Industry sources said the situation is so grim that around 5,000 of city’s small traders who conduct their businesses from rented premises are finding it difficult to even renew their rent agreements.
It is a scorcher of a summer for Surat, the largest textile cluster in the country with demand for textiles showing no signs of revival since the festive season of Diwali last year. Industry sources said the situation is so grim that around 5,000 of city’s small traders who conduct their businesses from rented premises are finding it difficult to even renew their rent agreements.
Gautam Dhamsania, Spinners’ Association Gujarat (SAG), said, “The textile demands from European Countries and from America has reduced to around half of the average demand at this time of the year. While the ongoing Russia-Ukraine war has taken a toll on demand in European countries, recessionary headwinds are responsible for lower demand in America.”
