A 10% depreciation of the rupee to recoup the textile

12 years, 5 months ago - October 12, 2011
Textile recoup
A depreciation of the rupee from 5% to 10% is required to return the textile industry, which suffered the impact of the crisis in Europe," said Ahmed Parkar, the director of Star Knitwear

The rupee has become too strong 10% against major foreign currencies. This appreciation of the rupee does not help matters for exporters of the textile industry is a pillar of the Mauritian economy. Export industries will not benefit from profits. If the rupee continues to appreciate the local exporters will not profit and will have problems in the future. 

Ahmed Parkar acknowledges that demand has increased but with the appreciation of the rupee, the industry becomes more fragile and more experiences a problem of profitability. Exporters are worried. To remedy the situation and provide a break-even to this industry, the rupee must necessarily decline from 5% to 10%.

Countries that import our products are affected by the crisis. To address this situation, producers are forced to find new markets. Thus we have exported our products to South Africa's new market for us, said Ahmed Parkar."As for the European market, there is a doubt because we do not know what will be the extent of the new crisis in Europe. We must sell our products at a lower price and we just enormously. The biggest problem is that our rupee is going to rise and shows no signs of abating. Our cost of production increased, as well as the cost of our raw materials. We are in a dilemma and we do not know what to do to return this industry, "he said. "The government must take the necessary decision. "We are an industry that employs the majority of labor. The industry employs 55,000 people directly and 150,000 indirectly. If this area is closing several people out of work."Right now the controls are stable, but we do not know what to expect. Right now there is a lack of investment, and later we will have to face a lack of productivity. It must be profitable so we can pay our employees, "argued Ahmed Parkar.

 

Text by Le Matinal
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