Over 6,000 knitwear units down shutters, seek reduction of cotton yarn prices, Retail News, ET Retail

Representative Image Coimbatore: Over 6,000 knitwear and garment and allied unit owners in nearby Tirupur downed shutters on Friday, demanding reduction of the skyrocketing cotton yarn prices for the last 10 months and banning its exports. A group of unit owners also sat on a one-day hunger strike opposite the […]

Representative Image

Coimbatore: Over 6,000 knitwear and garment and allied unit owners in nearby Tirupur downed shutters on Friday, demanding reduction of the skyrocketing cotton yarn prices for the last 10 months and banning its exports. A group of unit owners also sat on a one-day hunger strike opposite the Corporation office accusing the mills of hoarding, thus paving way for artificial increase of the prices of yarn, the main raw material for the manufacture of knitwear and garments.

About 80 per cent of shops and commercial establishments in and around Tirupur downed shutters, while almost all political parties and their affiliated trade unions extended their support to the closure, which resulted in a production loss of over Rs 100 crore, industry sources claimed.

Stating that the prices increased from Rs 220 for one kg in January to Rs 350 during November, sources in the garment industry said they wanted the Tamil Nadu government to set up a Cotton Procurement Centre and also ban the exports of cotton and cotton yarn.

Over 100 organisations involved in garment manufacturing, including Tirupur Exporters’ Association, Tirupur Exporters and Manufacturing Association, South India Hosiery Manufacturing Association and Dyers association participated in the one-day token strike, they said.

Tirupur being a major knitwear hub, exports over Rs 26,000 crore worth garments and also produces Rs 24,000 crore worth garments for domestic sales, which provide jobs to nearly nine lakh people both directly and indirectly.

Next Post

Centre urged to defer GST rate hike on apparels, Retail News, ET Retail

Kolkata: Expressing concern over the Centre’s recent notification on higher GST rates for several apparel items from January 1 next, a prominent hosiery manufacturers’ association has sought its deferment, saying it will impact the common man and those in the MSME sector. The proposed change in the rate from the […]