Recession Affects India'S Textile Industry'S Employment Rate

The global textile and garment industry has been laid off by thousands of people in response to the economic downturn.

Internationally, even the developed countries have been hit hard by the economic recession.

The global turmoil began with the financial crisis, which later led to economic crisis.

India's textile industry has been hit hard by the appreciation of rupee and the rise in raw cotton prices. The textile industry has been hit harder than other industries. Many textile mills began to dismiss workers in the past 6 months to overcome this crisis.

* the India Textile Industry Federation reports that 700 thousand people are unemployed and the number of unemployed workers may continue to increase.

Economists predict that companies will lay off workers in general. The current layoffs are just the tip of the iceberg. Most of the workers who are laid off are wage workers on a daily basis. These temporary workers account for 25-35% of the total number of companies, and the number of full-time workers in India's textile industry amounts to 35 million.

The new staff may be completely cut down, even if large garment retail companies, such as Eddie Bauer, Talbots, Cace, Foot Locker, Gap, have all reduced their business scale.

The textile wholesalers said they had no confidence in business in the coming weeks.

The decline in consumer purchasing power has a negative impact on the market. The sales figures of this (97) holiday in October decreased by 20% compared with the same period in the previous year.

Those engaged in export trade also face unfavorable situations.

Under the present circumstances, manufacturers of high quality products will try to adjust their business strategies to cope with them.

Yang Jing: editor in charge