Indian textile units exporting to the US and Europe are once again facing the low or no order situation in the wake of another global economic slowdown. To add to their woes, exports to other destinations like Russia and Japan have also shown slump in new orders. If the current situation persists, forget about hiring new recruits, some textile units fear a total shut down of their businesses.
To keep the business running, firms decided to focus domestic markets, as suggested by experts during the last recessionary phase but this step too would not help much with Bangladesh dumping cheaper apparel items in India under the duty free access granted to them recently. In fact, some exporters have already begun visiting Bangladesh to take advantage of the low labour and production cost to be competitive against Bangladesh imports.There has been a slowdown in demand in the Europe and the US, which has resulted in textile units having low task at hand these days. The units have already started reducing working hours from six days to four to five days a week and there is no new recruitment happening.
In the domestic retail and wholesale, the festive seasons have failed as these festivals have lost the importance from the business point of view..General importance is there..which cant be ruled out as we participate in poojas and seeing each other on these days..Overall recession and inflation has added to it..GOVERNMENT HAS TO SERIOUSLY CONSIDER THE GENUINE DEMANDS OF THE GARMENT TRADE AND INDUSTRY TO HELP INDIAN ECONOMY AS AFTER AGRICULTURE OUR INDUSTRY IS PROVIDING MAXIMUM JOB OPPORTUNITIES, SPECIALLY TO THE WEAKER SECTOR OF THE SOCIETY..
Thanks a lot..