Home furnishing units will recover faster than garments:
While demand for the home furnishings segment (SME share is 70-80 per cent of Rs 700 billion) is expected to decline as well, we expect the segment to pick up sooner than garments.
With over 250,000 cases and counting in India, and 6.9 million-plus cases worldwide, the Covid-19 pandemic is expected to result in the worst global depression since the 1930s, according to the International Monetary Fund.
The lockdown in India and reduced buying by the world’s largest textile importers, such as the European Union and the United
States, have resulted in textile exports declining 30-40 per cent year-on-year in March, and 80-90 per cent in April. Overall, we expect textile exports, which contribute about 25 per cent of total demand, to decline 30-40 per cent this fiscal owing to the global economic slowdown.
