Click to play videoBangalore: Industries like IT, BT, textiles in Bangalore have always benefits from the economic boom. But recently these industries have been in news for layoffs and plummeting share prices due to the economic slowdown. However, flower exporters is still blooming in the city.
The nurseries have bucked the recession so far and their exports to several
European countries which are reeling under recession have increased almost by 30-40 percent. Take for example Ramakrishna Karuturi, he is the world's largest rose exporter and business has never been this good for him.
"The industry has been doing very well and we have had repeat customers asking for 30-40 per cent increase in orders. And price realisation has been higher than last years. So we are not seeing any slowdown," said MD, Karuturi Global Limited, Ramakrishna Karuturi.
As the flower exporters in Bangalore see their business bloom the domestic flower market have been hit by fluctuating sales. Hotels, Supermarkets and Hospitals which are the biggest buyers of flowers have cut their demand of fresh flowers.
But with Christmas and New Year ahead sales have picked up again.
"Business is okay these days, it was really good sometime back but now its just okay," said florist Ramu.
However, the question is why are these flower exporters doing well when everyone around them are running to the government seeking bailouts? The answer is simple. The flower industry is counter-cyclical to recession.
In simple terms it means that whatever the situation the economy is in people will buy flowers because its cheap and produces instant gratification.
Ten years ago the domestic market for flowers was Rs 100 crore. Now the figure is a whopping Rs 1,000 crores, that means the industry has grown almost 20 per cent every year.
So despite the gloom surrounding the economic slowdown it can be rest assured that its flowers like these that will bring in cheer to their owners.
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