In a recent Textile Excellence survey , respondents viewed cost cutting as the most important strategy to overcome the current crisis and emerge strong. In addition to cost cuts, 29.45 per cent of respondents also identified other steps, such as: product creation and innovation, improved productivity , increased focus on marketing and sales in both domestic and export markets, fund management and production cutting, as necessary to resolve the situation. Approximately 24.80% of respondents preferred to wait and watch the emergence of the scenario before deciding on a strategy.
Nearly 97 per cent respondents said the lockdowns imposed by the government across the country has impacted their production by 50 to 100 per cent. Some textile and related mills have begun partial production, However, around 30 per cent believe they would be able to achieve full production by July, 23 per cent by September, 20 per cent by next month, 12 per cent by November. Only 5 per cent respondents feel they may get to full production by June.
For the full 2020-21 financial year, 43 % of respondents expect an impact of 30 percent of their revenue, while 39 percent expect an impact of 50 percent. Twenty-seven per cent of respondents also expect the lockout to lead to job losses of 35 per cent in the industry.