The Indian textile industry which provides employment to about 10 crore people directly and indirectly and accounts for 2% of GDP, is staring at huge job loss, not seen in last 10 years, claimed an apex body representing the industry.

According to The Northern India Textile Mills Association (NITMA) - an association of textile mills located in Northern India, textiles industry is facing the worst financial crisis and slowdown, which has forced spinning companies to cut down their production and shut down their mills.