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NEW DELHI, Nov 3 Asia Pulse - Pushed to a "near fatal" situation in the crisis-ridden US and European markets, Indian textile exporters have sought immediate intervention of the government warning workers' lay-offs are "inevitable".
Three main export promotion councils associated with the textile industry have shot off letters to the ministries of textile and commerce apprising the government of the seriousness of the problem.
Exports in segments like cotton and manmade yarn and fabric have seen a sharp decline ranging between 17 and 19 per cent in September this year from year-ago period.
"The general atmosphere is prohibitive for the importers and buyers in most of our main markets as there is a fear of bigger slowdown due to which they are not opening letter of credits... this is near fatal for our exports," Synthetic and Rayon Textiles Export ...
Source: HighBeam Research, LAY-OFFS "INEVITABLE", INDIAN TEXTILE EXPORTERS WARN GOVT.