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CITI appeals for holding cotton yarn prices for a while
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SME Times News Bureau | 20 Apr, 2010
Confederation of Indian Textile industry (CITI) has requested the spinning industry to avoid any increase in cotton yarn prices for the next three months, in view of the problems being faced by the downstream segments of the industry.
In an appeal addressed to the industry, Shishir Jaipuria, Chairman of CITI has pointed out that in a recent meeting, the Minister of Textiles had stressed on the problems being faced by the handloom industry for accessing hank yarn.
In this context, Jaipuria also requested the industry to maintain adequate supply of hank yarn to the handloom sector at affordable prices.
In a statement issued in the capital explaining his appeal, Jaipuria stated that prices of cotton yarn have increased because of steep increase in cotton prices, power cost and labour cost. Globally, cotton production has declined and consumption increased during the current cotton season, pushing up cotton and yarn prices steeply all over the world, including in India.
But, he added, "The downstream segments like home textiles and garments are not in a position to pass on the increased cost of raw materials fully to the global markets which are just gradually recovering from recession."
Jaipuria pointed out that global cotton production is expected to increase substantially in the ensuing cotton season and the current problem of high raw material prices is therefore expected to ease in another six months.
He also requested government to provide some additional incentives for exports of home textiles and garments for these six months, in order to help these sub sectors to tide over the temporary problem.
Asserting that all the sub sectors in the textile value chain are highly inter dependent, CITI Chairman stressed the need to aim at sustained growth of the entire industry. Shishir Jaipuria appealed to the industry to rise up to the occasion and take proactive measures to address the problem of increasing cotton yarn prices in the country.
He also requested government to ensure an ending stock of 65 lakh bales of cotton this year, as against 40.50 lakh bales currently estimated by governmentâs Cotton Advisory Board, in order to control cotton prices and help the textile industry to avoid price increases.
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appeciable
Somnath Dey | Tue Apr 20 13:22:36 2010
Thanx , CITI . It is appreciable .
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