Economic Recession, India Textile Industry Unemployment Rate Increased

Tens of thousands of people have been cut down for textile and garment industries to cope with the pressure of recession.

On the international front, even the developed countries have been hit hard by the economic recession.

The global turmoil started at the beginning of the financial crisis, and then led to the economic crisis.

The textile sector in India was hit by the appreciation of the rupee and the rise in raw cotton prices. The textile sector was hit harder than other sectors.

To overcome this crisis, many textile companies began to lay off their employees in the past 6 months.

India Textile Industry Federation reported that 700 thousand people have already lost their jobs, and the number of unemployed employees is expected to grow again.

Economists predict that companies will lay off workers in general, and the current layoffs are just the tip of the iceberg.

Most of the workers who were laid off were day laborers, who accounted for 25%-35% of the total number of workers. The total number of workers in India's textile industry reached 35 million.

New staff are facing the possibility of being completely cut down.

Even big clothing retail companies, such as Eddie Bauer, Talbots, Cace, Foot Locker, Gap, have cut their business.

The new recruitment is empty, all of which are caused by the economic crisis.

Textile wholesalers say they have no confidence in business in the coming weeks.

The decline in consumer purchasing power is not a happy condition for the market.

Sales figures for holidays in October were about 20% lower than the same period in the previous year.

Those engaged in export business also face adverse situations.

Under current circumstances, manufacturing units that only produce quality products will make efforts to make adjustments.

Yang Jing: editor in charge