News Textiles

Textile Industry in Panipat hit hard, business down by 50% due to economic slowdown: Report


image

Textile Industry in Panipat hit hard, business down by 50% due to economic slowdown: Report

Panipat, Aug 4 (KNN) Amidst the economic slowdown in the western countries, the demand for industrial products nationally and internationally has gone down. This in turn has resulted in huge losses for the industrial units in Haryana.

As per the report by the Hindi daily Dainik Bhaskar, the foreign textiles business in Panipat has fallen by 50 per cent whereas in Rohtak, the orders for automobile parts and nut-bolts from the local markets have come down by 80 per cent.

FOLLOW US on GOOGLE NEWS

While export orders have come down to Rs 8,000 crore annually from Rs 20,000 crore, exporters now send two containers in a week instead of ten containers previously, the report added. The domestic market has soared to Rs 54,000 crore from over Rs 90,000 crore.

The dyeing units in the state are shutting down on a rapid speed as the textile sector has witnessed nearly 75,000 job losses while almost 90,000 people have taken a salary cut of 40 per cent. In sonipat, around 20,000 people in the textile industry have lost their job.

The dyeing unit has been running for only five days now, while due to the burning of the furnace, three shifts have been reduced to two, Dyers Association president Bhim Singh Rana told DB, adding that due to less work, a four-day work week is being considered.

“Due to inflation in the US and the Russia-Ukraine war, the export of home furnishing has come to a standstill, exporter Vinod Dhamija, custodian exporter of the Old Industrial Area Manufacturers Association. This has resulted in more than 30 per cent of the employees leaving the industry, and those who were retained took a salary cut”, he added.

Due to the decreasing demand, the medical, food and steel industries in Sonipat are now operating on one shift. This has forced around 20,000 people to lose their job.  (KNN Bureau)



Source link

Leave a Comment