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Published
Mar 18, 2020
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SIMA petitions government for moratorium on bank repayments amid coronavirus disruption

Published
Mar 18, 2020

The Southern India Mills’ Association petitioned prime minister Narendra Modi to mandate banks to provide the Indian textile and clothing industry for a moratorium for the 2021 financial year to give relief amid the coronavirus crisis.

SIMA hopes government mandated financial relief will aid textile and apparel businesses already struggling with coronavirus-led disruption - Archivo

 
SIMA issued a release stating that coronavirus is already impacting manufacturing and business in the clothing and textile sector. The textile industry has seen workers, who often migrate from other parts of the country to work, return to their homes leaving a shortage of staff and in some cases there is also a shortage of raw materials due to international trade disruption.
 
As the situation is only expected to intensify, the organisation’s chairman Ashwin Chandran asked Modi to support the clothing and textile industry during this unprecedented crisis, ET Bureau reported. SIMA requested Modi instruct banks to give a moratorium on the repayment of principal and interest amount on loans for the entire 2021 financial year which will begin next month. 

Immediate financial relief would help to prevent exports and imports in the industry drying up, according to SIMA. Malls in a large number of states including Haryana and Tamil Nadu have been ordered to shut at least until the end of the month and this, along with consumers staying at home, will also impact domestic clothing and textile sales causing further financial difficulties.
 
The crisis comes at a time when the Union Government is working to increase clothing and textile exports as part of its ongoing ‘Make in India’ campaign. The government had planned to showcase many Indian products around the world at international trade shows through its Export Promotion Council for Handicrafts but many of these trade shows now stand cancelled or postponed. 

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