TN Textile Industry Bracing For Rs 100 Crore Loss

0, 0

Textile and home textile manufacturers and exporters are bracing for Rs 100 crore loss with the state of Tamil Nadu going under Sec 144.

Karur is one of the largest hubs in the country for manufacturing and exporting home textiles. Atlas Nachimuthu, President of Karur Textile Manufacturers and Exporters Association said, “There’re over 500 industries functioning in the district with more than 2 lakh employees. The industries here are exporting textiles to various other countries including European nations, USA, Japan and South Africa. While a few countries have already cancelled their previous orders, the remaining buyers are holding talks to either postpone the orders or cancel them.”

Also Read  US Teens Plan To Spend US$ 66 Billion On Shopping This Year : Survey

“We held a meeting of manufacturers and decided to shut down the industries here till March 31. The industry is going to face losses to the tune of Rs 5 to Rs 10 crore per day”.

Also Read  Paramount Textile Diversifies Into Power Sector


Please enter your comment!
Please enter your name here