Textile industry faces financial crunch

Surat, May 05 (ANI): The Surat textile industry is facing the worst crisis in its history. The market of textile industries has gone down by 45% in the last 2 to 3 months. President of South Gujarat Textile Processors Association Jitubhai Wakhariya on Thursday expressed sadness over the crisis. He added that there is a huge stock of fabrics but there is no purchase order. He attributed China's cheap fabrics to be one of the reasons behind this financial crisis. There are almost 7 lakh looms machines in Surat but many of them are closed now.