The Indian textile industry faces a slow down

23 Aug 2019

The Indian textile industry faces a slow down

The Indian textile industry faces a slow downAccording to the Northern India Textile Mills Association (NITMA), the Indian textile industry is facing a slowdown.
Key facts!

The spinning companies have had to cut down their production and shut down their mills.
A lot of people are likely to lose their jobs if these mills shut down.
The problem has arisen because these mills have been producing more yarn than there is demand.
Moreover, the demand for Indian yarn in the overseas market due to competition from Bangladesh and Sri Lanka.
Heavy taxes are imposed on the export of cotton and blended yarn. This has led to a rise in their prices.
On the other hand, import of garments and yarn from countries like Bangladesh, Sri Lanka and Indonesia comes out to be cheaper.
This recent rise in cotton prices and the availability of cheaper imported yarn is adversely affecting the Indian textile industry.

The spinning industry is the biggest employer after the agriculture industry in India. NITMA has sought the government's intervention in order to avoid job losses. The companies may not be able to repay their loans and become Non-Performing Assets (NPA) i.e. bad loans for banks.
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The Youtube channel "Unbox Factory" shows us how cotton yarn is manufactured inside a cotton spinning factory.
https://www.youtube.com/watch?v=AIInvCKNRSw

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According to the Northern India Textile Mills Association (NITMA), the Indian textile industry is facing a slowdown. Key facts! The spinning companies have had to […]

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