The industry was facing problems on account of their huge investments in the first ever Zero Liquid Discharge (ZLD) projects in the country, the textiles ministry said in a statement.
Unaccounted cash to the tune of Rs 36 lakh in the denomination of Rs 2,000 notes were seized from a car in nearby Tirupur district, early today and five persons taken into custody in this connection, police said.
Accounting for a whopping 23,000 crore per year in exports, Tirupur and Tamil Nadu is home to a vibrant textile industry. Since demonetisation, town's revenue from retail and wage payments have been hit.
Garment exports from here stood at Rs 20,730 crore in the previous fiscal, Tirupur Exporters Association (TEA) President A Sakthivel told reporters.
With the launch of the 29th store yesterday near here, the company is poised to present its leadership in innovative consumer technology space with appliances that offer 100 percent performance and quality, Managing Director and CEO of Bosch India, Gunjan Srivastava, said in a press release.
Achieving zero water pollution at Tirupur, the apparel hub of Tamil Nadu, will cost about Rs 160 crore and the Centre is open to helping the garment industry in the state, which has been asked by the court to meet strict environment norms, with respect to funding.
The Centre today set up a committee with representatives from the Tamil Nadu government and the industry to find a solution for reopening the textiles units in Tirupur, which have been closed on court orders for failing to meet the water pollution norms.
These are trying times for Tirupur's textile industry. The dyeing industry is already reeling under the Madras High Court's closure order and now, exporters are reporting heavy losses.
The dyeing industry in Tirupur has come to a complete standstill. This is all because, the madras high court ordered them to remain closed till they completely stop environmental degradation.
In what comes as a blow to the textile industry in Tirupur, the Madras High Court on Friday ordered the closure of all the dyeing units in Tirupur. This move will cause a loss of Rs 42 crore to the knit-ware industry every day.