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Downturn brings out the best in Orient Craft
07 Dec '09
2 min read
A wise man had once said, “The best time to start a new business is during a downturn”. The Indian textile and apparel sector is following the quote to the hilt. Despite a dip in export growth, since the economic turmoil exploded on the global map, major export companies have kept their expansion plans intact.
One of the biggest garment exporters from India; Gurgaon based, Orient Craft Ltd is one of these few companies, who have dared to 'walk the talk'. The company is opening a spanking new apparel manufacturing plant in Bhilwara, Rajasthan, which will employ around 3,000 workers and manufacture around 250,000 pieces a year.
Most of the apparel exporters, including Orient Craft are reporting of a surge in orders since the last few months of nearly 15-20 percent, which is mainly due to increase in retail sales in the US markets in October. This is also in stark contrast to the year-on-year dip of 14 percent recorded by Indian textile exports in the first four months of 2009.
Orient Craft also expects export revenue to grow to Rs 9 billion in the current fiscal year (2009-10), compared to Rs 8 billion achieved in the previous fiscal year, which is commendable, since the textile export sector has still not been able to register positive export growth rates in the current calendar year, despite which Orient Craft expects to grow by 12 percent.
Speaking exclusively to fibre2fashion, Managing Director of Orient Craft Ltd, Mr Sudhir Dhingra said, “"Orient Craft has always been very optimistic about the future of Indian garment industry in domestic as well as export markets and I see great potential for growth in the fact that India, has not crossed 3% of global trade in garment manufacturing”.
He continued by saying, “Last year's recession did not hamper our sales and we actually grew by 17% over the previous year and keeping this in view, we kept investing in a new garment manufacturing facility in Rajasthan”.
“As we all know that the western markets have started to pick up and the American economy grew over 3% which is very encouraging, so I see very strong demand from overseas market for Indian garment industry in the coming years”, he concluded by saying.
One of the biggest garment exporters from India; Gurgaon based, Orient Craft Ltd is one of these few companies, who have dared to 'walk the talk'. The company is opening a spanking new apparel manufacturing plant in Bhilwara, Rajasthan, which will employ around 3,000 workers and manufacture around 250,000 pieces a year.
Most of the apparel exporters, including Orient Craft are reporting of a surge in orders since the last few months of nearly 15-20 percent, which is mainly due to increase in retail sales in the US markets in October. This is also in stark contrast to the year-on-year dip of 14 percent recorded by Indian textile exports in the first four months of 2009.
Orient Craft also expects export revenue to grow to Rs 9 billion in the current fiscal year (2009-10), compared to Rs 8 billion achieved in the previous fiscal year, which is commendable, since the textile export sector has still not been able to register positive export growth rates in the current calendar year, despite which Orient Craft expects to grow by 12 percent.
Speaking exclusively to fibre2fashion, Managing Director of Orient Craft Ltd, Mr Sudhir Dhingra said, “"Orient Craft has always been very optimistic about the future of Indian garment industry in domestic as well as export markets and I see great potential for growth in the fact that India, has not crossed 3% of global trade in garment manufacturing”.
He continued by saying, “Last year's recession did not hamper our sales and we actually grew by 17% over the previous year and keeping this in view, we kept investing in a new garment manufacturing facility in Rajasthan”.
“As we all know that the western markets have started to pick up and the American economy grew over 3% which is very encouraging, so I see very strong demand from overseas market for Indian garment industry in the coming years”, he concluded by saying.
Fibre2fashion News Desk - India
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