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

Digital textile printing sector to grow by 20% by 2020

Textiles | On 18th Jun 2018

Digital textile printing sector to grow by 20% by 2020

The digital textile printing sector is expected to have a compound...

Courtesy: Hela Clothing

Apparel/Garments | On 18th Jun 2018

Hela's latest label revolves around underwear, sleepwear

The latest collection of Sri Lanka’s Hela Clothing is revolves mostly ...

Kenya levies higher duties on mitumba import

Apparel/Garments | On 18th Jun 2018

Kenya levies higher duties on mitumba import

Kenya’s treasury secretary Henry Rotich recently raised the duty on...

Interviews View All

Top executives
Textile industry

Defining MSMEs on the basis of turnover makes it simpler to do business

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Rikesh Mistry

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

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search