Demonetisation: Indian textile industry lets 10,000 workers go

In a move that was courageous as well as historic, the Indian government, led by prime minister Narendra Modi, has started demonetising 500- and 1000-rupee notes at the beginning of last month. The sudden measure took traditionally cash-intensive sectors by surprise, among them the textile and garment industry, which has been hit hard. Ten thousand textile workers have been laid off due to the cash crunch that has reduced production capacities from seven days to three days a week in some cases. The leather industry is not faring any better, given that it consists to 90 percent of small- and medium-size enterprises.