Knitwear exporters have already started feeling the pinch of the Rupee appreciation, as they registered a minus 10 per cent growth so far this fiscal, against the normal 15 to 18 per cent upward annual growth.
"There is a shortfall of 10 per cent and if the trend continues, it will be very difficult to reach Rs 10,000 crore (Rs 100 billion) exports, as against over Rs 11,000 crore (Rs 110 billion) last fiscal," AShaktivel, President, Tirupur Exporters Association, told reporters.
The Rupee appreciation has had an adverse affect not only on exports, but also on the employment front, as nearly 7,000 have already lost or left their jobs, as there were no fresh orders