Government Relief Imperative To Overcome Indian Textile Industry's Credit Crunch

摘要

Government of India's relief measures are imperative for India's textile industry to overcome the current crisis of credit crunch in the textile sector.Scaling down of operations by textile mills will result in large-scale job losses.Spinning mills and garment units are in crisis across the country due to the ongoing credit crunch and a dip in both domestic and overseas demand.Government intervention is imperative for a policy support to combat the decline in demand and capital crunch.Textile industry is in deep trouble and nearly 25-30 per cent of the sector has already scaled down operations due to a decline in demand.If such situation continues,more units would close down,leading to large-scale job losses.