The ongoing financial crises in the EU and the US have hit India’s garment[garment?:garment paper cutter machine] exports to its two main export destinations, a top official has said.
Inaugurating the second Source Zone, South Asia’s biggest fabric show, at Gurgaon near New Delhi, Rita Menon, Secretary, Ministry of Textiles, stressed on the need for the Indian exporters to branch out and explore other emerging markets like Africa and Latin America.
Source Zone is intended at bringing overseas producers and Indian exporters under one roof, a move of great significance, particularly in view of the present economic scenario.
During the 2008-09 economic crisis, India’s domestic retail market proved to be a great support in sustenance of the garment sector, Ms. Menon said.
She, however, added that the situation is better this time and expressed hope that the conditions would start improving by 2012-13.
