The spinning mills of southern India is currently facing inevitable liquidity crunch caused by increasing yarn stock, poor offtake and long pending TUF subsidies. Southern India Mills’ Association (Sima) chairman T Rajkumar in his interactive meeting with Union textile commissioner Kiran Soni Gupta on Monday, urged Gupta to expedite the bail-out package to save thousands of small and medium units from becoming non-performing assets.
A fund of R3,000 crore should be allotted in the forthcoming Budget to clear all the subsidies pending right from April 1, 2007 and protect over R65,000 crore of investments from becoming NPAs.
According to T Rajkumar, the textile industry, mainly spinning sector, is undergoing a stern crisis due to issues relating to TUFS (technology upgradation fund scheme), higher tariff rates for Indian textile products in all the major international markets, power-related issues and currently precipitous drop in cotton prices internationally and MSP operations in the domestic market.
The mills have been mainly affected by sudden drop in the yarn exports from April 2014 owing to cutdown in demand from China, a major market for yarn, and also with Pakistan granted GSP plus (Generalised System of Preferences) by EU.
The 66th edition of Filo is showcasing its “Made in Filo” collection, an initiative that transforms materials supplied by exhibitors…
Circ has partnered with Shenghong Chemical Fiber New Material to expand the commercial production of polyester filament yarn made from…
Algae Scope is developing a patented seaweed-derived functional powder that could provide a bio-based route to coatings for protective and…
AmeriBangla Corporation has launched CottonPort, a digital cotton marketplace designed to connect American cotton farmers with mills and buyers in…
Chinese automaker SAIC-GM-Wuling has introduced bamboo-fiber-reinforced composites into interior components across more than 20 production vehicle models.
Zeneri has begun production of a new collection featuring its patented three-zone knitted architecture, designed to prevent socks from slipping…