Implications of Global Financial Crisis on Textile Industry of Pakistan

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.

Key words: Financial Crisis, Textile Sector, Raw Cotton, Phenomenological study