Garment sector facing uncertainty due to Bangladesh crisis: Fin Min

The Indian garment and knitted fabric sector is witnessing a bit of uncertainty due to the Bangladesh crisis, Finance Minister Nirmala Sitharaman said on Saturday, expressing hope that the interim government there will settle things “sooner rather than later.”

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Interacting with the media on the sidelines of customary post Budget address to the central board of Reserve Bank of India, she said efforts are being taken to ensure that borders with the neighbouring country are safe.

With regard to Indian investments, she said, the textile industry particularly from Tamil Nadu has made investments there in good faith and they have done well having gone there.

“The exports from Bangladesh also increased because of the duty and quota liberal approach that we have towards low-income countries. They (Indian garment industry based in Bangladesh) could even export to India.”

Particularly, she said, the garment and knitted fabric sector is seeing a bit of uncertainty because of the crisis in the neighbouring country.