+917718880355

news

Indian garment sales decline by 84% in May

YarnsandFibers News Bureau 2020-06-10 12:08:25 – India

National Garment Industry has witnessed a stunning decline in sales.

A poll conducted by CMAI amongst its members revealed a sale from the garment industry saw a fall of 84 percent over last year --and that too, mainly since some factories had begun manufacturing Masks and other PPE products.

"The National Apparel Business has reported nearly"zero" production of routine products in May 2020," the poll said.

The CMAI in its own survey also said that despite the easing of Limitations and efforts to open up the economy just 22% of factories have begun functioning by the end of May.

"Factories are operating at an average 25% of the capacity while 40 percent of the factories which have begun functioning, are engaged in the manufacture of present essential products such as Masks and PPE products," CMAI explained.

CMAI's poll also revealed that on May 15th, of those who'd employed for the extra Working Capital Loan (COVID Line) as directed by RBI, only 26 percent had actually received help in their Bankers.

The equilibrium 74% had their applications in the 'processing' point, '' it said.

The clothes body further said that the findings clearly indicate that the garment industry is experiencing an unprecedented crisis and unless immediate measures are undertaken to permit unfettered and uniform opening up of most Shops, Market Complexes, and Malls (keeping Social Distancing and Health Check standards ), in addition to factories, and the Banks step in to assist the market, the garment industry in India is heading towards an unmitigated disaster.

"Millions of Jobs are at stake. Timely intervention by the government and Reserve Bank of India can save these jobs and help Business to endure," CMAI suggested.

Please Login to comment

Market Intelligence

Ask for free sample Report


why us?
21 yrs

experience

Fortune 500

Customer Base

100%

dedicated team

55+

Countries Served Worldwide


newsletter

Register below to receive our newsletters with latest industry trends and news!