Report
UNLESS IMMEDIATE STEPS
ARE TAKEN TO PERMIT
UNFETTERD AND UNIFORM
OPENING OF ALL SHOPS,
MARKET COMPLEXES,
MALLS AND FACTORIES, AND
BANKS STEP IN TO ASSIST
THE INDUSTRY, THE APPAREL
SECTOR IN INDIA WILL
DEFINITELY HEAD TOWARDS
UNMITIGATED DISASTER
Are Banks Really Helping?
CMAI’s Survey revealed the surprising fact that
as of May 15, 2020, only 26 per cent of those
who had applied for additional Working Capital
Loan (Covid Line) as directed by RBI had actually
received assistance from their Bankers. The
balance 74 per cent still had their applications in
the ‘processing’ stage.
Industry Heading for Disaster
The above findings clearly indicate that
the Garment Industry is going through an
unprecedented crisis and unless immediate
steps are undertaken to permit unfettered
and uniform opening of All shops, Market
Complexes and Malls (maintaining Social
Distancing and Health Check norms) as
well as Factories, and the Banks step in to
assist the Industry, the garment Industry
in India is heading towards an unmitigated
Disaster. Millions of Jobs are at stake. Timely
intervention by the Government and Reserve
Bank of India can save these jobs and help
the industry survive.
APPAREL I August 2020 I 21