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

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...

S Korean fashion brands expand overseas amid slump at home

Fashion | On 17th Oct 2017

S Korean fashion brands expand overseas amid slump at home

South Korean fashion firms are keen on tapping into overseas markets...

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...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Rikesh Mistry

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

Silke Brand-Kirsch
Schlegel und Partner

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Prathyusha Garimella
Prathyusha Garimella

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

Wendell Rodricks
Wendell Rodricks

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

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