Latest News | Let Declaration of Cotton Stock Be Mandatory, Say Textile Industry Associations
Get latest articles and stories on Latest News at LatestLY. Accusing cotton traders of hoarding and speculating on the price on a daily basis, three of the major textile industry associations on Tuesday said there was no reliable data available on the stock maintained by traders.
Coimbatore, Mar 29 (PTI) Accusing cotton traders of hoarding and speculating on the price on a daily basis, three of the major textile industry associations on Tuesday said there was no reliable data available on the stock maintained by traders.
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In the case of spinning mills, only around 40 per cent of them provide data to the Textile Commissionerate, so the government should impose mandatory declaration of cotton stock.
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Speaking to reporters, chairman of Confederation of Indian Textile Industry (CITI) T Rajkumar, chairman of the Southern India Mills' Association (SIMA) Ravi Sam and president of Tirupur Exporters Association (TEA) Raja M Shanmugham said the situation being faced by the entire cotton textile value chain across the country was grave. Cotton price has increased from Rs 44,500 per candy to Rs 90,000 now, they said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)