Discuss the concerns of Punjab’s textile industry players due to the Corona crisis.
Amid the economic slowdown due to the global and domestic lockdown, the Punjab’s textile industry players have pegged losses at around ₹2,000 crore so far.
The collective turnover of the textile industry in Amritsar is between ₹7,000 crore-₹8,000 crore yearly. The shutdown has its huge cascading impact on the trade.
The complete closure of the wholesale and retail markets has dismayed the clothing sector, which is facing a bleak and uncertain future.
The current year is a washout with payments and new orders having been put on hold by customers, which has virtually created a debt trap for the entire clothing and garment business.
The industry argues that in case the lockdown is further extended for two months, this sector would not only become sick but also a majority of the units would fall under the NPA category.
The export orders for woollen fabrics are in the pipeline but the conditions for reopening mills make it very difficult to operate them.
