Year after demonetisation, Ludhiana hosiery industry still struggles to survive
Updated:7 years, 11 months ago
Ludhiana (Punjab) , Nov 07 (ANI): Prime Minister Narendra Modi's decision to demonetise high value currency has badly affected Ludhiana's hosiery industry. One year has passed the knitwear industry is still struggling to survive. The knitwear industry in Ludhiana contributes about 80 percent of the total woolen/acrylic output of the economy and generates employment for over 5,00,000 people in the city. There are over 1,40,000 small and big industries and total turnover is approximately Rs. 14,000 to 15,000 crore annually. Demonetisation has dealt a severe blow to small time traders and shopkeepers, whose 90 percent trade happens in cash. The industry has seen a downfall in consumer footfall as thousands have been left without cash in the wake of demonetisation and strict limits on withdrawals from banks.
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