Economy of the United States & India Stone Industry

Hyderabad is located in the heartland of India. It is the city which witnessed the global financial meltdown. In Andhra Pradesh, the slowdown hits hard the granite industry. Once the Chimakurthy in Andhra Pradesh was regarded as the stone 'galaxy', which had 24 quarries and produced a special type of, but now it also has to face the financial crisis.Chimakurty is the capital of Andhra's granite industry. About 80 percent of granite is exported to China, then through the polishing process in China and exports to US & European markets. One of the quarry owners, Reddy said that 40 per cent of granite market is in US and the rest of the world, so the market depends on the exports in a big way.
However, China has also influenced by the global financial right now, and became to be tightened with its purse strings. This transformation makes it hard to find a market for several lower grade qualitys, thus it is heavy blows to the granite industry in Andhra Pradesh. Ramchander Reddy who is an Assistant Director of Mines in the government of Andhra Pradesh said that numbers ofs were lying around without any buyers, and two or three quarries have even shut down due to the steep fall in demand.There are about 120 workers in every quarry on an average. The quarry owners are trying to tackle the business slowdown without cutting down on labor right now. It is well known that is really not an easy task. Another worry of the quarry owners is that because the buyers insist on premium quality slabs, which is a difficult task, given the fall in labor. The global economic crisis is forcing buyers to get selective about their purchases. So while the quarry owners are thinking of cost cutting measures, the daily wage laborer only hopes he is not the next victim of the falling markets.
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