Recession hits Indian sports goods marketDecember 26th, 2008 - 5:49 pm ICT by IANS
New Delhi, Dec 26 (IANS) The global meltdown has impacted the Indian sports goods market with export orders going down by more than 30 percent in the last two months.According to a report by the Sports Goods Export Promotion Council (SGEPC), there has already been a loss of Rs.450 million in the business and if the situation continues in the next two months, then more than 50,000 workers will lose their jobs.
The sports industry provides employment to weaker sections of the society including women and is scattered in and around Jalandhar and Meerut.
Most of the buyers are adopting the wait and watch policy before placing fresh orders. The buyers have also issued instructions to delay the shipments which are ready for dispatch in factories, leading to rise in inventory.