Ichalkaranji a major textile hub in the country, known as the Manchester of Maharashtra, in just 15 day the daily turnover at has plummetted from Rs 45 crore to Rs 13 crore as traders are cancelling orders unless the mills accept payment in demonetised notes. Bulk orders have been cancelled and transportation of raw material has been delayed.
Textile mills and cotton-weaving powerlooms are being offered banned currency notes towards payment. More than 80,000 workers engaged in the looms and the yarning, sizing and processing units are leaving the town as payment of their wages has been deferred. Most of these workers are from Uttar Pradesh and Bihar.
Located more than 200 kilometres from Pune, Ichalkaranji since the first textile unit was set up here in 1904, the town has thrived on the booming cotton trade that caters to the needs of major national and international brands.
Satish Koshti, president of the Ichalkaranji Powerloom Weavers Cooperative Association Limited said that the industry was already struggling because of stiff competition. Now, with the government's note-ban bombshell, they are completely crippled.
Ichalkaranji, a major textile hub which sends ready cloth to Ahmedabad, Mumbai, Madhya Pradesh, Delhi, West Bengal and Karnataka due to demonetisation ring hollow.
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