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Cost cutting most important to overcome current crisis: Survey

Respondents to a recent survey by Textile Excellence viewed cost cutting as the most important strategy to overcome the current crisis and emerge strong. Along with cost cutting, 29.45 per cent respondents also listed other measures such as: product development and innovation, improving efficiency, increased emphasis on marketing and sales both in domestic and export markets, fund management and cutting production, as important to deal with the situation. Around 24.80 per cent of respondents preferred to wait and watch how the scenario emerges 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 financial year 2020-21, 43 per cent of the respondents expect 30 per cent of their production to be impacted, while 39 per cent expect 50 per cent of it to be impacted. Twenty seven per cent of the respondents also expect the lockdown to lead to 35 per cent job losses in the industry.