64
INTERVIEW
Interview taken by Ms. Prachi Ghelot Dr. Jaikrishna Pathak, with a hopeful end note, shares his perspective on the present struggles of manufacturers and the expected changes after the pandemic. How has the market for yarns changed due to COVID-19?
DR. JAIKRISHNA PATHAK President of the Bombay Yarn Merchant Association and Exchange ltd
THE NOW & THE AFTER
There have been numerous unpalatable changes in the market, for obvious reasons. The prices of products have fallen due to collapse in demand even as we unlock. Workers have also migrated to their native places. With the partial lifting of lockdown and demands still sitting low, the manufacturers work very infrequently. Owing to all these major reasons, industry is running at 30% production rate. The exports from India have also decreased and to top that, the foreign currency is also lowering down. There is barely any demand in the market, be it national or global. How are buyers and sellers responding to the change of demand and supply of yarns in the Indian textile market?
“
When unemployment rises, self-employment also rises. One is required to stay hopeful and plan strategically for the future.
” | J U LY 2 0 2 0
The Indian Textile manufacturing sector is primarily dependent on laborers and workers. The Indian mode of production is not demand-driven manufacturing but forecast based bulk production. As the Eid and Wedding seasons have already passed amid the lockdowns and unlock phases, hence the demand for these seasons were nil. Indian population is at this point more concerned about ensuring a healthy pass from the pandemic, hence, requiring only the essentials, namely household products, and medicines. Hence further shrinking the demand in the textile market. Sellers are trying to revive their production with the minimum orders they are getting, but it’s a long time before the production increases.
