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The Impact of Recent Global Recession on the Indian Textile Industry

The Article, Published by P. C. Padhan and K. S. Sujit in Middle East Journal of Business, 8(1), 2013, 23-32, 2013

The Phenomena of global economic downturn are not new in economic history, although the cause and consequences of such economic syndromes are dissimilar at various periods; the malevolence is excruciating for the world economy. The burning example of recent global recession of 2008-09, started with US subprime followed by a series of other financial crises, has shattered the world economies. The epidemic of recession affected various economies. Conceptually, recession implies drastic slowing down of the economy leading to a fall in aggregate demand over a period of time. The features of such a recession may be associated with a plummet in output, escalating unemployment, flagging interest rates, mounting prices and many more uncertainties in business activities. Several economies across the globe in general and industries in particular, were relentlessly hurt by the crisis. The Indian economy also grieved with the catastrophe, although not severely. Indian textile industries, which are primarily export oriented industries, couldn’t escape the turmoil and sustained damage leading to reduction in imports, exports, employment, sales, profit etc.