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Economic slowdown is inevitable – Sangam Group
28 Nov '08
2 min read
The ongoing global financial meltdown is creating havoc for the industries across the world. The present situation has undermined the potentiality of the textile sector.
Due to existing liquidity crunch, demand from both domestic and world market has reduced substantially and thus Indian textile sector is finding it hard to survive the jolt of current scenario.
In an exclusive interaction with Fibre2fashion, Mr L L Soni, Chief Financial Officer (CFO), Sangam India Ltd, discussed his views on recent economic downturn and its effects on India and other countries and stated, “As part of global economy, we will also have to face the slow down, it is inevitable. However, since India has a strong domestic economy, we may not suffer as sharply as the US and Europe.”
Talking about the effects of recession on Sangam India, the CFO further reiterated, “Since last 6-9 months, it's difficult time for us. The industry is suffering slow down in demand along with increasing burden of interest and power cost. The volatility in Forex market has also affected overseas business; we hope that improvement will take place once some kind of stability comes back in Forex and raw material prices. In my opinion, next 3 to 6 months will be very taxing for us.”
Sangam Group of Companies a synonymous with excellence in textiles, is a prominent and leading manufacturer, exporter and supplier of world-class suitings, flock fabrics and yarn.
Due to existing liquidity crunch, demand from both domestic and world market has reduced substantially and thus Indian textile sector is finding it hard to survive the jolt of current scenario.
In an exclusive interaction with Fibre2fashion, Mr L L Soni, Chief Financial Officer (CFO), Sangam India Ltd, discussed his views on recent economic downturn and its effects on India and other countries and stated, “As part of global economy, we will also have to face the slow down, it is inevitable. However, since India has a strong domestic economy, we may not suffer as sharply as the US and Europe.”
Talking about the effects of recession on Sangam India, the CFO further reiterated, “Since last 6-9 months, it's difficult time for us. The industry is suffering slow down in demand along with increasing burden of interest and power cost. The volatility in Forex market has also affected overseas business; we hope that improvement will take place once some kind of stability comes back in Forex and raw material prices. In my opinion, next 3 to 6 months will be very taxing for us.”
Sangam Group of Companies a synonymous with excellence in textiles, is a prominent and leading manufacturer, exporter and supplier of world-class suitings, flock fabrics and yarn.
Fibre2fashion News Desk - India
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