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Power loom impact11/4/2023 ![]() Electronics India Private Limited, Shipra Hotel Limited, Multani Pharmaceuticals Limited, Shangri-La Eros Hotel etc.Indian Handloom Industry: Issues and Challenges in Recent TimeĮmail: Indian Textile Industry conquers a unique place in our country. Our clients include Varun Beverages Limited, Kajaria Ceramics Limited, L.G. Its clientele consists mainly of Foreign MNC, large/mid-sized Indian companies which includes exporters, FMCG, consumer durables, automobiles, aerated beverages, ceramic tiles, real-estate, hospitality, etc. It is a professionally managed firm having a team of experienced and distinguished Chartered Accountants, Company Secretary, Lawyers, Corporate Financial Advisors and Tax consultants to provide various services like litigation and representation, transaction advisory, diagnostic reviews/ health checks, audit defense & protection, retainership & compliance, configuration of tax efficient business model etc. Several are clueless if there are any chances the industry will boom again as they contemplate wrapping up their businesses.Ī2Z Taxcorp LLP is a boutique Indirect Tax firm having its offices at New Delhi and Guwahati specializing in GST, Central Excise, Custom, Service Tax, VAT, DGFT, Foreign Trade Policy, SEZ, EOU, Export – Import Laws, Free Trade Policy, etc. Every monsoon season, the industry faces a slack. ![]() Labourers like Kailash feels that for the last two years, they have not able to save money as they do not get extra pay. Even though he has reached a supervisory level from being a normal skilled labourer, his daily earnings are still Rs 600 and he finds it very difficult to run his family of two daughters, a son and his wife on this meagre amount. Their average daily pay is Rs 400 to Rs 500 and they haven’t received a pay hike since demonetisation and GST.įorty six- year-old Kailash has been working in the power loom industry for the last 33 years. Daily wage workers spend over 12 hours a day making 40 to 50 metres of cloth. We were finding it difficult to get orders but due to this it has become even more difficult as clients are not ready to spend more,” Ansari said. “The new mechanism of GST has increased our production cost. Apart from this, demand plummeted and computerised systems to maintain GST records added to production costs. In such situations we can’t focus on our business,” he said.ĭuring demonetisation, the industry took a severe beating as all payments to vendors and labourers were made in cash. Most of the time we spend filing returns. “The process to file a GST return is very complex. Ansari feels complications in the law was the main reason he couldn’t focus on production and business. The business was stopped after it started incurring losses. We met power loom owner Imran Ansari who was running his 40-year-old family business until April. Power loom businesses took a serious blow after GST was introduced as rules under the law affected the traditional working style of power-loom owners. Here there are more than 7 lakh power looms which employs more than 3-4 lakh people. One such sector which is still recovering from the aftermath of GST is the power loom industry. With the implementation of GST marking its first anniversary on July 1, India Today went to Bhiwandi to see what the ground situation was like there.īhiwandi is known as the power loom hub of Maharashtra. It has been a year since GST was introduced and the after effects continue to haunt the Indian economy till date.
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