Kashmir floods leave hosiery industry in limbo
Though floods have ravaged Kashmir, their repercussions are being felt across borders. Ludhiana's hosiery industry is one of those affected adversely by the catastrophe.punjab Updated: Sep 15, 2014 20:24 IST
Though floods have ravaged Kashmir, their repercussions are being felt across borders. Ludhiana's hosiery industry is one of those affected adversely by the catastrophe.
Bracing for the winter ahead, Kashmiri traders used to visit the city during this time of the year to place orders for woollens. But with the worst floods in six decades hitting the Valley this year, the business is running into losses.
Money of several city traders is also stuck in valley. As hosiery business works on credit payments, at least 50% of the amount of every transaction is given during the next season.
Now, with the major portion of the valley submerged, the payments that were supposed to be given by retailers and wholesalers of Kashmir to Ludhiana manufacturers are stuck.
Darshan Dawar, president of Knitwear Club, said heavy losses had been suffered by the hosiery industry due to floods in Kashmir.
“Exact loss will be estimated only after next month when things settle down there,” Dawar said. He said even blanket market of Amritsar would be hit due to the calamity in valley.
There were several wholesalers in Jammu city also whose business had been affected due to the floods in Kashmir as they supplied woollens to Kashmir and Ladakh regions, Dawar said.
Narinder Miglani, general secretary of Knitwear Club, said the hosiery industry in Ludhiana had been affected. There were some dealers who exclusively supplied woollens to Kashmir and they were the most affected people.
“Payments of many traders have also suffered due to the calamity that has hit Kashmir,” Miglani said.
Miglani said last year also the local hosiery industry was affected due to flash floods that hit Uttarakhand.
As winters are approaching and the industry is not expecting direct orders from traders in Kashmir, there is a hope that the government will order woollens from Ludhiana industry to provide relief material to the affected residents.
First Published: Sep 15, 2014 19:06 IST