The Impact Of The Coronavirus Pandemic On The Indian Cottage Textile Sector
The novel Coronavirus pandemic, which began in the Hubei province of China, has now spread to most countries of the world including India. Although the number of positive cases reported have been low compared to countries in Europe such as Spain and Italy, the virus could have a disastrous impact on the fragile Indian economy. We delve into what could be the potential aftermath of this virus on the cottage textile sector of India.
The future of the handloom sector hangs in the balance as the lockdown is announced in India.
Lock down in China
The lock down and the subsequent ban of exports from China meant that Chinese silk was no longer in supply in the Indian markets. This immediately drove up demand for Indian silk yarn, resulting in a sharp rise in the price of Indian silk. Some suppliers of silk started hoarding silk yarn which they panned to sell at a much higher margin due to the shortage in supply. At this point (around mid January), it was quite obvious that the pandemic was having a negative impact on the economy. Higher prices/shortage in supply meant that a good number of weavers were temporarily out of jobs.
Day to day life in China has been completely upset due to the novel coronavirus pandemic and the lockdown imposed
21 day lock down in India
It is also unclear at this moment if the lockdown would be extended much further than this period.
Government relief measures