The economic turmoil in Bangladesh is starting to impact business activities in India, particularly in the industrial city of Surat. The crisis has led to disruptions in trade relations between the two countries, with the textile industry feeling the brunt of the effects.
Arvindbhai Narola, director of Rahi Fashion in Radhakrishna Textile Market, expressed concern over the halted payments. He explained that many Surat traders dealing in suits, sarees, and dresses are heavily linked to the Bangladeshi textile industry. The stoppage of payments is creating anxiety among these traders.
Narola noted that while current business operations remain unaffected, the continuation of the crisis could lead to severe consequences. The upcoming Ramzan season, which significantly boosts textile sales starting five months prior, is now at risk. If the situation in Bangladesh persists, it could severely impact Ramzan shopping, which is crucial for the Surat textile market.
Arvindbhai Gadiya, another textile trader, highlighted the cascading effect on payments. He explained that the agitation in Bangladesh is delaying payments to Kolkata traders, which in turn affects Surat traders, as Kolkata traders cannot pay their dues to Surat without receiving funds from Bangladesh. This could potentially lead to a money crisis in the Surat textile market.
In conclusion, the prolonged instability in Bangladesh poses a significant threat to the textile industry in Surat, with traders hoping for a quick resolution to avoid long-term financial damage.
