Home / Knowledge / News / Textiles / Long term future of textile & apparels industry is bright - GHCL

Long term future of textile & apparels industry is bright - GHCL

03
Dec '08
Mr Nikhil Sen, Head of Strategy and International Business, GHCL
Impact of recession is quite visible on all the economies of the world. Countries, those were booming in the past few years are now badly disrupted because of global financial downturn.

It seems miseries of exporters have taken a never ending route. Last year, they were making losses because of rupee appreciation and now receding export orders from various markets have wiped out their hopes for goods.

Speaking exclusively to Fibre2fashion, Mr Nikhil Sen, Head of Strategy and International Business, GHCL said, “The US has always been a driving force of textile industry in the global market scenario, hence a downturn in the US market, has led to a slowdown in demand from US and European market. Industry has also seen a dip in revenue due to less export and increase in inventory costs. In the coming days this downturn will also make a dent on the consumer consumption and will raise pricing issues in the global market.”

To cope with the situation, few steps, if taken, could definitely have some positive effect on the industry. “Primarily our Government should take steps to stabilize the situation. Focus on domestic market as well as unorganized sector is also needed. Government should decrease the loan interest rate for export purpose and Subvention on export business”, Mr Sen opined.

Discussing the future of textile and apparel industry, Mr Sen stated, “The long term future of the textile and apparels industry is very bright. The textile industry in India is substantial and largely diversified and plays an important role in the terms of revenue generation in Indian economy. The significance of the textile industry is also due to its contribution in the industrial goods production and employment. Currently, this industry is the second largest employment provider after agriculture and provides employment to more than 30 million people.”

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Textiles | On 24th Sep 2020

IDH-Apparel Impact Institute launch Tier 1 Vietnam project

The Netherlands-based IDH-the Sustainable Trade Initiative and the...

Pic: UC SANTA BARBARA

Textiles | On 24th Sep 2020

US scientists assess synthetic fibres pollution on land

Scientists in the US have said that the volume of synthetic...

Pic: Bushell Investment Group

Retail | On 24th Sep 2020

Bushell Investment Group acquires shoe retailer ALDO UK

The Bushell Investment Group (BIG) has acquired the UK arm of the...

Interviews View All

Jim Desai, Blaiva Fabricaa

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Top executives, Fashion houses, India

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Cindy McNaull, Cordura

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Eric Schoeller,

Eric Schoeller

Groz-Beckert is the world's leading provider of industrial machine...

Mark Tokuhara,

Mark Tokuhara

Japan-based FitJoy, a shoe brand for women, has been in the footwear...

Harsh Shah,

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Luis Quijano, Liberty University

Luis Quijano
Liberty University

Focusing on bold patterns and colour palettes, Luis Quijano, a student at...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

S Ziya Gumuser, Teknomelt

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints 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


September 2020

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


Advanced Search