Expressing concerns over the rising rupee, Union Textile Minister Shankarsinh Vaghela said if it keeps rising like this, the industry would see loss of 10 lakh jobs this year.
Briefing reporters, he said that the $45 billion Indian textile industry, which is reeling under rupee appreciation since the beginning of the year, could see further worsening impact on the employment front.
He said the textile industry, which stands among the top three forex earners, has already lost jobs owing to shutdown of several manufacturing units across the country. The entire industry employs an estimated 350 lakh people in the country.
Vaghela said, “Rupee appreciation has hit textiles in general and apparels in particular. But I am hopeful that we will be able to meet the export target in the current financial year.”
– Bengaluru Bureau