

The Government has already introduced several packages of relief measures in the wake of the global economic slowdown, to provide relief to the domestic industry including textiles industry. These measures include:-

·        Additional allocation of Rs 1,400 crore to clear the entire backlog of Technology Upgradation Fund Scheme (TUFS)

·        All items of handicrafts to be included under ‘Vishesh Krishi and Gram Udyog Yojana (VKandGUY)’.

·        Across-the-board cut of 4% in the ad-valorem Cenvat rate till 31.3.2009.

·        Interest subvention of 2% up to 31.3.2009 subject to a minimum of 7% per annum on pre and post-shipment export credit (since extended to 20.9.09 in the Union Budget 2009 - 10).

·        Provision of additional funds for full refund of Terminal Excise Duty/Central Sales Tax.

·        Enhanced back-up guarantee to ECGC to cover for exports to difficult markets/products.

·        Refund of Service Tax on foreign agent commissions of up to 10% of FOB value of exports as well as refund of service tax on output service while availing benefits under Duty Drawback Scheme.

·        Credit targets of Public Sector Banks revised upward to reflect the needs of the economy.

·        State Level Bankers Committee would hold meetings for resolution of Credit issues of MSMEs.

·        Guarantee cover under Credit Guarantee Scheme doubled to Rs 1 crore with cover of 50%.

·        DEPB rates restored to pre - November, 2008 levels and extended till 31.12.2009.

·        Duty Drawback on knitted fabrics enhanced retrospectively from 1.9.2008.( Increase Duty Drawback in New Budget – GEA, Available from, URL: http:// www.fibre2fashion. www.fibre2fashion.com)

 

SUGGESTION/RECOMMENDATIONS:

The below stated suggestions are framed as to overcome the recession faced by Indian Textile market in future also:

·        Increase duty drawback rates

·        Moratorium on term loans

·        Interest subvention

·        Extension of sunset clause

·        Custom and excise duty on synthetics

·        Excise duty on all synthetic fibers

·        Technology up-gradation fund scheme

·        Exemption from service tax

·        Fringe benefit tax under sec 115 of the income tax act

·        Refund of state taxes and duties to exporters

·        Uniform rate of VAT on industrial inputs

·        Reduction of excise duty on furnace oil to be reduced excise duty on textile machinery and spares to be reduced

·        Reduction of custom duty on textile machinery

·        Reduction of minimum alternate tax and central sales tax

·        Exemption route to be extended to export oriented units (EUOs)

·        Simplify De-bonding of EOUs

·        Immediate ad hoc increases in all industry Duty draw back rates by at least 2%.

·        2% additional subvention in export credit

·        Exemption of fringe benefit tax as applicable to IT sector may be extended to apparel export sector

·        80 HHC benefit should be re-introduced for at least 5 years

 

Interest free loans for investment in machinery should be introduced along with zero duty import of capital goods scheme. (Research by: DandB-Union Bank of India SME Cluster Series 2010 – Coimbatore, Available from: URL: http: /www. dnb .co.in/ SMECoimbatore2010 UnionBank/IndustryOverview1.asp)

 

CONCLUSION:

The Indian Textile Industry besides providing one of the basic necessities of life also plays by contributing to industrial output. It acts as the key growth engine of the country in respect of    job opportunities, foreign exchange and earnings. Indian textile industry is currently ‘AAN-DATTA’ - bread winner of more than 35 billion people and estimated to generate 12 million new jobs. India retained its position as world’s second highest cotton producer. The Indian Textile Industry could only compete with European and Asian countries like Russia, China etc by maintaining the balance between market value, quality control and the reasonable prices. Along with the contribution and unity of market association, manufacturers association and govt. textile ministry India can achieve targeted goals and overcome these hurdles. As per the vision document 2012 textile ministry: Stitching machines required 14.15 lacs, investment required in garment making Rs.21800 crores, investment required in back value chain Rs.128800 crores and investment required for product development Rs.250 crores. Thus the industry should diversify in design to ensure quality output and technological advancement. Effective entrepreneur-friendly institutional support will need to be extended by the Government, business and umbrella organizations.

 

REFERENCES:

1.       http://www.brainyquote.com/quotes/keywords/recession.html#ixzz1O0J47FBC

2.       Vikram, (2003), SWOT Analysis of Indian Textile Industry

3.       Corporate Catalyst India, (2009) A report on Indian Textiles Industry PDF

4.       Ganesh,S.( 2003),Indian Textile Industry: Stifled by Warped Policies, EPW March 2003

5.       Economical and Political Weekly Editorial: Textiles: Preparing for 2005“, Economic and Political Weekly, January 2002

6.       "Global meldown hits fashion and textile industry"”, New Delhi Bureau, Images Business of Fashion, November ‘08

7.       "Apparel exporters start firing workers on US woe"”, Apparel Views, Vol-VII, Issue 11, November ‘08.

8.       "Global hits fashion and textile industry"”, D Gopalakrishnan, S Anandhakumar, K Santhoshkumar, U Divya:  Global economic challenge and its impact on Indian textiles, Available from: URL: http://www.indiantextilejournal.com/articles/FAdetails.asp?id=2680

9.       Statistical data, Available from: URL: http://www.cmie.com/

10.     Textile Ministry Report 2010-2011, Available from: URL: http://texmin.nic.in/annualrep/arep.htm

11.     Increase Duty Drawback in New Budget – GEA, Available from, URL: http:// www.fibre2fashion. com/industry-article/24/2377/increase-duty-drawback-in-new-budget-gea1.asp

12.     Research by: DandB-Union Bank of India SME Cluster Series 2010 – Coimbatore, Available   from:          URL: http://www.dnb.co.in/SMECoimbatore2010UnionBank/IndustryOverview1.asp

 

 

Received on 02.06.2011                    Accepted on 10.08.2011        

©A&V Publications all right reserved

Asian J. Management 2(3): July-Sept., 2011 page 126-132