The hosiery industry of Ludhiana in the state of Punjab is anticipating a flat business this season though the temperature across north India is dropping down. As the export of hosiery products saw a downfall of 15 percent due to economic meltdown and delayed onset of last winter, which led to a large stockpile of hosiery items.
Moreover, electricity crisis and labour shortage in the state are the major issues for the industry which witnessed a drop in this year's production by 10 percent, till now. This year, the industry hopes to attain just a five percent growth rate, same as that of last year.
Domestic market for woolen products amounts to Rs. 60 billion, 90 percent of which is fulfilled by Ludhiana industry, but this year due to labour shortage the industry is facing challenges to meet the demand.
The industrialists are trying to overcome the situation by introducing greater automation and by imparting required skills' training to the labour. But the major hurdle is that, the youth of the state are not coming forward to undertake these trainings.
Fibre2fashion News Desk - India
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