Industry & Economy
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Textiles
`Rising crude prices dampen textile industry hopes'
Our Bureau
Mumbai
,
Nov. 25
RISING crude oil prices and increasing competition from China are a cause of concern for the Indian textile industry, which is less optimistic about its performance in the current quarter than in the second quarter of the current fiscal, according to the third consecutive survey on the Indian textile industry conducted by YarnsandFibers.
A majority of firms have indicated that power supply and infrastructure bottlenecks would also impede their performance in the current quarter.
The entire textile segment has voiced concern over the growing competition from China, especially as it has a cost advantage over India. With trade barriers removed, the Textile Ministry has set an ambitious export target of $50 billion by 2010 and for this, the industry needs an investment of about Rs 1,40,000 crore.
The survey revealed that many firms have indicated that their performance could be enhanced by entering new markets, apart from developing new products. More firms are now looking at Europe and the US as major export destinations, apart from West Asia.
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