Save Indian Textile Industry
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Textile industry is one of the oldest and has been playing a significant role in our economy with a size of Rs 12 lakh crores for the year 2018-19. It is the second-largest employment provider to about 105 million people which is 21% of the total employment. Many Indians especially rural masses rely on this industry for their daily bread. This industry has also played a prominent role in the growth of this nation by contributing 2.3% of India’s GDP, 7% industrial total production, 11.5% of total exports and earning 27% foreign exchange.
It is highly labour, power and capital intensive in nature. It also has a long value chain where credit deals are the norms which means that even with very little closures there is a ripple effect on the whole industry. Hence it is prone to huge losses if there is any global downfall. SIGN NOW
The lockdown in our country due to Covid 19, a global pandemic, has hit the industry hard. Orders have got cancelled and payments are getting further delayed. Businesses esp. SMEs and MSMEs don’t have the cash flow to service their loans, salaries and wages, rentals and other such expenses without any income. Many business owners are at a very high risk of closures. And this will create a vicious cycle of events wherein one closure in the chain will lead to multiple closures and so on the effects will multiply exponentially due to business interdependency. This will not only affect the industry but will be a huge blow to the economy and to its 105 million workforce.
The Yarn Bazaar has interacted with various textile stakeholders and have realised that many fear risk of existence. Hence, we have proactively collected inputs, compiled it and present it below hoping for government intervention. We hope that our government can cut this cycle from beginning and save our country from this catastrophe.
- Subsidize or help textile companies with employee and labour pay cover.
- Subsidize utility payments and loan interest rate.
- Refund of excess advance tax paid
- Moratorium on upcoming statutory dues and on all loan EMIs for entire 2020-21 financial year.
- Restoration of Input Tax Credit on GST.
- Power companies to charge on actual units consumed and not the minimum contract demand charges for the lockdown period.
- Encourage exports and expansion projects.
- Discourage imports for a period of 6 months to 1 year.
We really appreciate all the efforts taken by our government so far to contain the spread of this virus and hope that necessary actions will be taken to ensure businesses can function smoothly, grow and prosper with our economy.
Standing in solidarity:
Suchit Dodhia, Director, Dodhia Synthetics Ltd.
Sanjay Rathi, Owner, Laxmi Cotspin Ltd.
Urveesh Hirpara, Manager, JRD Denims Ltd.
Rajiv. I. Mistry, Managing Director, Ascent Meditech Pvt Ltd.
Shivaji Sakpal, GM - Business Development, Ken Enterprises.
Aditya Agarwal, Director, Vrijesh Natural Fibre & Fabrics.
Shrey Raichura, Director, Silverline fashion fabrics ltd.
Yash Agarwal, Director, Topman International Ltd.
S. Haresh Kumar, Director, Hema Dyeing and Printing Mills Pvt.Ltd.
Akhilesh Gadia, Director, Baba Baidnath spinners pvt ltd.
Ankit Gupta, Partner, Ashvira Industries LLP.
Rahul Singhi, Director, Subhlene Synthetics (India) Pvt. Ltd.
Shridhar Jagirdar, Owner, Karishma Exports.
Harsh Tibrewal, Partner, Qmax Textile Mills LLP.
Kunal Shingala, Director, Testtex India Laboratories Pvt Ltd.
Mukund Dawra, Director, Greentex Exports (India) Pvt. Ltd.
Uchit Shah, Director, Optimum Silk Mills Pvt. Ltd.
Avinash Dawra, Partner, Sanmukhdas & Sons LLP.
Akhilesh Tulsiyan, Director, Prabhudayal polyester Pvt Ltd.
Anoop Shukla, Owner, Times International.
Jigna, publisher, Textile Value Chain.
Shreekant Koradia, Director, Suhanish Textiles Pvt Ltd.
Rishi Shah, Partner, Trans Atlantic Traders.
Lokesh Agarwal, Partner, Fabrico Fashion.
S. Nageshwaran, Sr.Manager, Sri Thiruppathi Tex.
Vikas Jhunjhunwala, Proprietor, Vikas Textiles.
Mir Mohd. Sabir, Proprietor, Lili Textiles.
Pratik Kothari, Partner, Shree Navkar Fabrics.
Jainam Jain, Owner, Mukesh Fabtex.
Madhur Saboo, Director, Saboo Textiles.
Ronak Deora, Partner, Shree Shyam Trading Co.
Kashish Sanghvi, Director, Shreekar Polyster Pvt Ltd.
Rajasekaran Palanivel, Owner, Mahesh Traders.
Karan Arora, Director, Karan Embossing Pvt. Ltd.
Akash Sarda, Director, Shree Satyanarayan Textile.
Hemant Kothari, Director, Om Pile Pvt Ltd.
Naishadh Shah, Partner, Dilip Fabrics.
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