CBI investigates textile firm for defrauding SBI of Rs 65 crore
The textile industry in Gujarat's Surat continues to incur losses due to COVID-19, said an official from the Federation of Surat Textile Traders Association (FOSTA) on Monday. The textile industry in the city was preparing for the wedding season that begins in April when it was hit by the outbreak of the COVID-19 and the imposition of lockdown which was imposed to curb the spread of the disease. Consequently, the industry incurred huge losses and is yet to get due payments.
"In February-March, clothes worth Rs 10,000 crores were supplied across the country. We are yet to get the payment. Our business has been badly affected. At least Rs 9,500 crore is stuck. There is no possibility of the return of money as of now. It may come after Diwali," said Rangnath Sarda, Director, FOSTA. "We have been able to do only 35 percent business in September. The wedding season is due in November. If we receive our payments we will be able to revive the business," he added.
Bhairav Singh, a textile businessman, said that he is hoping for normal business after Diwali. "Due to COVID-19 pandemic, our business was affected during the wedding season which is usually in February, March and April. 50 percent of our business suffered this year in this season. We are yet to receive payments for the clothes which we sent in bulk to different states. We are hoping that business will return to normal after Diwali," Singh said. (ANI)Source: https://www.devdiscourse.com/article/headlines/1249104-covid-19-fallout-surats-textile-industry-continues-to-incur-losses