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'Textile industry to be back on track by 2010', MD, Nitin Spinners
27 Nov '08
3 min read
Recession is a word abhorred by most economists, but it is here to stay and is affecting the lives of billions of people across the globe and also upsetting calculations and projections of most companies in the textile and apparel sector.
The meltdown resulting from the sub-prime crisis in the US has turned upside down the economies of the developed as well as the developing, more so of the under developed countries who were aspiring to jump to the next level in the status hierarchy of nations on the back of unprecedented growth rates in the last few years.
Fibre2fashion spoke exclusively to Mr Dinesh Nolkha, Managing Director, Nitin Spinners Ltd., Bhilwara, India to get his opinion on the crisis as well as his strategy to tackle the same.
Nitin Spinners Ltd is an ISO 9001 2000 company and a Government of India recognized Export House, manufacturing 100% Cotton Yarns and Fabrics. It adheres to stringent global standards of quality and has seen phenomenal growth in the last decade. Starting with one open-end facility, the company has grown into one of the largest producers of 100% cotton yarn and fabrics in India.
We started off by asking him his views on the domestic and global impact due to the global recession to which he replied by saying, “Yes, the global recession has hit the textile industry very badly both in international & domestic markets. The industry is witnessing a slow down in demand leading to reduced exports, pressure on selling prices and margin and production cuts leading to job losses.”
To another question on his company's strategy to sustain in such a situation, he spelled out the following measures taken by his company overcome the crisis like reducing cost of production at every point to remain competitive, maintain consistency in quality and control on rejection, running the plant at full capacity and the last but not the least the most important; reduce inventory and receivables.
Then we asked him the inevitable question as to how he foresees the future of the industry, to which he replied confidentially and positively by saying, “The future of industry is good as textiles are an item of basic necessity of people. Once the effect of global slowdown stabilizes, the industry will once again witness a decent growth rate. We expect that industry will be back on track by 2010.”
We at fibre2fashion hope on behalf of the whole industry that Mr Nolkha is proved right.
The meltdown resulting from the sub-prime crisis in the US has turned upside down the economies of the developed as well as the developing, more so of the under developed countries who were aspiring to jump to the next level in the status hierarchy of nations on the back of unprecedented growth rates in the last few years.
Fibre2fashion spoke exclusively to Mr Dinesh Nolkha, Managing Director, Nitin Spinners Ltd., Bhilwara, India to get his opinion on the crisis as well as his strategy to tackle the same.
Nitin Spinners Ltd is an ISO 9001 2000 company and a Government of India recognized Export House, manufacturing 100% Cotton Yarns and Fabrics. It adheres to stringent global standards of quality and has seen phenomenal growth in the last decade. Starting with one open-end facility, the company has grown into one of the largest producers of 100% cotton yarn and fabrics in India.
We started off by asking him his views on the domestic and global impact due to the global recession to which he replied by saying, “Yes, the global recession has hit the textile industry very badly both in international & domestic markets. The industry is witnessing a slow down in demand leading to reduced exports, pressure on selling prices and margin and production cuts leading to job losses.”
To another question on his company's strategy to sustain in such a situation, he spelled out the following measures taken by his company overcome the crisis like reducing cost of production at every point to remain competitive, maintain consistency in quality and control on rejection, running the plant at full capacity and the last but not the least the most important; reduce inventory and receivables.
Then we asked him the inevitable question as to how he foresees the future of the industry, to which he replied confidentially and positively by saying, “The future of industry is good as textiles are an item of basic necessity of people. Once the effect of global slowdown stabilizes, the industry will once again witness a decent growth rate. We expect that industry will be back on track by 2010.”
We at fibre2fashion hope on behalf of the whole industry that Mr Nolkha is proved right.
Fibre2fashion News Desk - India
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