Fibres and Yarns | News & Insights


Published: July 24, 2023

Considering the extraordinary situation of the Spinning Mills in Tamil Nadu, Small and Medium (MSME) Spinning Mills have stopped their production of yarn and sale of yarn from 15.07.2023. In these situations, we had a meeting with the Hon’ble Minister of Finance and Electricity Shri. Thangam Thenarasu, Hon’ble Minster of Textiles and Handlooms Shri. R. Gandhi and Hon’ble Minster of Micro, Small and Medium Enterprises Shri. T.M. Anbarasan and their Secretaries, Government of Tamil Nadu today on 21.07.2023 at Chennai. The Spinning Mills Associations in
Tamil Nadu were represented in the meeting. We had a detailed discussion about the present crisis of the Tamil Nadu Spinning Mills. We have submitted a Joint Memorandum to the Hon’ble Ministers and Secretaries. A copy of the memorandum is enclosed for your perusual. After patiently listening to our request, the Minister assured that he will discuss with the Hon’ble Chief Minister of Tamil Nadu and provide adequate relief.

The Hon’ble Chief Minister Shri. M.K. Stalin had sent a letter to the Hon’ble Prime Minister Shri.Narendra Modiji and requested to withdraw the 11% import levy on cotton as it will reduce the production cost significantly. He requested the Union Government to provide financial support for MSMEs in the textile sector under ECLGS by extending the moratorium by one more year. Existing loans under ECLGS may be restructured, converting them into six-year term loans and fresh loans may be provided under ECLGS. Also requested to reduce the regular banking interest rate. The Hon’ble Chief Minister requested specific interventions of the Hon’ble Prime Minister to ease the
plight of the MSME-led spinning industry.

We hope that the State and Central government will consider our plea for the survival of the Spinning Industry in Tamil Nadu. Therefore, we requested our members to start the yarn production and sale in their Spinning Mills. On behalf of MSME Spinning Industry in Tamil Nadu, we thanked all the Press and Media for their overwhelming support for the cause.

Joint Memorandum to be filed during the meeting convened on 21.07.2023

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