In the shadows of a sliding rupee, India's knitwear hub Tiruppur is weaving a success story.
While the domestic currency edges closer to the 86 mark against the US dollar, triggering concerns for many sectors, this textile town in Tamil Nadu is finding opportunity in adversity: Between April and December alone, Tiruppur's exports reached ₹26,000 crore, almost eclipsing last financial year's total of ₹30,690 crore.
The final tally for 2024-25, based on conservative estimates, could soar as high as ₹35,000-40,000 crore. Tiruppur accounts for 55 per cent of India's knitwear exports.
What's driving this surge? Partly, it is the rupee's depreciation versus the dollar—down nearly 3 per cent in 2024—which has made India's exports more attractive on the global stage. According to the Tiruppur Exporters' Association (TEA), the rupee's decline against the dollar last calendar year alone accounts for about 5 per cent of this growth.
Diese Geschichte stammt aus der January 07, 2025-Ausgabe von Business Standard.
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