New Payment Rule Sparks 40% Drop in Orders for Indore Garment Units
Garment manufacturers in Indore are grappling with a 40% decline in orders following the implementation of a new rule mandating payments to suppliers within 45 days. The garment industry, accustomed to longer payment cycles, now faces production cutbacks just ahead of the peak demand season, particularly around Eid.
Ashish Nigam, President of the Readymade Textile Dealers Association, expressed concerns about the difficulty in clearing dues within the shortened 45-day timeframe. The new payment terms are compelling retailers to reduce order volumes. Indore's readymade garments, with over 1,500 small and medium-sized producers, are distributed nationwide, with Tamil Nadu, Kerala, and Andhra Pradesh accounting for over 60% of the market share.
The impact of the new rule is evident in declining orders from Madhya Pradesh, Gujarat, Maharashtra, and Southern India, causing uncertainty among garment units during the crucial peak demand season, typically a thriving period for the sector in Indore.
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