India is likely to miss its USD 12 billion garment export target this fiscal as overseas sales are expected to fall below last year`s level, an exporters body, Apparel Export Promotion Council (APEC) said.
APEC said that the industry is facing huge losses on account of drying up of orders from the US and European markets in the backdrop of the global financial crisis. It said exports may drop to USD 8.8 billion in this fiscal, 24% below the target set for 2008-09.
Source : Myiris