As coronavirus spreads, textile and garment exports may decline by 40%

India’s export of textile and garments are likely to decline by 40 percent in the coming months of April, May, and so on due to halt in shipment to coronavirus countries. The Covid-19 virus is spreading rapidly not only in China but also in other parts of the world including India. While the government in collaboration with corporate has taken remedial steps to contain the spread of the virus across the country, its impact on the economic activity including the export and import business is bound to happen.

“As per the current estimates, India’s textile exports will decline by over 40 percent in the coming months of this year, if the situation does not improve,” said K V Srinivasan, Chairman, Texprocil.