A section of industry is optimistic about reduction in yarn prices and continuous supply of yarn as the Ministry of Textiles (MoT) is now examining and working to resolve the crisis that has emerged owing to frequent increase of yarn prices and disruptions in regular supply of yarn.
In a statement, Raja M. Shanmugham, President, Tirupur Exporters’ Association (TEA) expressed optimism that due to continuous and sincere efforts of the association and support of the ministry, a positive solution would emerge for the sustainability of Tirupur’s exporters.
It is pertinent to mention here that international cotton prices have now started coming down, though not to the level of India’s domestic cotton prices. In line with this, Indian cotton prices have also been gradually reduced. Raja expects to see a normal price range in near future.
However, it is also being said that the stable and reduced cotton price in India has not benefitted Indian apparel manufacturers as cotton prices still continue to be very high.
TEA also held a meeting with the Textile Mills Associations, where apparel exporters strongly stressed that the need of hour is to reach a win-win situation and come out of the woods.
Raja expects that the new financial year will be free of all odds for apparel exports, give full business confidence and will be prosperous for all exporting units,with the stakeholder units connected to them.
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