By news section
Tirupur: As the situation in Tirupur is so dire, a banner placed in front of a grocery store in Tirupur saying that customers have no credit is going viral on social media.
Tirupur, a labor town, has tens of thousands of people from various districts and foreign countries living and working with their families. In this case, due to the contraction in the industry for the last 6 months, the industrialists are facing various crises. Many companies are struggling with insufficient orders.
Due to increase in price of cotton and increase in loan interest rates, the industry is going into a bad state. Various MSMEs operating in Tirupur have been shut down. Many companies have started to engage in production cuts. Workers suffer greatly due to job loss. Cash flow among people has decreased. It has affected businesses from tea shops to grocery stores.
In this case, an advertisement banner placed in a grocery store in Tirupur area has been widely shared on social media including Facebook and WhatsApp for the past 3 days. In it, he said, “The situation in Tirupur is very bad. Because of this, the agencies that give me loans have come to a stage where they will give me things only if I pay them. So I don’t have enough funds to give you a loan. So there is no room to talk about loans.
Similarly, avoid lending. “There is no room for debt as there are expenses such as monthly shop rent, salary of employees, electricity bill. Small, micro and medium enterprises are closed. Many companies have reduced production.