Indore: Garment business has taken a severe beating during the ongoing wedding season in the wake of demonetisation of high-denomination notes, a textile industry association official said on Sunday.
“The garment business has been hit hard due to the shortage of currency notes,” MP Garment Association spokesman Ajay Jain said.
“We estimated garment sale of at least Rs 15 crore daily in the wedding season that is underway. But we are hardly doing 10 per cent of the estimated business,” he rued.
Jain said their retail market has been hit so hard that manufacturing sector is not getting fresh work orders. To make things worse, the already-placed orders with the garment manufacturing units are being scrapped.
He said their association had welcomed the move of demonetisation of notes in the interest of the nation, but the tardy pace at which the currency notes are being exchanged has led to shortage of money in the market which has crippled their business.
“We want the government to give a fillip to the notes exchange process and launch steps to allay fears in the market,” he said.
Jain also said the workers engaged in their business are facing difficulty in getting their wages for want of cash flow. He claimed that their association represents 7 lakh people in the region.