Gautam Dalmia, Chief Development Officer, Strata Geosystems (India), speaks on how his company is meeting the challenges of the markets demands today.
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Ashwin Chandran, Chairman, SIMA thanked PM for making certain announcements on financial relief package through RBI.
The textile industry, being highly capital, labour and power intensive, is facing acute crisis.
Covid-19 virus that has thrown the economic activity out of gear across the world has also halted the Indian textile industry to a grinding halt.
Going forward, the textile industry scenario will depend on how the situation evolves in the domestic and international markets and faster return to normalcy will enable the industry to curtail the damages and improve on its growth prospects.
Indian apparel businesses could face up to 40 per cent loss of revenue and many smaller players are contemplating closure.
A survey conducted by International Textile Manufacturers Federation (ITMF) among global textile companies revealed that on average orders are down by 32 per cent and the turnover for 2020 is expected to drop by 29 per cent compared to 2019 due to Covid 19 pandemic.