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The World Bank has warned that there could be a more severe global crisis than that of 2008 due to a a very likely slump in global economic growth and has called for preparations to bear the possible shocks in the near future. There is already recession in Europe and a visible slowdown in India, Brazil, and China other developing economies. The rising oil prices will worsen the global financial scenario further. The Indian textile sector, among others, is under acute pressure forcing the government to work out a debt restructuring program for most of the players who borrowed money to modernize and/or expand expecting a boom in demand. The slowdown in the US economy and the debt crisis in Europe have taken a heavy toll and the industry continues to feel the heat. Continue reading Crisis—>Innovation—>Automation—>Ethics—>Profit