The Hindu Business Line : `Textiles sector to take major hit'

Ahmedabad, Oct 26 The Union Textiles Minister, Mr Shankersinh Vaghela, on Sunday said the unfolding global economic downturn is likely to impact the Indian textile exports in a "big way" whose quantum is yet to be estimated. "We are still analysing the situation and its likely impact," he told at a news conference here. In 2007-08, the Indian textile and clothing exports had increased 12.10 per cent in dollar terms, to reach $21.46 billion. This was estimated to increase by a further 15 per cent this fiscal till a few weeks ago. Stating that the UPA Government's biggest achievement during the last four years was to turn around the Indian textiles from a sunset to a sunrise industry, he said the sector has witnessed a spurt ininvestment to the tune of Rs 1.04 lakh crore. This was expected to reach Rs 1.5 lakh crore and generate 17.37 million jobs by 2012. - Our Bureau

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