Spinning industry needs support.

Textile mill associations in India are requesting financial support for the spinning segment, affected by conflicts and import duties. The Confederation of Indian Textile Industry has asked for a moratorium extension and conversion of loans to help cope with a 50-70% drop in capacity utilization. Rakesh Mehra, CITI chairman, advocated for continued financial assistance on a case-to-case basis to alleviate the challenges faced by the spinning sector. The textile industry had received significant support of Rs 16,920 crore under ECLGS, comprising 6% of the total disbursement as of September 30, 2022, aiding in sustaining market share and achieving export targets. CITI reports a sharp decline in cotton yarn exports, overall cotton textiles exports, and total textiles and clothing products in 2022-23 compared to the previous year, causing a crisis in the spinning segment.