Home / Knowledge / News / Apparel/Garments / Govt must take apt measures to tackle global recession
Govt must take apt measures to tackle global recession
05
Dec '08
Mr Akshay Kumar, National Manager, Madeira India Pvt Ltd
Mr Akshay Kumar, National Manager, Madeira India Pvt Ltd
As the claws of recession began to tighten its grip, world's richest economies started crumbling. The growth pace slowed down when the global market entered into a major down turn.

The US and EU being the major consumers of garments, this decrease in demand is creating difficulty for the industry to endure the losses. The threat of unemployment is looming large in people's lives.

Mr Akshay Kumar, National Manager, Madeira India Pvt Ltd, while speaking exclusively to Fibre2fashion.com, shared his views on the current critical scenario and its impact on domestic as well as international market.

He said, “The Global recession has started taking grip on the Garment Industry too. Recently I was talking to the leading buyers from USA & EU; all are either downsizing the order or delaying the same. The net resultant of delayed orders for Spring/Summer '09 is around 30 - 40 percent. It will worsen in future, if corrective measures are not taken on time.

“In respect to Indian exporters - they are feeling heat of lower order as well as the transfer of order to Bangladesh and Vietnam as low cost garment producing country as compared to India.”

Mr Akshay Kumar went on saying, “The next quarter will really show the impact of the global recession. Indian Government should prepare itself to tackle the situation by taking appropriate policy measure like reducing import duties, giving more incentive to exporters. I hope the situation will not worsen in year 09 & the world will come over with recession impact soon.”

Madeira is a top player in the embroidery threads industry. The Company has its own team for quality control. This group of competent specialists sequentially checks and tests raw materials in use as well as production processes, according to the most sophisticated criteria applying latest technologies.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 26th May 2017

Lenzing unleashes new eco-friendly fibre

There's a new eco-friendly fibre on the anvil—Austrian speciality...

Apparel/Garments | On 26th May 2017

PVH Corp Q1 2017 revenue rises 4%

The first quarter revenue of fiscal 2017 at apparel marketer PVH Corp ...

Courtesy: Levi Strauss & Co

Apparel/Garments | On 26th May 2017

LS&Co. to fund water saving solutions

LS&Co. will fund to the tune of more than $350,000 the solutions...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search