US trade agreement a must to save Ludhiana's hosiery industry: Congress leaderDewan
Congress leader says hosiery units in Ludhiana struggling with rising input costs, US tarrifs
Former District Congress Committee president and Pawan Dewan on Saturday urged Prime Minister Narendra Modi to prioritise a trade agreement with the US, terming it crucial to save Ludhiana’s hosiery industry.
In a statement issued here, Dewan, also the former chairperson of the Punjab Large Industrial Development Board, said Ludhiana has long been the country’s hosiery hub, exporting goods across the globe.
“However, the hosiery industry has been grappling with rising input costs, making survival increasingly difficult. This fragile situation has now been compounded by the imposition of 50 per cent tariffs by the US on Indian textile exports,” he added.
Underscoring what he said was the need for urgent intervention at the highest level, Dewan said the PM must prioritise the trade agreement with the US to help restore the hosiery exports, protect jobs, stabilise prices and strengthen India’s position in global trade.
Citing reports from industry associations warning that a number of hosiery units may be forced to shut down if the tariffs continue, Dewan cautioned that the consequences of such closures would be devastating.
“Tens of thousands of workers, many of them migrants dependent on daily wages, face unemployment. The crisis is not confined to exporters alone, consumers will bear the brunt,” he pointed out.
Dewan emphasised that with higher tariffs making exports unviable, producers are left with no choice but to pass on costs. “Knitwear and hosiery products are likely to become more expensive in domestic markets, squeezing household budgets and reducing affordability. At the same time, India risks losing its competitive edge to countries enjoying lower tariff barriers in the US,” he added.
