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Textile manufacturing falls

13/05/2008
According to the Confederation of Indian Industry, growth in the country's manufacturing sector fell to 8.3% in the first quarter from 12.5% in the prior-year period. March figures show that growth for the month was just 2.9%.

The main sectors contributing to this decline were cotton textiles, other textile products, wood and wooden products, furniture and fixtures, basic chemicals and chemical products, non metallic products and transport equipment and parts.

The downturn in growth has been caused by various factors including high inflation, rupee appreciation and high interest rates. Rising raw material prices have also hit the manufacturing sector hard, as has a reduction in consumer spending.

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