KARUR: Textile and household textile manufacturers and exporters are bracing for Rs 100 crore loss with the State going under Sec 144 from Tuesday.
Karur is one of the largest hubs in the country for manufacturing and exporting household textiles. Atlas Nachimuthu, President of Karur Textile Manufacturers and Exporters Association told TNIE “There’re over 500 industries functioning in the district with more than 2 lakh employees. The industries here are exporting textiles to various other countries including European nations, USA, Japan and South Africa. While a few countries have already cancelled their previous orders, the remaining buyers are holding talks to either postpone the orders or cancel them.”
“We held a meeting of manufacturers and decided to shut down the industries here till March 31. The industry is going to face losses to the tune of Rs 5 to Rs 10 crore per day. Calculating both the cancelled orders and the shutting down of the industries for around 10 days, the total loss will account to around Rs 100 crores. We’re now worried as to how we are going to give salary to employees,” he concluded.