Home / Knowledge / News / Textiles / Surat textile units down shutters after demonetisation
Surat textile units down shutters after demonetisation
23
Nov '16
Whether manufacturers, wholesalers or retailers, there is no demand in the Surat textile market, as cash liquidity has almost been squeezed, due to demonetisation. This has resulted in closure of 80 per cent of textile fabric processing facilities, almost 90 per cent of embroidery and knitting units, while weavers are operating only one shift per day.

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


Must ReadView All

Trump announces tariffs on $200 bn worth Chinese imports

Apparel/Garments | On 18th Sep 2018

Trump announces tariffs on $200 bn worth Chinese imports

US President Donald Trump escalated the trade war with China on...

Courtesy: Sunrise Bumi Textiles

Textiles | On 18th Sep 2018

Sunrise Bumi developing new products for profitability

Sunrise Bumi Textiles, one of the world's leading quality yarn...

New Zealand bans sheep mulesing

Textiles | On 18th Sep 2018

New Zealand bans sheep mulesing

New Zealand has banned the practice of mulseing sheep, making the...

Interviews View All

Nuno Venda, ROQ

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

C Kamatchisundaram, Voltas

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Nitin Bhatia, Trend Arrest

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Yash Jain & Sanjeev Jain,

Yash Jain & Sanjeev Jain

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

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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