The Indian Textile industry employs over 100 million people, 10 crore people directly or indirectly and all of those are set to be hit by this crisis.
As per Directorate General of Commercial Intelligence and Statistics, In April 2019, the export of cotton yarn dropped 21%. In Apil 2018, the value of export was US$ 337 million, but in 2019 April it came down to US$ 266 million.
Subsequently, in May 2018, the export value was US$ 349 million, but a year later it came down to US$ 241 million, the downfall of about 30.8%.
June has been the worst so far. In 2018 June the value of cotton yarn export was US$ 378 million which came down to US$ 188 million in June 2019, which is almost 50.1% of downfall.
Overall, the export of cotton yarn from India dropped 34.6 per cent to $696 million in the first quarter of fiscal 2019-20 from $1.063 billion in April-June quarter between 2018-19.