We should be prepared for at least a 12-month Economic Slowdown: Vishal Dhingra, Buyer Agents Association

Noida, 30 July 2022: At the sidelines of 6th Garment Show of India in Noida, Vishal Dhingra, Chairman of the Buyer Agents Association talked about the government’s efforts to ease garment exports from India.

“The Prime Minister for a long time has advocated for us to enhance exports to generate foreign exchange for the nation, even if we are undoubtedly importing more due to the cost of oil and other raw commodities, said Dhingra.

Talking about the government’s efforts, he stated “one of the former ministers in the BJP government was inviting the apparel industries into Bihar where they have created places that are called plug and play. The government is asking the larger export community to come and open the industry there and for that, they are offering land at a very low price in exchange for your cooperation.”

“They are providing subsidies in a number of items to promote the apparel export, and I think that it is a brilliant idea of government,” he added.

In response to the current global recession and expected economic slowdown, Dhingra said, “the Ukraine and Russia war is one of the reasons why there will eventually be an economic slowdown, but as soon as this war is done, Europe will recover. These are, in my opinion, the after effects of COVID that have now started to become apparent.”

“The overall recession in the United States will lead the U.S. to grow slightly more slowly, so we should prepare for at least a 12-month slowdown in the economy,” he added.