Stability predicted for Indian textiles

The outlook for the Indian textile industry is stable in 2011, despite an appreciation of the value of the rupee against the U.S. dollar and a consequent dip in garment exports. Robust domestic demand for fabric and apparel, driven by India’s increased purchasing power, organized retail penetration and demographics, will keep textile manufacturers in a sluggish but steadily growing overall cycle, according to a report by Fitch Ratings, a global rating agency providing independent evaluations of industries for credit markets.