Please fill in your details to download the Table of Contents of this report for free. We also do customization of these reports so you can write to us at firstname.lastname@example.org in case you need any other additional information.
“This is a temporary phase but the pressure will be built on every week till the issues are addressed. It will take at least two months for the business to get back on track. The only way to deal with this cash crunch is by changing our payment system,” VD Zope, chairman of The Textile Association (India) told Fibre2Fashion.
Since most of the transactions in textile industry are done via cash, it has become difficult for retailers to do business with the cash crunch. This is likely to affect over 15 crore people who are directly or indirectly linked with the textile and its ancillary industries.
“Once a unit is shut down, restart expenses will be a lot. We can make up for the loss only if the situation improves within 10-15 days. However, it does not seem that the cash flow will increase in the market in the coming weeks,” said Jitendra P Vakharia, president of South Gujarat Textile Processors Association.
Vakharia said he will raise this issue with Union textiles minister Smriti Irani, who is visiting Gujarat on Saturday.
Chairman of Southern Gujarat Chamber of Commerce and Industry’s (SGCCI) textile committee Devkishan Manghani said, “Usually, we produce 3-4 crore metres of cloth per day. Today, the production has reduced by 50-60 per cent. Sales have also reduced drastically. The trade has not picked up after Diwali. With low production in the textile units, labourers are also going back home. Most of the labourers in the textile industry are from Bihar, Uttar Pradesh, Orissa and southern states.”
Raising concern over the rise in the number of textile units shutting down in Ahmedabad, Nitin Thakkar, president of Ahmedabad Textile Processors’ Association, said, “Around 50 per cent of the textile units in Ahmedabad have closed. The situation is getting worse. The entire chain of production and sale of textile products has been hampered. It has not been possible for us to do full-fledged business after November 8.”
“The weekly cap for cash withdrawal is also very low. Industries like us at least need 5-6 lakh per week to bear daily expenses,” added Thakkar. (RR)
Fibre2Fashion.com – India
| On 22nd Oct 2020
The United Nations Conference on Trade and Trade and Development...
| On 22nd Oct 2020
The COVID-19 crisis has badly hit the garment sector in the...
The Regional Comprehensive Economic Partnership (RCEP) is likely to...
Global Organic Textile Standard
‘GOTS is a very efficient supply chain management tool, especially for...
Virtual reality would be the new normal
The biggest challenge is lack of skilled workforce and competition from...
With flexibility and versatility, Dettin strives to meet the specific...
Reckon Industries adapts latest systems for manufacturing from designing...
Picanol develops, produces and markets high-tech weaving machines, based...
Fitesa is a leader in the nonwoven fabrics industry, specialising in...
Justin Chan & Shyam Gollakota
University of Washington
A fabric that can store data without any electronics or batteries has been ...
Swerea IVF AB
Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...
A Humming Way
A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...
Sandeep and Sarah Shaikh Gonsalves
SS Homme celebrates the craft of traditional tailoring through the bespoke ...
Aditi Somani specialises in luxury fusion wear with international cuts and ...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.