The Indian textile industry is named after recognition both at the national and global levels. However, since the COVID-19 pandemic, it has become really difficult to manage the crisis and challenges. The textile industry is facing a lot of reductions in revenue as well as employment opportunities.
Impact of COVID pandemic on the textile industry
The effect of COVID-19 on the Indian textile manufacturing companies is manifold. The COVID pandemic has affected almost every aspect of the Indian textile industry, whether it is demand or supply, input or output. Needless to say, the issues and challenges presented by this pandemic need a proper discussion to mitigate and contain its impact not only on the industries but also on the entire economy, given the pre-eminence of this sector within India’s economic landscape. The importance of the sector could be seen with the aid of some simple statistics.
As of 2018 to 2019, the industry employed over 105 million people both directly and indirectly and contributed about 12% to 13% towards total industrial output, 12% towards total exports, and 2%–2.5% towards the country’s gross domestic product. In fact, the sector is the second-most important employment generator after agriculture. The country exports a large part of its production to the USA, the EU, and the Middle East. In light of the above facts and explanation of the significance of the sector for the Indian economy, it is important to be aware of some of the issues and challenges facing it in the wake of the COVID-19 outbreak. Quite briefly, these issues and challenges could range from low consumer demand owing to job losses and wage reductions of buyers; to illness of workers and consumers; and supply chain disruptions due to the quarantine measures taken by the government. Even though these self-isolating steps are important for the containment of the disease, their impact on socio-economic well-being is at best questionable. The Indian textiles sector, which is one of the major
Measures are taken to eradicate pandemic challenges
There are several steps that are being taken by the Indian government to bring back stability and recognition of revenue in the textile sector of India. The textile sector works well in determining the challenges. The availability of funds and other relief is offered to the textile brands that are showing a positive development. Such measures include monetary as well as legal purposes that help the textile brands grow and become sustainable.
Wrapping up
Trident company a leading textile manufacturing company is a global leader when it comes to the textile industry in India. It is showing some positive growth even during the pandemic by opening its official shopping website for customers.