In the wake of the current Coronavius outbreak, CMAI has made certain representations to the government on all the issues confronting the apparel industry. The association has requested the government to postpone all statutory dues such as income tax, advance tax, GST, etc.
It has also requested for a minimum of 180 days moratorium on repayment of all bank loans, and disbursement of 25 per cent additional working capital loans on 0 per cent interest to tide over the current liquidity shortfall caused by the closure of most shopping Malls and markets.
In addition, CMAI has requested the Government to provide some wage subsidy, so that there are no job losses in this sector, and creation of a special Factor Fund for MSMEs to discount their bills immediately. All of the above will enable the Industry to ensure that the payment cycle to and protect the two weakest sections – the workers and the vendor base, which is essentially in the MSME Sector.
CMAI is hopeful that the government will pay heed to the requests of the apparel sector, which employs almost 25 million people, largely women, between its manufacturing and retailing segments.