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The world will come out of current crisis soon – IIGM Vice President

22
Dec '08
Speaking on the current situation and the future of the apparel industry, the VP IIGM averred, “As I mentioned, today scenario is a correction and this as happened to USA in 60's and for Japan in 70's. Whereas now, we are all connected very well through technology, global participation; everyone gets the information through TV, media, internet etc very fast and this has compelled investors to pull back all the money from the stock market, metal markets and matter of fact including the oil /crude. Though the crisis has affected very fast, my personal feeling is that the entire world will come out of this crisis fast within a year or so.”

“In summary, I feel the apparel industry will sure see north (only organised and technology oriented manufacturers) in the coming months. India plays a important role in this part of the world due to the advantage of large man power, raw material availability, infrastructure developments etc, where as in China, prices are going up in terms of man power, removal of subsidies and tight labour laws implemented by the world body.

“All new entrepreneurs / corporate companies who are entering into this industry are using professional managements with latest technology equipments. Also most of the collaborations are happening between buyers and manufacturers which shall put them in the right orbit,” concluded Mr Prakash optimistically.

Fibre2fashion News Desk - India


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