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US recession may throw wet blanket on near-term prospects of textile sector

The reduced purchasing power in key export markets, like the US, due to recession is expected to weigh on the order book of Indian exporters, and could in turn hamper the near-term earnings for the textile companies

October 31, 2022 / 11:42 AM IST
Representative image

Representative image

The beleaguered textile sector in Pakistan is grasping at straws seeking policy supports from the prime minister. The move has got experts hot and bothered about the scenario in India as well.

In its submission to the prime minister, the Pakistan Textile Mills Association has stated that international demand has weakened with the clouds of a worldwide recession looming close and, without price competitiveness, it is not possible for the industry to retain its market share.

The reduced purchasing power in key export markets, like the US, due to recession is expected to weigh on the order book of Indian exporters too, and could, in turn, hamper the near-term earnings for Indian textile companies.

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