Prime Minister Narendra Modi on March 24 announced a complete nationwide lockdown, including all apparel and other factories, for 21 days to help stem the outbreak of the coronavirus. The textile industry is expecting a drop of more than 40% in sales and production this month as a result of the coronavirus lockdown in India
Despite good sales & export performances, India’s textile sector went through a difficult period as a result of the Coronavirus outbreak.
This trend will worsen this year due to Covid- 19 pendamic , with industry market fallen dramatically.
Survey Report on textile industry
The Clothing Manufacturers Association of India (CMAI) report indicates that significant crisis is brewing in the textile Industry. Only a comprehensive package from Government can help the potential collapse of the Industry.
A survey says that more than half of the companies expect a drop in sales and production by more than 40%. Moreover, almost all companies face serious constraints on financial situation and 30% of companies are temporarily closing down. Due to drop in sales, almost 1 crores jobs in the textile Industry are at risk. Almost 50 lakh job may be lost in Textiles industry alone.
Many are closing down their business, as they have lack of the additional resources to pay for costs during lock down and the inevitable slowdown in the economy.
Apparel Industry could take a hit of almost Rs 1 lakh crore due to the lockdown. Expert believes there is significant slow down in economic, once the lock down is lifted.
Several important step have been taken by the Government, but it is clear that the industry needs more support.
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