Hosiery manufacturers in the aftermath of frequent fluctuations in cotton and yarn prices want the Cotton Corporation of India to not only stop releasing any stock of cotton to traders but they are also looking forward to the Union Government for imposing restrictions on the export of cotton and yarn.
Due to the hike in the cost of yarn supplied to them, the hosiery manufacturers had to increase the price of the products by 10 percent.
According to hosiery manufacturers, in order to prevent hoarding and cotton to reach the right hands, a mechanism needs to be developed to supply the cotton procured by the CCI only to the manufacturers of yarn and fabrics through a direct mode of transfer.
As per industry consultants, the government was urged to procure cotton at attractive support prices from the farmers which will benefit the farmers and they get enthused to supply only to the government machinery instead of to the traders and middle men who were responsible for the steep hikes in the prices of cotton and yarn at regular intervals.
A. C. Eswaran, president of South India Hosiery Manufacturers Association pointed out that it is imperative to control the exports of cotton and yarn to prevent escalation of prices as it has been learnt that the acreage under cotton cultivation was down this season to 19.07 lakh hectares from 34.87 lakh hectares registered during last season in the country.
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