Surat, India - December 22, 2023: In a significant move to address issues surrounding late payments by traders, the Adhatiya Textile Association Surat (ATAS) announced a new policy on Thursday. The decision, reached after a meeting of board members and directors, aims to support suppliers and promote responsible business practices within the textile industry.
The core of the new policy lies in ATAS's collaboration with suppliers. The association will advise all agents, agencies, and commission agents to prioritize traders who adhere to timely payment terms. Agents will be instructed to refrain from placing orders for traders with outstanding payments exceeding 90 days. This move signifies ATAS's commitment to promoting a culture of financial accountability within the textile trade.
Furthermore, ATAS plans to unite agents, agencies, and brokers to prioritize quality business over mere quantity. This initiative intends to create a more sustainable and reliable business environment for all stakeholders. Additionally, ATAS will encourage suppliers working with agents outside Surat to gradually shift their operations back within the city, further strengthening local business connections.
The meeting that led to this new policy was attended by prominent figures in the Surat textile industry, including Prahlad Kumar Aggarwal (President), Kedar Nath Aggarwal, Mahesh Chand Jain, Sachin, Rajiv Omar, Sanjay Modi, Bajrang Gupta, Nitesh Panjawani, Jai Prakash Aggarwal, Subhash Jain, Jhabarmal Goyal, Ashok Bajari, Ghanshyam Bansal, Gauri Shankar Mehta, Anand Kumar Agarwal, Prem Kumar Makhariya, and Akshat Bagaria.
ATAS's decisive stance against late payments and its focus on quality business practices are expected to positively impact the textile industry in Surat. This move underscores the association's commitment to creating a fair and thriving business environment for all participants.
