Regional textile industries hit hard due to surge in the cost of production and increasing competition from international players. Fluctuations in cotton prices and poor quality cotton in the region have also made trade difficult for textile mills. Industry experts said despite a drop in cotton prices, textile mills don't benefit.
According to Suresh Maheshwari, owner of a textile mill, the textile market is in a depressive state. They are not competitive at an international level because countries like Bangladesh, Vietnam and Pakistan offer garments at cheaper rates.
Rising power costs, higher minimum wages and sluggish demand for garments from overseas buyers has dampened the market sentiment. Moreover, strong Indian currency has also affected sales of textile mills in the country, Maheshwari added.
Due to non-competitive prices and a surge in competition from rival competitors, the demand for garments from overseas markets has dropped.
Experts said that benefits given by governments in rival countries such as subsidies and economic power supply have made their products popular in the global market.
MC Rawat, secretary, Madhya Pradesh Textiles Mills Association said that textile industries in the region are reeling under the high pressure of increased labour wages and power costs making their products expensive against rival countries.
Textile mills are hesitate to build up stock and conduct business hand to mouth because they lack knowledge about tax slabs under GST. A section of industries said that the lack of clarity on GST has also hurt business in the region.
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