Over the years, the state of the textile industry has slowly started changing. With the growing crisis in the industry, the power loom units in Tirupur district, Tamil Nadu have witnessed a huge drop in receiving orders compared to previous years.
The gig economy is assuming some importance now, not just because it has been expanding at a furious pace according to some HR consultants, but also since the expansion is happening as the Indian economy slows down and formal jobs become harder to come by.
“Order for our products has dropped drastically in the past few months. On top of that payments from our clients have also become irregular,” says Satyajit Kundu, Owner, Lakshmi Foundry Works Private Limited, Howrah, adding that lack of demand has made at least 25 per cent of workforce redundant.
Earlier girls used to blindly marry boys from families of diamond merchants. Now the invisible board outside every girl’s house is: diamond dealers needn’t apply, says Maganbhai V Patel, secretary of the Diamond Market Association of Ahmedabad.
To understand the current slowdown in Indian economy, look no further than the Gujarat model of recession. The state once touted as the beacon of vikas (development) is now showing classical signs of a systemic slowdown.
Indians are not buying homes, cars or flight tickets. Big deal, you’d say, arguing that the real estate market was a bubble waiting to burst and the rest of the expenses are discretionary. But, the problem with the Indian economy at the moment is that people are buying absolutely nothing—not even cheap biscuits, not even underwear.