The Union Government may announce financial package for the textile exporters of the country. Textile sector is facing low demand due to global slow down and have suffered huge losses. Export declined by 12.32 per cent in October this year and stood at $12.8 billion as compared to $14.6 billion in the corresponding period last year.
Union Commerce Secretary, G. K. Pillai said that textile sector suffered from low demand in international market and the industry is likely to cut five-lakh jobs in the next five months leading to large scale unemployment.
