Mon, May 1, 2017 | updated 08:04 AM IST

Ludhiana hosiery industry badly hit by demonetization

Updated: Nov 21, 2016 09:02 IST      
Ludhiana hosiery industry badly hit by demonetization

Ludhiana (Punjab) [India], Nov. 21 (ANI): Prime Minister Narendra Modi's decision to demonetize high value currency has badly affected Ludhiana's hosiery industry.

The knitwear industry in Ludhiana contributes about 80 percent of the total woolen/acrylic output of the economy and generates employment for over 400,000 people in the city.

Demonetisation has dealt a severe blow to small time traders and shopkeepers, whose 90 percent trade happens in cash.

"The Ludhiana hosiery industry is the mother of industry which has almost 12,000 units. The sudden ban of notes has affected our industry in a very bad manner," said Ludhiana Knitwear Club Chairman Vinod Thapar.

"More than 70 per cent of the industries have shut down. Workers have migrated back to their homes and unemployment has increased," he added.

The city has a large number of small industries - both registered and unregistered - which deal with readymade garments, textiles and winter hosiery products. They export both locally and globally.

The industry has seen a downfall in consumer footfall as thousands have been left without cash in the wake of demonetization and strict limits on withdrawals from banks.

"Demonetisation has affected businesses a lot and only five percent of work has survived so far," said a worker at a garment factory, Pushp Kamal.

"How will people purchase readymade garments? Our industry is suffering a lot. As winter season is going on, and this is the season for hosiery garments and everything has gone bust," he added.

Prime Minister Narendra Modi's drive to purge "black money" from the economy by withdrawing 500 and 1000 rupee currency notes in one stroke has wiped out 86 per cent of the money in circulation.

The move to demonetise these large bills is designed to bring billions of dollars' worth of cash in unaccounted for wealth into the mainstream economy, as well as create a dent the finances of Islamist militants who target India and are suspected of using fake 500 rupee notes to fund their criminal operations.(ANI)

New Delhi [India], Apr 30 (ANI): In the wake of the ongoing challenges faced by the Indian IT and other sector from protectionism in the United States and Artificial Intelligence (AI), an ASSOCHAM-PwC study revealed that the solution to this lies in facing the issue upfront and skilling up the country`s human resource.

Full Story >>

New Delhi [India], Apr 29 (ANI): Union Finance Minister Arun Jaitley on Saturday said that the penalising powers of the Enforcement Directorate (ED) should be used expeditiously in cases of non- compliance.

Full Story >>

NITI Aayog rules out taxing agricultural income

Updated: Apr 29, 2017 15:54 IST     

Hyderabad (Telangana) [India], Apr 29 (ANI): Rubbishing claims of taxes being levied on agricultural income, NITI Aayog Vice Chairman Arvind Panagariya stated that there has been no such proposal put forth by the chamber.

Full Story >>

New Delhi [India], Apr 29 (ANI-BusinessWireIndia): The latest version of U-Dictionary Android app (v 2.6.1) now allows you to just Copy an English Word in a WhatsApp message and instantly get the meaning in your native language via Tap to Translate feature.

Full Story >>

New Delhi [India], Apr 29 (ANI-NewsVoir): 96 percent of organizations have Digital Transformation initiatives on their roadmap and more than half of those initiatives are in process now. There is obviously a huge appetite across enterprises to utilize innovation for competitive advantage and this places a huge burden on businesses to deliver access to services, data and apps, at any time and from anywhere 24.7.365.

Full Story >>

New Delhi [India], Apr 29 (ANI): The Ministry of Corporate Affairs (MCA) on Saturday sent notices to around two lakh inoperative companies ordering them to terminate operations and de-register themselves from the MCA.

Full Story >>

Time for India to be tax-compliant: Jaitley

Updated: Apr 29, 2017 13:06 IST     

New Delhi [India], Apr 29 (ANI): Introspecting the non-compliance of tax havens with currency and fiscal reforms, Union Finance Minister Arun Jaitley on Saturday asserted that it is important for the Indian economy to move from a non-compliant to a highly-compliant state.

Full Story >>

Join the Breathefree movement and #SAVEYOURLUNGS

Updated: Apr 29, 2017 11:53 IST     

New Delhi [India], Apr 29 (ANI-BusinessWireIndia): Our choice of living has made us vulnerable to many lifestyle diseases. Smoking, no physical activity, food preferences and environmental factors like dust storm and pollution are making our lungs weak.

Full Story >>

New Delhi [India], Apr 29 (ANI-BusinessWireIndia): Arch Academy of Design as a host partner institution in India with support of the Government of Rajasthan hosted an International Cultural Governance Workshop at Zorba, The Buddha, Ghitorni Delhi with collaboration of European Network on Cultural Management and Policy, Creative Europe, The Creative Enterprise Programme of the European Union, The University of Antwerp and The University of the Arts, London.

Full Story >>

New Delhi [India], Apr 29 (ANI-NewsVoir): OnePlus, a global mobile technology startup on Friday hosted the first edition of TEDxBangaloreSalon for 2017 - an initiative aimed at inspiring innovation, sparking discussion and promoting knowledge sharing.

Full Story >>

Direct Create to add 1000 makers to the platform

Updated: Apr 29, 2017 09:17 IST     

New Delhi [India], Apr 29 (ANI): Direct Create, a collaboration-based community platform built to rapidly scale the handmade sector on Friday announced its plans to bring in an additional 1000 makers along with a count of over 200 designers in the coming quarter.

Full Story >>

Amazon, Rocking Deals collaborate to sell refurbished phones

Updated: Apr 29, 2017 09:06 IST     

New Delhi [India], Apr 29 (ANI): E-commerce platform Amazon on Friday announced its partnership with Rocking Deals for the sale of refurbished phones within its 'seller warranty.'

Full Story >>

New Delhi [India], Apr 29 (ANI): Mobile and desktop advertising network AppsDiscover Technologies Pvt. Ltd on Friday announced the appointment of Muhammad Jumhari as the Country Head-Indonesia.

Full Story >>

CBDT inks two APAs with taxpayers

Updated: Apr 28, 2017 20:28 IST     

New Delhi [India], Apr.28 (ANI): The Central Board of Direct Taxes (CBDT) has signed two Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers, strengthening the government's commitment to fostering a non-adversarial tax regime

Full Story >>

UK Iridium brings best of world to Kandivali

Updated: Apr 28, 2017 19:58 IST     

Mumbai [India], Apr 28 (ANI-Businesswire India):At a time when homes in Mumbai are getting more and more unaffordable, comes a breath of fresh air. Right in the heart of this bustling city, is an oasis of peace and comfort. Luxurious homes that are grand like your dreams, and well priced to suit your pockets! UK Iridium, a magnificent dream by UK Realty, brings you a 3.5 acres property that you can now call home!

Full Story >>

New Delhi [India], Apr 28 (ANI-NewsVoir): Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises, Government of India, in collaboration with PHD Chamber and ONGC is organising a mega CSR Fair and Thematic Conferences from 4th to 6th May, 2017 at Pragati Maidan, New Delhi.

Full Story >>

H1B Visa issue might trouble India, says Arvind Subramanian

Updated: Apr 28, 2017 18:37 IST     

New Delhi [India], Apr 28 (ANI): Chief Economic Advisor Arvind Subramanian on Friday expressed his concern over the H1B Visa issue, saying that if we start getting restrictions on the visa then it is going to be a problem for India.

Full Story >>

New Delhi [India], Apr 28 (ANI-NewsVoir): OTTOEDGE, a full service automotive marketing agency based in India has been assigned as the official Creative, Digital and Media agency by MAN Trucks India which is a 100 percent subsidiary of MAN Truck and Bus AG, Germany, the world's leading manufacturer of trucks and buses.

Full Story >>

New Delhi [India], Apr 28 (ANI-NewsVoir): IndianBlueBook (IBB), the industry-first 'pricing and analytics' platform for new and pre-owned vehicles in India, today released its study "Residual Value Analysis of the Luxury Car Segment in India - 2017."

Full Story >>

New Delhi [India], Apr 28 (ANI-NewsVoir): Spaces, Amsterdam-born creative workspace pioneer, has launched its first location in Gurugram. Located in Cyber City, the newly launched facility marks the company's first Indian entry.

Full Story >>