“Surat generally gets bulk orders from various parts of the country. Demonetisation has badly affected our business dealings. Consumers are spending as low as possible. Textile sales have gone down by 50-60 per cent. Placing of order has also reduced by around 75 per cent. The situation is such that weaving has decreased by 60 per cent and processing by 30 per cent. Cash inflow is also very slow. However, it is a positive sign for us that few consumers are still purchasing garments via credit/debit and online system,” Southern Gujarat Chamber of Commerce and Industry president BS Agrawal told Fibre2Fashion.
Despite slow business in the textiles, representatives of the sector welcomed the move hoping that it will ensure systematic functioning of the entire value chain related to the industry.
“Initially, the sales had gone down to around 15 per cent. With time, the sales have improved a bit and we hope that it increases with the recovery of cash crunch in the market. However, demonetisation will definitely benefit the textile business in the long run. It is expected that this initiative by the government will restrain all unbilled sales,” said Naishadh Parikh, chairman, Confederation of Indian Textile Industry.
“The situation is not very good. It will take time for the market to move towards cashless economy. Large retailers have not been much affected as consumers are doing purchases with plastic money and via online. However, with the ongoing wedding season, domestic retail shop owners are bearing the brunt of demonetisation,” said Ajay Sahai, director general and CEO of Federation of Indian Export Organisations. (RR)
Fibre2Fashion News Desk – India
| On 26th May 2022
Apparel imports of the United States from India stood at $625.830...
| On 25th May 2022
The New York State senate recently passed a bill that prohibits the...
Germany’s GDP rose by 0.2 per cent in the first quarter (Q1) of 2022...
Jindal Worldwide Ltd
Indian MMF sector to become globally competitive
Occam's razor principle and purpose-driven innovations
Biggest learning was adaptability
Mohd. Showkot Ali
Bangladesh-based Maksons Group owns and operates multiple corporations and ...
Far East Knitting and Dyeing Industries LTD (FEKDIL) was established in...
<div>Engaged in providing a wide range of services to the entire cotton...
Fitesa is a leader in the nonwoven fabrics industry, specialising in...
German company Dilo Group is one of the leading equipment suppliers of...
MIP is a manufacturer and distributor of high-performance textiles and...
Vidur Adlakha & Riccardo Bennidini
With an active presence in US, Italy and India, clothing brand La Fuori...
Label Gaurang Shah
Hyderabad based designer <b>Gaurang Shah</b>, has been traversing the...
Label - Ritu Kumar
<b>Ritu Kumar</b> is the most respected designerwear brand in India...
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.