You caught me <| sep |> Same for me , just seen one in a gym . <| sep |> I ' m not totally sure but I think that might be my boy Guzma . <| sep |># Textile hub in tatters as cash crunch takes a toll on production in Tirupur 621 x 414 LiveMintPeriod 220161125 PhotosProcessedtirupks 7621 x 414 LiveMint . jpgIn Tirupur , at least around 75 % of the over 500 , 000 workers base are paid weekly in cash and the rest are paid at the end of the month . Photo SaiSenMintNew Delhi The yearend is normally a cheerful time at the textile hub of Tirupur in Tamil Nadu , when holiday orders pour in from the US and Europe . This time , there is gloom . The cash crunch triggered by the sudden withdrawal of highvalue currency notes has crippled the economy of Tirupur that depends on thousands of labourers who earn their wages in cash . I am sitting with 10 workers of the 90 I deploy , M . P . Muthurathinam , owner of Rooban Clothing Co . , said over phone from Tirupur . I have no cash for my workers and they are either on leave or have left jobs due to the cash crunch . Muthurathinam now worries his clients may cancel a chunk of his export orders since he won ' t be able to deliver the goods on time . Generally , November and December are happy months for us as good business order flow materializes due to the Christmas and New Year season abroad , said Muthurathinam . The textiles cluster of Tirupur employs some 500 , 000 people directly and does an annual business of nearly Rs 40 , 000 crore . While Rs 25 , 000 crore comes from exports , the rest comes from the domestic business . Muthurathinam said many factory owners like him will not be able to pay their workers or fulfil orders , resulting in a loss in revenue . Muthurathinam is one of the hundreds of textile factory owners in Tirupur who are facing up to a 40 % decline in their annual business due to the cash crunch and the unavailability of labour following demonetization . The textiles belt , often referred to as the Manchester of south India , has remained crippled over the past 15 days and its impact will be felt for at least three to four quarters , factory owners and their association said , disputing claims that the pain will be shortlived . Credit rating agency Moody ' s Investors Service on Thursday said in a report that the decision to withdraw Rs 500 and Rs 1 , 000 notesapproximately 86 % of banknotes in circulation by valuewill have credit implications for every sector of the economy . However , uncertainty about the short and mediumterm quantitative impact of this unprecedented move is very high , it said . So , why is Tirupur getting impacted severely ? Factory owners said that though businesstobusiness transactions are mostly cashless , payments to labourers are predominantly in cash . In Tirupur , at least around 75 % of the over 500 , 000 workers base are paid weekly in cash and the rest are paid at the end of the month . In the absence of cash , production has been significantly affected , said G . R . Senthilvel , owner of Tremendouss Exports . Our export business is purely cashless . But the portion of our domestic business is cashdependent . Moreover , the labour dealings are purely in cash as these people are largely unbanked due to their low education levels , said Senthilvel . He has now written to clients in South Africa requesting an extension of delivery deadlines due to the production loss . He says clients can do one of three things slap a penalty , cancel the order , or blacklist them for a certain period . In either of the case , it ' s a loss of revenue , Senthilvel said . Though the government ' s intention to curb black money is good , its poor implementation has hit companies like ours and the working class the most , he said . Meanwhile , the Tirupur Exporters and Manufacturers Association has written to the Prime Minister ' s Office to take note of the situation and help them with more cash . Senthilvel said while they support the fight against black money in principle , poor implementation of the demonetization will impact Prime Minister Narendra Modi ' s Make in India campaign and hit job creation . If business gets hit , it will have a direct impact on employment , he said . Version 0 . 5 b Function I post the article ' s text as a comment if the website is adblocker unfriendly . I accept commands ! Powered by