Navigating Financial Currents: Strategies for Debt Management in Spinning Mills Amid Global Textile Industry Expansion – A Review
Md. Rafiqul Alam1*, A S M Lukman2, Redoyan Chowdhury3
Applied Agriculture Sciences 1(1) 1-8 https://doi.org/10.25163/agriculture.119758
Submitted: 03 January 2023 Revised: 01 March 2023 Published: 03 March 2023
Abstract
In the context of spinning mills, this review presents a thorough investigation of the application of strong debt management and stress reduction measures. The textile sector, in particular spinning mills, has special difficulties in preserving financial stability because of the capital-intensive nature of its operations and the volatility of the market. The purpose of this research is to determine and evaluate practical strategies for overcoming these obstacles and maintaining long-term financial stability. Using a mixed-methods research methodology, the study combines quantitative analysis of financial data from a wide sample of spinning mills with qualitative interviews with financial analysts, industry experts, and spinning mill managers. Key elements impacting financial stress and debt management in spinning mills are identified by the research using financial performance measurements and an analysis of successful case studies. The results show several effective tactics designed specifically for the spinning mill sector. These tactics include using cutting-edge technologies to maximize production efficiency, risk diversification, and proactive financial planning. The report also stresses the significance of developing trusting connections with financial institutions, looking into alternate forms of funding, and putting in place effective cost-control strategies.
Keywords: Strong Strategies, Debt Control, Mitigating, Financial Stress, Spinning Mills
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