New Delhi
The Clothing
Manufacturers Association of India (CMAI) released the results of a new study
on the Indian garment industry. As per the study, more than three-quarters of
the industry’s micro, small and medium enterprise (MSME) manufacturers said
that they were considering reducing their workforce by 25%.
72% mentioned
that they feared a massive dead inventory in the impending months as more than
50% of the orders had been cancelled. Additionally, 72% said they received less
than 25% of their payments, while another 12% received less than 50% of
payments all due in April.
More than 20%
believe the industry will begin to recover only in 2022.
Source: Business of Fashion
Image Source: Unsplash
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