Nov '16
This was told by Synthetic and Rayon Textile Export Promotion Council (SRTEPC) vice-chairman Narain Agarwal to a leading daily, who also added that barring spinning units, majority of other textile manufacturing units like texturising, twisting, weaving, processing and embroidery units have been paying wages in cash to the workers.
According to Agarwal, these units maintain accounts for the same, which reflects in their balance sheets.
“But after demonetisation, there is a big question mark on providing wages to workers of these units, for which they have demanded from the government that factory owners should get cash in new currency, while they would also encourage workers to open bank accounts," he informed.
As per a SRTEPC presentation, the textile trade has gone into a slide with all segments across the textile value chain facing severe liquidity crisis, due to dwindling demand of fabrics from various markets in the country. (AR)
Fibre2Fashion News Desk – India
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