Home / Knowledge / News / Textiles / Cash inflow will revive sales: Textile industry
Cash inflow will revive sales: Textile industry
06
Dec '16
The textile industry representatives are hopeful of revival of business once the cash flow begins in the market. Textile sales had gone down by around 50-60 per cent after the scrapping of high-denomination Indian currency notes on November 8. This announcement by the Central government had applied brakes on textile sales in the initial period.

“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


Must ReadView All

Courtesy:  Stanislav Kondratiev on Unsplash

Apparel/Garments | On 19th Sep 2018

AAFA questions US tariffs on $200 bn Chinese goods

The American Apparel & Footwear Association (AAFA) has questioned...

USFIA joins national campaign to fight consumer tariffs

Textiles | On 19th Sep 2018

USFIA joins national campaign to fight consumer tariffs

The United States Fashion Industry Association has joined Americans...

Rs 25.7 bn for Pak textile sector under PM package phase I

Textiles | On 19th Sep 2018

Rs 25.7 bn for Pak textile sector under PM package phase I

The Pakistani Government allocated Rs 25.7 billion to the textile...

Interviews View All

Rahul Bhadani, Looksgud

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Varinder Singh Jawanda, Trendy Bharat

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Headhonchos, Indian textile value chain

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Franco Ravazzi,

Franco Ravazzi

Italy-based Tessimenti E Orditi Tinti (T.O.T SRL) specialises in stocking...

Yash Jain & Sanjeev Jain,

Yash Jain & Sanjeev Jain

Divyam Export, launched about 30 years ago, exports to 15 countries,...

Apurva Kothari,

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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


September 2018

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

news category


Related Categories:

Advanced Search