Home / Knowledge / News / Apparel/Garments / 'Govt needs to do lot more' – Mr Bansal, Director, Celestial Knits
'Govt needs to do lot more' – Mr Bansal, Director, Celestial Knits
10
Mar '09
Mr Rajeev Bansal
Mr Rajeev Bansal
The textile and apparel industry in India tots up to around US $52 billion, with exports accounting for $20.5 billion and the rest of the pie accounted for by domestic markets. According to a recent survey, apparels purchasing accounts for nearly 17 percent of the Indian consumer, with foods and groceries coming a close second

But, the economic downturn which begun with the unfolding of the financial crisis in the US, has taken its toll of each and every economy in the world, developed or developing economies without any discrimination. Most of the major sectors have been affected per se. It has not spared the Indian textile and apparel industry too.

It also has been influenced to a great extent by the recessionary trends prevailing in the domestic markets too. This situation was just unimaginable, even a few months ago and the mantra of the hour, for each and every company, however big or small is surviving through this crisis which has reached tsunami like proportions.

Fibre2fashion took the initiative to understand the impact of the crisis on the domestic as well as apparel export industry in India. We earlier spoke exclusively to heads of textiles and apparel companies, to which we received mixed responses. Recently we spoke to Rajeev Bansal, Director, Celestial Knits & Fabs Pvt. Ltd.

Celestial Knits & Fabs Pvt. Ltd. (CKFPL), with a turnover of US $10.4 million, is a vertically integrated unit having in-house knitting, computerized embroidery, printing and state of the art garment manufacturing facilities and engaged in manufacture and export of high quality menswear, womenswear and kidswear since 1993.

We started off by asking Mr Bansal , his opinion on the current situation, to which he said, “The industry is going through a very tough phase. Low consumer demand has resulted in increased inventory levels; hence industries across the board are cutting down production and pruning staff”.

He continued, “Worst hit are the textile and garments, gems & jewellery, automobile sector and other labour intensive units. Reduction in bank interest rates and petroleum prices have given some respite to the ailing industry in helping cut costs, else the situation would have been worse”.

He added by saying, “Export oriented units have sighed with some relief due to appreciation of US Dollar and though the Government has taken some steps to aid the industry, a lot more needs to be done. The Interim Budget, in fact, fell short of expectations of each and every sector”.
.
We than asked him as to when he expects the situation to stabilize or turn for the better, to which he optimistically replied by saying, “In my view, it is just the beginning and worse is yet to come. This situation, in my view shall prevail for at least the whole of 2009 before showing some signs of recovery”.

To another important question as to what steps industry should take to fight recession, to which he readily replied by saying, “The only way I hope, is by consolidating the business, cutting costs and better management”.

We than prodded him to discuss his future plans. He said, “At the moment we do not plan to do any capital investment or expansion. We are trying to reduce our costs by consolidating the business and cutting down overheads. We are concentrating on marketing so as to ensure that we do not keep our capacities idle".


Fibre2fashion News Desk - India


Must ReadView All

Indian govt approves special package for leather, footwear

Textiles | On 16th Dec 2017

Indian govt approves special package for leather, footwear

The Union Cabinet chaired by PM Narendra Modi has approved a special...

EU parliament resolution calls for Cambodia sanctions

Apparel/Garments | On 16th Dec 2017

EU parliament resolution calls for Cambodia sanctions

Following the ongoing crackdown in Cambodia on the opposition and...

Affordable prices to be hit if US pulls out of NAFTA: NRF

Apparel/Garments | On 16th Dec 2017

Affordable prices to be hit if US pulls out of NAFTA: NRF

US retailers’ ability to offer consumers quality products at...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Top executives
Textile industry, India

The event should be organised every year

Harmeet Singh

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

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Abhishek Pachauri

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

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kerem Durdag
Biovation II LLC

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

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

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

December 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
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

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
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

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
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

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
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


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