Textile industry faces unprecedented financial stress – CITI &SIMA seek interim reliefThe Indian textiles and clothing industry that provides jobs to over 110 million people, the second largest employment provider next to agriculture, fetching 44 billion US$ forex, over Rs.25,000 crores GST revenue, etc., is currently facing an unprecedented financial stress mainly due to the prolonged Russian-Ukraine war that impacted EU and US markets,higher inflation, slow-down in global economy, 11% import duty levied on cotton and disruption in the supply of manmade fibres due to certain practical difficulties in implementing Quality Control Orders. The cumulative impacts are an 18% drop in total T & C exports, 50% drop in yarn exports, 23% drop in cotton textiles exports when compared to the previous year.