Home / Knowledge / News / Apparel/Garments / The world will come out of current crisis soon – IIGM Vice President
The world will come out of current crisis soon – IIGM Vice President
22
Dec '08
Mr M Prakash, Vice President, IIGM Pvt Ltd
Mr M Prakash, Vice President, IIGM Pvt Ltd
India Industrial Garment Machines (IIGM) Pvt Ltd has witnessed radical transformation since its inception. Its apparel sector has been modernizing energetically to take advantage of the benefits available in a level playing field, of the post quota era.

The Home textile sector is also enjoying an unprecedented growth, with India being seen as a frontrunner to providing quality and designer products to the western markets.

In an exclusive interview with Fibre2fashion.com, Mr M Prakash, Vice President, IIGM Pvt Ltd shared his experience of 17 years in the apparel industry and the changing scenario.

He said, “As regards the today's scenario of the apparel industry, I totally look into a different way. Out of my 17 years of my career in this industry, this is the second time we are seeing the recession (especially for the Garment exporters). The younger generation who passed out from the universities since 1998 have seen only the positives of the industry and economy. Therefore, I feel this correction was required at this point. (Unnecessary values raised in stock market, prices quoted in real estate industry was steep, garment operators and tailors demand in salaries were also looking north).”

Mr Prakash continued, “Let us look into the buyers prospective. Any apparel buyers/ buying houses from all the over the world are also looking for the cuts in expenditure. Therefore the first step is to consolidate their operations in the region. For example, if a buying house had offices in Delhi, Bangalore, Dhaka, Colombo, Pakistan, Thailand, they are shutting down all the offices and consolidating with one office for the region. Whereas this is forcing them to minimise their manufacturers from various locations to one or two locations. Therefore, the Manufacturer who as the USP on a particular product will sure get the business but others will loose out. For example Bangladesh may get all the denim jeans business because they are very strong on basic jeans. India may get lot of formals and design wear.”

Recent RBI cuts repo, reverse repo signals lower interest rates. Discussing if this will benefit the industry, Mr M Prakash stated, “How the industry will gain with the RBI repo cuts and 4 percent ED cuts. Let me ask you this, How many customers did take the advantage of TUF (Technology upgradation fund) when it was introduced few years back. Only few people who had long term plans and with good management teams took advantage of the same and lot of them ignored. Most of our small and medium apparel industry is run by owners and they are not exposed to these advantages.

“However, 4 percent excise duty is a very good relief for the manufacturer. For example, the custom duty on most of the machines have come down, of course the same advantages will be on raw material / accessories procurements also for all the manufacturers. Meanwhile the exporter have another advantage apart from this is to get the dollar/ Euro appreciation against the rupee.”


Must ReadView All

GMAC urges Cambodia to push fabric-forward rule in RCEP

Apparel/Garments | On 17th Oct 2017

GMAC urges Cambodia to push fabric-forward rule in RCEP

Representatives from the Garment Manufacturers Association of...

Alibaba to invest $15 billion in DAMO Academy for research

Textiles | On 17th Oct 2017

Alibaba to invest $15 billion in DAMO Academy for research

Alibaba will invest $15 billion over the next several years in its...

Pressure on  Indian textiles exporters to ease by Q3: ICRA

Textiles | On 17th Oct 2017

Pressure on Indian textiles exporters to ease by Q3: ICRA

Pressures on the profit and debt levels of textiles exporters is...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Wendell Rodricks
Wendell Rodricks

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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

October 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
76.9%
No
13.8%
Skip
9.2%

Total Votes: 65

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.5%
No
27.7%
Skip
10.8%

Total Votes: 65

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
84.6%
No
10.8%
Skip
4.6%

Total Votes: 65

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
73.8%
No
12.3%
Skip
13.8%

Total Votes: 65


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