Indian apparel export industry has reiterated that industry will perish without special package.
The industry sought immediate support of Prime Minister Narendra Modi in rolling out a specific financial stimulus package to protect the industry and its millions of workers as they struggle to survive the impact of COVID-19 on export orders, shipments, payments and liquidity.
The industry has also shared with the Prime Minister economic stimulus packages announced by Bangladesh and Thailand.
Apparel Export Promotion Council (AEPC) has written a letter to the Prime Minister in this regard. Notably, this is almost 7th time in 2 weeks that AEPC has urged the Government for support.
“Unless the Government immediately announces an economic package, with specific focus on the apparel export sector, given the fact that our products are ‘perishable’, our industry that employs 12.9 million workers, will die a slow death, the letter reads.
Dr. A. Sakthivel, Chairman, AEPC said that the cancellations, deferments and postponement of shipments have resulted in packing credits being eroded, and impacted the fund-liquidity position of the exporters, which is in a precarious condition, as the cash flows have completely stopped, he added.
“We pray and request for a ‘unique financial stimulus package’ specific for our apparel industry, as our situation is different from the requirement of other textile industries or any other industry per-se,” said Dr. Sakthivel.
