Cotton spinning mills in northern India facing crisis due the excess spinning capacity and decline in exports this fiscal year have resulted in poor cash flow and excessive stocks due to which they are planning to shut down one day a week, according to Chandigarh based Northern India Textile Millsâ€™ Association (NITMA) having 98 member mills that includes leading names such as Vardhaman and Trident, etc.
Mr. Sharad Jaipuria, President of NITMA stated that in addition to these fiscal matters, textile policies in some southern states and those of Madhya Pradesh and Gujarat are hitting the northern spinning mills hard.
Senior Vice President of NITMA, Mr. H. S. Cheema stated that the spinning sector plans of shutting the production one day in a week are under serious consideration.
According to Mr. G. Balasubramanian, Secretary General of NITMA, yarn exports have fallen by about 20 percent year-on-year in the first quarter of this year as China has reduced its imports by about 30-40% this year creating a greater blow to the Indian spinning industry. Moreover India has about 10 percent excess spinning capacity .
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