Global recession, late winter spells doom for Ludhiana hosiery industryDecember 14th, 2008 - 5:21 pm ICT by ANI
By Karan Kapoor
Ludhiana, Dec 14 (ANI): The Ludhiana hosiery industry business has been adversely hit by the global recession and the late onset of winter. The city’’s hosiery industry is famous around the world both for its low cost and quality. Last year, the industry did extremely well, registering a turnover of Rs 4000 crores. “Global recession and the late onset of winters have increased the cost of chemicals. Fluctuations in the dollar have also cast a shadow on the hosiery industry’’s growth in Ludhiana,” said Bhushan, Maini, a trader. “Last year, it was fine. The weather was good. This year rate of chemical have increased and dollar has fluctuated. The export business has fallen by 25 per cent to 30 per cent and 40 per cent to 50 per cent in domestic,” said Harvinder Pal Singh, another trader. There are about 15000 small and medium enterprises in Ludhiana which employ a workforce of about 400,000.
The total turn over of the hosiery industry in Ludhiana, including domestic and international trade is about Rs. 6000 crores. (ANI)
Tags: chemicals, doom, export business, fluctuations, global recession, hosiery industry, industry business, international trade, karan kapoor, onset of winter, rs 6000, small and medium enterprises, turnover, weather, workforce