The Tirupur Exporters Association is hopeful about a price cut in yarn

Shanmugham had demanded that the TEA take into account the MSMEs’ request for lower yarn rates, as well as ensuring that yarn is delivered on time, as promised to the association’s members.

The Textiles Ministry is investigating and working to address the crisis resulting from regular rises in yarn prices and supply disruptions, according to Raja M Shanmugham, president of the Tirupur Exporters Association (TEA) on Friday.

Shanmugham expressed hope for a positive resolution to the crisis in a statement released here. International cotton prices have begun to fall, but not to the level of domestic cotton prices, and Indian cotton prices have been steadily reduced as a result, he said.

He projected that prices will return to normal in the near future. He recently told the textile mills associations that the need of the hour was to find a win-win situation and get out of the jungle.

He had demanded that the TEA’s request for lower yarn prices be considered because MSMEs are in large numbers, as well as ensuring that yarn is supplied on time as promised to the association’s members.

Referring to what he described as a better business relationship between mills and the downstream sector, he said this could help mutual growth of both sectors in the long run and the mills associations have assured to take positive steps for the betterment of all sectors in the textile industry.

Shanmugham said the new financial year would give business confidence, prosperity to all exporting units and the stakeholder units connected with exporting units. Expressing apprehension on the second wave of COVID-19, he appealed to exporting units and the stakeholders units to be cautious and ensure vaccination of the members, their employees and others connected with the industry, who were aged above 45.