After the Diwali Silk City of India, Surat is facing a tide of recession. The Market had just recovered after the covid but it seems that recession is returning in the textile market, which has left the textile traders worried.
Following the recession Mill owners have decided to give employees 2-3 days off in a week.
Before, Diwali Textile Industry had caught pace and was looking promising after a gap of almost two years but after Diwali two big festivals in Tamilnadu and Kerala haven’t generated any notable sales.
The Industry is worried as the Government has increased the GST on textile products. Out of concern, they have limited their work.
On the other side, fear of Omicron has affected the markets all over the world. With most markets ending in red, as covid cases are surging again in US, UK and other countries where vaccination was satisfactory. Because of that buying in the foreign markets has come down by a half.
Industrialists have stopped processing work, which has resulted in the reduction of job-work which has forced the Mill owners to reduce working days.
