The Associated Chambers of Commerce and Industry of India (ASSOCHAM) claims the country’s fashion industry, including apparel, leathergoods and jewellery, has been severely affected by the major decline in demand caused by the global economic downturn.

"The net profit of companies in apparel, gems and jewellery, and leather products declined by 151.7%, 818% and 4,457%, respectively, in 2008-09 against growth rates of 38.2%, 74% and 876%, respectively, during 2005-08," it said in a statement.

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