‘Textile units in Kanpur, Chennai-Kancheepuram worst hit by COVID stress’
The Hindu
Credit to sector fell 20%: SIDBI report
India’s textile clusters in Kanpur and Chennai-Kancheepuram have been worst hit by the COVID-19 pandemic, with the highest proportion of loans turning delinquent by December 2020, according to a report. The country’s textiles industry has been in trouble since the national lockdown imposed in March last year, with outstanding credit to the sector falling 20% year-on-year by December 2020 and loans to export units falling by a sharper 25%, according to a SIDBI-CRIF report on the sector released on Tuesday. The textiles and apparel industry provides direct and indirect employment to an estimated 10.5 crore Indians and contributes 2% to GDP.
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Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.