33 C
Lahore
Sunday, May 12, 2024

OMICRON hits Indian Textile Sector with 50% losses amid a lockdown-like situation

The hosiery and textile sector in the city has been impacted by the lockdown-like restrictions in New Delhi, amid rising cases of Omicron, with industrialists reporting up to a 50% drop in sales. The Indian textile sector was slowly beginning to recover from the damage suffered from the pandemic in the last two years. However, the recent restrictions in the national capital, including a cap on gatherings in weddings, night curfew, odd-even scheme to open shops, had again created a sense of fear in traders’ minds, which has led to a nosedive in demand for hosiery and textile.

Darshan Dawar, President Ludhiana Woollen Manufacturers Association, and Knitwear Club said, “Around 30-35 percent of the business has already been impacted as different restrictions have been imposed in Delhi. Fear has grown in traders’ minds due to which they are not stocking the products. Already 25% of the products manufactured by industry have not been sold due to low demand in the market, as comparatively high temperatures are being witnessed. The sector is going through a tough time.”

Sudarshan Jain, Knitwear and Apparels Manufacturers Association of Ludhiana (KAMAL) president, said, “If the weddings do not take place, the sales of garments/textile will ultimately go down. We have already seen about a 50% drop in sales. Once restrictions are imposed by the government, the public also stops spending on garments and starts to save money for emergencies.”

Related Articles

Stay Connected

11,285FansLike
394FollowersFollow
9,230SubscribersSubscribe

Latest Articles