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Watch: Demonetisation badly hits textile industry


Watch: Demonetisation badly hits textile industry

Etawah (Uttar Pradesh), Dec 28 (ANI): The textile industry in Uttar Pradesh has been hit hard by the Center's move to withdraw high-value currency notes. Various factories have shut down in the state as they are unable to pay daily wagers or hire them due to cash crunch.

The banks in rural areas are only able to furnish a few thousands on withdrawal to individual, making it difficult for manufacturers to pay the labourers on a daily basis. Struggling to arrange cash, a power loom owner, Mohammad Akhlaq, had to close his machines.

A worker, Afroz Ansari, said they were finding it difficult to earn their livelihood. The government's sudden move has caused huge disruption to daily life, leaving people struggling to pay for basic goods like food and fuel.

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