Clothing Industry Suffers Slump Despite Festive Season
13 November 2023, Mumbai
No Growth in Sales The clothing and garment industry has seen no growth in sales during the festive season, unlike other sectors such as cars, jewelry, mobile phones, and electronics. The industry is puzzled by this low demand, which affects the entire textile chain.
Powerloom Industry Takes a Break
Bhivandi’s powerloom industry, a major supplier in the domestic market, is forced to take a 20-day break this month due to low demand. Some experts suggest that consumers may prefer to buy new electronic gadgets instead of new clothes.
Cotton Farmers and Exporters Face Losses
Cotton farmers are delaying their kharif cotton harvest, hoping for a price rise. However, the export demand for Indian cotton and yarn is weak, with global prices falling below Indian prices. This causes losses for ginners and spinning mills.
