Manufacturers are losing 3-4 percent of their profits as a result of increased input prices, and they are trying to ramp up production while workers are unable to return to facilities.
The second wave of the economic recession has had a significant impact on a variety of industries. After a three-month lockout, hosiery and knitwear businesses throughout the country are still battling to reopen. The major manufacturing centres of Tamil Nadu and West Bengal are unable to resume full output since there are still limitations on local travel for workers to return.
Manufacturers are now facing a 4% blow on these slim margins. India has also fallen behind competing markets as an export centre for big global brands such as Tommy Hilfiger, H&M, Marks & Spencer, Ralph Lauren, and others. Domestically, there is reason to be optimistic, as demand is likely to rebound depending on the severity of a possible third wave.
