Crisis on textile city Panipat due to Russia-Ukraine war: fear of cancellation of orders from European countries, may cost five thousand crores

Russo-Ukraine war on textile city Panipat will have an impact on business.

The Russo-Ukraine war has broken out and if it is prolonged, then the textile city of Panipat will incur a loss of five thousand crore rupees. Haryana’s Panipat has received orders from Russia as well as Ukraine and other European countries for such a price, now the sword of its cancellation is hanging. Not only this, if the price of crude oil increases, then the production of yarn will also be expensive. As a result, the entire textile industry will be hit by inflation. In such a situation, the concern of entrepreneurs has increased. Ukraine is a country located in Eastern Europe. It is bordered by Russia to the east, Belarus, Poland, Slovakia to the north, Hungary to the west, Romania and Moldova to the south-west. Textile products go from Panipat to all these countries.

China was getting the benefit of indifference
India got the benefit after the apathy from China in the Corona call. The number of orders for textiles from European countries increased in Panipat. Due to this, Panipat got orders worth thousands of crores and now the war has slowed down this pace. The direct impact of the war has been on crude oil, as a result the price has become barrel Brent at $100. Due to this increase, the prices of polyester yarn consumed in Panipat may increase by up to Rs 10 per kg in the coming three days. Panipat consumes 2000 tonnes of polyester yarn daily. If the war goes on for a long time, the industries may suffer big losses. Orders from Ukraine and its neighboring countries may be cancelled. Entrepreneurs may suffer a loss of about five thousand crores.
In globalization, every country is dependent on each other.
Sanjeev Manchanda, president of Panipat Rang Rasayan Traders Association, says that the war will affect the movement of goods to other countries. This will have an impact on European as well as Asian countries. In globalization every country is dependent on each other. The domestic market will also be affected due to the loss to the export industries. Many industries of exporters make accessories. They are dependent on exporting industries only.

2000 tonnes of polyester yarn consumption per day in Panipat
Naveen Bansal, head of Bapoli Zone Industrial Association, says that the war has a direct impact on crude. The price of crude has become barrel Brant at $100. Due to this increase, the prices of polyester yarn consumed in Panipat may increase by up to Rs 10 a kg in the coming three days. Panipat consumes 2000 tonnes of polyester yarn daily. This will have a direct impact on the industries running on polyester yarn.