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Recession is a temporary phase, it will go: Sanjeev Jain, Buying Agents Association

Ten News Network

NOIDA, 6th August 2022: On the sidelines of 6th Garments Show of India held at Noida Expo Center, Sanjeev Jain, from Buying Agents Association, said “It is a wonderful show although it is a bit small. The product categories and varieties of designs are exceptional.”

Expressing his view on economic slowdown and recession, Jain shared that recession certainly exists but the companies still have work. One of the major benefits for Indian manufacturers is the shift of business from China to India.

“Earlier, we also used to buy from Bangladesh but post-Covid there hasn’t been a single time that we have to purchase from Bangladesh, all of the buying is done from India itself. Lastly, the Recession is a temporary phase and it will go,” he added.

 

When asked about Piyush Goyal’s statement that the government will be encouraging the private sector industry to boost apparel and garment industry production, Sanjeev Jain stated, “ I feel the government of India needs to focus on the export sector. Till now, I personally believe the government is focusing more on the domestic sector than on export. If they focus on export we have a huge potential to get high turnover given that we get some grants and benefits. If we look at Bangladesh, I think 80% of Bangladesh’s GDP is derived from the garment industry. However, if the Ministry has said so, we look forward to it.”

On a concluding note, Jain gives out a message to all the exhibitors and young entrepreneurs of the industry, “The main mantra is keeping innovating new designs, keep focusing on reengineering designs, make prices workable and keep patience, the business will certainly come.”

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