Distress in Textile Industry Looms Large. Here’s Why

Many handloom textile companies in India have either shut their factories disposed of machinery or sold assets to other businesses to survive. Not only this, the shares of India’s top 10 textile companies have shrunk, and the working hours of laborers have been reduced, which has negatively impacted their wages.

P Koti Rao from Andhra Pradesh, who runs the A.P. Textile Mills Association, while talking to one of the leading newspapers in India, said that 8-9 textile mills have closed down in the past few months, and many are on the verge of shutting down. He continued, adding, “The textile mills are a first-generation industry in Andhra Pradesh. We used to export 30% of the yarn produced. Now, it is not even 5%. Cotton prices are high, electricity charges are up, and there is no support from the Centre or State governments.”