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Ahead of Diwali, Surat textile industry faces slump.

Surat, Oct.24 (ANI): The textile industry of Surat in Gujarat well known across the country, is facing a slump despite high preparations for the upcoming festive season.

According to the President of Federation of Surat Textile Traders Association (FOSTTA), the traders prepared well in advance for the festive season but there are no buyers.

"The condition of cloth market in Surat is not good. The traders had done full preparations for Eid and upcoming Diwali but the sale on Eid was not so good. The stock that was brought in for Eid has remained on hand with the traders. The fancy and sober dresses they had made for Diwali has not been sold. The traders have not earned profits especially in the sale of dress material," said Devkishanbhai Manghani, President, Federation of Surat Textile Traders Association (FOSTTA).

He said inflation, floods that hit northern India for a long time, as well as disturbed transportation system during the recent Commonwealth Games were the reasons for the slump.

Inflation, that has touched double-digit figures, has also severely curtailed the purchasing power of consumers.

Due to the devastating flood situation in north India, many of the key road links were inundated. So, the delivery of merchandise to the States in north India from Surat were adversely affected.

"Price rise has curtailed the purchasing power of consumers. Secondly, Diwali is one of the main festivals in north India but north India remained affected by flood for a long time. Then due to Commonwealth Games, the whole transportation system was disturbed. The whole chain of transportation was blocked. The stock was not able to reach its destination on time. Delhi is known as one of the biggest hubs for cloth. So, because of all these reasons the traders have to face the consequences," added Manghani.

The textile industry of Surat is the oldest in India. A major part of the city's population is associated with the textile industry.

It ranges from activities relating to yarn production, weaving, processing as well as embroidery,. The city is also well known for its synthetic products market.

The main market for Surat's textile products are not only within India but also abroad in several other Asian countries. The Middle East is a major market for Surat's textile products.

Around 90 percent of polyester used in India is produced in Surat. By Sanjeev Amin (ANI)

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Publication:Asian News International
Geographic Code:9INDI
Date:Oct 24, 2010
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