INDIA GOVERNMENT CASH DEMONETARISATION HITS CLOTHING SECTOR HARD
December 1st, 2016
India’s domestic clothing industry has suffered a drastic slump in demand and production following the central government’s sudden decision to withdraw high denomination currency notes valuing 86% of total cash in the economy.
“For the first two weeks [following 8 November demonetisation announcement] there was almost a 50 percent crash in the retail sales,” Rahul Mehta, president of Clothing Manufacturing Association of India, in Mumbai, told just-style, “it has since recovered but is still down by 25 percent in smaller outlets.”
A severe shortage ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.