2nd Covid wave hits Gujarat textile industry

By: |
Updated: April 16, 2021 8:37 AM

The second wave of Covid-19 is taking its toll on Gujarat’s textile industry which saw at least 25% decline in fabric production in the past 15-20 days.

textile industryThe RBI had in early May announced Resolution Framework 2.0 for individuals, small businesses, and MSMEs.

The second wave of Covid-19 is taking its toll on Gujarat’s textile industry which saw at least 25% decline in fabric production in the past 15-20 days.

Since the beginning of April, production of fabric has gone down in the state from around 5.50 crore metres to almost 4 crore metres per day. Confirming the development, president of Federation of Gujarat Weavers’ Association (FOGWA) Ashok Jirawala says that in Surat alone, production of grey fabric has gone down by 1 crore meters from 4.5 crore meter to less than 3.5 crore meters per day.

“Demand from textile traders has gone down drastically. If the situation doesn’t improve in next fortnight period, production of fabric would further plummet to as low as 50%,”said Jirawala.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1PLI for specialty steel: Govt expects robust response from large firms
2Bandhan Bank Q1 net falls 32% on higher provisioning
3Complaints against e-commerce players being looked into: Govt