Home / Knowledge / News / Textiles / Demonetisation hurdle hits textile & apparel sales
Demonetisation hurdle hits textile & apparel sales
12
Nov '16
The Central government’s decision to withdraw Rs 500 and Rs 1,000 denomination notes has severely affected the textile and apparel trade in India. A large number of textile traders and manufacturers are worried over the sudden drop in sales of textile apparel. The traders are however hopeful of catching up with the business in coming weeks.

“We are into seasonal business of selling winter wears. The first fifteen days of November are crucial. The scrapping of old notes of Rs 500 and Rs 1,000 has affected us tremendously. Last year, the sales of winter clothes were not good, we were hopeful of good sales this year. With the prevailing situation, chances are high that we will miss the sales this year as well,” Sudershan Jain, president of Knitwear and Apparel Manufacturers Association of Ludhiana, told Fibre2Fashion.

Expressing concern over the sudden dip in sales of garments, Chainroop Banthia, president of Mumbai based The Fabric Suppliers’ Association, said, “The situation is critical and I do not know how to do business in such a situation. We hope that the condition improves in the coming weeks.”

The textile trade representatives are hopeful that the sales will pace up once the money circulation begins in the market.

“The demonetisation of Rs 500 and Rs 1000 has affected the retail industry like all other industries. The government’s initiative is great for the long run, but our sales both traditional and online have taken a hit due to this. Our COD system stands affected by the sudden change in policy. However, we are hopeful that the situation will normalise in due course of time,” said Vivek Mehta, CEO, MAS Brands India and amanté.

“This a temporary phase. Most of the people in the urban areas do shopping through online or via credit/debit cards. A number of shops in the market are doing business on credit. Hence, it is unlikely that the sales would have affected adversely. Though, door-to-door sales may face a problem,” said Atul Mishra, economist with Confederation of Indian Textile Industry.

“The market will do brisk business once the inflow of money begins. For time being, there is stagnancy in the market. The recovery will take months,” said Jitendra P Vakaharia, president of South Gujarat Textile Processors Association. (RR)

Fibre2Fashion.com – India


Must ReadView All

EU, Japan finalise Economic Partnership Agreement

Textiles | On 18th Dec 2017

EU, Japan finalise Economic Partnership Agreement

Building on the political agreement reached in principle during the...

WTO, ITC launch cotton portal to enhance transparency

Textiles | On 18th Dec 2017

WTO, ITC launch cotton portal to enhance transparency

The World Trade Organisation (WTO) and the International Trade Centre ...

India much behind China in containerised cargo capacity

Textiles | On 18th Dec 2017

India much behind China in containerised cargo capacity

India’s total containerised cargo capacity of 8.75 million...

Interviews View All

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.1%
No
13.8%
Skip
18.1%

Total Votes: 94

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.8%
No
29.8%
Skip
7.4%

Total Votes: 94

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
9.6%
Skip
3.2%

Total Votes: 94

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.9%
No
8.5%
Skip
9.6%

Total Votes: 94


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search