Ludhiana:Hosiery industry has affected in large as hundreds of manufacturing units has suffered the loss in crores due to demonetisation effect and also late arrival of winters this year.
Ludhiana is the only major manufacturer of hosiery goods in the country and exports goods not only to different states but also to other countries.
The city is called ‘Manchester of India’ due to the presence of large number of hosiery and textile industry but the presence of Ludhiana industry is getting dispersed day by day.
Harnek Singh city resident said, “I am requesting the centre government to allow more time to spend the banned currency so that people could easily made transactions so that people may get able for regular expense. However, small things are not being carried by the people due to this problem”.According to the big manufacturers, they are suffering from loss of lakhs on regular basis as regular transactions of the manufacturers are the businessthat has got a lot affected. However, large numbers of hosiery units are getting closed regularly. Though, top most industrialist claimed that they are begging to get their money back.
Jagjot Singh one of the manufacturers in Ludhiana claimed that my lakhs of rupees were blocked in many states and large number of goods were sent to Jammu in the month of September for winter. But this time, industry will again suffer from huge loss.
Vinod Thapar president of Knitwear and textile club said, “Ludhiana industry is already facing huge loss and demonetisation problem has posed the problem for the industrialists as huge investment is made in business but no return is there as huge money is blocked. The tension created in Jammu valley has affected the industry in large few months back”.
Manufacturers in the city are able to sell their winter stock till December 15 every year, after which they prepare up for the production of summer wear for the next two to three months. However, scrapping of higher denomination currency notes has received a knee jerk reaction by the hosiery industry.
“Woolen industry is already facing crisis due to turmoil in Kashmir and demonetisation, where a significant part of our goods are sold. Now after the government scrapped `500 and 1,000 currency notes, we would suffer the most as transactions take place mostly in cash,” said Vinod Thapar, chairman of Knitwear Club.