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Several of them are flying to the US this week to negotiate with buyers on current orders. Amid this chaos, the biggest worry for the industry is about potential job losses and the challenge of developing alternative markets. Ratings firm Crisil estimates the pace of revenue growth for readymade garment manufacturers to halve because of the tariffs.
“Exporters are sitting down with their management teams to decide about what to do with the current orders, the future orders and the factories,” said Vijay Agarwal, chairman of the Cotton Textiles Export Promotion Council. “Our biggest worry is about the expected job loss, which is likely to be about half a million including direct and indirect employment. We are worried about what work we will do at our factories.”
Agarwal, who is also chairman of garment exporter Creative Group, said he will be travelling to the US this week to meet with his buyers. The industry expects that the government will instruct banks to not take action against exporters for delayed return of debt and interest, he said.
Raja Shanmugam, a former president of Tirupur Exporters Association and managing director of Warsaw International, said it would be difficult for Indian exporters to compete with those from nations like China, Bangladesh, Vietnam and Cambodia, who face a much lesser US duty.
“The US buyers had asked us to negotiate on pricing and give discounts. It is an impossible task for us. There is a huge uncertainty now,” he said.
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