“Garment export from India is increasing. Similarly apparel exports from other countries are also rising which means consumption of yarn and fabrics in other countries as well as domestically will also go up. So, the coming period may not be very bad. But, for the last 4-5 months the entire textile industry had a tremendous crisis.
“The consequence will be that, many of the mills will find it very difficult to repay the loans they had taken for expansion and modernization because there are large debt commitments for all of them especially spinning which is capital intensive. So they have large loans and repaying the loans will be a big problem.
“That is why we have approached RBI and the govt requesting for some breathing time for repayment of term loans because, these mills have incurred huge cash losses and working capital is totally stuck with raw material and unsold stock. But I think if they are able to survive for another one month, things will improve”, he summed up by saying.
Fibre2fashion News Desk - India
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