Abstract
The global financial crisis of 2008, had very little or no impact on our textile sector performance, the main cause of downward trend of Pakistan textile industry is the reason of energy shortages, law and order situation, lack of active marketing strategies, and the behavior or small, medium and large manufacturers of textile products are more profit oriented, ignoring their responsibility towards social and economic development of Pakistan. The author purpose was to explore the phenomenon of financial crisis and the performance of Pakistan industry how they are linked and what factors were linked with both the crisis. The phenomenon studied includes the era of financial crisis and simultaneously the crisis of textile industry of Pakistan and to identify the weak links. This study also aims to analyze the potential of productivity and investment of textile sector and its contribution in the earnings for the Government of Pakistan. The research participants were from the area of field research on textile sector of Pakistan, working on it since last 4 to 5 years. Data analysis was done by using Colaizzi’s (1978) phenomenological methods; was used for data analysis, validation and verification. Out of various statements 12 themes emerged which represents the whole story how the textile sector crisis took place and the factors behind them.
Highlights
The Global Financial Crisis started on October 2008, which created two perceptions on its likely impact on the developing Asian countries; on one hand it was perceived that developing Asia, China and some other countries, are decoupled with the developed countries and would emerge as an alternative growth poles
As in Pakistan, main hub of textile industry is in Energy shortage is one of the main cause of crisis of Faisalabad, which was badly effected during last textile sector in Pakistan, mill owners are unable to winter season because of shortage of gas. as a buyer complete the project on time and could not deliver the we have to pay full payment in advance for the finished goods on time as well delivery and the quantity we order wouldn’t be
In this study, implications of global financial crisis on textile sector of Pakistan, the reasons which were identified other than financial crisis are energy shortages, law and order situation of the country, internal instability, interests of small and medium manufacturers, all these factor led to the development of crisis of our textile sector
Summary
The Global Financial Crisis started on October 2008, which created two perceptions on its likely impact on the developing Asian countries; on one hand it was perceived that developing Asia, China and some other countries, are decoupled with the developed countries and would emerge as an alternative growth poles. The Global Financial crisis affected these countries minimally but its impact on Pakistan is more severe, contributing to the decline of textile industry other factors included law and order situation, Electricity and gas shortages, inflation, Political instability and stock exchange volatility etc. The purpose of this study is to discover and know the situation of Textile sector of Pakistan through obtaining the information from key participants in their respective area of knowledge and understanding of the phenomena under study. What they had experienced during the crisis and how they reacted to the situation, what steps they have been taking in order to improve the textile sectors performance. The experiences of people from the textile sector during the crucial period will allow us to have insights of the actual situation which prevailed at that point of time
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