Opportunities & Pitfalls in Hosiery industry under the shadow of Globalisation, Liberalisation & Recession

This paper (abstract) is an attempt to highlight the challenges faced by Ludhiana Hosiery Entrepreneurs, Entrepreneurship is more than the mere creation of business. Entrepreneurs are individuals who recognize opportunities where others see chaos or confusion. They are aggressive catalysis within the market place. They have been compared to Olympic athletes challenging themselves to break new barriers, to long distance runners dealing with the agony of the miles. The Indian Economy has been revitalized because of the efforts of the entrepreneurs and the world has turned how to free enterprise as a model for Economic development. The passion and the drive of entrepreneurs move the world of business forward. They challenge the unknown and continuously create the future. After the establishment of first woolen unit in 1902, the hosiery industry of Ludhiana has traveled a long and tumultuous path to reach the present state. Today there are about 15,000 hosiery units in Ludhiana. These represent 95% and 92% of the total hosiery unit of Punjab and India – respectively. The total production of these units is around Rs.5000 crore. The industry employs 5 lakh people out of which more than 1 lakh are skilled laborers. Despite all this contribution Ludhiana Hosiery Industry is facing immense challenges and some of the entrepreneurs have dubbed the government as anti-exporter and anti-entrepreneurs, because of so many procedural problems. Government is totally following the instructions of bureaucrats, instead of making them follow the guidelines. It is like cart before the horse and not horse before the cart. Non-availability of raw material at international prices is another challenge.