It is a very devastating because the Industry was limping since January to accomplish the shipments for sourcing of accessories from China which got delayed because of this Corona issue. Now the epicenter got switched to all promising markets [western world] which is totally devastative because the closure of all the European union nations and its market has collapses the entire hope of survival.
The goods which got shipped out last month and the payments for which are expected this month have got stranded further. The shipments of this month so far are still in Highsea which buyers have told us will not get cleared because warehouses are closed and no one is at work. Further all other orders which are about to be shipped are put on hold and the orders which are in production are to be canceled. We have never faced a situation like this in our lifetime.
We have requested our Honorable PM and Honorable FM to take a serious note of the situation and on warfoot manner to instruct the Banks not to ask for its dues and interest for atleast next six months by declaring a self moratorium which only would safeguard the interest of the Banks, manufacturers and the economy as a whole otherwise it will cripple all stakeholders by one stroke.
Raja M Shamugam, Chairman, TEA
The demand for the textile products and also the domestic sales have come down to a grinding halt due to the panic situation created by the outbreak of
COVID-19 . “The spread of the virus in China and which later got spread to EU and USA has majorly impacted us as they are huge markets for Indian textile products,”he said in a press statement on Tuesday.
The CITI chairman further stated that they understood the gravity of the pandemic and the government’s directions to close all the malls and retail outlets with a view to control the situation at an early stage, but it has resulted in the substantial reduction in the sales of the domestic textiles and clothing.
T Rajkumar, Chairman, CITI