As per the Indian investment information and credit rating agency ICRA Limited, apparel exporters in the country are likely to witness a fall of 20-25 per cent in their turnover in 2020-21 owing to the pandemic that has disrupted various businesses across the globe.
The agency also stated that exporters focused on the domestic market may see a steeper drop of 30-40 per cent in revenues.
Further, ICRA underlined that the upcoming festive season could become a ray of hope for Indian apparel companies, many of whom are going all out to recover from the losses during the forthcoming sale period.
It must be noted here that garment exporters have already started experiencing hopes in terms of order booking amidst expectations of a spike in festive season sales in international markets.
“Although concerns on the second wave of the pandemic are gathering pace across countries and this remains a key business risk, the recovery trajectory so far has been relatively better for the apparel exporters,” said Jayanta Roy, Senior VP and Group Head, ICRA Ratings.