Global textile economic downturn

Global textile industry in response to the economic downturn, tens of thousands of people were laid off. The international community, even if the developed countries has also been a severe blow to the economic recession. The unrest began in the global financial crisis led to the subsequent economic crisis. India’s textile industry due to rupee appreciation and rising prices of raw cotton by blow by blow to the textile industry than other industries seriously, in order to overcome this crisis, many textile mills in the past six months to start firing workers.

Indian Textile Industry Association reported that 70 million people unemployed, the number of unemployed workers may be on the rise. Economists forecast that the company will lay off in general, the current job cuts represent only the tip of the iceberg, the reduction of labor in most of the day is a paid temporary workers, temporary workers of these companies accounted for 25-35% of the total number of the Indian textile industry Full-time workers a total of 35,000,000 people. The new staff will likely be laid off, even if large-scale retail clothing companies, such as Eddie Bauer, Talbots, Cace, Foot Locker, Gap Inc. has reduced the size of its operation.

Textile wholesaler said that in the next few weeks of no confidence in the business. Decline in the purchasing power of consumers in the market is a negative impact, (97) years of holidays in October sales over the same period the previous year by 20%. To engage in export trade industry is also facing an adverse situation. Under the present circumstances, the production of quality products manufacturers will work to adjust business strategy to cope with.