India has always been a leader in textile recycling, even before sustainability was a buzzword in the industry. Panipat emerged as the recycling hub in the mid-1990s, producing cheap, shoddy yarn from recycled wool. The textile industry took off in Panipat, clocking over $300 million. But that has changed in recent years. Today, textile mills in Panipat are struggling as demand for cheaper and lighter polyester substitutes has increased with wholesale buyers. The demand slump has also hit revenues, with annual revenues falling to $62m.
[This article has been reproduced with permission from the Indian School of Business, India]