Hosiery industry is doing brisk business in Ludhiana
Ludhiana, Sep. 23 (ANI): The Hosiery industry is doing a brisk business here and has created a place for itself in domestic as well as foreign markets.
Hosiery firms in the city are enjoying huge profits. Traders believe the reason behind the huge demand is the run of cool weather.
"Ludhiana hosiery is mother industry of Ludhiana and it is over 100 years old. There are about 12,000 to 14,000 small-scale and large-scale units in this industry. Its turnover is approximately 85 billion," said Vinod Thapar, the president of the Knitwear Club.
Thapar said that hosiery fetches about rupees 15 billion from foreign markets and 70 billion from domestic demand.
He added that the hosiery industry provides direct and indirect employment to about 400,000 locals.
Ludhiana accounts for nearly 90 per cent of the country's hosiery industry and the increasing profit in this sector is luring more and more companies to make a debut in this field.
"Even though the cost of yarn has increased by 20 to 25 percent, we still earned a profit of 15 to 20 percent in the business of yarn, fabric and garments," said Tarun Mehra, Director of Naagesh Network Private Limited, a hosiery manufacturing firm.
The industry is a major foreign exchange earner for India, and includes America and Russia among its clientele. By Karan Kapoor (ANI)
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