Financial Daily from THE HINDU group of publications
Tuesday, Sep 07, 2004
Financial Daily from THE HINDU group of publications Tuesday, Sep 07, 2004 |
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Industry & Economy
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Textiles Rapid rise in closure of textile mills Anil Sasi
New Delhi , Sept. 6 THE textile industry, the country's second largest employer after the agriculture sector, has seen an alarming rate of closure of mills. Mills have been downing their shutters at an average of one mill a week throughout the last five years. According to Government statistics, in July 1999 there were about 220 closed textile mills in the country, with the number soaring to 469 by July 2004. During this five-year period, textile mills have continued to close down at the rate of 51 mills every year, or roughly one every week. Of the 469 mills closed down so far, a total of 273 mills or close to 60 per cent of the total mills have shut shop because of financial difficulties, according to the Textiles Committee. Another 67 mills have shut due to strikes and labour problems. The closure of the mills has further contributed to the rapid rise in unemployment during the period, with the number of unemployment workers in the textile industry rising by nearly 50 per cent to 4.20 lakh mill hands. The mills that had closed down during the period include units belonging to established houses including Bradbury Mills, Mukesh Textile Mills, Shree Nivas Cotton Mills, Kohinoor Mills, Khatau Mills, Matulya Mills, Victoria Mills, Swan Mills, Kamala Mills, Swadeshi Mills, Piramal Mills, Standard Industries, United India Mills and Western India.
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