Despite revival measures by the government that have gradually unlocked the Indian economy following coronavirus-induced lockdowns, the revival of Micro, Small, and Medium Enterprises (MSMEs) is unlikely anytime soon, with prospects for recovery only by the next fiscal year.
Tamil Nadu Government’s decision to extend the Covid-19 lockdown to August 31 and the indecisiveness on the part of buyers from European Union and United States have made life difficult for the knitwear industry in Tirupur.
Knitwear garment exporters in Tirupur have sought extension of moratorium on term loan instalments and working capital facilities till the close of the current fiscal and extension of liquidity support to all MSMEs without a cap on credit exposure.
CHENNAI: The country’s leading readymade and knitwear cluster in Tirupur has shelved a plan to bring back guest workers following a spike in Covid-19 cases in the districts.
Textile industry in Tamil Nadu said that nearly 500 containers carrying apparel accessories and fabrics are stuck in and around Chennai. These containers have come mainly from China.
EU’s Free Trade Agreement (FTA) with Vietnam has come as a big blow to India. India has started trade talks with the European Union (EU) and is open to dialogue with the United Kingdom for a free trade agreement, commerce and industry minister Piyush Goyal said recently.