Home / Knowledge / News / Textiles / Economic slowdown is inevitable – Sangam Group

Economic slowdown is inevitable – Sangam Group

28
Nov '08
Mr L L Soni, CFO, Sangam India Ltd
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.

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 26th Oct 2020

25% Bangla garment manufacturing to be automated by 2023

A quarter of garment manufacturing activities in Bangladesh will be...

Pic: Shutterstock

Textiles | On 26th Oct 2020

BCI to cease all field-level activities in China's XUAR

Sustained allegations of forced labour and other human rights abuses...

Pic: Burberry

Information Technology | On 26th Oct 2020

Burberry launches gaming technology for fashion design

Burberry, and digital production agency, Koffeecup have joined hands...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Sri Lanka has a good sustainable track record and strong stories to back it

Textile Industry, Head honchos

Textile Industry
Head honchos

Fashion tech has to be lean and very productive

Mandeep Nagi, Shades of India

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Roz Guarnori,

Roz Guarnori

FESPA Global Print Expo 2019, to be held in Munich from May 14-17, is...

Mala Alwani,

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Himanshu Jariwala,

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

<span style="font-size: 12px;">Designer Suman Nathwani talks about her...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

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


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search