For the first time in history, a candy containing 356 kg of cotton has touched one lakh rupees. The leaders of 'SIMA' and 'CITI' have said that it will take two months for the cotton imported from abroad to arrive in India and that they should be patient till then.
Coimbatore: The textile sector is the second largest employer in the country after agriculture. Tamil Nadu accounts for one-third of the Indian textile industry structure.
In Tamil Nadu alone, more than 60 lakh people have found employment. The textile industry and all the industries in its chain that have gained such prominence have been hit hard by the rise in cotton prices.
The price of a candy containing 356 kg of cotton has recently increased to Rs.95,000. The textile industry met with the Union Ministers in person and took up the issue as there was a risk that this exorbitant price hike would paralyze the entire textile industry. They said the problem would be solved by removing the 11 per cent tax on cotton imports.
Following this, the Central Government immediately issued a notice completely removing the tax on cotton imports till September 30. The move caused great excitement among all the textile industry in the country. However, the price of cotton continues to rise. A candy 'Shankar 6' type cotton with 356 kg of cotton is being sold today for one lakh rupees. For the first time in the history of the textile industry, the price of cotton has made new history.
Two months of patience is required:
South Indian Mills Association (SIMA) President Ravi Sam and Indian Textile Industry Federation (CITI) President Rajkumar said:
All the industries in the textile chain as a whole have been pushed into a very precarious situation as the price of cotton continues to rise. The Central Government has removed the tax on cotton imports.
However it took two months for the cotton booked to be imported from abroad to arrive in India. Until then, domestic cotton prices will continue to rise. Cotton prices are expected to fall by the end of June. This price hike has affected all the companies in the textile chain series. Therefore, the management of the spinning mill has to be patient for two months with this in mind, ”they said.
In Tamil Nadu alone, more than 60 lakh people have found employment. The textile industry and all the industries in its chain that have gained such prominence have been hit hard by the rise in cotton prices.
The price of a candy containing 356 kg of cotton has recently increased to Rs.95,000. The textile industry met with the Union Ministers in person and took up the issue as there was a risk that this exorbitant price hike would paralyze the entire textile industry. They said the problem would be solved by removing the 11 per cent tax on cotton imports.
Following this, the Central Government immediately issued a notice completely removing the tax on cotton imports till September 30. The move caused great excitement among all the textile industry in the country. However, the price of cotton continues to rise. A candy 'Shankar 6' type cotton with 356 kg of cotton is being sold today for one lakh rupees. For the first time in the history of the textile industry, the price of cotton has made new history.
Two months of patience is required:
South Indian Mills Association (SIMA) President Ravi Sam and Indian Textile Industry Federation (CITI) President Rajkumar said:
All the industries in the textile chain as a whole have been pushed into a very precarious situation as the price of cotton continues to rise. The Central Government has removed the tax on cotton imports.
However it took two months for the cotton booked to be imported from abroad to arrive in India. Until then, domestic cotton prices will continue to rise. Cotton prices are expected to fall by the end of June. This price hike has affected all the companies in the textile chain series. Therefore, the management of the spinning mill has to be patient for two months with this in mind, ”they said.