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    ‘How will we survive’: Why a sector that contributes 2% to India’s GDP is in trouble

    Synopsis

    The textiles and apparel industry seem to be in the midst of an inventory recession. It is battling a 25-35% fall in domestic sales even as exporters offload unsold stocks in the market.

    India’s textiles and apparel sector is facing a double whammy. Companies have seen a steep drop in domestic sales — some claim a fall of up to 35%. To make matters worse, a dip in global demand has made exporters dump their unsold goods in the domestic market.“Sales are down by at least 20%,” says Sanjay K Jain, Managing Director of TT Ltd, a Delhi-based manufacturer of garments and yarn. It has saddled companies like his with inventory
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    The Economic Times