The shortage of yarn in the domestic market has resulted in the hiking of prices in the hosiery and knitwear industry. On Monday (March 15), all the associations of Tirupur garment industry are observing a voluntary closure for a day, where all the shops and production will remain closed.
This is to show solidarity and give moral support for saving the industry against the abnormal price hike of the yarn.
“We have been facing this price hike issue since last year which resulted in an increase in our product prices ranging from 1-1.5% to 4%. We have written to the Finance Minister and Union Textile Minister to look into the steep rise in cotton yarn prices which is impacting most of the MSMEs,” said Vinod Kumar Gupta, managing director, Dollar Industries Limited.
Gupta added “Many players are facing issues due to raw material shortage and might be forced to halt their operations if this continues. This Voluntary Closure is an effort to unanimously raise our voices in support of the whole industry on the abnormal price hike of the yarn which is putting pressure on not only businesses but also on the consumers”, said Gupta.