Textile manufactures in Gujarat feel brunt of Ukraine war, may function minimally or shut down

ENA State 2023-03-10 17:25:41 Surat, Mar 10 (KNN) Businesses in Gujarat which are textile dominant are bearing a huge impact of the ongoing Russia-Ukraine conflict and might result into a shut down or will have to operate in minimum capacity. The situation has created economic backlash across the world as sanctions against Russia by the US has resulted in a global decrease in trade and commerce. <a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a> Manufacturing units in Gujarat are experiencing the blow as production is dented due to lowered demand from Europe as a whole and rising interest rates. The Western state of India is known globally as a manufacturing hub and is a leading player in textiles, yarn and denims among other industries. The global downs have impacted discretionary spending. Therefore, Gujarats exporters in most have witnessed a twin blow with both, B2B and B2C, demands going down in the US and Europe, said Pathik Patwari, president Gujarat Chamber Of Commerce and Industry (GCCI). Ever since the conflict in Ukraine began, exports of cotton yarn have declined nearly 60 per cent between April and December 2022. Accordion to a report by the GCCI textiles committee, the blame lies on prices of gas and power increasing nearly six times, leading to industries in textile-producing countries like France, Portugal, Spain and Germany having to cut down manufacturing, leading to lowered demand for raw materials from Gujarat. (KNN Bureau) 32585 https://knnindia.co.in/news/newsdetails/state/textile-manufactures-in-gujarat-feel-brunt-of-ukraine-war-may-function-minimally-or-shut-down 2023-03-10 17:25:41 knnindia.co.in Textile manufactures in Gujarat feel brunt of Ukraine war, may function minimally or shut down