Home / Knowledge / News / Textiles / 'Be prepared for an upturn not before 2010'- Mr Chakrabarty, TMMA
'Be prepared for an upturn not before 2010'- Mr Chakrabarty, TMMA
04
Nov '08
Mr Chakrabarty, Secretary, TMMA
Mr Chakrabarty, Secretary, TMMA
2008 has been a tumultuous year for the textile and garment sector. On one hand prices of vital raw materials like crude oil and cotton shot up in the first half of the year and on the other hand the second half witnessed an economic turmoil and bloodbath as never seen before. Most of the major textile and garment producing countries are observing a slowdown in exports leading to a drop in production.

The worst to be affected are China and India. Both countries had reported very high growth rates in the last few years and riding on the boom a lot of new investments were also on the anvil. But now that recessionary trends are amply visible, will these investments ensue is the million dollar question?

The burgeoning global textile machinery manufacturing industry is expected to feel the full brunt of the recession. New planned investments may be put on hold since no one would like to invest in an atmosphere of uncertainty as no one seems to have an idea as to when the crisis will end.

The Indian textile machinery manufacturing sector is also anticipated to be hit hard by the turmoil. To have a better understanding of current and future prospects of this vital sector fibre2fashion spoke to Mr Chakrabarty, Secretary of Textile Machinery Manufacturers Association of India, which represents all textile equipment manufacturers in the country.

Fibre2fashion started off by asking first about the current scenario and how much the current recessionary trend has affected the sector, to which Mr Chakrabarty replied by saying “The situation with respect to the global textile industry continues to deteriorate. Combinations of macro and micro economic factors have resulted in one of the worst crises for the industry in recent times.

On the global front, collapse of financial institutions along with high inflationary forces have affected customers confidence and thereby the demand for textile products. With respect to the textile industry in India, cost structures are under attack from every possible front like raw-material prices, quantity and quality of power and zooming labour costs. The situation with respect to the fall in demand for textile products globally may get worse over the next few months. Currently textile machinery industry is facing severe demand recession.”

To another question regarding what the foresees now that the economic turmoil has unfolded and global recession is for real Mr Chakrabarty said “The condition of the textile industry in the face of global financial crises is pretty bad. This can well be visualized from the steep fall of share prices of all the leading textile mills in the country. Due to the severe demand recession, exports of textiles have fallen. There is erosion of working capital and reluctance of banks to give necessary financial assistance. Unless this situation improves globally, the domestic textile industry and machinery industry would continue to suffer.”


Must ReadView All

Courtesy: Kai Pilger from Pexels

Apparel/Garments | On 26th Apr 2018

FOBAP in the Philippines trying for garments sector revival

The Foreign Buyers Association of the Philippines (FOBAP), a body...

German investors keen to invest in Pakistan: top official

Textiles | On 26th Apr 2018

German investors keen to invest in Pakistan: top official

A German traders delegation will soon visit Pakistan to explore...

Courtesy: Uster

Textiles | On 26th Apr 2018

Uster Technologies acquires Elbit Vision Systems

Uster Technologies has announced the successful closure of the...

Interviews View All

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Urmil Arya

Sushila International, a well established textile organisation established ...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kerem Durdag
Biovation II LLC

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

Mohammad Hassan
Biax Fiberfilm

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

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

Leave your Comments


April 2018

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
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

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
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

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
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

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
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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