For the Indian apparel industry, Diwali was not a fun affair as it used to be till last year. As per Apparel Resources, around 40 to 45 per cent factories of North India didn’t give any bonus or ‘considerable’ gift to their professionals, while many factories gave almost half amount compared to last year. Already facing major challenges like less business, high costing, the apparel industry witnessed a major cost-cutting this year be it giving gifts to their staff, bonus or even celebrations at the factory/office premises.
Many companies did not give gift to their employees or workers. The mid-level staff of the export houses was impacted more by this. A few export houses managed to give bonus not only to workers but also mid-level professionals. The amount or ratio was different from company to company while many factories gave half amount to their professionals compared to what they used to get previously.
Market sentiments too were quite low this time as everyone from the raw material suppliers to job workers did not exchange gifts unlike the past years.