Cancelled Hopes
In the last two months, $25 billion worth of export orders cancelled
50-60% cancellations seen across sectors
Apparel, leather, handicraft and carpets worst affected
No immediate revival signs as global demand is at its worst
Gurugram-based Raj Kumar Malhotra, owner of a star export house specialising in handcrafts, has never seen a more severe business disruption. His company, Asian Handicrafts Pvt Ltd, which makes thousands of customised textile-based handicraft gift items – boxes, photo frames, ornaments, home accessories – targeting festival sales in US and European markets has seen its production and delivery plans go awry. “Fifty per cent orders have been cancelled outright. Another 25 per cent are on hold without confirmed delivery dates. A third set of 20 per cent say they will buy, but when and where, and at what price, they are not certain. The remaining (5
