Home >

India Textile Leather Employment Rate Compression 10-30%

2008/12/13 0:00:00 48

although

India

The government issued a package of stimulus measures, but

India manufacturing industry

It seems impossible to resume growth in a short time.

According to a survey by India Federation of industry and Commerce (FICCI) on slowing growth in India's manufacturing sector, some major manufacturing enterprises (such as textiles and leather industries) plan to cut production by 10-50% in March November 2008.

This means, if present

Economic instability

If the situation continues, the growth of manufacturing industry may continue to decline in the next few months.

According to the FICCI survey, the textile and leather industry may have a negative growth of 3.9% or 13% in October 2008.

September 2008 cotton textiles,

textile

,

Leatherwear

Products have negative growth.

In October 2008, compared to October 2007, textile production decreased by 3.9%, and production in the next 5 months could be reduced by 10-50%.

FICCI pointed out that in the next few months, some industries (such as

Textile and leather

The employment rate may be compressed by 10-30%.

On the export side, the FICCI survey pointed out that textile and leather exports fell sharply in October 2008 compared with October 2007.

Textile exports are expected to decrease by 10% in October 2008.

The biggest impact may be leather export, and the average overseas orders of the surveyed enterprises are reduced by 62%.

To stimulate growth in manufacturing, FICCI emphasized that the government should take some measures in the next fiscal year fiscal stimulus plan.

FICCI pointed out that in the recent announcement of the package, some of the major requirements of the manufacturing industry remain unresolved or partially resolved.

First of all, many surveyed enterprises emphasized that interest rates are still too high, and the government must continue to lower corporate lending rates.

From a global perspective, corporate lending rates at 8-10% are highly competitive, but India is not.

Second, the textile industry has proposed some major problems that have not been solved.

FICCI urges the government to consider providing more relief measures to the textile industry, such as raising

Export tax rate

4% of the loan interest subsidy (recently announced by the government to provide 2% interest subsidy) has not been solved or partially solved.

Third, the government should consider reducing the corporate tax immediately and restoring the export tax exemption.

Fourth, the government is still collecting export tax, which remains to be solved.

Government taxation accounts for 6% of the export price of manufactured goods.

Fifth, paction costs still account for 6% of the export prices of manufactured goods, which need to be rationalized.

Sixth, for the manufacturing industry, the stability of electricity supply is a major concern for them.

Seventh, FICCI urges the government to provide more capital for infrastructure, as many manufacturing industries depend directly on the development of national infrastructure.

Editor: vivi

  • Related reading

New Material That Can Wipe Off Toxic Substances.

Shoe material excipients
|
2008/12/12 0:00:00
98

Exports Of Textile Yarn And Fabrics Increased By 18.1% Over The Same Period Last Year.

Shoe material excipients
|
2008/12/12 0:00:00
58

Analysis Of Home Textile Industry Sales Mode Under Financial Crisis

Shoe material excipients
|
2008/12/12 0:00:00
73

Qingdao Textile Machinery Exhibition 10Th Anniversary 9 Launched In 09 April

Shoe material excipients
|
2008/12/11 0:00:00
78

Recession In The US, Europe And Japan In The First Half Of 09 Years

Shoe material excipients
|
2008/12/11 0:00:00
43
Read the next article

Financial Crisis: Transformation Of Manufacturing Industry In Crisis