Russia at war: NAEC, Apparel Industry takes a hit

07 March 2022, Mumbai:

Covid-19 pandemic was the 1st serious factor to blow a dent, and comes now bolt from the blue as Russia is at war inflicting a deadly blow to Apparel industry so no brainer Uttar Pradesh’s Gautam Budh Nagar a big apparel exporters cluster is no exception. 

With war already in its 2nd week is only getting deadlier by the day so the nascent recovery is only got derailed.

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*Around 3,000 factories in the district manufacture apparels and 10 percent of their annual exports till 2020 were delivered to Russia and Ukraine, they said. It amounted to earnings from Russia worth Rs 462 crore and Rs 61.6 crore from Ukraine every year, they added.

“We are just coming out of the Covid-19 pandemic and now this war has affected us badly,” said Lalit Thukral, president of Noida Apparel Export Cluster (NAEC). 

Thukral lists out a number of issues. Traders are unlikely to get paid in time for their exports under the dollar-rouble conversion as the Russian currency has plummeted to historic lows after western nations and their allies slapped stifling sanctions targeting Moscow.

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CREDITS: TOI newindia24news.com.