Ongoing flood in Chennai due to torrential rains is affecting textile business in the city as most of the factories are shut and not sure when will it get back to start regular production.
Though Chennai is a big automobile manufacturing and IT hub, it also has more than 500 apparel, leather garment export houses, buying houses and big firms related to textile business with their collective turnover of about Rs. 800 croreannually. AroundRs. 300 crore worth of orders have been cancelled by buyers in Chennai due to heavy rainfall in the past fortnight.
Also, the supply of textile products to the city has come down to 80 per cent in the last few days.Surat, country’s Man Made Fiber hub was more dependent on the southern part of the country as there was less demand from north India. But, now there is less demand from south India as well due to such rain. The losses to the textile units may run into hundreds of crores of rupees.
