India'S Total Blockade Prolongs Textile Industry Or Cuts 10 Million Jobs

According to India media reports, India Garment Manufacturers Association (CMAI) said that more than 80% of India's clothing industry is small and micro enterprises, most enterprises can not afford to carry over 3 to 6 months of the epidemic. According to its statement, there are about 3700 registered enterprises in the Association (CMAI), employing more than 700 thousand people. If the India government does not take assistance in wage subsidies or in the resumption of work plans, it will lead to a significant reduction in the entire textile industry in India, with a total number of layoffs or up to 10 million people.

As the textile industry is an important economic pillar of India, once it falls, it will cause serious consequences. According to the latest prediction of Barclays Bank, the total blockade measures will make India lose 234 billion 400 million US dollars. Recently, the India central bank also admitted that India's economy could not achieve 5% growth rate in 2020 due to the impact of the epidemic.